All Posts from February, 2013

As the national discussion on natural gas policy continues, let me call your attention to some important numbers on job creation and the likely economic benefits of increasing exports of energy products like liquefied natural gas (LNG). Preliminary data from a forthcoming study on the economic ramifications of LNG exports hint at a wide range of benefits from the export opportunities made possible by America’s new abundance of natural gas.

The Golden State might be looking a little more golden. That’s the gist of a piece in the most recent issue of The Economist about California’s plans to deal with its huge bounty of shale oil. According to the U.S. Energy Information Administration, California’s Monterey/Santos shale play might hold an astounding 15.4 billion barrels of oil. How much is that? Enough to meet California’s current level of petroleum consumption for 44 years.


In his State of the Union address, President Obama pledged to “keep cutting red tape and speeding up new oil and gas permits” because he recognizes the vast economic contributions our industry makes in terms of creating jobs, generating tax revenues and strengthening America’s energy security. But almost immediately after those remarks, one U.S. senator introduced legislation that would undercut the oil and gas industry’s ability to invest in and find new sources of energy.

At a hearing earlier today on Capitol Hill, Pulitzer Prize-winning historian Daniel Yergin briefed members of Congress on the extraordinary nature of the recent increase in domestic oil and natural gas produced from unconventional sources like shale. I wanted to highlight a few of the points he made to explain why the dramatic increase in production of shale gas and tight oil amounts to “the most important energy innovation of the 21st century.”


No more excuses on Keystone XL

Posted: February 4, 2013 by Ken Cohen

The list of reasons for why the Obama administration should proceed with final regulatory approval of the Keystone XL pipeline continues to lengthen. Nebraska Gov. Dave Heineman recently gave his blessing to an adjustment to the pipeline’s planned route in the Cornhusker State. The re-routing satisfies local environmental concerns about the project’s potential effects on the Ogallala Aquifer. Judging by the governor’s action and analysis by the state’s Department of Environmental Quality, those concerns have been addressed.

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A snapshot of ExxonMobil in 2012

Posted: February 1, 2013 by Ken Cohen

ExxonMobil’s year-end earnings were announced today, and our 2012 worldwide profit was $44.9 billion. Here are a few facts that you might want to consider when you hear some talking about increasing our taxes. The first is that ExxonMobil’s direct contribution to the U.S. economy in 2012 was $68 billion. That works out to $5.6 billion a month … $1.3 billion every week … or $186 million every single day in direct contributions to the American economy.