Tag Archives: Energy

News

New CBO study: lifting drilling restrictions would increase U.S. energy reserves by 30%

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From CNS News.

Excerpt:

 A report from the Congressional Budget Office (CBO) estimates that lifting the ban on federal oil drilling in certain areas could increase U.S. petroleum reserves by 30 percent, including an estimated 8 billion barrels of oil in the Alaska National Wildlife Refuge (ANWR).

Using estimates from the Department of the Interior (DOI), CBO said that lifting federal drilling restrictions could bring billions more barrels of oil and gas to market.

“CBO estimates that about 175 billion barrels of oil equivalent (BOE) exists in undiscovered oil and gas reserves on federal lands (excluding most of the natural gas reserves in Alaska)—nearly half of it in the central and western parts of the Gulf of Mexico,” CBO said.

“About 70 percent of the undiscovered oil and gas is under federal control on lands that are currently open to leasing; thus, additional receipts would come from opening the other 30 percent to leasing and production.”

Thus, by lifting federal drilling bans in place in areas like ANWR and areas of the Outer Continental Shelf, oil-producing companies could gain access to an additional 30 percent of U.S. reserves – 52.5 billion barrels.

While the reserves are technically recoverable – meaning oil companies could extract the oil and gas — legal restrictions and current administration policies prohibit oil companies from doing so.

CBO excluded most of Alaska’s gas reserves because there is no infrastructure in place to transport the gas to market, a fact CBO said made them unlikely to be tapped.

The figures come from an August 9 CBO report examining the benefits the federal government would receive if it lifted all current drilling bans on federal lands, including ANWAR.

All that oil would create a lot of jobs, too. But we know from the last four years that the Obama administration has no interest in either producing more energy or creating jobs. Otherwise, they would have built the Keystone XL pipeline and lifted these restrictions on drilling.

News

Ohio coal mine closes because of Obama administration environmental policies

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From CNS News.

Excerpt:

A stop not scheduled during the president’s third visit to the battleground state in four weeks was a coal-mining operation near Brilliant, Ohio, run by Ohio American Energy Inc., a subsidiary of Murray Energy Corp. The operation employed 239 workers at its peak but will be closing as the result of President Obama’s environmental policies.

Regulatory actions by President Obama and his appointees and followers were cited as the entire reason in the press release that announced the closing. “Mr. Obama has already destroyed 83,000 megawatts of coal-fired electricity generation in America,” said Michael T.W. Carey, vice president of government affairs for Murray Energy. “Electric prices in the recent PJM Interconnection monthly auction were bid up 800% for 2015-16 because of this,” he added.

PJM Interconnection, the company that operates the electric grid for 13 states, including Ohio, recently held its 2015 capacity auction. This gave the first real indication of just how drastic the effects of Obama’s war on coal will be. The market-clearing price for new 2015 capacity was $136 per megawatt.

That’s eight times higher than the price for 2012, which was just $16 per megawatt. In Pennsylvania, the new market price is $167 per megawatt — 10 times higher. In northern Ohio, which is suffering from more forced coal-plant retirements than the rest of the region, the 2015 price is an astounding $357 per megawatt.

This is one campaign promise President Obama has kept. In 2008, candidate Obama promised a system under which “if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”

I’m sure that some of the people who lost their jobs voted for Obama. Maybe they were even familiar with that quote of his. But they just didn’t put two and two together to make four. Will you do that in November? I think that the one thing you want to do in life is to NOT hurt yourself with your own actions. Never vote to take away your own job.

News

Ted Cruz wins Texas Republican Senate primary election 56-44

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CNBC reports on another Tea Party primary victory.

Excerpt:

Tea Party favorite Ted Cruz scored a stunning upset over a longtime Texas state officeholder in a Republican U.S. Senate primary runoff on Tuesday, transforming Cruz into a national conservative star and marking a resurgence of the movement to shrink the size of U.S. government.

Cruz, 41, a former state solicitor general who has never held elected office, became the third insurgent Republican this year to defeat an establishment Republican in a U.S. Senate primary.

He scored a surprisingly comfortable victory with about 56 percent of the vote to about 44 percent for Lieutenant Governor David Dewhurst, who a year ago was considered the frontrunner.

[…]Cruz spent a year and a half crisscrossing the state, introducing himself at Tea Party meetings and Republican women’s club gatherings as a “constitutional conservative.”

And he drew support from conservative stars such as former Alaska Governor Sarah Palin and money from national conservative groups such as the Club for Growth. That group’s political action committee spent $5.5 million to support Cruz, the organization said.

Cruz, whose father came to Texas from Cuba with $100 sewn into his underwear, would become the first Hispanic U.S. senator from Texas if he wins in November.

Dewhurst and Cruz had similar policy positions. Both pledged to do away with President Barack Obama’s health care reform and to rein in Washington spending.

Cruz, a Princeton University debate champion and a Harvard Law School graduate, stood out with sharp debate performances.

This is the third big Tea Party victory in a Republican primary. Richard Mourdock beat Richard Lugar in Indiana and Deb Fischer beat Jon Bruning in Nebraska. You can read more about Ted Cruz here.