Do you know the difference between oil reserve and oil resource? How about what fracking stands for? Confused? Or are you master of the energy buzzwords? Take the quiz and see how much you know!
From Energy Fact Check
FACT: Even the author most cited to support this claim says it’s not true. The stimulus has supported tens of thousands of jobs and billions in investment for renewable energy technologies.
Russ Choma of American University’s Investigative Reporting Workshop, who is often cited by critics of the stimulus bill’s clean, renewable energy policies, told the Washington Post on July 12 that his reporting actually showed no evidence of jobs being sent overseas. (Source: Washington Post, http://wapo.st/S96Mys)
Last Thursday Romney held a surprise press conference at Solyndra’s shuttered headquarters. During his prepared statement, Romney said:
“An independent inspector general looked at this investment and concluded that the Administration had steered money to friends and family and campaign contributors.”
Romney then repeated the claim later in the press conference.
This is the first Earth Day I have made an effort to take part in its celebration. My regular readers may find this a bit odd given the topics about which I opine. As an educated environmental scientist not taking part in the annual April 22ndobservance in some capacity may well be seen as dipping a toe into the pool of heresy. Perhaps it is. But then again I tend to be Earth Day-ish everyday.
Speculators have entered the conversation once more with President Obama’s proposal to police their manipulation of oil markets. Almost immediately his Republican opponents lambasted the effort as nothing more than a political ploy. Industry leaders stepped forward to warn consumers, with stricter regulations prices will rise. Who holds the reigns of truth here? Or does this all too familiar debate reinforce the need for a new approach?
Despite the opposition, the accusations of corruption associated with Solyndra and unyielding obstinance against any energy policy paradigm shift, the US has taken the lead once again in the realm of clean energy investment. This increase in private investment provides a glimmer of hope that the private sector is recognizing the benefits of shifting away nonrenewables. With renewables representing much larger share of energy production in Europe than they do in the US, perhaps this private sector investment will motivate politicians in Washington to take note and renew the tax credits & government investment for new clean energy business ventures to maintain our country’s competitiveness.
We reported last week how new solar and wind technologies are approaching price parity with traditionally cheaper coal- and gas-burning power plants. Today, the world’s regions go head-to-head.
Click here for Bloomberg’s Interactive Graph
Today, on the Daily Scoop, we’re looking a two perspectives on gas prices and energy prices. From North Dakota, Mitt Romney criticized the President’s energy policy prior to Obama’s speech in New Hampshire where he touted the accomplishments of his administration’s actions.
What is your assessment of the current situation?
Romney Delivers Counter Argument to Obama’s Energy Speech
FARGO, N.D. – On the same day President Obama will deliver a speech on energy in New Hampshire, Mitt Romney pivoted his stump speech to focus on that very subject, accusing Obama of not understanding energy, much like he often accuses him of not understanding the economy.
“This is a president who does not understand energy. He is the problem; he is not the solution.
Obama fervently backs his energy policy in New Hampshire speech
NASHUA — President Obama, in his second visit in about three months to the election battleground state of New Hampshire, fired back today at intensifying criticism from his Republicans rivals over his energy policy and rising gas prices.
Stating that his administration has helped decrease foreign oil dependence and stepped up domestic oil production, Obama said rising gas prices are a function of global markets, including instability in the Middle East, particularly Iran, that no president can fully control.
Obama reiterated his argument that the nation must recommit itself to an all-of-the-above approach, meaning a commitment to both exploration drilling for fossil fuels and developing new sustainable forms of energy.
- Analysts say the combination of Obama’s plans truly represent an “all-of-the-above” approach.
- Natural gas, out off all the different energy players, natural gas seems to have won the most.
- The oil industry, Obama offered new leases in the Gulf of Mexico and pledged to open 75% of the country’s resources for drilling, which reflects a prior commitment made by the President.
- Oil and natural gas production has jumped 14% and 10% respectively, according to the Energy Information Administration.j
- For renewables technologies like wind and solar, Obama called for extending tax credits that basically give these firms a 30% subsidy.
- Electricity from solar and wind has risen three-fold since Obama took office, according to those industries’ trade associations.
- Coal and nuclear are the only two fuels that didn’t garner an outright mention but the bipartisan Policy Center’s Bledsoe said the administration is on track to give the final OK on an $8 billion loan guarantee for a new nuclear plant in Georgia sometime in the next few weeks.
- The consumer: While prices for oil, which trades globally, remain relatively high, natural gas prices have plummeted, largely as a result of production increases.
- EIA estimates the country’s oil production will grow another 20% by 2020 & due to that and higher fuel efficiency standards the United States will go from importing 49% of its oil in 2010 to 38% by 2020.
- “Ultimately, consumers will be the beneficiaries of these policies,” said Mayer Brown’s Valera. “And when the consumer at large wins, businesses of all type win.”
The President has restated previous commitments and offered new policy plans that appeal to both political parties. These policies can be reached if professionalism prevails to take advantage of this out-stretched hand for long awaited compromise. While many of us with ever-present environmental concerns for continued oil & gas development this balanced approach to the country’s overall energy policy is the pragmatic solution.
This is a debate on The Economist website discussing the proposal that subsidising renewable energy is a good way to wean the world off fossil fuels. Read through both sides of the arguement and vote for which side you view as correct.