Showing posts with label oil. Show all posts
Showing posts with label oil. Show all posts

Wednesday, January 11, 2012

North Dakota Oil Production

North Dakota's oil production has now surpassed OPEC-member Ecuador's daily production of 485,000 barrels.

As a result of the ongoing oil boom in the Bakken area, North Dakota continues to lead the nation with the lowest state unemployment rate at 3.4% for November, more than 5 full percentage points below the nation's average 8.7% rate for November. There are nine North Dakota counties with jobless rates at or below 2% for November, and Williams County, which is at the center of the Bakken oil boom, boasts the lowest county jobless rate in the country at 0.9%.

source

Note: The US consumes about 19,000,000 barrels a day.

Tuesday, May 25, 2010

BP Oil Diaster and Louisiana Seafood

When New Orleans, Louisiana, chef John Besh recently urged people to choose U.S. shrimp over imports during an interview about the state of seafood in the wake of the Gulf of Mexico spill, commenters responded negatively, writing, "What's a little tar or mercury in your system anyways?!" and "I hope you enjoy the petrol in your fish."

Another commented, "You eat the fish from down there, don't complain to anyone when you get cancer in 10-15 years. I can't even believe a responsible human being would advocate for eating seafood slathered in oil first."...

ABC reports that in light of the reduced amount of seafood on the market, "Fish that normally sold for $2.50 a pound were going for $3.25."

On Tuesday, Louisiana Gov. Bobby Jindal declared a commercial fisheries failure to trigger aid for commercial fishermen from the Economic Development Administration.

In a letter to Secretary of Commerce Gary Locke, the governor wrote, "The waters offshore Louisiana's coast supply nearly one-third of all commercial seafood harvested in the lower 48 states, with values in excess of $2.85 billion annually. As the largest provider of domestic seafood in the continental United States, protection of Louisiana's fisheries, habitats and catch are critical to our nation's economy and food supply.

read the CNN article

Friday, October 24, 2008

Oil Hits 17 Month Low


Oil prices fell Friday to their lowest point since May 2007 as investors were unimpressed by a decision from the world's largest oil cartel to slash production targets.

The Organization of Petroleum Exporting Countries, whose member nations control about 40% of the world's oil, said it would cut production by 1.5 million barrels a day starting in November in order to keep oil prices from falling further. But many investors had been looking for something much larger.

U.S. crude for December delivery settled down $3.69 to $64.15 a barrel in New York. It was the lowest close for oil in more than 17 months. Prices hit an intraday low of $62.65 after news of the cut.

Read the CNN story

Wednesday, September 3, 2008

Is Energy Dependence a Problem?

But one thing is sure: it’s a myth that being dependent on imported oil is bad. As a way to stump politicians who perpetuate this nonsense, perhaps we should ask them this question: If oil is so critical and will become even more valuable when world supplies allegedly dwindle in the future, shouldn’t we use other countries’ oil now and have the U.S. government require that our limited production be saved to use or sell as the shortages worsen and future prices go even higher? Diametrically opposed to the present time, with the prevalent fears of dependency on foreign oil, this “conservation theory” was all the rage in the late 1930s and 1940s when a slowdown in finding new oil deposits seemed to threaten chronic future shortages (similar to the dire predictions after World War I and in the early 1920s before big oil discoveries were made late in the 1920s).

Of course, this is not the right policy prescription either. We should instead treat oil as any other product and let the market provide ample supplies at the lowest cost to the consumer.


from
U.S. Dependence on Foreign Oil: Why We Shouldn’t Be Alarmed



If we were talking about bananas, everybody would see immediately the foolishness of seeking “banana independence.” Nobody would fall for half-baked arguments about our addiction to foreign bananas or our love affair with banana bread. It’s obviously uneconomic to grow millions of bananas in this country; it could be done, but doing it would entail much greater costs than buying them from producers in places better suited to their production (that is, places where they can be produced at lower opportunity cost).

The argument with regard to oil, or anything else, is identical...

