Oil industry analysts can't decide how crude prices might change by the end of the year. With a huge inventory already in the stockpile, global demand is going to determine the price.
President Obama wants to know how many clean cars $2 billion can buy. In an announcement expected later today, the President is expected to ask Congress to use $2 billion that the government has raised from allowing oil and gas exploration in the Outer Continental Shelf to fund clean energy transportation. That means plug-in vehicles, better batteries, biofuels and compressed natural gas vehicles.
Later this week, Shell Oil will present its ambitious oil-drilling proposal to the U.S. government, seeking permission to drill ten exploratory oil wells in Alaskan waters. The ice-clogged Arctic region is thought to have vast oil reserves.
Let them drill, says the U.S. Department of the Interior. On Monday, regulators approved Shell's offshore plan that calls for the drilling of three exploratory wells in the Gulf of Mexico. Then, on Tuesday, Exxon Mobil was granted approval to drill in the deep waters of the Gulf, marking the fourth deepwater permit issued since the disastrous BP oil spill.
"Pesky whales. They just have to have their feeding grounds right where we want to put another oil platform. Well, too bad for them."
In response to BP's catastrophic oil spill in the Gulf of Mexico, President Barack Obama immediately placed a six-month moratorium on deep-water drilling efforts, a move which affected 33 deep-water drilling projects. While many people initially applauded Obama's decision, public sentiment in the U.S. has now changed. The numbers from a recent Bloomberg National Poll paint a vivid picture of American desires to continue extracting the black gold from under the sea bed despite the accident that t
President Obama seems to be taking a similar tack with his environmental agenda as he did with healthcare, starting by cutting his most strident supporters off at the knees by conceding points before the debate even begins. With the healthcare issue it was a single-payer system that was left off the table. Now, in a move that is being seen as a way of getting votes in Congress for climate change legislation, he's decided to allow the same drilling off the coast that his party and supporters had
There has been a US ban on offshore oil drilling for the past 27 years, and George Bush Sr. signed off on an executive order echoing the ban in 1990. Originally, the ban was agreed upon to protect the beaches and tourism economies of coastal towns, and now global warming has been added into the mix.