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Keyword: fracking

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  • Obama Visits Saudi King After Curbing Oil Expansion

    01/27/2015 9:59:25 AM PST · by raptor22 · 21 replies
    Investor's Business Dailt ^ | January 27, 2015 | IBD EDITORIALS
    Energy: While taking credit for increased oil and gas production on private and state lands, the president moves to put 12 million acres of the oil-rich Arctic National Wildlife Refuge off limits. OPEC and the Saudis are smiling. Whoever's in charge of presidential optics these days fits the classic definition of the blind leading the blind. It's bad enough that President Obama doesn't have time to get to Paris for a global protest against terrorism after the Charlie Hebdo attack but can meet and greet the San Antonio Spurs. But then he privately slams an invitation by Congress to Israeli...
  • Former Shell President Hofmeister Sees Oil at $80 by the Summer

    01/25/2015 10:49:41 PM PST · by Citizen Zed · 9 replies
    The Street ^ | 1-22-2015 | Michelle Rama-Poccia
    When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again. That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel. "When that cost correction...
  • No fracking? Then no bonds, New Mexico bill says

    01/25/2015 8:06:46 PM PST · by CedarDave · 16 replies
    New Mexico Watchdog ^ | January 23, 2015 | Rob Nikolewski
    SANTA FE, N.M. — New Mexico receives about $2 billion a year in direct revenue from oil and gas production through severance taxes, property taxes and royalty and rental income. At the same time, a number of communities in the state have passed ordinances restricting oil and gas development. Now, as lawmakers start their 60-day legislative session, here comes a bill that’s sure to spark plenty of arguments. A state senator has introduced legislation that would strip severance tax bonds from communities that impose 25 percent or more in costs to mining as well as oil and natural gas production....
  • I’m Linda, Fly Me ( Tom Daschle: Ambitions grounded by his wife’s baggage)

    01/17/2003 2:47:51 AM PST · by KQQL · 188 replies · 1,401+ views
    laweekly ^ | 01/17/2003 | by Doug Ireland
    The real reason Tom Daschle didn’t run for president. The national press corps didn’t bother to tell you why Tom Daschle, the Democrats’ Senate leader, decided at the 11th hour not to run for president: In the end, he calculated that he couldn’t survive scrutiny of his persistent service to the clients of his wife. Linda Daschle has been one of the airline industry’s top lobbyists for two decades — when she wasn’t busy running the Federal Aviation Administration (FAA), which explains why, just 11 days after the 9/11 attacks, her husband rushed through the Democratic Senate, which he controlled,...
  • Saudi oil policy 'just took turn for the worse'

    01/23/2015 10:47:10 AM PST · by Rusty0604 · 29 replies
    CNBC ^ | 01/23/2015 | John Kilduff
    In earlier time, the death of Saudi Arabia's King Abdullah bin Abdulaziz Al Saud would have rocked the oil market. The succession plan has always pointed in a direction away from U.S. interests and a turn toward an even harder line on Middle East issues. The antipathy toward Iran will be levered up, and the various Sunni-Shia battles will likely see greater escalation. Oil prices have quickly jumped $1.00 per barrel on the news in a knee-jerk reaction to the uncertainty. What is more likely is an even greater commitment to over supplying the market, in attempt to drive out...
  • The myth of the methane menace

    01/19/2015 8:58:15 PM PST · by Tolerance Sucks Rocks · 30 replies
    The Washington Times ^ | January 18, 2015 | Stephen Moore
    Last week the Environmental Protection Agency (EPA) announced major new regulations on the emissions of methane into the air from oil and gas production. It calls methane a “potent” pollutant and its new rules would require a 45 percent reduction by 2025 from 2012 levels. Most Americans support these new rules, according to polling from environmental groups. This isn’t surprising. Methane sounds like a dirty and dangerous pollutant and even deadly if leaked into water or the air. However, methane is just another term for the main component of natural gas. Drillers have a powerful motive to stop leakage on...
  • War On Shale: EPA Targets Fracking Boom With New Regs

