2/13/2013: Obama's State of the Union Address embraces oil boom; NY Health Chief delays decision

President Obama touts energy production in State of the Union Address - “After years of talking about it, we are finally poised to control our own energy future.  We produce more oil at home than we have in 15 years.  We have doubled the distance our cars will go on a gallon of gas, and the amount of renewable energy we generate from sources like wind and solar – with tens of thousands of good, American jobs to show for it.  We produce more natural gas than ever before – and nearly everyone’s energy bill is lower because of it.Yes indeed, thanks to fracking, crude oil production in the United States is surging. From a low of 5 million barrels per day in 2008 output has shot up  in a hyperbolic curve to 7 million bpd as of last week.The last time America’s petroleum output was that high was back in 1992 — 20 years ago."

 

EON SE to begin trading natural-gas with the U.S. - "The company, which already trades U.S. power and gas derivatives from Germany, will hire five traders in Chicago, executives at EON said. The group will trade physical power and gas, may lease pipeline and storage capacity and is looking to secure liquefied natural gas capacity from the U.S., they said."

 

NY Health Chief wants longer fracking study before making decision - "Environmental groups praised state regulators for delaying a decision on shale gas development until a more in-depth health study is finished, but landowners eager to reap profits from their mineral resources were frustrated at another delay in a rulemaking process that has kept drilling on hold for 4 1/2 years....The Department of Environmental Conservation had faced a deadline Wednesday to complete its comprehensive environmental impact study of drilling for gas using high-volume hydraulic fracturing, or fracking. DEC Commissioner Joe Martens said Tuesday that the deadline will be missed, meaning regulations due to be released Feb. 27 will be delayed. Martens said he expected Health Commissioner Nirav Shah's review to be done in a few weeks."

 

Canadian politician and businesman Frank McKenna urges New Brunswick to embrace shale - "'Grab the rope," McKenna urged a sold-out business audience in Saint John repeatedly on Monday as he painted shale gas development and a crude oil pipeline from Alberta as multi-billion dollar lifelines that could rescue New Brunswick's struggling economy....But while many hope McKenna's vision can be realized, the former premier's self-described "back of the envelope" calculations of what the province stands to gain, particularly from its own shale gas resources, are based on highly uncertain figures that even shale backers won't fully endorse."