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Latest News - April 2012

Will revenue sharing spur more offshore drilling? | Apr 30 2012

The oil and natural gas industry would love to set up drilling rigs in the federal waters offshore states such as Florida, California and North Carolina, but a number of hurdles have long stood in the way of such development. Among these is the federal government’s general prohibition against sharing drilling-related royalties with affected states, which has made some of them unwilling to put their shorelines at risk to potential oil spills. But Washington’s longstanding opposition to revenue sharing may change after the November elections, several key lawmakers said in interviews with Platts.

Nation needs new energy policy, AEP president says | Apr 26 2012

Akins warns against high prices, overreliance on natural gas

WASHINGTON — The president and CEO of American Electric Power, giving a speech in the shadow of the White House today, had a fairly direct message to its occupant: Develop a comprehensive energy policy and do it soon.

Natural Gas Is on a Roll, Executive Declares | Apr 26 2012

A “perfect storm” of economic and regulatory factors is driving major United States utilities to rapidly switch from coal to natural gas as an electric power source, the top executive of one of the nation’s largest utilities said on Thursday.

Half Of AEP Fleet To Burn Coal In 2020, Down From 65% Today | Apr 26 2012

To reduce the risks, Akins said federal regulators and lawmakers should promote other types of fuels--coal, nuclear and renewables--even when low prices make natural gas the most cost-effective fuel to use at this time.

Utility president warns of natural-gas price volatility | Apr 26 2012
By Andrew Restuccia
 

Continued R&D essential to tap US tight oil, panel told | Apr 18 2012

The successful recovery of oil and natural gas from previously inaccessible tight shales with hydraulic fracturing and horizontal drilling does not mean further research and development is unnecessary, experts told a US House Committee on Apr. 17. They suggested that the estimated hundreds of millions of barrels of potential US oil resources could climb into the trillions if R&D to tap massive oil shale deposits in Colorado, Utah, and Wyoming were to get stronger government backing.

OIL AND GAS: Democrats see double standard in funding for unconventional drilling | Apr 18 2012

The mild-mannered ranking member of the House Science Committee took an unusually pointed jab at her Republican counterparts yesterday, accusing them of treating fossil fuels differently from renewable energy research as they push for more unconventional oil production in the United States.

Opponents spar over U.S. oil drilling | Apr 18 2012

WASHINGTON, April 18 (UPI) -- Tapping into unconventional oil resources in the United States could spur economic growth, though a critic said it won't do much to lower energy prices. The U.S. House Committee on Science, Technology and Space heard testimony on domestic energy resources. High energy prices in the United States have sparked political debate.

Karen Harbert, president and chief executive officer at the U.S. Chamber of Commerce, said tapping into unconventional oil resources would boost employment, lower fuel prices and bolster U.S. energy security.

Witnesses Detail Potential of America’s Vast Oil Resources | Apr 17 2012

Members Critical of Administration Actions That Impede Oil Production and Job Growth

Washington D.C. – Today in a hearing of the Committee on Science, Space, and Technology examining technology and policy pathways to develop more domestic unconventional oil resources, witnesses urged the Obama Administration to pursue policies that will encourage expanded production.

The Incredible Overreaching EPA | Apr 10 2012

By Thomas J. Donohue
The Environmental Protection Agency has the important charge of keeping our water safe and our air clean. It’s a mission supported by the business community—and collectively, we’ve invested $1.5 trillion over the last 30 years to improve the environment. What we don’t support are EPA rules and edicts that are driven by ideology, not science; trample the rights of states, businesses, and citizens; and undermine the economy and job creation.

Five Questions with Karen Harbert, president and CEO of the U.S. Chamber’s Institute for 21st Century Energy | Apr 6 2012

Let’s start with what is on everybody’s mind—to what do you attribute high gas prices and is there any relief in sight?
The short answer to that question is that high gas prices are caused by supply and demand in the global economy, geopolitical tensions, and, in my view, a long history of short-sighted policy decisions here in the U.S. While the U.S. economy has slowed, developing nations have continued to grow rapidly, increasing demand for resources. Over the last several decades, our nation has decided to not take advantage of large quantities of our natural resources, leaving us dependent on foreign sources for oil. Unfortunately, I don’t see any relief in sight either in the short term or the long term, unless we start making policy changes.