    01/15/2015 10:09:56 AM PST · by raptor22 · 38 replies
    Investor's Business Daily ^ | January 15. 2015 | IBD EDITORIALS
    Energy Policy: In spite of dramatically lower methane emissions from fracking, according to the EPA's own data, the agency wants to impose draconian regulations on the oil and gas industry similar to those on coal. The new rules that the White House announced on Wednesday aim to cut oil emissions of methane, a target of environmental groups, by 45% below 2012 levels, despite the fact that the emissions already show a sharp decline even as shale oil and gas production has skyrocketed. This war-on-shale action mirrors the administration's war on coal, with EPA rules impossible to meet economically and sometimes...
  • Why does no one believe the Saudis?

    01/13/2015 10:39:27 AM PST · by thackney · 79 replies
    Oil Pro ^ | 1/13/2015 | Don Minter
    I've been in the oil patch for close to 30 years. During that time, I have seen oil price go down to about $10 per barrel, and I have seen the price rise to over $100 per barrel. I have seen the price swing for no reason at all. I have heard different bogeymen being blamed for changes in the oil price. Supply and demand are certainly part of the oil price equation, but speculation has been a major price driver for at least the last couple of years, beyond the S&D factors. Right now, the Saudis are being blamed...
  • What falling oil prices could mean for Oklahoma's economy

    01/14/2015 10:26:56 AM PST · by shepardspie33 · 10 replies
    Red Dirt Report ^ | January 13, 2015 | Brian Woodward
    The rapid decline in oil prices could have a significant negative impact on the Oklahoma economy. Taxes associated with production, sales taxes, corporate taxes, income taxes, employment, and housing markets can all be expected to suffer without a rebound in oil prices, which seems unlikely in the near future. Oil continued to fall on Tuesday as prices neared 6 year lows before regaining some ground... Brent crude has fallen roughly 70% since June while West Texas Intermediate (U.S. crude) has fallen approximately 55% in the same time period. To date the largest oil and natural gas companies in the state...
  • WTI Oil At $45.20 - Brent At $45.86

    01/14/2015 1:30:26 AM PST · by zeestephen · 4 replies
    CNBC.com ^ | 14 January 2014
    Real time commodity prices from CNBC.
  • OPEC vs. U.S.: Who will blink first on oil?

    01/13/2015 8:21:17 PM PST · by shepardspie33 · 44 replies
    CNN Money ^ | January 13, 2015 | Travis Hoium
    The Merriam-Webster dictionary offers this definition for the word capitulate: "to stop fighting an enemy or opponent; to admit that an enemy or opponent has won." I'm not sure who oil companies are fighting, whether it's oil traders, OPEC, Russia, or some invisible market force, but they're losing. The domestic standard, West Texas Intermediate crude oil, fell below $45 per barrel on Tuesday, while the global standard, Brent crude oil, is now well under $50. Who is going to stop the bleeding? OPEC is not cutting production, the U.S. is expected to increase output in 2015, and Russia has little...
  • Cruz to push crude exports

    01/13/2015 7:47:47 PM PST · by 2ndDivisionVet · 9 replies
    Fuel Fix ^ | January 13, 2015 | Jennifer A. Dlouhy
    The Senate could vote soon on a proposal to lift the nation’s longstanding ban on crude exports, worrying both supporters and opponents of the trade restrictions who say it’s premature. Sen. Ted Cruz, R-Texas, is set to force the issue by offering his proposal to lift the 40-year-old ban as an amendment to legislation authorizing the Keystone XL pipeline. That is a much faster track than even crude export supporters envisioned when they launched a methodical, deliberate discussion of the issue a year ago. If Cruz insists on a roll call vote on his proposal, it would force many senators...
  • Oil Extends Selloff as OPEC Is Seen Standing Firm on Output: Oversupplied

