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.”
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.
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.
Targeting the oil and gas industry for higher taxes has become an annual event, and 2013 should be no exception. The fact is, though, that oil and gas companies already pay $86 million dollars every single day to the federal government in rents, royalties, bonus payments and income tax payments. More than that, when politicians talk about higher taxes for oil companies, chances are they’re really talking about taxing you.