June 27, 2008
FOR IMMEDIATE RELEASE June 27, 2008 CONTACT: Brian Kennedy (202) 434-820 6 Months, 40 Oversight Hearings, 160 Witnesses Sworn-in, But Zero New Supplies WASHINGTON, D.C. – Now adjourned for its Independence Day recess, the U.S. Congress has convened at least 40 hearings on the issue of skyrocketing energy prices in the first six months of [...]
June 26, 2008
IER takes a closer look at the “68 million acres” legend Washington, DC – In the last few weeks the phrase “68 million acres” has become nearly ubiquitous in the national “debate” over energy policy. From its birthplace on the second page of Congressional “report” to the front page of major world newspapers, the [...]
June 25, 2008
Washington politicians are accusing oil companies of “stockpiling” federal energy leases to keep supplies low and prices high. They claim “Big Oil” holds leases for 68 million of acres of federal leases that are not currently producing energy. The following will help separate fact from fiction in the “68 million acres” sound bite. The Claim: [...]
June 25, 2008
Below is a list of the world’s largest companies by their oil and natural gas reserves. Source: PetroStrategies, Inc. [1] Ranked in order of 2006 worldwide oil equivalent reserves as reported in "OGJ 200/100", Oil & Gas Journal, September 17, 2007. [2] Information from Energy Information Administration Country Analysis Briefings . [3] OPEC member
June 24, 2008
FOR IMMEDIATE RELEASE June 24, 2008 CONTACT: Brian Kennedy (202) 434-8200 WASHINGTON, D.C. – The Institute for Energy Research (IER) today warned that price controls, if established under so-called price gouging proposals, would compound the consumer’s pain at the pump – just as it did during the Carter era. History has demonstrated that price controls [...]
June 24, 2008
FOR IMMEDIATE RELEASE June 24, 2008 CONTACT: Brian Kennedy (202) 434-8200 WASHINGTON, D.C. – The Institute for Energy Research (IER) today released a study authored by its resident economist, Robert Murphy , on the role speculators are playing in the global oil market. The report, Speculators Fixing Oil Prices? Don’t Bet On It , separates [...]
June 24, 2008
Answer: Zero Several investigations into alleged “price gouging” have concluded there is no evidence of any sort of illegal or inappropriate pricing activity. After Hurricane Katrina, the FTC stated that it found “[n]o evidence to suggest that refiners manipulated prices through any means….”[1] The FTC also noted that “if natural price signals are distorted by [...]
June 23, 2008
Below are statistics compiled from the Minerals Management Service (06/11/2008) that outline the activity for the 2007-2012 5-year leasing program. Federal Offshore Leasing Total US OCS acres: 1,762,510,000 Which is comprised of: Alaskan OCS acres: 1,084,780,000 Lower 48 OCS acres: 677,730,000 Quantities for the 2007-2012 Leasing Program Total acres available for lease in 5-year program: [...]
June 23, 2008
A new study authored by IER economist Robert Murphy , Speculators Fixing Oil Prices? Don’t Bet On It , sheds some much needed light on the role speculation plays in the global oil market. EXECUTIVE SUMMARY Record-high oil prices demand a target, and some politicians are increasingly pointing the finger at speculators in the commodities [...]
June 23, 2008
June 23, 2008 According to the Wall Street Journal , 61% of Florida residents support offshore drilling : Consumer anger over high gasoline prices is driving a reconsideration of the U.S. ban on coastal drilling for oil and natural gas, even in Florida, where conservation and tourism concerns have long bolstered a bipartisan consensus against [...]