    01/13/2015 7:38:27 PM PST · by shepardspie33 · 15 replies
    WSJ ^ | January 13, 2015 | Nicole Friedman
    Another day, another selloff for oil. The catalyst Tuesday was talk from the United Arab Emirates’ oil minister, who said the Organization of the Petroleum Exporting Countries would stand firm on its November decision to keep output steady. The comments dashed investor hopes that OPEC would relent and cut production in the face of a rout that has slashed U.S. oil prices 14% in the first eight trading days of the year and 57% since June. The selling spilled into other commodities and the currency market. The price of copper, a commodity about which investors hold many of the same...
  • Iran's Rouhani says countries behind oil price drop will suffer

    01/13/2015 5:47:51 AM PST · by thackney · 16 replies
    Reuters ^ | Jan 13, 2015 | MICHELLE MOGHTADER
    Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop. "Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R] "If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added. Oil prices...
  • Environmental concerns raised as oil companies take fresh look at fracking in Kentucky

    01/12/2015 5:52:03 PM PST · by 2ndDivisionVet · 7 replies
    EagleFordTexas.com ^ | January 12, 2015 | Ross Torgerson
    There’s been little heat so far in Kentucky over hydraulic fracturing, or fracking, a technique of drilling for oil and natural gas that has caused division elsewhere in the country, but now the controversy has gushed up here. The potential to develop a vast underground shale layer that curves from the northeastern part of the state through Central Kentucky has sparked increased interest among oil and gas companies within the last 18 months. Companies signed hundreds of additional oil and gas leases with landowners in 2014, according to local officials. Much of the interest has been in Lawrence, Johnson and...
  • Crude Oil Is Crashing Again ($46.77)

    01/12/2015 5:47:20 AM PST · by blam · 50 replies
    BI ^ | 1-12-2015 | Myles Udland
    Myles UdlandJanuary 15, 2015Good morning! It is a new week and crude oil is making new lows.(snip)(snip)
  • Gov. Jerry Brown Touts Climate Change Fight

    01/06/2015 3:50:23 PM PST · by raptor22 · 19 replies
    Investor's Businass Daily ^ | January 6, 2015 | IBD EDITORIALS
    Environmentalism: Re-upping on delusional climate-change fantasies, "Governor Moonbeam" asked in his inauguration speech Monday for the Golden State to meet half its energy needs with renewable energy by 2030. Gov. Jerry Brown, who leads the state that hosted Solyndra, embraces bird-chopping wind turbines and builds crispy critter-producing solar panel farms, is a leading advocate of renewable energy and environmental protection. As pollution from coal-fired plants and industries in China wafted across the Pacific, he took a deep breath at his fourth inauguration as the state's chief executive and doubled down on green energy's failed promise by tasking California to fight...
  • Earthquake, north Dallas?

    01/06/2015 4:54:47 PM PST · by TLI · 75 replies
    TLI ^ | Jan 6, 2015 | TLI
    Just had a fair shake here at Central and Forest lane. Anyone else?
  • Oil price drop expected to hurt fringe areas in Bakken the most

    01/04/2015 6:09:26 AM PST · by thackney · 14 replies
    In Forum ^ | Jan 2, 2015 | Katherine Lymn
    en Chorn had a good vacation in Minnesota last month, making it to a Vikings game, a hockey game in Duluth and getting engaged. But while he was gone, the price of oil hit him personally. “While on vacation, I got a call from someone who’s covering for me and said, ‘Hey your rig’s being laid down,’” said Chorn, who does geology work on rigs for Sunburst Consulting. He’s had a slow six weeks since then. The oil price drop will impact fringe regions in the Bakken the most, experts said, because the oil there costs more to extract. “I...
  • Monster Methane Cloud Hovers Over Western U.S.

    12/31/2014 2:47:37 PM PST · by smokingfrog · 142 replies
    U.S.Sputnik News ^ | 12-30-14 | Raisa Camargo
    Scientists are beginning to question the ramifications of a giant Delaware-sized methane hot spot high up in the air. The “giant plume” is the largest collection of greenhouse gas in the air above the U.S. and is likely the result of natural gas leaks. It’s located over a stretch of desert in Southeast New Mexico, and NASA scientists have studied the methane cloud as a potent climate changer for the past three years. When it first appeared, scientists questioned its existence. “We couldn’t be sure that the signal was real,” NASA researcher Christian Frankenberg told the Washington Post. But NASA...
  • OPEC Blames Speculators, Non-OPEC Countries, US Frackers for Oil Price Crash

