Bill would shift 3% of state’s ANWR revenue to Native corporations
KTOO Public Media, Liz Ruskin, June 12, 2018
At the request of Alaska U.S. Rep. Don Young, a bill pending in the U.S. House would reduce Alaska’s share of revenues from oil drilling in the Arctic National Wildlife Refuge and give that money to Alaska Native corporations. Last week Rep. Tom Cole, R-Okla., proposed to reduce the state’s share to 47 percent and direct 3 percent to Alaska Native corporations. “It’s fitting that I should offer the amendment under the larger than life picture of Don Young that’s staring down on us,” Cole told the House Appropriations Committee. “Because to be fair to everybody, this is an amendment that Don Young asked me to offer.”
Our Take: The congressional delegation and our Governor support this move and see it as a good first step to make up for past failures to honor promises made to Alaska by the federal government. Senator Murkowski will have a tougher time in the Senate with the amendment. AKHEADLAMP knows she is up to the challenge!
OPEC will squeeze oil buffer to historic lows with an output hike
Reuters, Ahmad Ghaddar, June 12, 2018
The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption. Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage. That buffer could shrink from more than 3 percent of global demand now to about 2 percent, its lowest since at least 1984, if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to increase output when they meet on June 22-23, U.S. bank Jefferies said.
Read the full text of the Trump-Kim agreement here
CNBC, Everett Rosenfeld, June 11, 2018
President Donald Trump and North Korean leader Kim Jong Un signed an agreement at the end of Tuesday’s historic summit. Here’s what it says, according to a photo of Trump’s signed document:
- The United States and the DPRK commit to establish new U.S.-DPRK relations in accordance with the desire of the peoples of the two countries for peace and prosperity.
- The United States and the DPRK will join their efforts to build a lasting and stable peace regime on the Korean Peninsula.
- Reaffirming the April 27, 2018 Panmunjom Declaration, the DPRK commits to work toward complete denuclearization of the Korean Peninsula.
- The United States and the DPRK commit to recovering POW/MIA remains, including the immediate repatriation of those already identified.
Our Take: While the mainstream media spends days analyzing what happened at the summit and what it means – AKHEADLAMP looks at China’s reaction – since they have the potential to be our business partner on Alaska LNG: China is having a ‘big day’ after Trump-Kim summit: Ex-diplomats
From today’s Washington Examiner, Daily on Energy:
REPORT: NATURAL GAS, NOT TRUMP, WILL KILL THE PARIS DEAL: The Group of 20 industrialized nations are expected to invest more than $1.6 trillion in natural gas production, which will jeopardize the goals of the Paris Agreement. That’s according to a report issued Tuesday by the anti-fossil fuel group Oil Change International that favors moving to 100 percent renewable energy. As the G20 meets: The report was released as G20 energy ministers gather in Argentina this week. The advocacy group says it has “debunked” most industrialized nations’ belief in the “Clean Gas Myth.”
Bridge myth: “The concept of fossil gas as a ‘bridge fuel’ to a stable climate is a myth,” according to the group. “Emissions from existing gas fields, alongside existing oil and coal development, already exceed carbon budgets aligned with the Paris Agreement.”
Coal vs. gas: The report finds that even if coal were phased out tomorrow, the natural gas and oil from already developed fields would break the global carbon budget needed to keep the climate from rising 1.5 degrees over the next 20 years.
Global gas boom: The U.S., Russia, Australia, China, and Canada will be responsible for 75 percent of capital expenditures in natural gas production in G20 countries from 2018-2030, according to the report.
South America eyes fracking: Argentina is vying to open its own shale deposits to produce natural gas, which the report says, “risks undermining its commitment to the Paris Agreement and the work of the Energy Transitions Working Group during its G20 Presidency.”
Our Take: We question the validity of a report issued by an anti-fossil group that wants 100% renewable energy. We applaud the industrialized nations who are investing in natural gas production!
Administration looks offshore for wind energy boom
The Washington Examiner, Josh Siegel, June 12, 2018
The Trump administration is “bullish” about offshore wind, working with governors in the Northeast to transform what was once a fringe and costly investment into America’s newest energy-producing industry. “When the president said energy dominance, it was made without reference to a type of energy,” Interior Secretary Ryan Zinke told the Washington Examiner in an interview. “It was making sure as a country we are American energy first and that includes offshore wind. There is enormous opportunity, especially off the East Coast, for wind. I am very bullish.” Facing widespread opposition from politicians in states fearful of oil spills along their tourist-drawing coasts, Zinke is likely to scale back a draft plan to open nearly all federal waters for drilling, which he says has attracted “modest interest at best.”
Our Take: An “all of the above” energy policy is good for Alaska and good for America. Secretary Zinke’s recognition of market forces that are moving towards offshore wind is refreshing.