Worldwide Natural Gas Consumption

Oil & Gas Production Decline on Federal Leases

Natural gas production on Federal and Indian lands decreased every year since fiscal year 2003, the earliest fiscal year EIA reported data. In fiscal year 2011, natural gas production on federal and Indian lands was 4,859 billion cubic feet, 10 percent less than in fiscal year 2010, and 31 percent less than in fiscal year 2003. Offshore natural gas production volumes have been on a consistent downward trend for the last 9 years, and are 63 percent less in fiscal year 2011 than in fiscal year 2003.

Reasonable Profits Board?

Dems Propose Reasonable Profits Board to Regulate Oil Company Profits

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.
The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.
The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress

U.S Crude Oil Pipeline Map

Energy Sources and Usage

Steve Forbes on Obama's Anti-Oil Agenda

Steve Forbes: Obama’s anti-energy agenda kills jobs

“His reelection campaign in full swing, President Barack Obama is blaming obstinate congressional Republicans for his failure to advance a jobs plan in an economy that’s averaged 9 percent unemployment and crossed the $1 trillion deficit threshold for the third straight year.

Members of Congress on both the right and the left, however, stopped Obama’s American Jobs Act in its tracks. They recognized it for what it was: a glorified repackaging of tax increases that have rightly failed several times before. Undaunted, the White House and some of its strongest allies are coming back for more — adamant that the jobs landscape and our economy would improve if only Congress would pass a national energy tax.

Thirty-seven House Democrats and 14 of their Senate colleagues this month sent separate letters to the bipartisan supercommittee calling for an end to industry “subsidies” they claim would save the government $21 billion over 10 years.

Before beginning the eye roll for defending Big Oil, consider this: The influx of revenue expected from rolling back these fossil-fuel “subsidies” — close to $90 billion when factoring in the effects on related industries — is actually a national energy tax that will likely come straight from the pockets of American consumers.

By definition, government imposes a tax on an activity or product to discourage, not incentivize, it. Why, then, would the administration repeatedly target one of the only industries that’s actually creating jobs?

This blatantly contradicts the president’s pro-jobs rhetoric.

If the administration were serious about deficit reduction and accelerated job growth, it would partner with our domestic energy producers to help increase their employment base — which now encompasses more than 9 million affiliated jobs — by letting them expand their output. This, in turn, would expand their gross domestic product contribution, which averages $1 trillion annually.

Instead, Obama has cast the industry as a ruthless competitor for taxpayer handouts. If this seems exaggerated, take it from the president himself, in his address to a joint session of Congress last month.

“Should we keep tax loopholes for oil companies?” Obama asked. “Or should we use that money to give small-business owners a tax credit when they hire new workers? Because we can’t afford to do both.”

What the president knows, but fails to divulge in making his case, is that U.S. oil and natural gas companies do not receive taxpayer subsidies. The provisions he’s targeting for repeal are the same tax credits and deductions available to a broad swath of other U.S. companies — including a domestic manufacturing credit and a measure to prevent double taxation on income earned abroad.

If the White House has a reasonable explanation for how raising taxes on one industry without broader tax reform can create jobs, I’ve yet to hear it.

Real tax reform that closes loopholes in favor of lower rates is an idea that I support wholeheartedly. That’s why I have long advocated the flat tax. In fact, I recently endorsed and continue to advise Texas Gov. Rick Perry, who is now proposing his own version of the flat tax.

Repealing tax credits and deductions for only one industry, however, is the opposite of tax reform. It’s a classic Washington game of using the Tax Code to pick winners and losers.

Critics will predictably counter that the oil and gas industry, as a pillar of strength in an otherwise bleak economy, shouldn’t hesitate to pay more taxes.

This is preposterous. U.S. oil and gas producers now pay the federal government more than $86 million a day in taxes, royalties and fees.

The industry is taxed at an effective rate of 41 percent. For comparison, the average tax bracket for industrial companies is 26 percent. The oil and gas industry pays its fair share.

If the president were really interested in creating jobs and economic growth, he would support more domestic energy production rather than punitive tax increases.

Allowing domestic producers to responsibly develop abundant energy in offshore and onshore deposits, according to a recent Wood Mackenzie study for the American Petroleum Institute, would create more than 1 million jobs nationwide; channel an estimated $800 billion in additional government revenues; and contribute 10 million more barrels of oil and natural gas per day by 2030. Opening more areas in the eastern Gulf of Mexico and along the Atlantic and Alaskan coastlines would allow companies to bring jobs back to the United States — instead of having to look abroad for investment opportunities.

Most Americans realize that additional government spending will not stimulate permanent job growth. If it did, stimulus Parts 1 and 2 would have cured our employment ills long ago.

If the administration were serious about job growth and deficit reduction, it would stand down from its “jobs” plan that would only further handicap an industry that stands ready to contribute thousands of new jobs.

Otherwise, cue the collective grumbling at the gas pump.”

Freight Railroad Energy Efficiency

This illustrates two points: first, improvements in energy efficiency often translate into greater consumption of the energy-consuming good—what energy economists call the “rebound effect.” Second, unlike other areas where government mandates drove efficiency improvements (i.e., refrigerators) there were no government mandates driving locomotive engine efficiency gains.

GoM activity ?congested? by regulatory oversight, finds IHS study - Offshore

GoM activity ?congested? by regulatory oversight, finds IHS study - Offshore: "GoM activity ?congested? by regulatory oversight, finds IHS study"
Really?????

The study looks at the plan and permit levels in the six months following the lifting of the deepwater activity moratorium in October 2010. The analysis finds the following:

• 250% increase in the backlog of deepwater plans pending governmental approval

• 86% drop in the pace of regulatory approvals for plans

• 60% drop in all GoM drilling permits

• 38% increase in the time required to reach each regulatory approval required.

Obama Losing Canada's Oil to China

Obama Losing Canada's Oil to China: "Obama Losing Canada's Oil to China
Saturday, 02 Jul 2011 05:04 PM
By Jim Meyers
The Obama administration is foot-dragging on approving a pipeline to deliver abundant Canadian oil to the United States at the same time the Chinese are investing in a pipeline that could send that oil to China."

Impact Fee Proposed on Natural Gas Wells

RIGZONE - Impact Fee Proposed on Natural Gas Wells: "Impact Fee Proposed on Natural Gas Wells"
The wat things work in Washington?????????

House Passes Bill Speeding Up Oil and Gas Exploration - NYTimes.com

House Passes Bill Speeding Up Oil and Gas Exploration - NYTimes.com: "WASHINGTON — Maneuvering on oil drilling, gas prices and industry profits intensified on Capitol Hill on Wednesday. House Republicans pushed through a bill to accelerate offshore oil and gas exploration as Democrats vowed action on measures to rescind billions of dollars in tax breaks for major oil and gas companies"
How far do you think this will go?

The Weekend Interview with John Watson: Oil Without Apologies - WSJ.com

The Weekend Interview with John Watson: Oil Without Apologies - WSJ.com: "Oil Without Apologies John Watson, Chevron's CEO, says Americans must stop taking affordable energy for granted. That means more 'oil, gas and coal.'"
This a well thought out case for continued oil and;gas exploration in the U.S.

Chu: My Job is to Take the Pain Out of High Gas Prices - FoxNews.com

Chu: My Job is to Take the Pain Out of High Gas Prices - FoxNews.com: "Chu: My Job is to Take the Pain Out of High Gas Prices"

let's start with some rational policy!