    12/22/2014 6:20:58 AM PST · by Kaslin · 7 replies
    Townhall.com ^ | December 22, 2014 | Mike Shedlock
    OPEC is pointing the finger at speculators as well as Non-OPEC countries, but especially US shale producers for the crude price crash. Let's explore that idea in a series of charts. But first let's take a look at the allegation. The Wall Street Journal reports Gulf Oil Exporters Blame Non-OPEC Producers for Glut. Gulf oil officials on Sunday defended OPECÂ’s decision last month to keep its production ceiling intact, blaming producers outside of the group for the glut of oil on the market that has depressed prices. Speaking at an energy conference in Abu Dhabi, Saudi Oil Minister Ali al-Naimi...
  • The reason for lower gas prices: Saudi Arabia and fracking

    12/22/2014 7:21:19 AM PST · by shepardspie33 · 18 replies
    Red Dirt Report ^ | December 22, 2014 | Brian Woodward
    ... While the U.S. does not export crude oil, its increased production has curbed imports, resulting in excess supply. Although the fracking boom has helped to increase supply and steal market share from the Middle East, it is the Saudi response to the increased production from North American shale that has sent the price of oil tumbling. In September 2014, in the face of falling oil prices, Saudi Arabia chose to increase oil production by half a percent. Days later on Oct. 1, they discounted oil exports to leading Asian customers. These actions set off a rapid decline in international...
  • Merry Christmas from Texas to the World

    12/25/2014 12:24:13 AM PST · by Cincinatus' Wife · 26 replies
    The Hill ^ | December 25, 2014 | Ben Voth
    Texas has blessed the world with an incredible Christmas gift: plummeting oil prices. Both the production and the technology of fracking were substantially innovated and pioneered in the Lone Star state. The ramifications here at home and abroad are profound and incredible example of how innovation, property rights,and economic freedom trump the ugly agendas of statism. The gift of Texas oil is a gift that keeps on giving and stands in contrast to the lumps of coal dished out by the Federal government:...Gift 1:A true economic stimulus. The drop in oil prices from over $100 a barrel to less than...
  • The Next Shale Revolution?

    12/24/2014 5:01:42 AM PST · by RoosterRedux · 15 replies
    weeklystandard.com ^ | SAMUEL THERNSTROM
    Just five years ago, almost no one outside the natural gas industry had heard of fracking, even though the basic technologies were not new; today, the shale gas revolution has transformed America’s energy markets, with profound effects for economic growth, competitiveness, security, and environmental quality. In a nation still deeply concerned about its energy future, this extraordinary success story should prompt the question: Can we do it again? The answer is yes​—​if we correctly understand both the model for innovation that shale gas exemplifies and an opportunity that now exists to emulate the shale model. That opportunity involves exploiting a...
  • Fracking is Fundamental

    12/22/2014 3:35:18 PM PST · by Sean_Anthony · 7 replies
    Canada Free Press ^ | 12/22/14 | Alan Caruba
    Energy is the master resource, the lifeblood of ours and the world’s economy “It is a sad day when a state chooses to listen to the fear, uncertainty, and doubts spread by anti-fossil fuel agitators rather than making a decision for economic strength that would benefit schools, communities, and many of its poorest citizens—especially when the vilified technology, hydraulic fracturing, has been used safely and successfully for more than 60 years and has brought prosperity to other formerly struggling regions.” Responding to the announcement by New York Governor Andrew Cuomo that the state would ban fracking, Ms. Noon joined others,...
  • Just look across the NY-PA border for safe and responsible fracking

    12/22/2014 8:47:58 AM PST · by thackney · 22 replies
    ExxonMobil ^ | December 18, 2014 | Ken Cohen
    The comedian Chico Marx famously asked, “Who you gonna believe, me or your own eyes?” That’s the question I feel like Governor Andrew Cuomo is posing to New Yorkers with his decision to ban hydraulic fracturing in the Empire State’s portion of the Marcellus Shale. The governor and his allies – most notably the acting state health commissioner, whose report served as justification for Mr. Cuomo’s decision – say the move will protect New York’s air, land, and water. For years now, New Yorkers have been besieged by apocalyptic claims made by anti-oil and gas activists – many of them...
  • Shock in Southern Tier of New York as Hopes of Gambling and Fracking Both Die

