President Obama has been on a kick to promote natural gas production. He said in his State of the Union address, “And by the way, it was public research dollars, over the course of 30 years, that helped develop the technologies to extract all this natural gas out of shale rock—reminding us that government support is critical in helping businesses get new energy ideas off the ground.” There are two very big problems with this statement. First, it makes it sound as if the government invented the technology, commercialized it, …
George Soros, a billionaire investor and major backer of President Obama, stands to reap a windfall from legislation promoting natural gas-powered vehicles. The White House unveiled a proposal on Thursday that would do just that. The proposal would offer incentives for companies to buy and use trucks powered by natural gas. Obama announced the effort at a UPS facility in Las Vegas that received stimulus funding to buy natural gas vehicles and build a fueling station for them. The proposal is remarkably similar to the New Alternative Transportation to Give …
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 …
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 …
Youngstown, Ohio, had a rockin’ New Year’s Eve, but not the kind it hoped for—a 4.0 magnitude earthquake shook the city just one week after a 2.7 magnitude earthquake hit. Fortunately, there was no significant damage or injuries; the focus has primarily been on the cause of the earthquake. Although no definitive connection has been made, seismologists are pointing to oil and gas activity as a likely culprit; consequently, Ohio state officials indefinitely closed five wells used to store wastewater from natural gas drilling. D&L Energy, the owners of the …
House Minority Leader Nancy Pelosi (D-CA) has pushed for a piece of legislation that would directly enrich her financially. Pelosi owns a major stake in a company that would likely see its share prices rise significantly if the legislation is passed. The bill is called the New Alternative Transportation to Give Americans Solutions, or “NAT GAS,” Act, and Congress is rushing to consider it before adjourning for the year. The legislation would subsidize vehicles powered by natural gas and the refueling infrastructure needed to make those vehicles feasible. Energy tycoon …
This past April, when Members of Congress introduced the New Alternative Transportation to Give Americans Solutions (NATGAS) Act that provides preferential tax treatment to subsidize the production, use, and purchase of natural-gas vehicles, the propane industry asked, “What about us?” Well, someone was listening, because a little over a month later Representatives John Carter (R–TX) and Dan Boren (D–OK) introduced the Propane Gas Act of 2011, which would provide a five-year extension for targeted tax credits for propane as a motor fuel, propane-powered vehicles, and propane autogas—propane converted to fuel …
Federal authorities have ruled that the drinking water in Dimock, Pennsylvania, which some claimed had been contaminated by nearby natural gas drilling efforts, is safe to drink. The statement lends some factual weight to a political debate wrought with emotion and more than the occasional doom-and-gloom proclamation. Dimock has become a lightning rod in the fight against the natural gas extraction technique hydraulic fracturing. Anti-natural gas activists have used the town in a years-long campaign to prevent the practice, which they insist contaminates drinking water supplies. But the Environmental Protection …
The Obama administration is approving only 37 percent of the deepwater drilling plans submitted this year — a figure that falls below even last year’s low approval rate. It’s also taking federal bureaucrats an average of 115 days to approve the plans, nearly double the historical average. Greater New Orleans Inc. reported the numbers as part of its Gulf Permit Index, a measure of permit issuance. The data was provided by the Bureau of Ocean Energy Management, Regulation, and Enforcement, which oversees shallow-water and deepwater permits. Last year’s numbers were …
Total, Europe’s third largest oil company, announced last Friday that they have made a major gas discovery in the Caspian Sea. The discovery, made in the Absheron block off the coast of Azerbaijan, is thought to have large pockets of gas spread over a 270-square-kilometer field and holds about 350 billion cubic meters of natural gas and 45 million metric tons of gas condensate, according to SOCAR, the state oil company of Azerbaijan. It is likely that additional reserves will be discovered as the exploration of the field advances. Participants …
