Americans hitting the road this week are likely to encounter the highest-ever price for gas at Christmas in history. According to figures from AAA, the nationwide average for regular unleaded is $3.21 per gallon — an increase of 23 cents over last year’s Christmas record. This marks the second straight year Americans are paying more at the pump during the holidays. The price in 2009 was around $2.60 per gallon and jumped to about $3 per gallon at Christmas last year. These higher prices aren’t grabbing headlines as they once …
A new report from a New Orleans-based group reveals that the Obama administration is approving just 35 percent of the oil drilling plans for the Gulf of Mexico so far this year. It is also taking an average of 115 days — nearly four months — to secure approval from the Bureau of Ocean Energy Management, Regulation and Enforcement. Those numbers contrast sharply from previous years. This historical average is a 73.4% approval rate. The approval time has nearly doubled; the historical average is 61 days for the government to approve …
“I give out this statistic all the time, and forgive me for repeating it again: America holds about 2 percent of the world’s proven oil reserves.” – President Barack Obama, March 30, 2011 It would be easier to forgive the President’s repetition if it the way he used it made any sense at all. Here is his explanation of why it matters: What that means is, is that even if we drilled every drop of oil out of every single one of the reserves that we possess—offshore and onshore—it still …
All the world mourned the human toll taken by the Japanese earthquake and tsunami. Thousands of lives were lost; hundreds of thousands more shattered. Of course, natural disasters inflict economic destruction as well, and estimates of the recent disasters’ cost to Japan are now coming in. Catastrophe modeler Risk Management Solutions Inc. (RMS) puts economic losses from the earthquake and tsunami between $200 billion and $300 billion. That estimate, RMS says, “reflects not only property damage but secondary consequences, such as disruption to power supplies, evacuations and decommissioning of several …
It took them a week and a half, but The Washington Post editorial board has finally noted the absurdity of President Barack Obama’s support for oil drilling … in other countries. From today’s paper: When was the last time an American president stood before an audience in a foreign country and announced that he looked forward to importing more of its oil? Answer: Just over a week ago, when President Obama joined political and business leaders in Brasilia in hailing the fact that their newly discovered offshore petroleum reserves might …
The Wall Street Journal reports: “The global oil industry, far from chastened by the catastrophic spill in the U.S. Gulf of Mexico, is planning record spending next year, including a large amount for deep-water development. … Barclays estimates spending on new wells, producing platforms and other energy infrastructure will total $490 billion next year, up 11% from 2010. The figure is based on a survey of 402 companies. In part, the planned spending increases reflect the higher costs for finding and extracting oil in harder-to-access areas.” And where are these …
In August 2005, The New York Times Magazine published an article titled “The Breaking Point” in which Council on Foreign Relations member Matthew Simmons predicted that oil, then about $65 a barrel, would more than triple in price by 2010. New York Times journalist John Tierney read the article, called Simmons up, and eventually bet Simmons $5,000 that the average price of oil over the course of 2010 would be at least $200 a barrel in 2005 dollars. As of January 1st, Tierney will have won. Yesterday, he explained why …
The Washington Post‘s Juliet Eilperin reported yesterday that “U.S. environmentalists are engaged in their most profound bout of soul-searching in more than a decade” and are planning to “redirect strategies” in the coming year. Faced with the failure of cap and trade and the defeat of “many of their political allies on both the state and federal level” the enviros are shifting focus away from “the toxic partisanship of Washington” and back to “the grass roots.” And just what type of grass roots activism will the left be pursuing at …
The American people know that cap and trade energy policies will lead to higher energy costs and fewer jobs. That is why even Democratic candidates like Sen.-elect Joe Manchin (D-WV) famously shot President Barack Obama’s cap and trade bill in a television commercial this fall. But the progressive campaign to force Americans to pay higher energy costs did not die with cap and trade. The New York Times reports today: Deals to buy renewable power have been scuttled or slowed in states including Florida, Idaho and Kentucky as well as …
Proposition 23 seeks to put some of California’s more egregious energy regulations on hold—at least until the California economy recovers. Current law will force consumers to switch to energy sources that can be four or more times as expensive as conventional energy, driving energy prices up, employers out, and consumers crazy. The current rules make especially little sense in the current economic environment. In addition to the standard environmental groups, those financing the opposition to Proposition 23 are mainly financiers who stand to gain from restrictions on conventional energy and …