    12/22/2014 7:18:54 AM PST · by C19fan · 26 replies
    NY Times ^ | December 18, 2014 | Jesse McKinley
    To get a sense of the deep disappointment felt by many here at the twin killings of two potentially lucrative dreams, hydraulic fracturing and a new luxury casino, one needed to look no further than the front-page headline of Thursday’s edition of The Press & Sun-Bulletin. It was two letters, in red type: “NO!” That cry could seemingly be heard all along New York State’s Southern Tier, which borders Pennsylvania and has long been one of the state’s most stubborn economic laggards. In recent years, both hydraulic fracturing — known as fracking — and casinos had been posited as potential...
  • Stock Market - Oil 'Panic' Period Ends As Analysis Replaces Emotion

    12/22/2014 5:51:44 AM PST · by thackney · 5 replies
    Forbes ^ | 12/21/2014
    Yes, oil closed below $60 on Friday, but the U.S. stock market closed up – way up from Tuesday’s close. The Fed’s action/non-action might seem the cause, but that looks like coincidental timing. With oil stocks like Chevron selling at both extremely attractive valuations and strong price support levels..., the market turnabout was waiting in the wings, only needing a gentle push to hit the stage in full action. What is noteworthy (and disturbing) is the ease with which commenters tossed about fear-inducing descriptors like “plunge,” “rout,” “crash” and “panic.” Following those emotional portrayals were the typical (and erroneous) visions...
  • Who Will Get Caught When The Oil Debt Bubble Pops?

    12/22/2014 5:31:55 AM PST · by thackney · 18 replies
    Forbes ^ | 12/19/2014
    America’s oil and gas boom was enabled by a huge pile of cheap financing. Many of the leading players in the boom, such as Chesapeake Energy and Continental Resources have for years been making capital investments at levels far surpassing the cashflow generated from operations. The mountain of debt advanced to drillers in recent years is estimated to be in the neighborhood of $500 billion — some $300 billion in leveraged loans and another $200 billion in high yield debt. That’s about 16% of the U.S. high yield debt market, quadruple its share a decade ago. That’s a lot, even...
  • Obama: Putin No 'Chess Master,' Not 'Someone Who Rolled Me'

    12/21/2014 11:06:24 AM PST · by bkopto · 43 replies
    Newsmax ^ | 12/21/2014 | Staff
    "And right now, he's presiding over the collapse of his currency, a major financial crisis and a huge economic contraction," Obama said in the interview, which was recorded on Friday. "That doesn't sound like somebody who has rolled me or the United States of America. "
  • Why Cuomo’s New York Fracking Ban Won’t Matter Much

    12/20/2014 5:14:58 PM PST · by SeekAndFind · 16 replies
    National Review ^ | 12/20/2014 | Robert Bryce
    Amid the many explanations offered by New York governor Andrew Cuomo and his various lieutenants about their reasons for imposing a permanent ban on hydraulic fracturing in the state, one of them made me laugh out loud. “We lack the necessary data,” said New York’s health commissioner, Howard Zucker. I’ll discuss why that claim made me chuckle in just a moment. Before turning to that, let’s be clear: Cuomo’s decision is not surprising, and it’s not very significant either. It’s hardly surprising that a liberal Democratic governor in one of America’s most liberal states chose to ban fracturing. Indeed, in...
  • Methane hydrate joins shale gas and deep sea gas

