The United States is too reliant on foreign oil and should expand domestic drilling, Sen. Lisa Murkowski, R-Alaska, said in the party's weekly address Saturday.
The average price for a gallon of regular gas in the country has risen by 40 cents to $3.50 in the past month, and Murkowski, the lead Republican member of the Senate Energy and Natural Resources Committee, said President Barack Obama's Democrats needed to take action.
"If energy prices keep climbing, our nation could slip back into recession just as we're finally emerging from the last one," Murkowski said.
She called for a loosening of a moratorium on deep-water drilling Obama imposed after last year's Gulf of Mexico oil spill.
"America now imports 11 million barrels of oil every day," she said. "Last year alone, we spent more than $330 billion on foreign oil, much of it in countries that are not our friends.
"Republicans know that it's past time to produce more of America's oil."
Source
Showing posts with label Drilling. Show all posts
Showing posts with label Drilling. Show all posts
Saturday, March 12, 2011
Tuesday, October 26, 2010
BP (NYSE:BP) CEO Says Oil Spill Had Positive Effect on Advancing Safety in Industry
Speaking at an event for the first time since taking the reins of BP (NYSE:BP), CEO Bob Dudley covered a lot of topics in a talk Britain, including finding the positive in the negative Gulf oil spill event.
Dudley said, "A silver lining of the event is the significant and sustained advance in industry preparedness that will now exist going forward, [including] the learnings and the equipment and techniques invested by necessity under pressure to contain the oil and stop the well."
The CEO added media hysteria almost caused the company to fail because extraordinary and exaggerated claims, such as the oil ultimately going to reach Europe.
It barely stayed in the Gulf region after the Gulf cleansed itself of the vast majority of the oil spill quickly.
Concerning continuing to drill in the Gulf, Dudley said "It can be done safely."
BP is the largest oil and gas producer in the Gulf of Mexico.
Dudley said, "A silver lining of the event is the significant and sustained advance in industry preparedness that will now exist going forward, [including] the learnings and the equipment and techniques invested by necessity under pressure to contain the oil and stop the well."
The CEO added media hysteria almost caused the company to fail because extraordinary and exaggerated claims, such as the oil ultimately going to reach Europe.
It barely stayed in the Gulf region after the Gulf cleansed itself of the vast majority of the oil spill quickly.
Concerning continuing to drill in the Gulf, Dudley said "It can be done safely."
BP is the largest oil and gas producer in the Gulf of Mexico.
Friday, October 22, 2010
Government Corruption Caused BP (NYSE:BP) Oil Spill, Testimony
The recent testimony of William Reilly of the National Committee on the BP Deepwater Horizon, asserted the BP (NYSE:BP) oil spill from the explosion on the Deepwater Horizon oil rig was caused by government corruption, rather than simply being an accident.
Reilly blamed the "accident" on the government and its regulatory agencies like MMS refusing to enforce or implement basic safety practices and measures.
Reilly said, “We have found that the industry has distorted and impeded effective rule making and prevented rules from being made.”
In other words, Reilly claims the government and industry are working together against safe drilling.
“The regulatory and inspection process has been subject to political and industry pressure. The industry has successfully sought congressional intervention to prevent implementation of mms rule making,” concluded Reilly.
As long as lawmakers and the oil industry are in bed together, safety issues will not be properly addressed and more oil spills could happen in the future in the Gulf of Mexico, according to Reilly.
Reilly blamed the "accident" on the government and its regulatory agencies like MMS refusing to enforce or implement basic safety practices and measures.
Reilly said, “We have found that the industry has distorted and impeded effective rule making and prevented rules from being made.”
In other words, Reilly claims the government and industry are working together against safe drilling.
“The regulatory and inspection process has been subject to political and industry pressure. The industry has successfully sought congressional intervention to prevent implementation of mms rule making,” concluded Reilly.
As long as lawmakers and the oil industry are in bed together, safety issues will not be properly addressed and more oil spills could happen in the future in the Gulf of Mexico, according to Reilly.
Friday, July 9, 2010
Exxon Mobil (NYSE:XOM) Now Largest Gas Producer In U.S.
Exxon Mobil (NYSE:XOM) is now the largest natural gas producer in the United States. This happened on June 25th when the deal closed for the purchase of XTO Energy. Exxon plans to keep XTO's hedges for the 2010 - 2011 year in place., but will not hedge any production in the future.
They have also assumed $11 billion of debt and a share increase on outstanding shares of approximately 9 percent. Before the acquisition, Exxon had $2 billion worth of shares in the company. Their plan is to repurchase $3 billion in shares in the third quarter.
Exxon's also intends to restructure the debt once its economical. They are saying this does not change their focus on returns, but they admit it could be a few years away before returns on their investments may be seen. Due to the long term nature of the acquisition.
Short term they plan on drilling only the most attractive wells while holding on to their current uneconomical resources at the lowest possible cost. With little threat of their lease expiring and their financial strength, they can take there time and drill opportunistically unlike smaller exploration companies.
They have also assumed $11 billion of debt and a share increase on outstanding shares of approximately 9 percent. Before the acquisition, Exxon had $2 billion worth of shares in the company. Their plan is to repurchase $3 billion in shares in the third quarter.
Exxon's also intends to restructure the debt once its economical. They are saying this does not change their focus on returns, but they admit it could be a few years away before returns on their investments may be seen. Due to the long term nature of the acquisition.
Short term they plan on drilling only the most attractive wells while holding on to their current uneconomical resources at the lowest possible cost. With little threat of their lease expiring and their financial strength, they can take there time and drill opportunistically unlike smaller exploration companies.
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