Our weekly update to unravel the industry and political spin around the energy debate
IN CASE YOU MISSED IT
SPECULATING THE PRICE OF GAS
According to a new report from the University of Massachusetts, “speculative commodities trading” has inflated the price of gas cost the consumer ” an extra 83 cents a gallon in May, amounting to a more than $1 billion premium across the country.” The New York Times’ Deal Book has the story, calling for the need for the Commodity Futures Trading Commission to create and enforce trading limits.
THE WEST WANTS PROTECTION FROM BIG OIL
Polling confirms that westerners support protecting America’s air, land and water. A that was presented to members of Congress in June shows that two-thirds of westerners believe that environmental protections should be strengthened or that environment laws should be better enforced.
COFFMAN BILL NOT GROUNDED IN REALITY
Rep. Mike Coffman (R-CO-6) pushed a new piece of legislation, “with no basis in reality,” on a Friday afternoon right before a recess week, and then left town before it was publicized. Nearly half of the Coffman drilling bill mimics rhetoric from the oil and gas industry and completely ignores the fact that drilling permits are already expected to increase 40 percent in 2011.
BACKING THE FRACKING
noticed that Chesapeake Energy CEO, and Energy and Commerce Chairman Fred Upton’s cousin-in-law, Aubrey McClendon “isn’t one to stay out of a public relations fight.” McClendon is girding his loins to try and dispute what The New York Times revealed to be a ‘ponzi scheme’ surrounding shale gas. We’re assuming the disputing will come after McClendon’s annual July 4th cookout at his palatial home in St. Joseph, on the shores of Lake Michigan.
DID YOU KNOW?
NUMBERS DON’T LIE
According to the Energy Information Administration, the U.S.’s petroleum imports have decreased over the last few years. In November and December of 2010 and in February and March of 2011, we actually exported more petroleum products than we imported. The same is true for natural gas where producers are eyeing new markets and looking to ship American natural gas to overseas. The Energy Department recently approved a new export facility in Louisiana. (See the full numbers at .)
COMING UP THIS WEEK
DANCE WITH THE GIRL THAT BRUNG YA’
Wednesday, a House Appropriations Subcommittee will consider the GOP budget that includes drastic cuts to environmental agencies and numerous riders to exempt polluters from science-based regulation. The legislation includes major cuts in funding for the Department of the Interior, the EPA, the Forest Service, and various independent and related agencies. It does not, cut corporate welfare to Big Oil. Think Progress has a breakdown of the bill.
FYI, Big Oil contributed $5,372,505 to Congressional Democrats in the 2010 cycle. Congressional Republicans came in at about triple that, with $16,062,360 in Big Oil contributions.
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