Tag: Oil

Amusing

Happy American Energy Freedom Day


Today is the day that the bans on oil shale and offshore drilling for oil and natural gas in America have expired. We can now be free from hostile nations that supply us with oil. Just think about it… right off our shores there are reserves estimated to hold over 20 billion barrels of oil and 97 trillion cubic feet of natural gas. And in the west, oil shale is estimated to be between 800 billion and 2 trillion barrels of oil. That is more than three times the proven oil reserves in Saudi Arabia alone.

Americans are now free to pursue vast amounts of our own energy. That’s right; we are finally on our way to developing energy in America for Americans.

Today is truly a great day for all Americans!

God bless America.

Amusing

Democrats Pass Sham Energy Bill

Well the Democrats continue to screw the American people. As usual, under the cover of darkness, they passed their “Hoax” Energy Bill (H.R. 6899). The bill passed 236-189 despite the objections of Republicans who said it would do little to boost offshore oil and gas production.

These corrupt a$$holes want to open up the strategic reserve, stating that it will cause speculators to drive down prices, but refuse to allow drilling for the exact same reason. Obviously Nancy Pelosi and the Democrats are banking on the idea that the American electorate is stupid. This can only lower their 9 percent approval rating and I think they are in for a big surprise in November. At least I hope so!

This may well die in the Senate. If that is not the case, President Bush, who recently lifted the executive order ban on drilling, may well veto it or refuse to sign it. Lets hope to God that is the case.

Here is the roll call vote.

Another Sham “No-Energy” Energy Bill

Highlights of the Democrat Energy Bill (H.R.6899):

· Implements vast restrictions on energy drilling on the Outer Continental Shelf (OCS) compared to what would otherwise be allowed if the current moratorium on OCS energy development were allowed to expire on October 1, 2008.

· Provides states no incentive to allow for the expanded OCS drilling. That is, states would not get revenue shares in any of the newly leased areas.

· Repeals the moratorium on oil shale on federal lands, but prohibits any actual oil shale leasing unless a state allows it via state law. Allowing the current moratorium to simply expire in two weeks would allow for oil shale leasing on federal lands without state approvals.

· Releases 70 million barrels from the Strategic Petroleum Reserve (SPR) and provides for a subsequent replenishment with a less desirable grade of oil.

· Authorizes $1.7 billion taxpayer dollars to subsidize public transportation ridership already at record levels.

· Includes a requirement, commonly known as the Renewable Portfolio Standard or the Renewable Electricity Standard, that electric suppliers, other than governmental entities and rural electric cooperatives, provide 2.75% of their electricity using renewable energy resources by the year 2010—and increasing incrementally to 15% by the year 2020.

· Directs Fannie Mae and Freddie Mac to develop loan products and flexible underwriting guidelines to facilitate a secondary market for energy-efficient and location-efficient mortgages on housing for low and moderate income families—and for second and junior mortgages made for the purposes of energy efficiency or renewable energy improvements.

· Mandates gas stations owned by larger oil and gas companies to install at least one alternative fuel pump (natural gas, E-85, biodiesel, or hydrogen) by 2018.

· Includes the Charlie Rangel transportation earmark for New York by terminating the remaining portions of the New York Liberty Zone tax incentives program (implemented to encourage business investment in lower Manhattan).

· Includes several tax increases—primarily the special carve-out of large (and foreign-government-owned) oil and gas producers from the domestic manufacturing tax deduction, the freeze of this tax deduction for all other oil and gas companies, and a restriction of how foreign oil and gas extraction income is determined for purposes of the foreign income tax credit. The bill also includes a PAYGO gimmick that will force energy companies to remit $3 billion in estimated taxes in FY2013 sooner than they otherwise would have to.

What isn’t in the bill:

· Litigation reform, so that American energy exploration and development, including that authorized by this legislation, is not further halted by environmentalist lawsuits.

· Allowing energy exploration and development in the Arctic National Wildlife Refuge (ANWR).

· Expedited petroleum refinery permitting.

· Expedited nuclear reactor permitting.

· There is also no language regarding futures markets speculation.

Other

Saudis Walk Out of OPEC


This is the best news I have read in a long time. Without the Saudis, OPEC is broken. The Saudi’s are smart enough to know that OPEC is trying to kill the Goose that laid the golden egg! Maybe they are getting nervous about America drilling for its own oil and ending our dependence on foreign supplies.

