PW Español




PW Live



Very usefull links



PW
Bookstore





Institutional
links


OPEC







PW
Business Partners

 


IRAQ OIL THE FORUM

 


Blogspots

The Global Barrel

Tiempo Cultural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters


Bloomberg

Views and News
from Norway

 

 

 


Editorial/Opinion

 

Colin Chilcoat: Obama pledges
cleaner future in state of the union


 

In his penultimate State of the Union address – and first before a Republican-dominated Congress – President Barack Obama declared that the US is ready to “turn the page.” The economic and jobs' data is promising and America is “ as free from the grip of foreign oil as we've been in almost 30 years,” he stated. Unfortunately, just what that next page holds – especially for the energy industry – was left, more or less, to the imagination. Still, upon closer look, we can glean just enough to develop a clearer picture of what lays in store for energy markets as we move toward 2016

Energy, and the nation's resurgent oil production, was a major theme of last year's address. Since that speech however, the price of West Texas Intermediate has tumbled more than 50 percent and producers worldwide are feeling the crunch after years of windfalls. US production is still poised to grow – 100,000 barrels per day (bpd) this year and another 200,000 bpd in 2016 – but many shale plays operate on the fringe of profitability as industry debt, and the need to service such debt, is fueling what is somewhat misleading progress. As such, Obama directed attention elsewhere, toward renewable energy developments and climate change. Of course, though fleeting, Keystone XL made an appearance.

“Let's set our sights higher than a single oil pipeline.”

Though still a significant talking point for Democrats and Republicans alike, Keystone XL is a dead man walking. The bill, having passed through both the House and Senate, now awaits what will most certainly be an Obama veto. Moreover, falling oil prices may bring an end to the six-year saga regardless of the President's decision. While growth is projected, Canadian producers are cutting spending and limiting their expectations. It's not expected to go quietly – Senator Joni Ernst's Republican response is a testament to that – but Keystone isn't happening in 2015.

“No challenge poses a greater threat to future generations than climate change.”

In what is the biggest takeaway, Obama is primed to tackle an idea perhaps more contentious than Keystone XL, the evidence of human impacts on climate change.

“Well, I'm not a scientist either.” Will Plunging Oil Prices Crash The Stock Market?

When oil crashed in 2008 all hell was breaking loose. Lehman Brothers went up in smoke and stocks were in a nosedive. Oil has once again crashed -50% in only 6 months but equities haven't followed - at least not yet! Will stocks hold up going forward? You might find it hard to believe just how much wealth could have been created last time this happened. If we learn from the past, this could be a second chance to make an absolute fortune.

In a dig at Republican's well-versed response to the increasing evidence of climate change, Obama smartly dispelled the notion that that phrase somehow qualifies you to speak on scientific matters.

“I am determined to make sure American leadership drives international action.”

What's more, America will set the example. The State of the Union comes on the heels of last week's White House action plan to cut methane emissions – specifically from the oil and gas sector. The new strategy aims to combine voluntary and regulatory measures to reduce methane emissions up to 45 percent over the next decade. Future oil and gas wells will be hardest hit and American Petroleum Institute president Jack Gerrard believes the regulations pose a serious threat to America's shale revolution and role as an energy superpower. In any case, the EPA will finalize these regulations along with the already proposed Clean Power Plan in mid-to-late 2015. For his part, Obama has pledged to deny any GOP opposition to these green initiatives – an option that underscores his paltry 30 percent success rate with Congress.

President Obama's State of the Union offered encouragement for an already rapidly expanding renewable energy industry – the solar industry accounted for 1.3 percent of all jobs created in the US in 2014. Still, the issue of fossil fuel subsidies was notably absent. Perhaps discouraged by Congress' refusal to hear any or all of such proposals, Obama seems to have missed an opportunity to really set America apart as a leader.

 


 
Colin Chilcoat is a specialist in Eurasian energy affairs and political institutions currently living and writing in the former oil capital of the world. Petroleumworld does not necessarily share these views.
>

Editor's Note: This commentary was originally published by oil price.com, 01/22/2015. Petroleumworld reprint this article in the interest of our readers.

All comments posted and published on Petroleumworld, do not reflect either for or against the opinion expressed in the comment as an endorsement of Petroleumworld. All comments expressed are private comments and do not necessary reflect the view of this website. All comments are posted and published without liability to Petroleumworld.

Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of issues of environmental and humanitarian significance. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml.

All works published by Petroleumworld are in accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.Petroleumworld has no affiliation whatsoever with the originator of this article nor is Petroleumworld endorsed or sponsored by theoriginator.

Petroleumworld encourages persons to reproduce, reprint, or broadcast Petroleumworld articles provided that any such reproduction identify the original source, http://www.petroleumworld.com or else and it is done within the fair use as provided for in section 107 of the US Copyright Law.

If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Internet web links to http://www.petroleumworld.com are appreciated

Copyright© 1999-2009 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ stories by anyone provided it mentions Petroleumworld.com as the source. Other stories you have to get authorization by its authors.Internet web links to http://www.petroleumworld.com are appreciated

Petroleumworld welcomes your feedback and comments,
share your thoughts on this article, your feed. back is important to us!

Petroleumworld News 01/26/2014

We invite all our readers to share with us
their views and comments about this article.
Follow us in : twitter / Facebook
Send this story to a friend Write to editor@petroleumworld.comBy using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8 +/ 800x600 pixels


 


Port Spain, Trinidad
January 26th and 27th 2015




Mexico Gas Congress
February 24-26, 2015

 

 






WGC Paris, June, 2015
ow.ly/ziUh0

 

TOP

Editor & Publisher:Elio Ohep F./Contact Email: editor@petroleumworld.com

Contact:
editor@petroleumworld.com/ phone: Office (58 212) 635 7252,
or Cel (58 412) 996 3730 / (58 414) 276 3041 / (58  412) 952 5301


CopyRight © 1999-2010, Elio Ohep F.- All Rights Reserved. Legal Information

- CCS Office Tele
phone/Teléfonos Oficina: (58 212) 635 7252

PW in Top 100 Energy Sites


Technorati Profile


CopyRight © 1999-2010, Elio Ohep F. - All Rights Reserved.
This material may not be published, broadcast, posted online, rewritten or redistributed by any type of means, except with permission of the author/s

The information in this web site is proprietary and is protected under United States and International Copyright and Trademark laws. No part of this web site may be reproduced or transmitted in any form by any means whatsoever, except with permission of the author/s..

Petroleumworld encourages persons to reproduce, reprint, or broadcast Petroleumworld articles provided that any such reproduction identify the original source, http://www.petroleumworld.com or else and it is done within the fair use as provided for in section 107 of the US Copyright Law. If you wish to use copyrighted material from this site for purposes of your own that go beyond
'fair use', you must obtain permission from the copyright owner.
Any use of this site or its material, in any form, without the express prior written consent of the author, is prohibited by law and is subject to legal action. Legal Information

Top 100+

Technorati Profile
Fair use notice of copyrighted material:

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from Petroleumworld or the copyright owner of the material.