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IER’s Tom Pyle gives the White House a math lesson U.S. News In the current stalemate on raising the debt ceiling, President Obama has ratcheted up the rhetoric against the American oil and gas industry.  Big Oil, he insists, benefits from generous federal subsidies and enjoys favorable treatment from the current tax code.  The president maintains that increasing taxes on these companies will help close the federal deficit while avoiding any adverse economic consequences…Take a look at...
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It’s no wonder everyone in CA is on medical marijuana — have you looked at the books recently? CA businesses are leaving 5x faster than last year and if you think that’s fast, just wait until Lt. Gov. Newsom unveils his economic plan next week CNN Money (7/12/11) reports: Buffeted by high taxes, strict regulations and uncertain state budgets, a growing number of California companies are seeking friendlier business environments outside of the Golden State…And governors around the...
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Top-Line Findings of “Budget Impasse Hinges on Confusion among Deficit Reduction, Tax Increase, and Tax Reform” Study To read the full study as a PDF, click here. With the August 2^nd deadline rapidly approaching, talk on Capitol Hill over the debt ceiling has become enmeshed in debate over repeal of tax deductions for U.S. oil firms. The marriage of these issues, however, confuses the similar but distinct concepts of deficit reduction, tax reform, and tax increases. Increases in tax...
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The next time you debate the debt, we got your back — Dr. Joseph Mason authored a new study that explains how a tax increase will destroy energy jobs American Energy Alliance (7/12/11) reports:   As the deadline for approving an increase in the Federal debt ceiling approaches, the tax treatment of oil and gas companies’ revenues has become enmeshed in the policy debate over debt reduction and tax reform. That debate, however, is presently confusing three concepts: deficit reduction,...
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Arnold isn’t the only who said “I’ll be back” — oil is up above the pre Sagging Poll Reserve release Wall Street Journal (7/11/11) reports: Oil is back on the upswing, flying in the face of international efforts to keep prices low…After an initial drop, crude-oil futures are back above the levels seen before the International Energy Agency in late June announced a plan to release 60 million barrels of oil from emergency stockpiles, ending Friday at $96.20 a barrel on the New York...
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America's largest trading partner and ally has an energy "Picasso in the attic" called oil sands, but the usual anti-energy suspects prefer we use Venezuelan, Middle Eastern or Brazilian oil.  Why?  Do you remember the Buddhas of Bamiyan? Wall Street Journal (7/8/11) reports: In a 21st-century oil boom, this sparsely populated Canadian province has become one of the world's newest petroleum powerhouses. Foreign investors are piling in, and Alberta plans to double production over the next...
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As the Beatles said, we get by with a little help from our friends — Senators Jim Webb and Mark Warner realize oil and gas is mother nature's cash crop and urge Obama to lift moratorium Washington Times (7/6/11) reports: Sens. Jim Webb and Mark Warner have introduced legislation to lift a moratorium on drilling off the Virginia coast enacted by President Obama after last year’s oil rig explosion in the Gulf of Mexico…The bill from the Virginia Democrats would allow oil and natural gas...
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Writing letters to the government can be therapeutic, especially when you’re asking the powers that be to allow more drilling in Alaska. Go on, give it a try Reuters (7/5/11) reports: The U.S. Environmental Protection Agency on Friday said it would begin collecting public comments on draft permits for Royal Dutch Shell's (RDSa.L: Quote) planned oil exploration off Alaska's coast…Shell has been working to revive its long-delayed Arctic oil program, submitting plans to begin drilling in...
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Good news for the Chevy Volt keeps on coming — Toyota is about to crush the EV game with the forthcoming Prius redesign. Thanks for playing, GM CNN Money (7/1/11) reports: Enthusiasts who are raving about the range assisted, battery-powered Chevrolet Volt are ignoring the 800-pound elephant in the room: Toyota, which in addition to its vast knowledge base and production volume in hybrid cars, has a better idea…It is the Prius Plug-in, it is already in test fleets, and it will be arriving...
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Obama must have shorted oil last week and then speculated prices would bounce along with his poll numbers; why else would he dump oil from the Sagging Poll Reserve? Wall Street Journal (6/30/11) reports: By the look of oil prices, last week's announcement of a globally coordinated stockpile release is already old news…The initial decline to below $90 on the International Energy Agency's decision to offer 60 billion barrels of oil has been all but erased. Crude-oil futures traded as high as...
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