Senator Eyes Canada Oil Tax After Alaska Drilling Clash
Bloomberg, Ari Natter, May 10, 2018
As Alaska’s congressional delegation worked feverishly last year to achieve the decades-long dream of drilling for oil in the Arctic National Wildlife Refuge, they came across a formidable opponent: Canada.
Now one lawmaker has a plan to punish the North American neighbor with what amounts to a new tax on hundreds of millions of barrels of Canadian oil imported annually into the U.S. Alaska Republican Senator Dan Sullivan said he will introduce legislation to end a loophole through which imported oil from Alberta’s oil sands deposits doesn’t come with a 9-cent-per-barrel tax to fund clean up of oil spills. Such a change would have generated about $47 million for the U.S. in 2016, according to the Congressional Research Service.
Our Take: Three cheers for Senator Sullivan!!! “It was outrageous,” Sullivan, a former Alaska attorney general and natural resources commissioner, said. “They were going to every office in the Senate.” “It was not a smart move,” he added. “It’s a loophole and we intend to close it.”
Oil prices could hit $100 a barrel next year, Bank of America says
CNN Money, Ivana Kottasová, May 10, 2018
The bank’s analysts wrote Thursday that collapsing oil production in Venezuela and potential export disruptions in Iran could push the price of Brent crude as high as $100 per barrel in 2019. The analysts said their target price for Brent, the global benchmark, was $90 for the second quarter of next year. But they warned there was a risk that deteriorating conditions in Iran would push prices to $100, a level not seen since 2014.
Alaska LNG project president says he’s done ‘preaching to the non-believers’
KTOO Public Media, Elizabeth Harball, May 11, 2018
Since taking the lead on the gasline project about two years ago, the Walker administration has doggedly pursued its plan for the megaproject. In the process, they’ve chalked up some successes, including interest from China’s president and a tentative agreement with BP. Now, the president of the state-owned Alaska Gasline Development Corporation says he’s no longer bothering to convince skeptics that the project is real, and it’s moving forward.
Our Take: Good. It isn’t the job of a $750,000/year executive to “convince skeptics” that a $45 billion project is going to work. It’s his job to present a commercially viable project that will secure investors and customers and get the project done. Progressing a commercially viable project will quiet the skeptics.
NY AG Schneiderman: The Left Loses an Anti-Energy Elected Official; the Awfulness Continues
Red State, Seton Motley, May 9, 2018
Many of us are now aware of the mascara-wearing, woman-abusing, recently-ex-Attorney General of New York – Eric Schneiderman. Schneiderman put this massive abuse-of-power to really bad use. Schneiderman is a Leftist. And Leftists don’t like capitalism generally – or the energy that fuels it specifically. So Schneiderman spent years persecuting energy companies generally – and ExxonMobil specifically.
Our Take: Alaska is noted in this article as a prime target. “Alaska is inordinately energy-rich (thank you very much, William Seward). So of course the Left is inordinately busy trying to prevent us from accessing any of it. Behold the latest Leftist anti-energy enviro-scam. Blocking another attempt at energy development – in the alleged name of allegedly saving salmon.”