Energy Today - May 10, 2011
Posted May 10, 2011
Pittsburgh Tribune- Review: Obama's Oil Policy: Stall, Baby, Stall: President Barack Obama says America is pursuing "safe and responsible production of oil at home." But "sealed off and restrictive" is more akin to his actual policy. After spending five years and nearly $4 billion to tap oil off the coast of Alaska, Shell Oil Co. is abandoning those plans, reports Mike Brownfield of The Heritage Foundation. It now proposes to drill in the Beaufort Sea off the Alaskan shore...It's the very same stall strategy that is curtailing domestic production in the Gulf of Mexico and sending some drillers -- and jobs -- to other countries, where, by the way, the Obama administration is encouraging drilling. Keep in mind, as well, that even if regulatory roadblocks are removed in the permitting process, experts say it can take up to 10 years for drillers to reach the production phase. The Oklahoman: Oil Patch Boosts State's Economic Growth, Report Shows: A resurgence in Oklahoma's oil patch is aiding the state's economic recovery and state revenue collections, the state's finance director said Monday. Oil provided $26.1 million in April to the state's general revenue fund this fiscal year, Preston Doerflinger said. The number of energy rigs operating in the state increased by nine to 183, an increase of 50 percent from a year ago, he said. The Oklahoma rig count increase was half of the nation's total of 18. Doerflinger said a recently released report from the American Petroleum Institute states the oil and gas industry directly supports 111,461 jobs in Oklahoma and more than a quarter of the state's economy.
The Epoch Times: High Gas Prices Put Pressure on Lawmakers to Act: Industry, with congressional Republican support, is seizing the current environment of high gas prices to make the case for the need for more, and faster, lease and permit approvals. They say it's time to get on with the business of drilling, post the BP oil spill. They say increasing domestic supply will reduce pressure on oil prices and bring down the price of gasoline. "The message that Congress needs to send to the marketplace right now is that help is on the way," said Jack Gerard, president and CEO of the American Petroleum Institute, the main organization representing the country's drilling giants during a weekend interview with C-Span "Newsmakers." Recent surveys have shown strong support from the American public for increasing domestic oil and gas drilling. A CNN survey charted approval ratings upward of 70 percent.