    03/20/2013 5:04:22 PM PDT · by Fractal Trader · 17 replies
    Times of London via www.mattridley.co.uk ^ | 16 March 2013 | Matt Ridley
    The gas age is good news Published on Saturday, March 16, 2013, updated Saturday, March 16, 2013 Methane hydrate joins shale gas and deep sea gas I have the following article in the Times on 15 March:   Move over shale gas, here comes methane hydrate. (Perhaps.) On Tuesday the Japanese government’s drilling ship Chikyu started flaring off gas from a hole drilled into a solid deposit of methane and ice, 300 metres beneath the seabed under 1000 metres of water, 30 miles off the Japanese coast.   The real significance of this gas flare probably lies decades in...
  • Exxon Mobil Shows Rising U.S. Output as Prices Fall

    12/18/2014 1:16:24 PM PST · by Up Yours Marxists · 29 replies
    Salt Lake Tribune ^ | December 18, 2014 14:15 GMT | Joe Carroll (Bloomberg News)
    Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment costs and enhanced drilling techniques more than offset the collapse in oil markets, said Troy Eckard, whose Eckard Global owns stakes in more than 260 North Dakota shale wells. Oil companies, while trimming 2015 budgets to cope with the lowest crude prices in five years, are also shifting their focus to their most-prolific, lowest-cost fields, which means extracting...
  • How Andrew Cuomo Wants to Impoverish New Yorkers: Why did his Dept. of Health ban fracking?

    12/18/2014 6:59:57 AM PST · by SeekAndFind · 21 replies
    National Review ^ | 12/18/2014 | Jillian Kay Melchior
    Thanks to an announcement from the state Department of Health today, New Yorkers will miss out on a multi-billion-dollar industry that has made other states rich. The decision, a ban on fracking, has little to do with sound science and much more to do with the political cowardice of New York’s leaders, the politicization of state agencies, and the political activism of radical environmentalists. The story begins about six years ago, when Governor David Paterson decided to refer a politically controversial decision about fracking to state agencies, ordering a study while instituting a de facto fracking ban. His successor,...
  • Gas industry: Drilling tax could cripple Pa. economy

    12/17/2014 7:50:18 AM PST · by thackney · 18 replies
    Inquirer Harrisburg Bureau ^ | December 17, 2014 | Amy Worden
    Three days after the newly elected Senate majority leader opened the door to negotiations on a natural gas drilling tax, industry leaders reiterated their stand that such a tax would harm the state's economy. Additional taxes would have a "crippling effect on jobs" said Stephanie Wissman, executive director of the Associated Petroleum Industries of Pennsylvania. "It threatens to stifle energy production and the jobs that go with it," Wissman said in a conference call with reporters Tuesday. The prospect of a severance tax on gas production in the lucrative Marcellus Shale - an issue dormant since Gov. Ed Rendell left...
  • Cuomo to Ban Fracking in New York State, Citing Health Risks

    12/17/2014 10:03:02 AM PST · by Behind Liberal Lines · 112 replies
    ALBANY — The Cuomo administration announced Wednesday that it would ban hydraulic fracturing in New York State, ending years of uncertainty by concluding that the controversial method of extracting gas from deep underground could contaminate the state’s air and water and pose inestimable public-health risks... That conclusion was delivered publicly during a year-end cabinet meeting called by Gov. Andrew M. Cuomo in Albany. It came amid increased calls by environmentalists to ban fracking, which uses water and chemicals to release natural gas trapped in deeply buried shale deposits.
  • Collapse in oil prices: producers howl, consumers cheer, economists fret

    12/16/2014 9:55:53 AM PST · by Star Traveler · 27 replies
    The Guardian ^ | Tuesday, December 16, 2014 | Staff
    The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has analysts arguing over whether this is a good or bad thing. The price of oil has fallen by nearly half in just six months, a surprising and steep plunge that has consumers cheering, producers howling and economists wringing their hands over whether this is a good or bad thing. The price of a barrel of oil is just under $56, down from a summer high of $107, and lower than at any time since the US was still in recession...
  • Washington Post Avoids F-Word in Story About Falling Oil Prices

    12/15/2014 1:08:58 PM PST · by PJ-Comix · 28 replies
    NewsBusters ^ | December 15, 2014 | P.J. Gladnick
    It is the F-word that dares not speak its name at the Washington Post. At least not in the WonkBlog story about plunging oil prices by Chris Mooney. That word is "fracking." Mooney is notorious for his antipathy towards fracking but his failure to attribute the large increase in U.S. oil production to it is laughable. Here is Mooney noticing that oil prices are going way down but fails to credit it to you-know-what due to his ideology:
  • Oil price collapse claims WA's Red Fork Energy, shale gas company in receivership (1st Major Victim)

