Energy and the Economy
More to our quarterly earnings than just profits
ExxonMobil reported quarterly earnings today of $9.5 billion. We are proud of our success, of earning strong returns for our shareholders and of the hard work that goes into satisfying the vital energy needs of customers around the world. Here are a few important facts. ExxonMobil had $22.6 billion in worldwide tax expenses during the…
From scarcity to abundance in 10 short years
What a difference a decade makes. That’s the thought crossing my mind this week as thousands of delegates meet in Houston for the 17th International Conference and Exhibition on Liquefied Natural Gas, better known as LNG 17. The conference is the world’s premier LNG event, bringing together industry leaders, government figures, academics and others to…
The “symbolism” of Friday’s Keystone vote
Late on Friday, the U.S. Senate passed an amendment urging approval of the Keystone XL pipeline by a vote of 62-37. Critics were quick to note that the Senate’s action won’t green light the pipeline. Since authority for approving the pipeline rests with President Obama, they argue, the vote was symbolic. Move along, nothing to see here. Just because it was symbolic, however, doesn’t mean it’s not significant.
It takes billions of participants to make a market
Previously I noted a number of the factors experts are citing to explain the recent increase in U.S. gasoline prices. They range from increased global crude oil demand to unplanned refinery outages. Such explanations are fine as far as they go and worth keeping in mind. But there is a larger point I want to emphasize, which is that there is never any one specific factor that fully accounts for the total price consumers pay at the pump.
The “mystery” behind gasoline prices
Rising gasoline prices have sparked media attention and resulted in commentators struggling to understand and explain the latest market developments. I thought of this challenge recently as I read a piece in The Washington Post entitled “Gas prices are on a mysterious climb.” The story contained a lot of detail and useful information, but I had a problem with the headline. The issue is complex, but it is not a complete mystery.
“All the (unexciting, but transformative) news fit to print”
The readers of The New York Times opened their papers this morning to find an insightful column with some, perhaps, unfamiliar ideas. In the “Axis of Ennui,” respected columnist David Brooks writes about the “boring” people and industries that are transforming the U.S. economy for the better. At the top of his list is the U.S. energy industry.
