The Brookings Institute released a study last week comparing the effects of immediate lifting of the U.S. crude oil export ban vs. delaying till 2020. The study data showed a positive uptick for the GDP in all cases, a 0.14 change in welfare, annual reduction in unemployment, additional production of 1.5 MMBOD in 2015, decline in gasoline prices by 9
The European Union (EU) and United States levied more sanctions on Russia today in an effort to hamper the country’s already struggling economy. The latest sanctions primarily target Russia’s oil industry and military equipment. Supermajors participating in projects with Russia’s oil giants like Transeft, Rosneft and Gazprom are barred from investing in any large scale projects. Its gas industry, however,
In May 2014, the United States government announced intentions to accelerate the review process for LNG exports. The decision came when tensions were rising among Russia and the rest of Europe regarding its involvement in Ukraine. Europe threatened sanctions and Russia warned of cutting off supplies, but there was a major problem: the sides are mutually dependent on each other.
Atlas Energy CEO Ed Cohen appeared on CNBC’s Squawk Box from EnerCom’s The Oil & Gas Conference in Denver, Colorado, to discuss the current natural gas landscape and how “too much of a good thing” has supposed prices. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or
Yesterday, the Department of Energy (DOE) announced that it will allow LNG Development Co. (ticker: LLC) to export LNG from a terminal in Warrenton, Oregon, to countries without a Free Trade Agreement. The terminal is the first of its kind to be approved on the West Coast. The terminal is still subject to environmental review and final regulatory approval from
The Jones Act is the nickname for a 94-year-old law entitled the Merchant Marine Act of 1920 that allows only U.S.-made, U.S.-manned, and U.S.-flagged ships to transfer goods or passengers between U.S. ports. Although it was meant to protect domestic U.S. seaborne commerce from foreign competition, in today’s global economy, it has the effect of making shipping oil between U.S. ports,
Energy Entrepreneur T. Boone Pickens revisited CNBC on Monday, reiterating his call for natural gas as widespread transportation fuel. Pickens told CNBC that energy independence would come much faster if the country’s over-the-road truck fleet were converted to natural gas from diesel. “We’re down to 4 million barrels a day of OPEC oil [from 7 million] … and we can
According to govtrack.us, U.S. Representative Cory Gardner passed his H.R. 6 bill, also known as the Domestic Prosperity and Global Freedom Act, through the House on June 25, 2014. The bill passed on a count of 266-150, with 46 Democrats voting in favor of the bill. The first draft of H.R. 6 was designed to allow the Department of Energy
With its 55 nuclear reactors currently offline in answer to the devastating earthquake and tsunami it suffered in March 2011, Japan has been forced to import more expensive alternative fuels to replace the homegrown nuclear-fueled electrical generation capacity which previously made up between a quarter and a third of the country’s electrical output and helped it achieve energy independence in
Sempra Energy (ticker: SRE) has received approval from the Federal Energy Regulatory Commission (FERC) to build the second liquefied natural gas (LNG) export plant in the United States, according to a company press release on June 19, 2014. The plant will be located in Hackberry, Louisiana and will have a capacity of 1.7 Bcfe/d. Construction is scheduled to begin in
Liquefied natural gas (LNG) is being touted as the next major movement in the energy industry. Supermajors like Chevron (ticker: CVX), ExxonMobil (ticker: XOM) and Shell (ticker: RDS.B) are investing billions to build up LNG networks while scaling back on more conventional opportunities. The catalyst for such a movement lies overseas in the energy-starved markets of Asia and Europe. In
The United States energy market has big decisions ahead of it: Do we export oil? How do we safely transport crude oil across our country? Should we build the Keystone pipeline? And perhaps more captivating is what the industry/country should do with the tremendous amounts of natural gas we’ve untapped. The natural gas landscape continues to make headlines by means
