THE BALANCE SHEET | November 08, 2011
November 8, 2011 Leave a comment
Our weekly update to unravel the industry and political spin around the energy debate
IN CASE YOU MISSED IT
HUNTSMAN GETS IT HALF RIGHT
During a stump speech on the campaign trail, former governor and current Republican presidential candidate Jon Huntsman failed to address the facts of domestic oil and gas production. Huntsman didn’t mention that drilling activity is at the highest it has been since the Reagan administration, or that the U.S. has been a net exporter of petroleum products for the last year. The Checks and Balances Project’s Matt Garrington told the Salt Lake Tribune, “It’s unfortunate though that Huntsman calls for weakening air and water protections from drilling,”
PATTERN OF CONGRESSIONAL INFLUENCE FOUND IN EIA REPORTS
In the last week of October, the Energy Information Administration (EIA) released a report commissioned by Rep. Ralph Hall (R-TX) on a proposed clean energy standard. The parameters Rep. Hall set for this study were so flawed that the EIA had to develop new terms in order to distance itself from the report’s findings.
Unfortunately, Rep. Hall is not the first oil and gas investment to rig a report by handcuffing the EIA with limited parameters. The Checks and Balances Project released a set of emails from the EIA, obtained via the Freedom of Information Act, that demonstrates this disturbing pattern.
$540K SPENT ON LOBBYING FOR KEYSTONE XL PIPELINE
DeSmog Blog reports that TransCanada spent $540,000 to lobby politicians during 2011’s third quarter. The money flowed through TransCanada’s in-house lobbyist, Paul Elliott, and two lobbying firms that have ties to Hillary Clinton.
DID YOU KNOW?
BIG OIL Q3 PROFITS
The Big 5 released their third quarter profits at the end of October, bringing their total to $100 billion dollars so far this year. Keep in mind, these same companies are crying about having to pay their fair share in taxes and spending millions campaigning against efforts to convince the Super Committee to cut $15 billion a year in special tax breaks.
|Company||2011 Q3 Profits||2010 Q3 Profits|
|ExxonMobil||$10.33 billion (+41%)||$7.35 billion|
|Royal Dutch Shell||$6.98 billion (+101%)||$3.46 billion|
|BP||$4.9 billion (+172%)||$1.8 billion|
|ConocoPhilips||$2.62 billion (-14%)||$3.06 billion|
|Chevron||$7.83 billion (+49%)||$3.8 billion|
EXXONMOBIL WANTS TO RAISE YOUR HEATING AND ELECTRIC BILLS
On Tuesday, the Senate Energy & Natural Resources Committee will hold a hearing on the concerning trend of new facilities being developed for exporting natural gas. Oil and gas companies stand to benefit big by exporting American natural gas to markets in China and elsewhere, raising natural gas prices and increasing heating and electric bills here at home.
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