'Our country will have absolutely no control over its energy prices'Oil & Gas Journal
National Stripper Well Association Chairman Dewey Bartlett Jr., in an Aug. 12 statement on a US Energy Information Administration prediction that the Obama administration’s proposed federal oil tax changes would reduce future US output of crude oil annually by 15.4% and natural gas by 8.9% by the end of 2012:
“The decreased production that will result from the proposed tax increases will have a catastrophic effect upon the American consumer since less domestic oil means higher prices.
“The [Organization of Petroleum Exporting Countries] leadership will have almost exclusive control over the world-wide pricing of crude oil as well as all products refined from crude oil such as gasoline, jet fuel and diesel fuel. Each of the thirty-plus states that have oil and natural gas production will experience a sharp decrease in tax revenues and significant job losses.More...
I've sent this on because it seems to tie in to an article I read this AM on "S.Wd." Limited exploration/development/production is due to low market prices, faulty legislation, and public outcry on numerous issues, and will not do a thing to advance the Marcellus play. In spite of positive strides to develop the infrastructure needed, without prompt changes of the latter two, not much will be happening in the Marcellus... at least on the scale that could exist. There is a great deal of natural gas in many other parts of the world that can and is being developed without the current turmoil that exists within our own country. It doesn't matter that it's not the quality of Marcellus gas, even w/transportation costs considered buying natural gas and oil abroad is easier. U.S. companies have been drilling outside our own boundaries for decades ... fewer hassles! What's new?