• 6 hours WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 11 hours Norway Grants Record 75 New Offshore Exploration Leases
  • 15 hours China’s Growing Appetite For Renewables
  • 18 hours Chevron To Resume Drilling In Kurdistan
  • 21 hours India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 22 hours India’s Reliance Boosts Export Refinery Capacity By 30%
  • 24 hours Nigeria Among Worst Performers In Electricity Supply
  • 1 day ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 1 day Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 2 days Saudis To Award Nuclear Power Contracts In December
  • 2 days Shell Approves Its First North Sea Oil Project In Six Years
  • 2 days China Unlikely To Maintain Record Oil Product Exports
  • 2 days Australia Solar Power Additions Hit Record In 2017
  • 2 days Morocco Prepares $4.6B Gas Project Tender
  • 2 days Iranian Oil Tanker Sinks After Second Explosion
  • 4 days Russia To Discuss Possible Exit From OPEC Deal
  • 5 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
  • 5 days Kenya Cuts Share Of Oil Revenues To Local Communities
  • 5 days IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
  • 5 days Russia’s Lukoil May Sell 20% In Oil Trader Litasco
  • 5 days Falling Chinese Oil Imports Weigh On Prices
  • 5 days Shell Considers Buying Dutch Green Energy Supplier
  • 5 days Wind And Solar Prices Continue To Fall
  • 6 days Residents Flee After Nigeria Gas Company Pipeline Explodes
  • 6 days Venezuela To Pre-Mine Petro For Release In 6-Weeks
  • 6 days Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
  • 6 days Saudis Shortlist New York, London, Hong Kong For Aramco IPO
  • 6 days Rigid EU Rules Makes ICE Move 245 Oil Futures Contracts To U.S.
  • 6 days Norway Reports Record Gas Sales To Europe In 2017
  • 6 days Trump’s Plan Makes 65 Billion BOE Available For Drilling
  • 6 days PetroChina’s Biggest Refinery Doubles Russian Pipeline Oil Intake
  • 7 days NYC Sues Five Oil Majors For Contributing To Climate Change
  • 7 days Saudi Aramco Looks To Secure $6B In Cheap Loans Before IPO
  • 7 days Shell Sells Stake In Iraqi Oil Field To Japan’s Itochu
  • 7 days Iranian Oil Tanker Explodes, Could Continue To Burn For A Month
  • 7 days Florida Gets An Oil Drilling Pass
  • 8 days Oil Prices Rise After API Reports Staggering Crude Oil Draw
  • 8 days Tesla Begins Mass Production Of Solar Shingles
  • 8 days EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd
  • 8 days Businessman Seeks Sale Of $5.2B Stake In Kazakhstan Oil Field
Alt Text

The Biggest Loser Of The OPEC Deal

The OPEC production cut deal…

Alt Text

Can Norway Survive Without Big Oil?

Of the 102 Norwegian Arctic…

Kill American Oil & Gas ration Bans, Unlock $2.4 TrillionExplo

Kill American Oil & Gas ration Bans, Unlock $2.4 TrillionExplo
A major moratorium on U.S. domestic oil and gas exploration expired in 2008, yet its extension is now being considered. Thing is, despite vigorous alternative energy efforts, the U.S. will remain extremely dependent on fossil fuels through 2030.

 

This is even assuming that the U.S. pushes alternative energy at the same time, according to a report on the moratorium by the Science Applications International Corporation (SAIC) and Gas Technology Institute (GTI).

 

Chart

 

Which means that if renewed environmental bans prevent American energy demands from being met domestically, the country will be forced to import its fossil fuel needs. This could cost nearly $2.4 trillion according to SAIC and GIT's detailed, publicly available moratorium report.

span style="text-decoration: underline;">SAIC & GIT: Accounting for the updated oil and gas resource base, maintaining the moratoria until 2030 will decrease cumulative U.S. GDP by $2.36 Trillion – an average annual reduction of 0.52 percent.

...

Environmental concerns about domestic resource development have been well documented. However, a comprehensive integrated analysis of the socio-economic and environmental effects of not developing the moratoria/restricted areas for oil and natural gas has been missing at both national and regional levels.9 What has been needed – and is provided herein – are assessments of key social and economic indicators, including impacts on energy prices and supply, impacts on employment and household income, impacts on industrial shipments and GDP, and the impacts on imported oil and natural gas and the level of payments to OPEC.

GasMoratorium_EXESUMMARY <object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" width="100%" height="600"><embed id="doc_960811828021447" type="application/x-shockwave-flash" width="100%" height="600" src="http://d1.scribdassets.com/ScribdViewer.swf" flashvars="document_id=26921792&access_key=key-1c4vqke5ou4x6omh5e22&page=1&viewMode=list" allowscriptaccess="always" allowfullscreen="true" bgcolor="#ffffff" wmode="opaque" name="doc_960811828021447" data="http://d1.scribdassets.com/ScribdViewer.swf"></embed> </object>

This article was originally published at Business Insider




Back to homepage


Leave a comment
  • Anonymous on February 18 2010 said:
    Hmm. I think I can say that if any of my students turned in a document like this, he or she would immediately be given a failing grade. It may not be wrong, but it is hopelessly amateur. And by the way, this is what energy economics is all about, and not just in the United States

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News