By: Press
For Immediate Release
July 30, 2010
TEAGUE ECONOMIC POLICIES CONTINUE TO FAIL
Economic Growth Slows to 2.4 percent
HOBBS, NM – Numbers released today show economic growth slowed to 2.4 percent in the 2nd quarter of this year, which is the weakest in nearly a year and lower than predicted
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 2nd 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).
