THE BALANCE SHEET: APRIL 18 2011
April 18, 2011 Leave a comment
Our weekly update to unravel the industry and political spin around the energy debate
IN CASE YOU MISSED IT
2010 ONSHORE OIL SPILLS EXXON VALDEZ x3
Last Tuesday, CBS News reported that there were over 6,500 spills, leaks, fires or explosions nationwide at onshore drill sites or pipelines. And, at least 34 million gallons of oil or toxic chemicals were spilled – that’s three times the amount of oil spilled in the Exxon Valdez disaster. Read the story for state-by-state oil spill numbers.
WHAT OIL SPILL?
Rep. Doc Hastings would have you forget about the Gulf spill, even as the 1-year anniversary of the accident nears. Leading into the hearing, Hastings told Politico that it was too soon to consider offshore drilling safety legislation but not too soon to speed-up offshore drilling. Why the rush when drilling companies are sitting on 70 percent of offshore leases as well as 57% of onshore leases and over 7,200 onshore drilling permits.
HISTORY FULL OF GAS
During the Natural Resources committee markup of the offshore bills, Hastings claimed that ending the moratorium on drilling in 2008 was the reason for a drop in gas prices. He seems to have forgotten the worldwide economic recession where oil demand crashed and the price of a barrel of oil plummeted 60 percent. At that same hearing, House Republicans shot down an amendment by Ranking Member Markey to end taxpayer-funded subsidies to Big Oil.
DID YOU KNOW?
OIL SHALE IS AS ENERGETIC AS A POTATO
Oil shale, the “rock that burns,” contains one-tenth the energy of crude oil and has the same energy density as a potato. Read more in energy expert Randy Udall’s piece “The Illusive Bonanza.”
COMING UP THIS WEEK
OUR 1 YEAR ANNIVERSARY WITH DISASTER
April 20th, 2011 marks the one year anniversary of the BP Gulf oil disaster, but it looks like offshore drilling safety legislation and reforms to stop $4 billion-a-year subsidies to Big Oil won’t be going anywhere this month.
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