KUWAIT CITY (AP) — Kuwait's oil minister says his country still plans to produce 4 million barrels of oil a day by 2020, even as global crude prices have slumped.
Ali Al-Omair made the comments Monday at an oil and gas conference in the capital, Kuwait City. The state-run Kuwait News Agency also quoted al-Omair as saying Kuwait's production now stood at 3 million barrels of oil a day and that any U.S. decision to export crude oil wouldn't have an impact on Kuwait.
The House on Friday approved a bill lifting the 40-year-old ban on crude oil exports, setting up a conflict with the White House, which has threatened to veto the bill.
The legislation from Rep. Joe Barton, R-Texas, was approved by a 261-159 vote, winning the support of 26 Democrats. Six Republicans voted against the measure.
The bill reverses the Commerce Department policy—adopted during the oil embargo era four decades ago—while allowing the president authority to restrict exports during national emergencies.
“The U.S. has the largest oil reserves in the world. We have the capability to be number one in the world,” Barton said to rally bill support on the floor. “Why on God's green earth don't we use it?”
The White House Office of Management and Budget on Wednesday said that legislation to lift the ban is “not needed,” and said it would recommend that President Barack Obama veto the measure if it reaches his desk.
With House approval, the bill's fate lies with the Senate. Two bills containing language to lift the ban have advanced through committee and are awaiting action on the Senate floor.
The Obama administration on Wednesday threatened to veto a House bill that would lift the ban on crude oil exports, a position that Republicans and the oil industry said would benefit Iran and hurt American oil workers.
In an official Statement of Administration Policy released Wednesday, the Office of Management and Budget said it “strongly opposes” the legislation from Rep. Joe Barton, R-Texas, that would end the 40-year-old ban. It instead urged Republicans to turn their focus to promoting cleaner energy sources.
The Obama administration on Wednesday threatened to veto a House bill that would lift the ban on crude oil exports, saying it “is not needed at this time."
In an official Statement of Administration Policy released Wednesday, the Office of Management and Budget said it “strongly opposes” the legislation from Rep. Joe Barton, R-Texas, and admonished Republicans for putting fossil fuels ahead of renewable energy development.
"Rather, Congress should be focusing its efforts on supporting our transition to a low-carbon economy,” OMB wrote. “It could do this through a variety of measures, including ending the billions of dollars a year in Federal subsidies provided to oil companies and instead investing in wind, solar, energy efficiency, and other clean technologies to meet America's energy needs.”
Barton, speaking at a House Rules Committee meeting to set floor procedure for the bill, said he had hoped the White House would remain “neutral” on the bill.
“It is what it is, and we have to respect the president's decision,” Barton said.
Senate Energy and Natural Resources Chairman Sen. Lisa Murkowski and Energy Secretary Ernest Moniz made common cause Tuesday in opposing congressional efforts to sell some of the Strategic Petroleum Reserve to raise cash, saying the SPR should be treated as "our nation's most central federal energy security asset" and not "a cash machine."
At a hearing on potential modernizations for the reserve, which holds 694 million barrels of crude oil, Murkowski, R-Alaska, criticized both a Senate effort to sell off 101 million barrels of oil to fund new highway projects and a House bill to sell 64 million barrels to fund medical research.
Murkowski, who wants to expand the size of the reserve, said those bills would undermine a “strategic asset” to acquire short-term funding.
CARACAS (AP) — Venezuela and Guyana are re-deploying their ambassadors to each other's capitals amid ongoing talks to resolve a border dispute that flared up after oil was discovered in disputed waters.
Venezuela confirmed Saturday that it sent its ambassador to the much smaller neighboring state, and accepted the Guyana's nominee for ambassador in Caracas.
The Department of Energy has awarded $12.2 million to the University of Arkansas and $22.5 million to the University of Illinois Cyber Resilient Energy Delivery Consortium for projects to improve cyber defense technology on the grid and on oil and natural gas infrastructure, the Los Alamos Daily Post reports.
Many states—even a number of those traditionally opposed to cap-and-trade—are in preliminary discussions exploring whether carbon trading should be part of their plans to comply with the Environmental Protection Agency’s Clean Power Plan, E&E reports.
A projection from the International Energy Agency saying that the oil glut will persist well into next year dragged prices down Tuesday. U.S. benchmark crude lost 44 cents, settling at $46.66 a barrel on the Nymex, while in London, Brent fell 62 cents, or 1.2 percent, to $49.24, Reuters reports.
Emerald Oil Inc. says it is $20 million overdrawn after lenders reduced the company’s credit line by 40 percent, so it has entered negotiations with the banks on how to pay back what’s owed, The Wall Street Journal reports.
After problems with platform anchors delayed Chevron’s multibillion dollar Big Foot drilling project in the Gulf of Mexico, the company has towed the platform back to South Texas for servicing and is investigating what went wrong, FuelFix reports.
A lawsuit against Energia Sierra Juarez—a joint U.S.-Mexican wind project that sells all of its output to San Diego Gas & Electric—also names the Department of Energy and the U.S. Fish and Wildlife Service, and claims DOE didn’t consider environmental impacts in Mexico before signing off on the deal, KPBS reports.
Joining the Obama administration push to promote the fight against climate change ahead of the U.N. talks in Paris, National Security Adviser Susan Rice told an audience at Stanford University that the “advancing menace” of climate change is the biggest long-term challenge on the planet, Politico reports.
With the Tennessee Valley Authority’s Wats Bar Unit 2 nuclear plant due to come online early next year—construction on it having started in 1972—the Los Angeles Times argues that the facility's history is symbolic of problems in the industry.
Grid operators and utilities will bring their arguments Wednesday to the U.S. Supreme Court against the Federal Energy Regulatory Commission rule requiring them to offer incentives to customers who cut electricity use during peak demand, E&E reports.