Tensions are rising in the Strait of Hormuz. Iran has recently yet again threatened to close the strategic strait down over the threats from the European Union to impose an embargo on buying Iranian oil. The Europeans want to do that as a part of increasing efforts by the West to halt Tehran’s nuclear program. If Tehran blockades the strait, through which 40 percent of world’s oil is shipped, such an action would have a major impact on the prices of oil and the world economy. Iran has used its …
Yesterday in Walt Disney World, the land “where dreams come true,” President Barack Obama appeared before Cinderella’s Castle to announce his latest plan to boost jobs in America–an effort to increase tourism to the United States. His announcement came one day after he flat out said “NO” to another plan that would have directly created at least 20,000 truly shovel-ready jobs–and 179,000 American jobs by 2035–while bringing more than 700,000 barrels of oil to the United States each day. That plan was the Keystone XL pipeline. Had the President approved …
On Wednesday, president Obama rejected the TransCanada’s permit application to construct a 1,700-mile pipeline from Alberta, Canada, to Texas refineries. Click here to Join us right now for our “Lunch with Heritage” chat. We are joined by Heritage’s energy expert Jack Spencer. He is taking your questions about why the decision was made, what the ramifications of his decision are and what should done in the future about energy. Lunch with Heritage feat. Jack Spencer
UPDATE: The U.S. Energy Information Administration announced on Jan. 27 that data used for its study of oil and gas production on federal lands was “incomplete.” The EIA is currently reviewing information from the Department of Interior and will correct its report upon completion. — In his announcement rejecting the Keystone XL pipeline today, President Obama boasted that under his administration, “domestic oil and natural gas production is up.” Obama, of course, failed to mention that his administration can’t actually take any credit for the increase. The vast majority of …
President Obama’s politically intoned decision to reject TransCanada’s permit application to construct a 1,700-mile pipeline from Alberta, Canada, to Texas refineries sent a clear message that special interest demands are of more importance than more energy and much-needed job creation. Building the pipeline would bring over 700,000 barrels of oil per day and directly create 20,000 truly shovel-ready jobs. The Canadian Energy Research Institute estimates that current pipeline operations and the addition of the Keystone XL pipeline would create 179,000 American jobs by 2035. Since TransCanada and Nebraska politicians have …
Last week, Representative Ed Markey (D–CA) sent a letter to Secretary of Energy Stephen Chu questioning whether exporting natural gas would benefit American businesses and consumers. He wrote, “I am worried that exporting America’s natural gas would raise energy costs for American consumers, reduce the global competitiveness of U.S. businesses, make us more dependent on foreign sources of energy, and slow our transition away from fossil fuels.” Natural gas prices have been consistently low in the United States for the past two years but much higher abroad. If the price …
Iran’s Islamist dictatorship has escalated its bellicose rhetoric in recent days, boasting about its ability to disrupt oil exports from the Persian Gulf and warning that U.S. Navy warships (particularly the aircraft carrier USS John C. Stennis, which recently exited the gulf) could be attacked in the future. Iran has often exploited its frequent military exercises to demonstrate its willingness and capability to disrupt oil shipping if it is threatened. This advances the regime’s interests by intimidating nearby Arab oil-exporting states, enhancing its deterrence of perceived enemies, and driving up …
Americans started the week with a rude awakening — crude oil prices are up $3.80, or 3.8 percent, to $102.63 per barrel in New York today, according to the Associated Press. But despite the jump in oil prices, President Barack Obama is still sitting on his hands when it comes to exploring domestic energy resources. The AP reports on the higher oil prices: Prices climbed as soon as exchanges opened for the first day of 2012 trading. Commodity prices tend to rise at the beginning of January as investors start …
The Strait of Hormuz lies between Iran and the United Arab Emirates, providing passage for some 15.5 million barrels of crude oil per day, amounting to one third of the world’s seaborne oil shipments. In a word, it is a 34-mile-wide chokepoint, making Iran’s threat this week to shut down the strait all the more serious for the global community. The Iranian regime’s provocative warnings came on Tuesday from Iranian First Vice President Mohammad Reza Rahimi who threatened to close the strait if Iran faces sanctions for its nuclear ambitions. And …
The Keystone XL pipeline, which would bring 700,000 barrels of oil per day from Canada to refineries in Texas and give a major boost to the U.S. economy, is the hot-button issue when it comes to the payroll tax cut package. The legislation says that the President should issue a permit for the construction of the Keystone XL pipeline 60 days after enactment of the legislation unless the President finds that the project is not in the national interest. Representatives Henry Waxman (D–CA) and Ed Markey (D–MA) told Politico that …
