By: Administrator

 Other Offshore Producing Nations Do Not Fall In Line With U.S. Drilling Ban

China and Russia are drilling within 50 miles of Florida

 The Administration asked a federal appeals court Tuesday to reinstate its politically driven moratorium on deepwater petroleum drilling (http://online.wsj.com/article/SB10001424052748704178004575351361032082760.html?mod=WSJ_hps_LEFTTopStories).   However, Gulf Coast residents are saying “Stop the oil, not job creation”:  http://www.politico.com/news/stories/0710/39433.html.  Some salient points from the Politico article:

 By: Administrator

If Harry Teague’s Cap and Trade legislation passes the senate, millions of jobs would be lost. This recent analysis from the Institute for Energy Research  http://www.instituteforenergyresearch.org/wp-content/uploads/2010/06/KL-APA-Final-Study.pdf  estimates that the most recent Kerry-Lieberman cap and tax scheme would reduce U.S. employment by approximately 522,000 jobs in 2010, rising to over 5.1 million jobs by 2050. 

CBO released its cost estimate of Kerry-Lieberman American Power Act today.  It can be found here:  http://www.cbo.gov/ftpdocs/115xx/doc11565/AmericanPowerActKerryLtr.pdf. The numbers are fairly close to CBO’s Waxman-Markey (H.R. 2998) and Kerry-Boxer (S. 1733) numbers earlier this Congress.  Here are some initial thoughts and highlights:

By: Administrator

 Utilities-Only Light Switch Tax Will Send More Manufacturing Jobs Overseas 

 House Energy and Commerce Committee Chairman Henry Waxman was quoted yesterday (Calif.) saying that  he would “absolutely” seek to keep greenhouse gas limits alive in a House-Senate conference if the Senate approves energy legislation this summer that omits carbon provisions. “It would be open in conference to consider because our bill has it,” Waxman told The Hill Wednesday.  (http://thehill.com/blogs/e2-wire/677-e2-wire/106515-waxman-to-push-carbon-limits-in-conference-if-senate-falls-short).

Will those greenhouse gas limits be in the form of a utility-only carbon cap? A light switch tax?  E&E reports that this won’t likely be good for manufacturing: http://www.eenews.net/EEDaily/2010/07/02/2/ .  Following are some highlights from the story.

By: Administrator 

 BP should bear the cost of cleanup but the regulatory uncertainty is costing jobs.

 Administration’s Moratorium Sending Rigs and Gulf of Mexico Jobs Overseas 

 The July 2^nd Oil Daily reports: “Regulatory uncertainty and permitting delays have led at least two shallow-water exploration firms to draw up alternative plans for rigs previously slated to work in the Gulf of Mexico—the first  such casualties announced publicly since the government halted drilling in May.”

“Apache and McMoran are looking to move [two rigs] out of the Gulf to other international markets.”

 When these rigs move it could be years to get the jobs back.

Link here to original Business Roundtable Story:

http://www.peopleforpearce.com/content/business-roundtable-slams-obama

 Dear Friends:

As we celebrate Independence Day, it is a great opportunity to reflect on the ideals that have made our country great.  As our forefathers wrote:

By Administrator:

 Unwillingness to Cut Red Tape Slows Gulf of Mexico Disaster Recovery

For months the Gulf of Mexico states have been clamoring to cease and desist with permitting and government red tape.  Rule of law should bring order, not exacerbate disorder.

Jones Act, EPA water and dispersant permitting, volunteers denied, skimmers − these are just a few of the problems.  Following are links to stories on this issue:  

Wall Street Journal: http://online.wsj.com/article/SB10001424052748703426004575339650877298556.html?mod=WSJ_Opinion_LEADTop#printMode

Christian Science Monitor: http://www.csmonitor.com/USA/2010/0701/Top-five-bottlenecks-in-the-Gulf-oil-spill-response

Politico: http://www.politico.com/news/stories/0710/39302.html (with link to Congressman Darrel l Issa report on this issue).

CBO Rings the Alarm on the Democrats’ Runaway Spending Spree 

National Debt Will Reach Highest Percentage of GDP Since WWII. Democrats Once Promised to Restore Fiscal Discipline and Tame Exploding Deficits. 

By: Adam Cunyus

Below is a short, well made video representing the importance that petroleum plays in our everyday lives. In light of the continued demonization of the industry I thought it was timely to illustrate petroleum’s vast uses in many products other than gasoline. Please keep in mind that liquid petroleum hydrocarbons (i.e. crude oil) and its byproducts are mostly used for refined transportation fuel (71% according to the EIA-DOE), but 23% is used for industrial purposes (i.e. all the things the guy loses in the video).