    12/12/2014 9:10:50 PM PST · by tcrlaf · 62 replies
    ABC News ^ | 12-12-2014 | Kathryn Diss
    The collapse of the oil price has snared its first West Australian victim with Red Fork Energy losing the support of its major lender. The Perth-based company drills shale rock onshore in the United States, producing oil and gas. But it is completely exposed to the US shale industry, which analysts say has become unviable at current oil prices. The oil price has tumbled 40 per cent in recent months, dragging down the value and margins of oil and gas producers. Red Fork's major lender, Guggenheim Corporate Funding, called in the receivers this week
  • The Other America

    12/11/2014 4:30:44 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | December 11, 2014 | Victor Davis Hanson
    Germany's first chancellor, Otto von Bismarck, supposedly once said that there was "a special providence for drunkards, fools and the United States of America." Apparently, late 19th century observers could not quite explain how the U.S. thrived when by logic it should not. That paradox has never been more true than today. The U.S. government now owes more than $18 trillion in long-term debt. Even after recent income tax hikes for the very wealthy and huge cuts in the defense budget, the Obama administration will still run an annual budget deficit of nearly $500 billion. No government official dares to...
  • Venezuela, Not Russia, Will Be The First Domino To Fall With The Price of Oil

    12/10/2014 5:11:33 PM PST · by Maelstorm · 27 replies
    http://dailycaller.com ^ | 2/10/2014 | KEITH NAUGHTON
    The oil price collapse has brought about excited speculation that the end may be near for Putin, Iran and the American oil shale industry. While the oil price downturn will definitely stress these three players, the prime candidate for political collapse is Venezuela – with significant ramifications for the United States. And it’s likely the Obama administration is not prepared at all. Venezuela has all three factors present for an imminent political implosion: 1) severe and worsening economic distress, 2) an organized political opposition, and 3) disunity in its security services. Russia and Iran may be in tough economic straits,...
  • Venezuela: U.S. flooding market with fracking-produced oil

    12/10/2014 5:06:25 PM PST · by Maelstorm · 86 replies
    http://latino.foxnews.com ^ | December 10, 2014 | EFE
    Venezuelan President Nicolas Maduro blasted the United States Wednesday for its large-scale use of hydraulic fracturing, or fracking, saying it is flooding the market with oil produced with environmentally destructive methods. The United States, one of the world's biggest practitioners of fracking, a controversial technique that involves pumping a pressurized fluid - usually composed of water, sand and chemicals - into a shale formation to create a fracture in the rock layer and release trapped petroleum or natural gas - has used that technology to double oil output to 8.5 million barrels per day in six years.
  • Obama in Miami: 'We can't just drill our way to lower gas prices' (2012 article)

    12/10/2014 3:58:40 PM PST · by HereInTheHeartland · 14 replies
    Tampa Bay Times ^ | Alex Leary
    "It means that anyone who tells you we can drill our way out of this problem doesn’t know what they’re talking about – or isn’t telling you the truth. The United States consumes more than a fifth of the world’s oil. But we only have 2% of the world’s oil reserves. That means we can’t just rely on fossil fuels from the last century. "
  • Why America's fracking revolution won't be hurt (much) by low oil prices

    12/08/2014 9:12:53 PM PST · by Maelstorm · 63 replies
    http://fortune.com ^ | DECEMBER 2, 2014 | by Brian Dumaine
    The conventional wisdom has it that many U.S. oil producers can’t make money with oil prices below $85 a barrel. Here’s why the experts may be wrong. For U.S. consumers, there’s plenty to like about plummeting oil prices. After all, the cost of gasoline and home heating oil is falling dramatically as well. Since June, the price of WTI crude has dropped from about $101 a barrel to a recent price of $65, or roughly a 35% decline. And the average price of a gallon of unleaded gasoline in the U.S. has plunged to $2.76 from $3.27 a year ago,...
  • Cheap Oil Also Means Cheap Copper, Corn and Sugar: Commodities

