Our weekly update to unravel the industry and political spin around the energy debate
IN CASE YOU MISSED IT
‘GOUGE-ONOMICS’: PRODUCTION DOWN, PROFITS UP
Despite billion-dollar profits across the board, Big Oil refineries are producing less fuel while making more money. It’s too bad this game of monopoly has real impacts to our pocketbooks. According to the Department of Energy, American refineries’ operations have dropped by eight percent to 81 percent of their total production capacity. Oil and gas corporations are fattening up their wallets at taxpayers expense. Los Angeles Times has the full story.
CRITICS SLAM SO-CALLED ‘OIL SHALE’ AT BLM HEARINGS
During the initial round of hearings hosted by the BLM, critics voiced their concerns over oil shale calling it “the petroleum equivalent of fool’s gold,” and pointing to the fact that oil companies have failed to produce any commercial oil from oil shale in the last 100 years. The economics of the dirty energy source were described as, “a Hail Mary shot from the half court.” The hearings are assessing the use of 1.9 million acres of public land that could be made available for oil shale drilling projects. Read about the hearings in the Deseret News or watch the video from NBC’s Grand Junction, Colorado affiliate KKCO.
THE INCONVENIENT ROOM SIZE: PENNSYLVANIANS SHUT OUT
During a ‘public’ meeting a week after the major fracking wastewater spill in Leroy, Pa., Governor Tom Corbett’s gas advisory commission shut out hundreds of Pennsylvanians who came to express their concerns about the controversial process. It’s no wonder the Commission is less than welcoming to public scrutiny: In 2010, Commission members collectively gave $790, 950 to Corbett’s political campaign and had 514 reported environmental violations between them. C&BP has the full story.
‘R-OIL’ MARRIAGE TO END IN DIVORCE?
Thursday, the launch of RoilWedding.com highlighted Big Oil’s ties with Republican members of Congress. But last week, Budget Committee Chairman Paul Ryan vocalized his support for the end of taxpayer-funded subsidies to oil and gas companies. Is this the first sign that the honeymoon may be over? Read more about Ryan’s remarks here.
DID YOU KNOW?
FLIPPING OUT OVER OIL
The oil and gas industry gave $180,650 to House Speaker John Boehner for the 2010 election, the most they’ve ever paid into his campaign accounts in one election cycle. Could that be why he flip-flopped on taxpayer-funded subsidies to oil and gas companies after telling Jonathan Karl of ABC News that they could be on the chopping block?
COMING UP THIS WEEK
CONGRESS BACK IN SESSION MEANS IT’S TIME TO ANTE UP
Congress back in session means it’s time for some to put taxpayers’ money where politicians’ mouths are. We will be watching for any action from Chairman Paul Ryan, or the other Republicans we noted who expressed a willingness to end billion-dollar, taxpayer-funded subsidies to the oil and gas industry. President Obama sent a clear signal, in his letter to Congressional leadership, that ending oil and gas subsidies is a priority for his administration. Senator Harry Reid vowed to hold a vote to end the subsidies within the month.
CONTACT
Twitter: @checksandbals | Email: tips@checksandbalances.org
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