Energy

Number of monthly U.S. Crude Oil Rotary Rigs in Operation at an all-time high, increasing three-fold since 2008

February 22, 2012

The U.S has close to 1,200 monthly crude oil rotary rigs in operation comapred to 200 in 2005 and 400 in 2008.

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Fact: Since 2010 the U.S. domestic supply of oil has steadily increased

February 22, 2012

“Domestic crude oil production has increased over the past few years, reversing a decline that began in 1986. U.S. crude oil production increased from 5.1 million barrels per day in 2007 to 5.5 million barrels per day in 2010. Over the next 10 years, continued development of tight oil, in combination with the ongoing development of offshore resources in the Gulf of Mexico, pushes domestic crude oil production in the Reference case to 6.7 million barrels per day in 2020, a level not seen since 1994.”

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Blame President Obama for high gas prices in the U.S.? Then blame him for high gas prices in Canada, too

February 22, 2012

According to Gas Prices by GasBuddy.com, drops and increases in gas prices in the U.S. have almost exactly corresponded with changes in gas prices in Canada since 2008.

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White House Press Secretary: Republicans decided to play political with [the] Keystone [pipeline], their action essentially forced the administration to deny the permit process because they insisted on a time frame in which it was impossible to completely approve the pipeline,

February 22, 2012

“”In terms of Keystone, the history is pretty clear. The fact is because Republicans decided to play political with Keystone, their action essentially forced the administration to deny the permit process because they insisted on a time frame in which it was impossible to approve the pipeline,” Carney said.”

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#DrudgeRetort – Drudge misleads readers with story “$6 gas” citing two gas stations near Walt Disney World in Florida

February 22, 2012

““Prices over in the Disney World area are much higher than any other place in Florida,” Jessica Brady, AAA spokeswoman, told CBS Tampa, adding that people regularly complain about gas prices in that area.”

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Crude Oil prices hit 9-month high

February 20, 2012

“Oil prices jumped to nearly 105 dollars a barrel – a nine-month high – in Asia today, after Iran said it halted crude exports to Britain and France in a dispute over its nuclear program.”

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Iran halts crude oil exports to British and French companies in a retaliatory measure against new European Union sanctions against Iran

February 20, 2012

“The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.”

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Joint Organizations Data Initiative: Saudi Arabia cut its oil production and exports in December 2011

February 20, 2012

“The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data. The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.”

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#DrudgeRetort — Drudge misleading readers by unfairly linking increasing gas prices since January 2009 to the Obama Administration

February 16, 2012

Flashback to Time Magazine, October 14, 2008: “Oil was trading at $78.63 a barrel. Tuesday, while the average price of a gallon of gasoline in the U.S. has fallen to $3.15 and will likely fall further in the coming weeks. The bad news is the reason for the [oil] price cut: the global economy is headed for a serious slump, which is already slashing demand for oil.”

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White House has funneled $3.9 billion in federal grants and loans to 21 Energy Companies backed by firms with connections to % Obama administration staffers and advisers

February 15, 2012

“During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.”

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Nuclear Regulatory Commission internal e-mails conflict their public confidence in the aftermath of Japan’s Fukushima nuclear plant meltdown

February 8, 2012

“The NRC e-mails reveal disagreement about how to advise the Japanese. The NRC staff chafed at some un­or­tho­dox advice coming from an ad hoc group of scientists assembled by Energy Secretary Steven Chu.”

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Oil Price Information Service: The price of gas at the pump could increase up to $0.60 by May

February 7, 2012

“Prices could spike another 60 cents or more by May. “I think it’s going to be a chaotic spring, with huge price increases in some places,” says Tom Kloza of the Oil Price Information Service. Kloza expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.”

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China buying up oil from Russia and Saudi Arabia to offset decreased oil imports from Iran

February 7, 2012

“China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia. Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months.”

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Iran ready to impose an oil embargo against Europe

February 7, 2012

“Iran’s parliament said on Tuesday it was ready to impose a ban on oil exports to some European states, the country’s English-language Press TV reported. “In retaliation to the Zionist (Israel)-backed measure of the European countries to ban Iran oil, we are ready to impose a ban on oil exports to some European countries,” lawmaker Mohammad Javad Karimi-Qoddusi said.”

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Saudi Prince Alwaleed bin Talal al Saud: Saudi Arabia will not let oil go above $100 a barrel

February 7, 2012

“An “element of fear” is playing into the price of oil despite higher supply and decreasing demand, Saudi Prince Alwaleed bin Talal al Saud told CNBC Monday. The fear comes from “what may happen with Iran and the possibility of closing the Hormuz Strait.” But Saudi Arabia has already said it will not let the price of oil, which closed Monday around $97 a barrel, go above $100, bin Talal said.”

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