    12/08/2014 9:06:30 PM PST · by Maelstorm · 5 replies
    http://nr.news-republic.com ^ | Dec 9, 2014 | Isaac Arnsdorf
    Lower fuel prices are compounding the longest commodity slump in a generation. Because energy accounts for as much as half the cost to produce food and metals, all sorts of commodities will keep dropping, according to Societe Generale SA and Citigroup Inc. With inventories ample and slowing economies eroding demand, cheaper oil lowers the price floor for mining companies and farmers to remain profitable. Corn may drop another 3 percent, cotton 6.5 percent and gold as much as 5 percent, SocGen estimates. Costs are falling as surpluses emerge in copper and sugar and as the economy slows in China, the...
  • 2014 elections: Lessons, new landscape, new challenges (Commies have a problem...)

    12/07/2014 12:40:39 PM PST · by Libloather · 20 replies
    CPUSA ^ | 11/21/14 | John Bachtell
    There's no sugarcoating it. The November 2014 election results marked a serious setback for Democrats, the anti-ultra right alliance and the broad people's coalition led by labor. The fight for jobs at living wages, workers and immigrant rights, racial and gender equality, for climate justice and peace proceeds under more unfavorable conditions. The election resulted in a wave of victories for the Republicans and ultra right that may have surpassed 2010. However, while the GOP claims otherwise, it was not a mandate for right-wing policies. Grassroots efforts by labor and its allies mobilized millions of voters. Tens of thousands of...
  • More municipal bans on fracking pose setback to domestic energy boom

    12/06/2014 10:46:50 PM PST · by Olog-hai · 8 replies
    Fox News ^ | December 06, 2014 | (With AP)
    The surge in domestic-energy production that has created millions of new jobs and abundant natural gas and oil is now facing a potential setback, cities across the country imposing bans on the widely-used deep-drilling process known as fracking. At least three U.S. cities and two counties in the November elections voted in favor of such a ban. And courts in Pennsylvania and New York have recently ruled in favor of letting cities have some control over the drilling. There is little surprise that Texas is at the forefront of the fight between energy companies and other fracking supporters and critics...
  • A 3-Sentence Explanation Of What Crashing Oil Prices Mean For America [Who wins, who loses]

    12/04/2014 12:52:59 PM PST · by SeekAndFind · 14 replies
    Business Insider ^ | 12/04/2014 | Sam Ro
    The price of oil has crashed to multi-year lows.Falling energy prices are good for the US consumer. But they're bad for the big US energy producers.Remember, technological advances in hydraulic fracturing have sparked the US shale energy boom, which has been a source of economic growth thanks to capital expenditures and job creation in the industry. Low oil prices may put this story at risk.So on net, are falling prices good or bad?Charles Schwab's Liz Ann Sonders offers some simple math that puts it all into perspective. In three sentences:Consumer spending represents 68% of the US economy. Oil and gas...
  • Governor Sarah Palin on Consumerism, Russia and Energy Production • Varney & Co.

    12/03/2014 4:37:07 PM PST · by KC_Lion · 7 replies
    Conservatives 4 Palin ^ | December 3rd, 2014 | iizthatiiz
    Governor Sarah Palin weighs in on consumerism, Christmas, and other issues including Russia and energy production with Fox Business host Stuart Varney.https://www.youtube.com/watch?v=IAHc0hXGZk4#t=230
  • Fracking Debunks Obama's 'We Can't Drill Our Way Out' Mantra

    12/04/2014 4:58:52 AM PST · by IBD editorial writer · 29 replies
    Investor's Business Daily ^ | 12/3/2014 | IBD Staff
    Just how wrongheaded can someone be about America's energy situation? Take a look at President Obama's long history of false claims about oil. If the president has a mantra, it has to be "We can't drill our way out of this problem." Any time he talks about energy, he trots out that phrase. Whatever the problem, increasing domestic oil supply is never the solution.