Robert Bryce, a fellow at the Institute for Energy Research, writes that talk of freeing the nation from its dependence on foreign oil is unrealistic. Even if the U.S. could go it alone, the benefits of the strategy are more hype than substance, he says.
Don Briggs, president of the Louisiana Oil and Gas Association, says recent comments from Saudi leaders highlight the need to open the eastern Gulf of Mexico for exploration and production. "We cannot drill our way into energy security, but we can delay shortages for several years while new sources of energy technologies are developed," he writes.
Weatherford International Ltd., a Houston-based oil-field services company, says its fourth-quarter profit rose 22%. CEO Bernard Duroc-Danner said the market for oil-field services in Canada will recover this year, thanks to increased oil-sands production. He also predicted revenue of $1 billion from deep-water projects over the next two to three years.
Proponents of renewable-energy incentives and other measures left out of last year's U.S. energy bill are trying again. The most prominent is the Lieberman-Warner Climate Security Act, which would establish a cap-and-trade system for greenhouse-gas emissions. API spokeswoman Karen Matusic said multiple energy sources are a good idea in the face of global demand but that legislation favoring one industry would be short-sighted.
Houston-based Plains Exploration and Production Co. is proposing to drill 136 natural gas wells in the northern Wyoming Range, near the Hoback River. The expanded 12-year plan calls for 17 pads and wells of up to 12,000 feet. The company is meeting resistance from sportsmen and conservationists.