I Do Not Like It, Uncle Sam! I Do Not Like Your Clean Green Scam!
Will government ever learn? Every time they try to fool the market with some cockamamie attempt at central planning, they create a discontinuity in the market. These discontinuities can often be exploited for gain. That’s when the jackals rush in. The EPA runs a program that is supposed to ensure 36 billion gallons of biofuels are blended into the gasoline supply by 2022. Every gallon | Read More »
Natural Gas Economics: A Look Under the Hood
Christmas comes in June for energy geeks and graph junkies. Every year, the Energy Information Administration of the Department of Energy releases its Annual Energy Outlook (AEO), a compendium of 30-tear forecasts and analyses of energy sources and uses. The 212 page .pdf file contains tables, bar charts and area graphs galore, enough to provide blog fodder at least until Christmas (the December one). This | Read More »
10 Ways Obama Could Reduce Gasoline Prices Now
Tulsa World headline: Obama: No magic bullet to lower gas prices WASHINGTON — President Barack Obama says there is no easy answer to the problem of rising energy prices, dismissing Republican plans to address the problem as little more than gimmicks. “We know there’s no silver bullet that will bring down gas prices or reduce our dependence on foreign oil overnight,” Obama said Saturday in | Read More »
Tags: Andy Griffith
, Andy Taylor
, Aunt Bea
, Floyd the Barber
, Howard Sprague
Introducing the Tuscaloosa Marine Shale
Around these parts, we have a word that aptly describes shale formations: ubitquitious. (sic) Every conventional oil and gas basin must have a hydrocarbon source, and that source is a shale. And since shales are low in permeability, we’re finding that the source rock still contains plenty of hydrocarbons, if you can figure out how to get the stuff out. One of the newly-emerging plays | Read More »
Six House Dems Would Confiscate ‘Excessive’ Oil Profits
Six House Democrats, led by Rep. Dennis Kucinich (D’OH), have filed a bill aimed at controlling gasoline prices. Styled the “Gas Price Spike Act”, H.R. 3784 would establish a “Reasonable Profits Board” which would have the power to confiscate 100% of oil company profits above a level that they deem to be “reasonable”. I know: “You had me at ‘Kucinich’.” Kucinich is either a naive | Read More »
More Mush from the Times
In a New York Times editorial celebrating the recent demise of the ethanol subsidy, the Old Grey Lady once again descends into outright falsehood to malign the industry that Progressives love to hate: Congress should now focus on the oil industry, which has long enjoyed a web of arcane and unnecessary tax breaks — deductions for well depletion and intangible drilling costs. They are unique | Read More »
1. Despite a natural gas drilling moratorium in New York, that state’s Chemung and Broome Counties are feeling the economic lift from drilling next door in Pennsylvania. But to the New York Times, the ex-pat workers, largely from Texas, Oklahoma and Louisiana, have awfully low-brow tastes, don’t you know. (NYT link below the fold.) 2a & 2b. The Daily Beast seems to have turned over | Read More »
Gas Reaches Record High as Gas Hits Record Low
On an annual basis, retail gasoline prices hit an all-time high in 2011. The average price for all grades was $3.576 per gallon, vs $3.299 in 2008. Meanwhile, the shale gas revolution has set the stage for declining prices per mmbtu of natural gas.
