You have probably heard or read the talking point many times: The United States consumes nearly one-quarter of the world’s oil but we have only 2-3% of the world’s proved reserves (here, here, here), hence we cannot drill our way out of high gasoline prices (here, here, here), and should instead adopt policies (cap-and-trade, biofuel quota, fuel-efficiency mandates) to accelerate America’s transition to a low-carbon future.
A new report by the Institute for Energy Research (IER), North American Energy Inventory (December 2011), demolishes the gloomy assessment underpinning demands for centralized planning of America’s energy future. [click to continue…]
Last night over dinner with a knowledgeable source, I heard the skinny on the $7 billion Keystone XL pipeline extension that would double U.S. imports of tar sands oil from western Canada…if the Obama administration allows it.
The 1,700 mile pipeline would link expanding Canadian crude production with America’s first-class refining hub in the Midwest and along the Gulf. It was one of three diplomatic priorities articulated by Canadian Prime Minister Stephen Harper during his February sit-down with President Barack Obama (the other two were Afghanistan and trade policy). That’s why the State Department is behind it.
However, oil production from tar sands is more carbon-intensive than traditional production, so environmentalist groups are staunchly opposed to the Keystone XL pipeline. As a result of the greens’ organized opposition, the Environmental Protection Agency in July, 2010, rebuked the State Department’s draft Environmental Impact Assessment* of the pipeline, stating that it contained “inadequate information.”
[click to continue…]
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