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Energy Tomorrow Blog

Oil, Natural Gas and Investing in America

analysis  investments  oil and natural gas development  economic growth  taxes  Environment  access 

Mark Green

Mark Green
Posted September 29, 2015

U.S. oil and natural gas companies continue to lead in investing in the domestic economy, with five companies among the Progressive Policy Institute’s top 25 in 2014 U.S. capital expenditures

ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum and Hess lead an energy production/mining sector that invested $43.6 billion in 2014, closely following the $48.7 invested by telecom/cable.

That’s great news for the U.S. economy which, as the PPI report details, needs investment to expand. PPI calls the top 25 its “investment heroes” because “their capital spending is helping to raise productivity and wages across the economy.” 

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Anti-Domestic Energy Policies Would Harm U.S.

analysis  access  oil and natural gas development  federal leases  economic growth  Energy Security  jobs 

Mark Green

Mark Green
Posted September 25, 2015

The Washington Post reports that a coalition of environmental activists wants the Obama administration to stop new federal leasing for oil and natural gas development. Notwithstanding the broad energy, economic and security benefits produced by America’s energy revolution, the opportunity to secure America’s future and significant air quality progress, their position is simple: Keep it in the ground.

The position also is extreme, anti-progress and anti-modern – though hardly surprising. There’s a small but loud element that has little interest in safe and responsible energy development or in constant improvement of operational and environmental safety. Rather, it opposes development altogether. Their recent push is the latest sign of an agenda that would put America in retreat economically and in the world.

What’s surprising is that these activists actually concede that Americans want oil and natural gas. They acknowledge consumer demand for oil and gas – affordable, reliable and portable fuels that make life less harsh, healthier and more prosperous – but they want government to choke off that demand by cutting supply.

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History, Crude Oil Exports and Seizing the Moment

analysis  energy exports  crude oil  oil and natural gas production  trade  access 

Mark Green

Mark Green
Posted August 27, 2015

For as long as most younger Americans can recall, the United States has been barred from exporting crude oil – a self-inflicted sanction that’s at odds with our historical role as a global leader in both free trade and oil production. For them, that’s the way it has always been – the U.S. unilaterally excluding itself from the world’s most important energy marketplace.

Yet, history, economics and security imperatives all argue that it shouldn’t stay that way. Rather, U.S. oil exports policy should be restored to its former posture, to realign policy with this reality: America’s shale energy revolution, the most recent in a series of world-changing energy events, affords the U.S. a great opportunity, and that the U.S. should pursue every means possible to harness that revolution’s benefits – including resuming the export of domestic crude.

To start, policymakers must acknowledge a couple of things: First, that maintaining the oil export ban that was imposed after the 1973 embargo is hurting U.S. competitiveness in the global economy and limiting the benefits that could and should accrue to an energy superpower.

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Moving Beyond a Give-and-Take Energy Policy

analysis  oil and natural gas development  access  president obama  epa  regulation  Jack Gerard 

Mark Green

Mark Green
Posted August 25, 2015

Earlier this year at the U.S. Energy Information Administration’s (EIA) annual conference in Washington, ClearView  Energy Partners’ Christine Tezak described the Obama administration’s energy policy as “give a little, take a little,” further characterizing it as “transitioning from scarcity to adequacy.”

It’s accurate. Handed a generational opportunity by America’s energy revolution to advance U.S. economic and security interests, the administration has responded by alternately embracing oil and natural gas development (in limited ways) and working to corral it. Given the chance to build a comprehensive, long-term energy strategy to carry the United States safely into mid-century, the administration has played “small ball” on the energy development side while unleashing a flood of unnecessary, self-limiting proposals largely untethered to scientific and economic analysis.

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Access, For a Robust Offshore Energy Sector

analysis  access  offshore energy  offshore leases  gulf of mexico  boem 

Mark Green

Mark Green
Posted August 20, 2015

Some observations on this week’s federal oil and natural gas lease sale in the Western Gulf of Mexico, reported with alarm by some media outlets because it wasn’t as large as other recent sales.

First, every lease sale is welcome. Access to U.S. offshore reserves represents opportunity for energy development, job creation, economic growth and greater American energy security. We need more offshore opportunities to support the strategic, long-term energy security of the United States – advanced by a robust offshore energy sector.

This week the Bureau of Ocean Energy Management (BOEM) announced five companies submitted 33 bids on 33 tracts in the Western Gulf, with high bids totaling about $22.7 million.

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Energizing Hawaii

analysis  hawaii  energy  income  offshore access  oil and natural gas development  pricewaterhousecoopers  royalties  wood mackenzie 

Reid Porter

Reid Porter
Posted August 17, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Hawaii. We started the series with Virginia on June 29 and continued with Montana, Iowa,  Alabama, Arizona and Nebraska last  week. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.

As we can see with Hawaii, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

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Energy, Congress and Our National Conversation

analysis  congress  energy policy  oil and natural gas development  access  economic growth  Jack Gerard 

Mark Green

Mark Green
Posted July 23, 2015

At an event last month, API President and CEO Jack Gerard sketched the broad outlines for a national conversation on energy, connecting energy policy with the approaching 2016 elections. It’s an appropriate linkage.

Our country has become a global energy superpower thanks largely to private innovation and entrepreneurship, which have created a generational opportunity – “the American moment,” Gerard called it. Sustaining the energy revolution requires vision, right policies and action – and the right leadership, which is why the 2016 vote matters. The energy path to help spur economic growth and prosperity and to increase national security is one that should transcend party politics.

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Energizing South Carolina

analysis  south carolina  income  offshore access  oil and natural gas development  pricewaterhousecoopers  regulation  energy 

Reid Porter

Reid Porter
Posted July 16, 2015

Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with South Carolina. We started our focus on the state level with Virginia on June 29 and continued this week with Wisconsin, Connecticut and Delaware. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.

Information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information will be populated on this map as the series continues. 

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Public Resources and the Public Good

analysis  oil and natural gas development  interior department  economic growth  access  offshore drilling  onshore drilling 

Mark Green

Mark Green
Posted June 25, 2015

The U.S. Interior Department is out with its Economic Report for Fiscal Year 2014 – which doesn’t sound like it would be a whole lot of fun reading. But the report actually contains some pretty important bits of information.

For example, you get a clear sense that Interior Department activities support jobs and economic growth, which are good things. Interior Secretary Sally Jewell called her department a “powerful economic engine.” More Jewell:

“Our parks and public lands support outdoor recreation, promote renewable energy and allow us to harness other domestic energy resources, create jobs and promote economic development in communities across all 50 states.”

It’s the “other domestic energy resources” that caught our eye.

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Energy for an Enduring American Transformation

analysis  oil and natural gas development  energy supplies  access  regulation  vote4energy  wood mackenzie 

Mark Green

Mark Green
Posted June 25, 2015

Let’s get into some of the detail in the new Wood Mackenzie study that was released this week, starting with the implications for domestic energy supply, found in two vastly different energy paths that U.S. policymakers could take. As the study details, the path we choose will affect energy production, job creation, the economy and the lives of individual Americans.

For context, recall that Wood Mackenzie’s study compared two energy policy paths – one that embraces pro-development, and one that’s characterized by regulatory constraints. Certainly, the constrained path actually would just continue a number of the policies the current administration is advancing.

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