Energy Tomorrow Blog
Posted November 26, 2013
API is partnering with the National Ocean Industries Association and the Independent Petroleum Association of America in an effort to warn of a provision in a water development bill (S.601) that could limit future offshore oil and natural gas activity.
In a letter to members of a House-Senate conference committee considering the legislation, the three groups cite a portion of the bill that would create a National Endowment for the Oceans – which the groups argue could result in “additional and unnecessary authority over ocean resources.” The groups write that regulations already exist to manage those resources.
Posted November 19, 2013
The Interior Department says it disbursed more than $14.2 billion in revenue generated by energy production during the federal fiscal year that ended Oct. 30 – a $2 billion or 17 percent increase over the previous year. The increase included $2.77 billion in bonus bids for new oil and natural gas leases in the Gulf of Mexico. Interior Secretary Sally Jewell:
“Domestic energy production infuses funding into communities across the United States that creates American jobs, fosters land and water conservation efforts, improves critical infrastructure, and supports education. The funding reflects significant energy production from public resources in the United States and serves as a critical revenue stream for federal and state governments and tribal communities.”
Interior said revenues were distributed to state, local, federal and tribal accounts for reclamation, conservation, recreation and historic preservation projects. Local governments use these revenues for needs ranging from funding schools to infrastructure improvements, the department said. More than $8 billion was sent to the U.S. Treasury to fund programs for the entire nation.
Certainly, this is good news. Increased production of U.S. oil and natural gas results in job creation and economic stimulus, as well as more revenue for governments in the form of income taxes, rents, royalties and bonus payments. Every day the oil and natural gas industry delivers about $85 million to the U.S. Treasury. Our effective tax rate of 44 percent (2007-2012) leads other industries.
Posted October 31, 2013
Wishing everyone a safe and happy Halloween! And, thanks to America’s enormous wealth of oil, natural gas and other energy sources, plus investment and ingenuity supplied by the oil and natural gas industry, it is a high-energy Halloween. No tricks, just treats.
Posted March 15, 2013
Opponents of a free market for natural gas have been trumpetinga new study which purports to show that LNG exports would be an economic negative for the United States. This flies in the face of analysis done by the Department of Energy, The Brookings Institute, ICF International and others which showed that to boost economic activity open markets are the way to go. So we took a look at the study to figure out why their conclusions are not consistent with other industry or government projections. We found some serious biases and inconsistent assumptions added up to a fatally flawed report. Here are a few specifics.
The employment impact analysis is flawed because it assumes no incremental natural gas production.
Posted January 28, 2013
In the video interview below from this month’s State of American Energy event, the Center for Industrial Progress’ Alex Epstein talks about America’s historic energy opportunity and the way producing more energy, including oil and natural gas, is key to a better environment:
Posted January 25, 2013
This week API, on behalf of the U.S. oil and natural gas industry, furnished comments on the Energy Department’s 2012 study of the impact of exporting U.S. liquefied natural gas (LNG). You can read them in full here, but let’s cover some of the main points.
Posted January 25, 2013
Another video interview from the State of American Energy event earlier this month in Washington, D.C. Here, Chevron’s Dan Fager talks about the pillars of sound, pro-growth energy policy – new access to U.S. oil and natural gas resources, common-sense regulation and tax policies that encourage new energy investment instead of discouraging it:
Posted January 24, 2013
As policymakers consider who will be the primary driver of America’s future energy development and innovation – Washington or the private sector – consider:
- Oil and natural gas supplied 62 percent of the energy America needed in 2011 – and is projected by government to supply nearly 60 percent of U.S. energy demand in 2040.
- The oil and natural gas industry provided $545 billion to the U.S. economy in 2011.
- In just unconventional resources (shale and other tight rock), industry is expected to invest more than $5.1 trillion in cumulative capital expenditures by 2035. The industry could add 1.3 million new jobs in this sector by 2020 for a total of 3 million jobs supported – growing to 3.5 million jobs by 2035.
Posted January 22, 2013
More video interviews from the recent State of American Energy event in Washington, D.C. In this clip Devon’s Richard Sawaya and Paula Jackson, interim president and CEO of the American Association of Blacks in Energy, talk about energy development under pro-growth policies as a dynamic economic engine
Posted June 28, 2012