Posts Tagged ‘ oil prices ’

Not all energy is created equal

September 22, 2015
Energy sources

Congress has taken action that actually advances free markets and limits government intrusion. I was in the room when, on September 17, the House Energy and Commerce Committee—with bipartisan support—advanced legislation to lift the 1970s-era ban on crude-oil exports. HR 702, “To adapt to changing crude oil market conditions,” is expected to receive a full floor vote within a matter of weeks. The export ban is a relic of a bygone era during which ideas like “peak oil” and “energy scarcity” were the conventional wisdom. Despite all those who cried “wolf,” the U.S. is now the world’s largest combined oil-and-gas…

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Supporters of Iran deal should stand with Israel and lift the U.S. oil export ban

September 15, 2015
Oil derrick

“Whether you support this deal or not, we can all agree that America’s commitment to Israel remains unshakeable. And we will continue—Democrats and Republicans united—to stand with Israel,” says a statement from Senator Brian Schatz (D-HI). Yet, despite widespread opposition from Israel and pro-Israel groups, Schatz, and almost all his fellow Jewish Senators and Representatives, supported the Iran nuclear deal that appears to be done. Minority Leader Harry Reid (D-NV), on September 10, announced: “There’s no doubt whatsoever that the Congress of the United States will allow this agreement to go forward.” Despite “a nearly $30 million advertising and lobbying…

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Oil’s Down, Gasoline Isn’t. What’s Up?

August 25, 2015
Gas Prices graphic

A little more than a year ago, oil prices were above $100 a barrel. The national average for gasoline was in the $3.50 range. In late spring, oil was $60ish and the national average for gas was around $2.70. The price of a barrel of oil has plunged to $40 and below—yet, prices at the pump are just slightly less than they were when oil was almost double what it is today. Oil and gasoline prices usually travel up or down in sync. But a few weeks ago the trend lines crossed and oil continued the sharp decline while gasoline…

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Deepwater Horizon five years later: lessons learned

April 21, 2015

Five years ago, following a blowout and explosion on the Deepwater Horizon rig that killed 11 workers, the nation was spellbound by the 87-day visual of oil flowing freely into the waters of the Gulf of Mexico from the Makonde well. The 3.1 million barrels of spewed oil has been called “the world’s largest accidental marine spill” and “the worst environmental disaster in U.S. history.” Looking back, CNN reports: “There were dire predictions of what would follow. Environmentalists and others braced for an environmental collapse on a massive scale.” Indeed, there were extreme claims including one from Matt Simmons, known…

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The geopolitics of oil a game of Roulette

March 31, 2015
Roulette wheel

Many complicated factors contribute to the global price of a barrel of oil, but two of the leading components are supply and risk—and both have the potential to escalate in the days ahead. The current region-wide sectarian war could easily bump oil prices up dramatically. And, the expected nuclear deal with Iran could drop them—dramatically. Oil price predictions today play like a game of roulette, or a carnival barker of days gone by, round and round it goes, where she stops, nobody knows. A few weeks ago, addressing the need to open up access to mid-Atlantic oil resources, I wrote:…

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national debt

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