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!
Yesterday morning, reluctantly waking to the rude static of the clock radio I reach for the snooze but decided against ten more minutes of sleep. Instead I readjust the dial trying to find the local NPR station’s elusive, ever-shifting frequency. Squeezed in between the new Latino station and another springing reggae on unsuspecting early morning listeners, the hourly news had already broken in.
National gas prices are expected to rise above $4.00 a gallon soon…
Oil drilling has sparked a frenzied prosperity in Jeff Keller’s formerly quiet corner of western North Dakota in recent years, bringing an infusion of jobs and reviving moribund local businesses.
But Keller, a natural resource manager for the Army Corps of Engineers, has seen a more ominous effect of the boom, too: Oil companies are spilling and dumping drilling waste onto the region’s land and into its waterways with increasing regularity.
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?
The Washington Post subjects the oil price blame-game ads to their Pinocchio Scale. The video blow is only Part 1. Expect more the longer oil prices remain stubbornly high and as the election year progresses.
The pro-oil American Energy Alliance and the Democratic National Committee exchanged barbs this week over the president’s energy policies, providing a preview of the hard-hitting rhetorical campaigns and rapid-response reactions that will take place as the general election nears.
Environmentalists have repeatedly pressed regulators to compel oil and gas companies to report what chemicals they use in the drilling and fracking process. Drilling companies add these chemicals to perform particular functions (for example, to prevent corrosion or give the fluid the right consistency), or leave them in because they’re too expensive to remove. According to a 2011 congressional report, many of the chemicals used can pose a serious health risk. No one knows the exact makeup of the frack mixture, drilling muds and other stuff used at well sites (which change from well to well), but this list breaks down the main ingredients revealed so far. Click on the chemical name for more detailed information.
Excessive speculation in the oil futures market may be costing you 15 percent or more at the gas pump and playing a “significant” role in rising gasoline prices, according to a joint letter from 68 members of Congress that ABC News has obtained.
The joint letter, which cites a recently updated report by the St. Louis Federal Reserve titled “Speculation in the Oil Market,” urges immediate action by the Commodity Futures Trading Commission to install caps on the biggest traders on Wall Street, preventing them from controlling unusually large positions in the oil futures trading market.
The Reserve’s report called “Speculation in the oil market,” which was just updated in February 2012, concluded there are two main factors for large price swings at the gas pump.
It says “global demand shocks,” such as those caused by turmoil in the Middle East, “account for the largest share of oil price fluctuations.”
The report also concludes “speculation played a significant role in the oil price increase between 2004 and 2008 and its subsequent collapse. Our results support the view that the financialization process of commodity markets explains part of the recent increase in oil prices.”
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.
As gas prices rev up into high gear well before the summer months of traditional high demand predictions estimate prices at the pump will reach well over $4.00 a gallon. Along with the impacts this will have on the average consumer, these increases will, and already have, produced gushers of political rhetoric, laying blame squarely on the President’s shoulders. While high gas prices are great fodder for political gamesmanship, their accuracy is often suspect. How much influence does or can the leader of the U.S. have over the price of crude, let alone the prices at the pump?
Is shale gas good for us or not? Most of that argument has been over the potential risks that hydrofracking for shale gas might pose to water supplies—risks that were highlighted again this week when the Environmental Protection Agency (EPA) came to Dimock, PA, to test groundwater in the area. You might know Dimock from the anti-fracking film Gasland—a group of residents have claimed for years that fracking poisoned their water supply, and federal involvement indicates there may be more at stake.