Offshore O&G Lease Sale: Small Companies Stay Away in Droves
On Wednesday of the week just past, the Department of the Interior conducted the first sale of oil and gas leases in the Gulf of Mexico since BP’s Macondo oil spill. Measured by the statistics touted in Interior’s press release, the sale would appear to be a rousing success: NEW ORLEANS – The Department of the Interior’s Bureau of Ocean Energy Management announced that its | Read More »
The New York Times and Its Anti-Fracking Cargo Cult
Another day, another distorted and fear-mongering attack from the Old Grey Lady on America’s natural gas industry. Headline: Add Quakes to Rumblings Over Gas Rush (originally published under the headline “Some Blame Hydraulic Fracturing For Earthquake Epidemic”; link may require subscription/signup) Nine quakes in eight months in a seismically inactive area is unusual. But Ohio seismologists found another surprise when they plotted the quakes’ epicenters: | Read More »
North America’s Energy Bounty, By the Numbers
On Tuesday, the Institute for Energy Research issued its North American Energy Inventory (.pdf link), a report which documents the government’s own estimates of oil, natural gas and coal resources for the U.S., Canada and Mexico. (The IER is a non-profit, non-partisan 501(c)3 organization that is dedicated to advancing America’s supply using free market principles.) In a nutshell, North America contains a vast bounty of | Read More »
In Defense of a Democrat
In its never-ending quest to stop the peril this country faces from natural gas, the New York Times takes on Rep. Dan Boren, the sole Democrat in Oklahoma’s congressional delegation. He co-chairs the House Natural Gas Caucus and serves as a member of the House Natural Resources Committee. As a representative of the #3 gas-producing state, it’s not surprising that his voting record is decidedly | Read More »
Julia Louis-Dreyfus and the Big, Bad Pipeline
The habitual self-loathing of the American Left is perhaps its most endearing quality. Most of us remember actress Julia Louis-Dreyfus from her lead role in the late, lamented CBS sitcom Watching Ellie. Now she’s an expert on energy, international economy, and the environment. Here’s a video in which she expresses her opposition to the Keystone XL Pipeline: “Who can stop this mega-stupid mega-pipeline? You can, | Read More »
NY Times on Natural Gas: Ponzi Scheme, Pandora’s Box, or Rubik’s Cube?
The New York Times descends even deeper into self-parody with its ongoing crusade against natural gas development. Thursday’s installment: Rush to Drill for Natural Gas Creates Conflicts With Mortgages It seems that some mortgage lenders are beginning to balk at lending money secured by real estate if said real estate is under development for natural gas. A credit union in upstate New York has started | Read More »
Nevada Geothermal Power: Solyndra Lite?
The New York Times reports on another Department of Energy green energy loan going bad. This one involves Nevada Geothermal Power, which generates electrical power using near-surface geothermal heat. After $79 million in loans and $66 million in outright grants, the company’s auditor has concluded that there is significant doubts about its ability to continue as a going concern. In this case, Nevada Geothermal was | Read More »
Harold Hamm and the North Dakota Miracle
Unlike most of his peers, Harold Hamm didn’t get his start in the oil field with degree in geology or engineering. Hamm drove a truck. Maybe the lack of a college degree made it easier for Hamm to imagine the possible and focus on making it happen. “Imagining the possible” allowed Hamm to build the nation’s 14th-largest oil company, Continental Resources, based in Enid, OK. | Read More »
Hubbert’s Peak or Yergin’s Plateau?
In 1956, Shell geologist M. King Hubbert correctly predicted that oil production in the United States would reach a peak around 1970. Since his Peak Oil theory fits so well with the Malthusian worldview of “Progressives”, anti-capitalists and anarchists, Hubbert has become a posthumous hero to the Left, an unusual role for a scientist polluted by the filthy lucre of the oil industry. Peak Oil’s | Read More »
Good News: Oil Drilling Off Florida Begins Nov. 1. Bad News: It’s in Cuba.
While it’s been the subject of rumor, gossip and misinformation for the last several years, this time it’s real: drilling off the north shore of Cuba is scheduled to begin November 1. Six wells are planned to be drilled with this rig by the various international companies who own exploration rights off the north shore of the island. …Spanish energy company Repsol and its partners | Read More »
Drilling in New Jersey? No Fracking Way!
New Jersey Governor Chris Christie issued a conditional veto on a measure that would have imposed a permanent ban on hydraulic fracturing — a/k/a “fracking” — in the Garden State. Instead, Christie has suggested a year-long moratorium on the practice. The debate over fracking in New Jersey is mostly symbolic. New Jersey has exactly zero oil and gas wells. It is, however, the nation’s #7 | Read More »
Exxon’s Offshore Lawsuit: The Rest of the Story
Last week, ExxonMobil filed a lawsuit against the Department of the Interior in the Western District of Louisiana. The lawsuit alleges that DOI, through the Minerals Management Service (MMS), acted improperly in cancelling three leases owned by ExxonMobil and Statoil, its 50% partner. The leases are in a field designated “Julia”, which lies in 7,000 feet of water, some 200 miles off the Louisiana coast. | Read More »