Fossil fuels

March 19, 2009 -- WASHINGTON, DC – Secretary of the Interior Ken Salazar today addressed the American Petroleum Institute’s board of directors. Below is the full text of his remarks as prepared:

Thank you, Larry, for that introduction. It is a pleasure to be with you today.

I also want to thank Jack Gerard, for helping bring this event together.

I am here today because you are important partners in America’s energy future. You and the men and women who work in the oil and gas industry help fuel our cars, heat our homes, and power our businesses. Oil and natural gas are, and will remain for many years to come, a cornerstone of our nation’s energy base.    » read more »

March 18, 2009 -- The production of non-crude liquids has traditionally been under-appreciated and sometimes even ignored, much like the treatment accorded to a utility infielder who sits on the bench as the superstar who plays third base and bats cleanup receives all of the attention. However, when that third baseman suffers a season-ending injury, the forgotten utility infielder immediately comes to the forefront. With crude oil (the superstar of the liquid fuels market) ailing, non-crude oil liquids have emerged into the limelight as an important component of world oil supply growth.    » read more »

March 17, 2009 -- U.S. House of Representatives, Washington, D.C. -- Chairman Gordon, Ranking Member Hall, and Members of the Committee, thank you for the opportunity to appear before you today to talk about new directions for energy research and development at the Department of Energy.

Today, we import roughly 60 percent of our oil, draining resources from our economy and leaving it vulnerable to supply disruptions. Much of that oil is controlled by regimes that do not share our values, weakening our security. Additionally, if we continue our current rates of greenhouse gas emissions, the consequences for our climate could be disastrous.    » read more »

March 11, 2009 -- A lot has changed over the last several months, here in Washington with the new Administration, and across the U.S. and the rest of the world as economic conditions continue to deteriorate. It has been the latter change that has impacted EIA’s short-term global oil market forecast. In the latest Short-Term Energy Outlook (STEO), just released yesterday, EIA is projecting 2009 global oil demand to be 3 million barrels per day lower than we projected as recently as six months ago, in our September 2008 STEO. Why have we changed our view of 2009 so dramatically in such a short time?    » read more »

The Bakken Formation Helps Increase U.S. Proved Reserves of Oil

This Week In Petroleum for January 28, 2009 noted that North Dakota had the Nation’s third largest increase in proved reserves of crude oil in 2007, 70 million barrels (17 percent). Most of this increase came from development of the Bakken Formation. What is the Bakken Formation and why does it matter?

What is the Bakken Formation?    » read more »

Are Gasoline and Crude Oil Price Patterns Actually Diverging?

Recently, we at EIA have received many inquiries about why gasoline retail prices have been rising compared to the New York Mercantile Exchange’s (NYMEX’s) reported price of crude oil. The national media have also run several prominent stories on this divergence in prices. In particular, EIA’s reported average retail price of regular gasoline in the United States rose from $1.61 to $1.96 between December 29th and February 16th. During the same period, NYMEX’s most reported price for crude oil was volatile, but had no clear upward trend. So what’s going on?    » read more »

Groundhog Economics: Will Punxsutawney Phil Cost You Money?

We celebrate Groundhog Day in the U.S. (and Canada) on February 2nd. Tradition holds that if Punxsutawney Phil, the most famous groundhog, sees his shadow that day when peeking out of his burrow, there will be six more weeks of winter weather. Conversely, a cloudy day portends warmer weather for the rest of winter. Late winter weather, particularly in the Northeast (where about 80 percent of U.S. heating oil is consumed), can affect heating oil consumption and, consequently, expenditures for the residential customer.    » read more »

The Dance Between Crude Oil and Retail Gasoline Prices

February 4, 2009 -- The relationship between crude oil and retail gasoline prices is similar to dancers on the reality show “So You Think You Can Dance.” On that show, the contestants dance with a partner, but also do solo numbers. So, too, do crude oil and retail gasoline prices seemingly move in tandem at times, but at other times seem to be disconnected. What is the relationship between crude oil prices and retail gasoline prices? It’s more complicated than may appear on the surface.    » read more »

January 28, 2009 -- The rapid fall in crude oil proved reserves that began in 1970 has moderated over the past decade, and crude oil proved reserves actually rose by 345 million barrels (2 percent) in 2007, the latest year for which information is available. Proved reserves are the estimated quantity of crude oil that can be produced with reasonable certainty from known reservoirs under current economic and operating conditions.    » read more »

Declines in U.S. Petroleum Consumption Expected to Continue

If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.

Average monthly total petroleum consumption has now declined for 12 consecutive months when compared with the same month the year before. Within the last 25 years, we’ve identified 6 other 12-month periods during which there was a sustained drop in total petroleum consumption from the previous year.    » read more »

With $5 Million State Aid Package, Company Could be the First Pulp and Paper Mill to Operate without Fossil Fuels

August 13, 2008 -- PARK FALLS – Wisconsin Governor Jim Doyle today visited the Flambeau River Papers mill and announced $5 million to help the company achieve its goal of being the first integrated pulp and paper mill in the nation to operate without the use of fossil fuels.    » read more »

July 31, 2008 -- Chicago, IL -- Below is a Statement from Senator Barack Obama on Record Exxon Mobil Profits While Americans Pay Skyrocketing Gas Prices at the Pump

"Perhaps the only thing more outrageous than Exxon Mobil making record profits while Americans are paying record prices at the pump is the fact that Senator McCain has proposed giving them an additional $1.2 billion tax break.

While Senator McCain's plan has succeeded in helping his campaign raise over $1 million from oil and gas company executives and employees just last month, it won't lower gas prices or end our dangerous dependence on foreign oil.    » read more »

June 17, 2008 -- While John McCain likes to talk tough about energy independence and renewable energy, John McCain today will cave in to his friends in the oil and gas industry. Despite supporting a moratorium on off-shore drilling during his last presidential campaign and opposing offshore drilling in places like Florida, North Carolina and Oregon, Senator McCain will call for the elimination of the moratorium during his remarks in Houston today.

Oil spill cleanup crew: Photo by ex.libris (CC)    » read more »

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

Monte Carlo and Forecasting Hurricanes

The gaming rooms at Monaco’s famous Monte Carlo Casino resonate with people trying their luck at the baccarat, poker, and craps tables. No one knows who will break the bank or who will go home broke. Although wise gamblers carefully consider the odds, or estimates of expected results, when placing their bets, they also understand there’s no such thing as a “sure thing” in a casino.    » read more »