As Expected, Obama Vetoes Keystone Pipeline Bill

We can’t say we didn’t see this one coming. Obama has vetoed the bill allowing the construction of the Keystone Pipeline, giving himself control over its future: With no fanfare and a 104-word letter to the Senate, Mr. Obama vetoed legislation to authorize construction of a 1,179-mile pipeline that would carry 800,000 barrels of heavy petroleum a day from the oil sands of Alberta to ports and refineries on the Gulf Coast. In exercising the unique power of the Oval Office for only the third Read more […]

Drop in Gas Prices Will Reverse by the Fall

According to a former executive at Shell Oil, we should expect to see gas prices go back up by the fall of this year. The reason? American oil producers are idling their oil rigs in this time of overabundant supply: In an interview with CNBC, former Shell Oil President John Hofmeister predicts that U.S. oil could skyrocket from the current levels under $48 a barrel to $80 by this fall, just as consumers are getting used to the windfall from lower gas prices. That would force gas prices to double, Read more […]

Why isn’t the Media Happy about the Drop in Gas Prices?

Have you been to a gas station recently?  If you have you have noticed that gas prices are lower than they’ve been in a very long time. In fact, they’ve dropped so low that Americans have begun buying SUV’s again and that is a very good thing. Lower oil and gas prices can only be good for America and for Americans as the drop in price will lead to a boost in the economy as well as making it easier for lower income Americans to heat their homes this winter.  The drop in prices comes in spite Read more […]

The Dwindling Power of OPEC

As if you hadn’t noticed, gas prices are plummeting. You may have wondered why this is the case. There is really one main reason, and it is shaking things up for OPEC. The US is producing far more oil than it ever has before: Opec nations are producing about 200,000 bpd more than their agreed quota of 30m bpd, while demand for the group’s oil is expected to fall as low as 29.2m bpd next year, as more North American supply becomes available. To balance supply with demand would suggest that Opec Read more […]