Arguments that we must resort to U.S. imperialism in order to enjoy the imported oil or the security of having continued access to it are bogus. If policy makers really believe such nonsense, they are bigger idiots than we thought–and they ought to fire those thousands of economists on the government payroll on grounds of rank incompetence. U.S. imperialism may spring from various motives, but the popular notion of “war for oil” makes no economic sense...

David Ricardo explained these sorts of things clearly two hundred years ago. They are explained in every introductory economics course taught in college. It’s high time the pundits caught up with the essentials of their subject.

from
Must the Government Combat Americans’ Addiction to Foreign Bananas?

Thursday, June 19, 2008

China Cuts Oil Subsidy

Oil prices sank nearly $5 on Thursday after China said it would raise gas prices by lifting subsidies that have been blamed for driving oil prices higher. The move could curb demand from the country's rapidly growing economy.

Light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.

China's National Development and Reform Commission said that prices of gasoline, diesel and aviation fuel will increase by 8% beginning Friday.

read the CNN story

Tuesday, June 10, 2008

Oil and Drilling Restrictions

If you add in the 85.9 billion barrels of oil that lie offshore, as determined by the Interior Department's Minerals Management Service, there are 117 billion barrels of oil on lands owned or managed by the U.S. government. But all expansion of offshore oil recovery is currently off-limits.

Adding in what's available on privately held land, the figure rises to 139 billion barrels of oil, according to the government - more than the known oil reserves of Iran, Iraq, Russia, Nigeria or Venezuela, respectively.


from Carpe Diem

My thoughts: Eliminate the restrictions and DRILL.

Monday, May 26, 2008

Drilling in America


Mounting concerns about global energy supply are fueling a drive by the oil industry and some U.S. lawmakers to end longstanding bans on domestic drilling put in place to protect environmentally sensitive areas.

Increasing U.S. oil production would require overturning decades-old moratoriums that limit offshore drilling and accelerating leasing of federal lands, moves that would trigger a swift and vigorous political backlash. Still, as gasoline prices continue to climb and squeeze household budgets, the momentum appears to be gaining to open up new areas...

"These prices are making voters realize we need to produce [more] energy" domestically, said Rep. John Peterson, a Republican from Pennsylvania who is pushing legislation to open up new offshore areas for energy exploration. The U.S. imports two-thirds of its oil, though less than one-sixth of its natural gas, according to federal data. The rest is produced domestically.

A century and a half after oil production began, there is ample evidence that a lot of oil -- and natural gas -- remains to be found in the U.S. and its territorial waters. Some of those areas are wide open to oil companies, including most of the Gulf of Mexico where deep-water floating rigs now routinely drill wells hundreds of miles from shore. Even in the gulf, areas are off limits, including most of the waters off the Florida coast. The entire East and West Coasts are off limits for new drilling...

New drilling techniques also are driving production in places such as North Dakota's Bakken field, which the federal government estimated in 1995 held 150 million barrels. This year, an updated assessment put the figure at 3.65 billion barrels, said Brenda Pierce, coordinator of the U.S. Geological Survey's Energy Resources Program. "We have the potential to grow production," she said.

read the WSJ article

Thursday, January 10, 2008

Cartoon: Classic Dilbert

Click the cartoon or the blank bar below for a larger image.

Thursday, November 1, 2007

$26.1 Billion: Exxon's 3rd Quarter Tax Bill

Exxon Mobil made $9.4 billion in the last three months, 10 percent less than last year and below what analysts expected as gasoline and diesel prices failed to keep pace with rising crude costs....

The Irving, Texas-based company reported revenue of $102.3 billion in the third quarter, about 3 percent more than last year...

Exxon also said it paid $7.3 billion in income taxes in the third quarter, as well as $18.8 billion in other taxes, for a total tax bill of over $26 billion....

read the CNN story

The headlines bemoan "huge" profits; where is the outrage over excessive taxes?

Monday, July 9, 2007