See EIA's "Short Term" Energy Outlook Released A Few Minutes Ago!
Alaska House To Consider Only Budget Legislation Until Budget Is Passed, Re: Alaska Fiscal Crisis! ADN by Nathanial Herz.
"Hot Off The Press HERE": U.S. Sen. Lisa Murkowski, R-Alaska, today released a report prepared by the Congressional Research Service (CRS) raising key questions about President Obama’s proposal to levy a new $10-per-barrel tax on oil. * * * Also see this House Resources Committee statement, just released!
Having Chaired the Calgary O&G Symposium when the Alaska overland and Mackenzie Valley Pipeline projects were still under active development, we are once again pleased to announce our association with the Arctic O&G Symposium, Calgary, March 16-17. Here is your .pdf brochure fully describing the event. If our readers use this brochure to register, they will be able to take advantage of a 10% discount. -dh
“I welcome the news of this important renewal. For nearly half a century, Alaska has exported liquefied natural gas to our friends and allies overseas. As projects get underway in the rest of the nation, and planning continues for an even larger project here in the State, we should remember that Kenai set the precedent for the historic build-out of export capability now underway in North America. Alaska led the way, Alaskans can now continue to lead the way, and all Alaskans should be proud.”
Murkowski, chairman of the Senate Energy and Natural Resources committee, warned in 2011 that the Kenai plant’s closure highlighted “the urgent need we face to find a way to commercialize our North Slope gas reserves,” and welcomed the reopening of the facility and its export authorization in 2014. She has also successfully pressed the Administration to move expeditiously in its approval process for the AK LNG project, a natural gas pipeline stretching from the North Slope to Southcentral Alaska.
U.S. Sen. Lisa Murkowski, R-Alaska, today released a report prepared by the Congressional Research Service (CRS) raising key questions about President Obama’s proposal to levy a new $10-per-barrel tax on oil.
“This report is only the beginning of the analytical work that my Committee staff will release as we review the administration’s budget proposal,” Murkowski said.
The report, commissioned by the majority staff of the Senate Energy and Natural Resources Committee, assesses the potential effects of the administration’s proposal and suggests impacts on gasoline prices, jobs, and the broader economy.
Among the key passages in the CRS report are the following:
“Analysts are likely to be concerned with the macroeconomic effects of the oil fee. These effects might include those on employment and jobs, economic growth, and inflation.”
“Since it is likely that the oil fee would be shifted forward by the oil companies, and since petroleum products enter into many products, consumers will likely see higher prices, not only directly for gasoline and other consumer products, but, in general, for many products to varying degrees.”
“In general, the fee would likely result in decreased discretionary consumer purchasing power which may translate into lower expected economic growth.”
Murkowski, chairman of the Senate Energy and Natural Resources Committee, noted that as indicated in the report by the White House National Economic Council, the $10-per-barrel oil tax “might result in a gasoline price increase of as much as $0.24 per gallon when fully implemented.” According to theEnergy Information Administration, the average U.S. price for regular gasoline is $1.76 per gallon. A $0.24 cent increase would be result in a 14 percent increase in gas prices.
Full text of the CRS report is available on the Senate Energy and Natural Resources website.
Bishop: President’s Budget Stubs Out Hardworking Americans
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Washington, D.C. – Today, the Obama Administration released its budget proposal for the 2017 fiscal year. Chairman Bishop (R-UT) issued the following statement: “To defend this budget would require spin with dexterity that only a Las Vegas contortionist can accomplish,” Bishop said. On Energy: “President Obama stubs out the last bit of leverage the country has from our recent energy renaissance and told low-income American families to foot the bill on this budget. Levying this tax on affordable energy is a fantasy for President Obama and his pathetic and tiresome attempt to build a legacy with the far left. As he seeks to eliminate opportunities for American citizens with his $10-a-barrel scheme, we lose our competitive edge and are forced to rely upon countries like Iran to meet our energy needs.” On Federal Land Management: “This is a missed opportunity for strong stewardship of the land and taxpayer dollars. I expected more from Secretary Jewell’s department. She deserves better material to give Congress than what has been provided to her by the department. Her staff let her down.” On Lack of Creativity: “We need creative solutions to sustain and expand a strong and affordable domestic energy portfolio. We need innovative ideas to solve catastrophic wildfires destroying millions of acres of federal forests and severe droughts across the West—not more campaign slogans and regulatory red tape. Our resources present an opportunity for economic growth and energy independence, but the Administration would rather send those jobs overseas and further tax the American people.” Silver Lining: “The only comfort in the president’s budget is knowing it will be his last.” |
Thanks to the good work of Timothy Hess and Tyler Hodge of EIA, we have this, "Short-Term Energy Outlook"
February 9, 2016 Release
Highlights
· North Sea Brent crude oil prices averaged $31/barrel (b) in January, a $7/b decrease from December and the lowest monthly average price since December 2003. Brent crude oil prices averaged $52/b in 2015, down $47/b from the average in 2014. Growth in global liquids inventories, which averaged 1.8 million barrels per day (b/d) in 2015, continues to put downward pressure on Brent prices.
· Brent crude oil prices are forecast to average $38/b in 2016 and $50/b in 2017. Forecast West Texas Intermediate (WTI) crude oil prices are expected to average the same as Brent in both years. However, the current values of futures and options contracts continue to suggest high uncertainty in the price outlook. For example, EIA’s forecast for the average WTI price in May 2016 of $36/b should be considered in the context of recent Nymex contract values for May 2016 delivery suggesting that the market expects WTI prices to range from $21/b to $58/b (at the 95% confidence interval).
· The U.S. retail regular gasoline price is forecast to average $1.98/gallon (gal) in 2016 and $2.21/gal in 2017, compared with $2.43/gal in 2015. In January, the average retail regular gasoline price was $1.95/gal, a decrease of 9 cents/gal from December and the first time monthly gasoline prices averaged below $2/gal since March 2009. EIA expects the monthly average retail price of U.S. regular gasoline to reach a seven-year low of $1.82/gal in February 2016, before rising during the spring.
· U.S. crude oil production averaged an estimated 9.4 million b/d in 2015, and it is forecast to average 8.7 million b/d in 2016 and 8.5 million b/d in 2017. EIA estimates that crude oil production in January was 70,000 b/d below the December level, which was 9.2 million b/d.
· Natural gas working inventories were 2,934 billion cubic feet (Bcf) on January 29, 20% higher than during the same week last year and 18% higher than the previous five-year average (2011-15) for that week. EIA forecasts that inventories will end the winter heating season (March 31) at 2,096 Bcf, which would be 41% above the level at the same time last year.Henry Hub spot prices are forecast to average $2.64/million British thermal units (MMBtu) in 2016 and $3.22/MMBtu in 2017, compared with an average of $2.63/MMBtu in 2015.
http://www.eia.gov/forecasts/
Contact:
Timothy Hess
phone: 202-586-4212
or
Tyler Hodge
phone (202) 586-0442
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