It was one year ago when the Obama administration imposed a deep- water drilling moratorium on new oil and gas wells in response to the Deepwater Horizon tragedy in the Gulf of Mexico. For all practical purposes, the ban continues today - despite the administration's pre-election announcement in October that it had lifted the moratorium. In the 12 months since the moratorium was imposed, gas-pump prices and consumer anger have risen precipitously. "My poll numbers go up and down depending on the latest crisis, and right now gas prices are weighing heavily on people," the president conceded recently. Indeed, with its potential to serve as the symbolic "Berlin Wall" of high gas prices, the administration is understandably going through lengths to conceal the existence of what has become a...
Technology and economics drive notable increases in U.S. oil production, but report cites regulatory challenges as potential impediments to future growth WASHINGTON, Aug. 1, 2011 /PRNewswire-USNewswire/ -- Securing America's Future Energy (SAFE) issued original analysis today examining the drivers and impacts of the recent surge in U.S. oil production. The report finds that high oil prices and innovative development techniques are combining to place substantial new resources on the table in the United States, with potentially game- changing consequences for economic and national security. The report makes a series of recommendations designed to safely expand the production of domestic oil resources, including a series of regulatory reforms.
Higher-than-average fuel prices combined with some of the lowest incomes in the nation mean West Virginians are spending a larger portion of their incomes on fuel, according to a recent analysis by the Oil Price Information Service. According to the senator's office, the bill would: * deny major integrated oil companies - that is, companies producing at least 500,000 barrels of crude oil daily -- a tax deduction for income attributable to domestic production of oil, gas or primary products; * conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit; * impose a windfall profits tax on major integrated oil companies; * establish an Energy Independence and Security Trust Fund to reduce U.S. dependence on foreign a...
WASHINGTON - President Barack Obama on Wednesday called for a one- third reduction in U.S. oil imports by 2025, reviving a long- elusive goal of reducing America's dependence on foreign supplies as political unrest rocks the Middle East and gasoline prices rise at home. Tackling an issue that has vexed nearly every U.S. president since Richard Nixon, Obama said the country can't solve the problem with quick fixes and political gimmicks. But he offered little in the way of new initiatives, relying instead on a litany of energy proposals he's already called for, including boosting domestic oil production, increasing the use of biofuels and natural gas and making vehicles more energy efficient.
WASHINGTON - President Barack Obama on Wednesday called for a one- third reduction in U.S. oil imports by 2025, reviving a long- elusive goal of reducing America's dependence on foreign supplies as political unrest rocks the Middle East and gasoline prices rise at home. Obama offered little in the way of new initiatives, relying instead on a litany of energy proposals he's already called for, including boosting domestic oil production, increasing the use of biofuels and natural gas, and making vehicles more energy efficient.
Dyer is a mechanical engineer and factory manager. He lives in Vinton. The term "peak oil" is just beginning to reach public consciousness, but it will soon become a household phrase. Peak oil refers to the point when oil extraction reaches its all-time high and then, due to increasing scarcity, begins an inexorable and permanent decline. Discoveries of new oil maxed out back in the 1970s, and we currently pump out five barrels for every new barrel discovered. Domestic production of oil also peaked back in the 1970s.
WASHINGTON (AP) -- President Barack Obama yesterday called for a one-third reduction in U.S. oil imports by 2025, reviving a long- elusive goal of reducing America's dependence on foreign supplies as political unrest rocks the Middle East and gasoline prices rise at home. Tackling an issue that has vexed every U.S. president since Richard Nixon, Obama said the country can't solve the problem with quick fixes and political gimmicks. But he offered little in the way of new initiatives, relying instead on a litany of energy proposals he's already called for, including boosting domestic oil production, increasing the use of biofuels and natural gas, and making vehicles more energy efficient.
Crude opposition RE "VAST POOL OF CRUDE found deep under Gulf of Mexico," news, Sept. 3: This discovery adds to the approximately 3,500 drilling platforms in place, providing 25 percent of domestic oil production. This is a vast industry on the Gulf Coast, involving thousands of jobs and huge capital expenditures.
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