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California Oil Boom: 15 Billion Barrels but the Dem’s are Trying to Stop It (+video)

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Photo Credit: Richard Masoner / CycleliciousCalifornia is on the verge of a new gold rush. Expanded hydraulic fracturing — or “fracking” — at the Monterey Shale formation is sparking estimates that 15 billion barrels of oil could be accessed, along with millions of jobs and huge contributions to the domestic energy supply.

Even the state’s green-friendly Democratic governor, Jerry Brown, says “the potential is extraordinary.”

But standing in the way is a flurry of anti-fracking bills. At last count, 10 were on the table, all introduced by Democrats seeking tighter controls over the controversial technology.

Some of the measures take aim at how crude is extracted from rock layers beyond the reach of conventional drilling.

Others call for full disclosure of what chemicals are used in the high-pressure process, how they’re removed, and where they’re stored.

Read more from this story HERE.

U.S. Warned of Iranian Cyber Attacks

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Photo Credit: WNDAmerican officials say Iran is behind a new wave of destructive cyber attacks on American corporations and energy firms, according to a report by the New York Times — a wave that WND warned about nearly two years ago.

The May 24 Times article said the targets included American oil, gas and electric companies with a goal of finding ways to seize control of critical processing systems.

The Department of Homeland Security warned this month about the cyber attacks, and one government official told the Times, “Most everything we have seen is coming from the Middle East.”

Government officials and other experts, according to the report, confirmed a report in the Wall Street Journal that the source of the attacks had been narrowed down to Iran.

However, America had earlier been warned of cyber attacks by Iran.

Read more from this story HERE.

Study: OPEC is Engaging in Price Fixing

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Photo Credit: APThe president and chief executive officer of one of the world’s largest corporations called for reform of America’s role in global energy markets during a Thursday speech at the Cato Institute.

“[We] did some very careful analysis of the energy situation, and we came to the conclusion that the oil market is indeed not a free market,” said Fred Smith, the president and CEO of FedEx Corporation. “More importantly, the dependence of the United States on imported petroleum from unstable and in many cases unfriendly parts of the world had created, after nuclear proliferation and biological weapons, probably our largest single economic and national security risk.”

Speaking at the Cato Institute hosted event “Monopolistic Global Oil Market,” Smith recommended a three-pronged approach to shifting American use and production.

“First and by far the most important was to maximize United States and western hemisphere oil and gas production to reduce the dependency of our economy on oil from these unfriendly and unstable parts of the world,” Smith said. “The second recommendation … was to use less petroleum, to reduce the amount of petroleum as a percentage of our GDP. … The third recommendation was to the extent it was economically feasible to do so, try to develop cost effective alternative power systems to diversify the U.S. transport sector away from petroleum.”

His speech coincides with the release of the study “Competition in Global Oil Markets: A Meta-Analysis and Review.”

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Obama’s Energy Nominee: We Need Carbon Tax To Double Or Triple Energy Cost (+video)

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Photo Credit: jeanbaptisteparis

President Obama’s Energy secretary nominee regards a carbon tax as one of the simplest ways to move the energy industry towards clean technologies, though he notes that government would have to come up with a plan to mitigate the burden this tax places on poor people, who would pay the most…

“Ultimately, it has to be cheaper to capture and store it than to release it and pay a price,” MIT professor and Energy nominee Ernest Moniz told the Switch Energy Project in an interview last year. “If we start really squeezing down on carbon dioxide over the next few decades, well, that could double; it could eventually triple. I think inevitably if we squeeze down on carbon, we squeeze up on the cost, it brings along with it a push toward efficiency; it brings along with it a push towards clean technologies in a conventional pollution sense; it brings along with it a push towards security. Because after all, the security issues revolve around carbon bearing fuels.”

Moniz position is not far from that of Energy Secretary Steven Chu before he took a job in the Obama administration. “We have to figure out how to boost the price of gasoline to the levels in Europe,” Chu said in 2008. Last year, gas hit $9 a gallon in Greece.

Watch video here:

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Report May Ease Path for New Pipeline

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Photo Credit: Larry W. SmithThe State Department issued a revised environmental impact statement for the 1,700-mile Keystone XL pipeline on Friday that makes no recommendation about whether the project should be built but presents no conclusive environmental reason it should not be.

The 2,000-page document also makes no statement on whether the pipeline is in the United States’ economic and energy interests, a determination to be made later this year by President Obama.

But it will certainly add a new element to the already robust climate change and energy debate around the $7 billion proposed project. The new report does not make any policy recommendations, but its conclusion that the environmental and climate change impacts are manageable could provide Mr. Obama political cover if he decides to approve the pipeline.

Although the study will help guide the president’s decision, it does not make the politics any easier. Environmental advocates and landowners along the route have mounted spirited protests against the project, including a large demonstration in Washington last month. They say they view Keystone as a test of Mr. Obama’s seriousness about addressing global warming.

The president faces equally strong pressure from industry, the Canadian government, most Republicans and some Democrats in Congress, local officials and union leaders, who say the project will create thousands of jobs and provide a secure source of oil that will replace crude from Venezuela, Saudi Arabia and other potentially hostile suppliers.

