Oil Prices

US Oil Prices Could Sink to $50

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US oil prices could sink to $50 a barrel at some point over the next two years, according to analysts at Bank of America Merrill Lynch.

But don’t expect a corresponding drop in gas prices.

Merrill analysts expect US oil prices to still average about $90 a barrel over the same time period. Global oil prices meanwhile, which more closely dictate the price of gasoline in the United States, are expected to remain high as growth in global oil supplies lags population growth and economic output.

Keep reading →

 /  Published December 12, 2012 at 2:40 PM

Military Leaders See Energy Diversity Protecting US National Security

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EA-6B Prowler from the Salty Dogs of Air Test and Evaluation Squadron 23 flies September 16, 2011 over Southern Maryland. The plane uses a biofuel blend of JP-5 aviation fuel and camelina oil.

Growing demand in huge emerging economies like China and India will drive up world oil prices no matter what the US does, so it’s crucial for the US to develop energy alternatives that will keep it from being hurt by those nations’ successes, says Adm. (Ret.) Dennis Blair, former director of national intelligence. Keep reading →

 /  Published December 11, 2012 at 8:30 AM

Is it Time to Consider Exporting Crude Oil from the US?

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Exporting crude oil from the US has been a politically divisive issue given given the country’s significant level of import dependence, which has dramatically declined in recent years with the shale gas and tight oil production boom.

This domestic liquids production increase – which is primarily light and sweet – fetches higher prices on the international market than the lower quality grades many refineries along the Gulf Coast have been configured to process. This has led some industry watchers and analysts to suggest that it would make economic sense to export surplus crude and liquids while purchasing cheaper heavy oil from global markets that can be efficiently refined into gasoline and other finished products here in the US. Keep reading →

 /  Published November 28, 2012 at 9:00 AM

Video: Experts Consider the Prospect of US Energy Independence

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The concept of the United States being energy independent has been around for decades, with the past 8 US presidents calling for it and even suggesting dates by when it might be achieved. However, the recent ramp up in domestic oil and gas production has drastically reduced oil imports and rejuvenated the discussion, with some believing the long sought-after goal could finally be around the corner.

Some have suggested that North American energy independence – including petroleum exports – is a more realistic pursuit. Others maintain energy security is what really matters and that it’s impossible and even undesirable to disconnect the US from the global oil market. Keep reading →

 /  Published November 19, 2012 at 12:00 PM

Likelihood of Keystone Pipeline Approval

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The Keystone Pipeline emerged as one of the most prominent energy issues of 2012 and the US presidential election. The line is controversial because it would transport synthetic crude oil produced from Alberta’s oil sands deposits – oil that is more energy intensive to produce than conventional crude. The resource has been dubbed “dirty oil” by activists who also oppose its route through environmentally sensitive areas.

Proponents of the pipeline claim it would transport oil more efficiently from producing regions to demand centers, particularly the massive US Gulf Coast refining complex. The project would also benefit the US and Canadian economies by creating jobs and lowering gasoline prices, they say. Keep reading →

 /  Published November 15, 2012 at 10:30 AM

EIA Chief Discusses Storm Sandy Response, US Energy Production Sustainability and More

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Shell Oil President and Director Marvin Odum speaks during a plenary session on the first day of the Energy Information Administration energy conference April 26, 2011 in Washington, DC.

EIA Administrator Adam Sieminski highlighted the administration’s rapid response efforts during the recent hurricane crisis in the northeast and was enthusiastic about the organization’s prospects going forward while giving a breakfast presentation at the US Association of Energy Economics North American Conference in Austin, Texas. Keep reading →

 /  Published November 7, 2012 at 1:30 PM

Big Oil Isn’t as Profitable as Everyone Thinks

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Americans spend a lot of money on oil – about $632 billion a year. A lot of that money goes to paying the costs of getting the dinosaur juice out of the ground in the first place, including exploring for potential reserves, drilling test wells, drilling production wells, pumping the stuff, and transporting it.

 /  Published October 22, 2012 at 12:30 PM

Citi on the Global Oil Price ‘Tug of War’

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China’s economy, the red-hot growth engine that propelled global energy demand to dizzying heights over the last decade, is slowing down “faster than anyone forecast,” and could help keep global oil prices from soaring in a supply disruption.

That according to Edward Morse, Global Head of Commodity Research with Citi Group Global Markets. Speaking to the Department of Energy/National Association of State Energy Officials Winter Fuels Outlook Conference Oct. 10 in Washington, DC, Morse said China’s speedy reduction in import demand, along with the economic woes of the Eurozone, could have a significant leavening effect on world oil prices. Keep reading →

 /  Published October 12, 2012 at 8:30 AM

Colder Weather Expected to Drive Up Home Heating Costs

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New England’s dependence on fuel oil for heating is putting the region in the energy crosshairs this winter, with the average heating oil price projected to hit a record $3.81 per gallon.

The National Oceanic and Atmospheric Administration (NOAA) says it currently looks like the US winter will be slightly warmer than normal, but not nearly as warm as last winter in much of the nation. Keep reading →

 /  Published October 11, 2012 at 11:45 AM

IEA Releases Major Report on Iraq’s Energy Resources and Potential

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The pace of Iraq’s economic and social development going forward is largely tied to the success or failure of its energy sector goals, and in turn the degree to which the country’s oil industry can meet its aggressive targets will play a pivotal role in the global oil market over the next two decades.

The International Energy Agency has analyzed the future of Iraq’s energy industry using three scenarios – high, central and delayed – as a means of addressing the opportunities and risks facing the development of Iraq’s energy sectors. The special report entitled “Iraq Energy Outlook” is part of the IEA’s World Energy Outlook series. Keep reading →

 /  Published October 9, 2012 at 4:00 PM
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