for Offshore Drilling
Even in the medium-term, the interest in offshore drilling is looking shaky.
Production gains cannot mask the problems facing the shale industry, but the offshore sector is seeing an increase in activity.
A series of recent deepwater discoveries has demonstrated that the offshore oil sector is beginning to rebound after years of subdued activity, despite increasing interest in onshore shale drilling.
As offshore drilling is expanded, it is important that companies and regulators maintain the most rigorous performance, safety, and environmental standards.
On the agenda at budget hearings this week will be energy innovation, the proper size of the Strategic Petroleum Reserve (SPR), offshore drilling, and oil production on public lands.
The results from the BOEM's auction this week were disappointing. The weak interest in the Gulf of Mexico from the industry stems mostly from the current low oil price environment.
States that are major oil and gas producers are seeing significant holes in their budgets in part due to low prices. One major player on this list is Louisiana, which has a long energy-rich history and is going through a severe fiscal crisis at the moment.
In a major reversal, the Obama Administration switched tactics today on offshore drilling on the Atlantic outer continental shelf (OCS), changing its previously announced plan to allow for bidding on mid-Atlantic OCS blocks during the 2017-2022 planning period.
One thing we do know is that once the primaries are over, the general election will be largely determined by voters in a small number of swing states—some of which have large energy industries, or are strongly invested on energy issues.
We look at the former Maryland Governor's stance on electric vehicles, offshore drilling, gas taxes, and climate change.