This should drive oil prices down even further. Now we can pick and choose whom we get our oil from and we can even restrict oil purchase from certain rogue countries. What was once a Monopoly could turn to competitive pricing. This will be interesting to watch.

The death of OPEC

Saudi Arabia walked out on OPEC yesterday, saying it would not honor the cartel’s production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.

As the world’s largest crude exporter, the kingdom in the desert took its ball and went home.

As the Saudis left the building, the message was shockingly clear. “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate told the New York Times. “We will see what the market requires and we will not leave a customer without oil.”

OPEC will still have lavish meetings and a nifty headquarters in Vienna, Austria, but the Saudis have made certain the the organization has lost its teeth. Even though the cartel argued that the sudden drop in crude was due to “oversupply”, OPEC’s most powerful member knows that the drop may only be temporary. Cold weather later this year could put pressure on prices. So could a decision by Russia that it wants to “punish” the US and EU for a time. That political battle is only at its beginning.

The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. The breadth of that deposit has now expanded.

OPEC needs the Saudis to have any credibility in terms of pricing, supply, and the ongoing success of its bully pulpit. By failing to keep its most critical member, it forfeits its leverage.

OPEC has made no announcement about any possibility of dissolving, but the process is already over.

Amusing

Pelosi Asks Protesters “Can we drill your brains?”

Nancy “Nine Percent” Pelosi insulted protesters shouting “drill here, drill now” at a press event by asking them “Can we drill your brains?”

Over 70% of Americans want to drill now coupled with other energy policies and she still refuses to pay attention. How disrespectful and disconnected Pelosi is. All Americans should want us to be energy independent. To be at the mercy of hostel people for our energy is insane.

Pelosi’s “Let them eat cake” attitude is showing more and more everyday. Its time to send Pelosi and her corrupt cohorts packing! Enough is enough!

Pelosi to protesters: “Can we drill your brains?”

House Democratic leaders and protesters waving McCain signs had a war of words Tuesday at a press event outside an old train station. The demonstrators interrupted House Speaker Nancy Pelosi with chants of “Drill here! Drill now!”

Pelosi paused and asked the group, “Right here?”

Seeming to enjoy the back and forth, she followed with another question: “Can we drill your brains?”

She went on to refer to the protesters, who continued to chant sporadically, as “handmaidens of Big Oil.” Arguing that increased offshore drilling would reduce gas prices by only a couple of pennies a decade from now, she referred to the demonstrators as the “2-cents-in-10-years-crowd.”

Majority Leader Steny H. Hoyer swiped at the demonstrators, too, saying that “sophomoric chanting” won’t solve the energy crisis and that “all thinking Americans know” — stressing the word “thinking” and looking at the crowd — that America doesn’t have a quarter of the word’s fossil fuels yet uses a quarter of the world’s energy.

Speaker Nancy Pelosi’s news conference at the Democratic National Convention gets overwhelmed by pro-drilling Americans. Then she hops in an SUV after bragging about taking public transportation to the event.

Amusing

Democrats Pushing for Four Day Work Week for Federal Employees

Can you guess the reason? How about high gas prices?

Nancy “Nine Percent” Pelosi shuts down Congress and skips town without passing an energy bill. Now the Democrats are pushing for a four day work week for gas relief for themselves and federal employees, even though they refuse to do anything to provide relief for ordinary Americans. Amazing!

Hoyer Advocates for a Four-Day Work Week

House Majority Leader Steny H. Hoyer (D-Md.) is pushing a work week of four, 10-hour days for federal employees.

In a letter, released this week, to the Office of Personnel Management, he asked the agency to “undertake comprehensive analysis of the transitioning to a 4-day work week for all possible federal employees and inform me by August 31, of any additional actions Congress would need to take to implement such a policy by the end of fiscal year 2008.”

Hoyer acknowledged that federal agencies and departments “already have discretion to implement alternative work schedules.”

That discretion is underlined by an OPM document, “Negotiating Flexible and Compressed Work Schedules,” which says a 1982 law “authorizes a versatile and innovative work scheduling program for use in the Federal Government.”

The document says “many management officials are finding that the use of flexible and compressed work schedules can help resolve a number of personnel problems.” Those problems include employees with dependent-care responsibilities.

The high cost of fuel makes the four-day week all the more important, Hoyer’s letter said. “In these times of high gasoline prices, I believe the federal government should do all it can to ensure that federal agencies and departments are appropriately reducing gasoline consumption. This goal can be accomplished with the adoption of personnel policies to limit unnecessary commuting.”

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