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Report: Chevy Volt Battery Supplier Wasted Millions In Stimulus Funds

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Photo Credit: BreitbartAn Inspector General’s report from the Department of Energy (DOE) recently revealed that the LG Chem auto battery plant in Holland, Michigan “inappropriately claimed and was reimbursed for labor costs that did not support the purpose/objective” of a government grant.

According to the IG’s office, this included the costs for staffers to perform “volunteer activities, play games and watch movies during regular work hours.”

The IG points the finger at LG Chem and DOE, saying Department officials did not establish appropriate oversight protections into the $142 million grant that was awarded to LG Chem to build the Holland plant.

Notably, LG Chem Michigan did not fully realize the grant’s target goals, and the Department did not always take sufficient action to ensure adequate oversight of project progress and, in turn, protect the taxpayers $142 million investment in the project. For instance, LG Chem Michigan officials told us that they made a decision to delay production of battery cells at the Michigan facility…

NETL officials commented that it was anticipated at the time the grant was awarded that the transition of production from non-U.S. sources to Michigan would occur; however, language requiring the shift in production had not been incorporated into the grant… until the shift in production takes place or some alternative use for the plant is developed, U.S. taxpayers will receive little direct benefit from a plant for which they provided up to half of the funding.

LG Chem told Michigan local television news that LG Chem workers play games and view films because the plant does not manufacture batteries for consumer use.

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Secret Colorado Energy Lab Spawns Million Dollar Government Employee

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Photo Credit: Watch DogThe federal government’s dream of a renewable energy empire hinges on a scrubby outpost here, where scientists and executives doggedly explore a new frontier.

If you live outside Colorado, you probably haven’t heard of the National Renewable Energy Laboratory – NREL for short. It’s the place where solar panels, windmills and corn are deemed the energy source of the future and companies who support such endeavors are courted.

It’s also the place where highly paid staff decide how to spend hundreds of millions in taxpayer dollars.

And the public pays those decision-makers well: NREL’s top executive, Dr. Dan Arvizu, makes close to a million dollars per year. His two top lieutenants rake in more than half a million each and nine others make more than $350,000 a year.

But what is really going on there? Energy expert Amy Oliver Cooke drove out to the site, which looks something like Nevada’s Area 51 with its remote location and forbidding concrete buildings. NREL had started a construction project and Cooke wanted to see for herself. She didn’t get far: a man in an SUV seemingly appeared out of nowhere, stopped her car, and told her to leave.

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Report: White House Set To Cut Nuclear Arsenal By One-Third

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Photo Credit: Glyn Lowe PhotoworksPresident Obama is poised to sign off on a new internal review of U.S. nuclear weapons strategy that would reduce the arsenal by one-third, resulting in billions in savings to the Pentagon and Energy Department.

The recommended reductions were included in a draft version of a classified decision directive compiled by top defense and national security officials inside the White House, according to a report by the Center for Public Integrity issued Friday.

While the president has yet to officially approve the directive, including the recommended one-third cut to the nuclear arsenal, sources tell CPI Obama has voiced no objection to the directive’s findings.

Representatives from State Department, Strategic Command, the Joint Chiefs of Staff and the office of Vice President Biden also played a part in drafting the directive.

White House officials had pushed to get the new directive finalized late last year, according to the CPI report. However, the administration pushed back against that plan.

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Will Ann Romney Run for Massachusetts’ Open Senate Seat?

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Photo Credit: AP (File)Massachusetts Republicans are desperately scrambling to find a strong Senate candidate to replace Scott Brown, with some even trying to persuade Mitt Romney’s wife or son to jump into the race to avert another electoral disaster.

The former GOP senator’s decision to stay out of the June 25 special election surprised and angered some Republican leaders, who said it will make it much harder to beat a Democratic opponent without Brown on the ballot.

“I’ve had several people call me and ask about Ann Romney,” Ron Kaufman, a longtime friend and aide to the former Massachusetts governor and 2012 presidential candidate nominee, told the Herald.

Ann Romney’s inspiring battle against multiple sclerosis and her star turn on the GOP convention stage turned her into a popular national figure, especially among women voters in Massachusetts.

“That would be a very interesting thing. I would certainly love her to think about something like that,” said House Minority Leader Bradley Jones (R-North Reading).

Read more from this story HERE.

U.S. For Sale: Obama Lets China Gobble Up U.S. Energy

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Photo Credit: abangbay @ MalaysiaOil And Politics: Beijing plays the debt card as the Obama administration quietly lets China acquire major ownership interests in oil and natural gas resources across the U.S. at the same time it blocks the Keystone pipeline.

Normally, foreign investment in the U.S. is to be welcomed. It creates jobs, boosts economic growth and promotes trade and exports.

But when that investor is an ambitious and increasingly belligerent China to whom we owe over a trillion dollars, eyebrows and concerns need to be raised.

Reversing a Bush administration policy, the Obama administration is encouraging Beijing to acquire equity interests in U.S. energy. In 2005, the Bush administration blocked China on grounds of national security from buying California-based Unocal Corp. for $18.4 billion.

That was then, and this is now.

Read more on this story HERE.