Latest Updates: anwr RSS

• No Tax Credits and No End to Speculation
  Srikant Rajan 04:04:26 pm on August 2, 2008 | 0 | # |
  Tags: anwr, oil industry, renewable energy, speculation, tax credits

  A key legislation aimed at extension of tax credits to the renewable energy sector failed to garner key support in the US senate. In a double whammy , another bill aimed at limiting excessive speculation in the oil industry was also not approved.President Bush has repeatedly favored development of oil reserves , and adds that there is enough available to fuel demand for the next 10 years( ………and what after that ??? ).Democrats oppose encroaching of protected ecosystems (ANWR), and support development of renewable energy.

  The recent fall of crude price/ barrel highlights that speculation does indeed contribute to high oil prices.However , there is no denying the fact that oil reserves are limited and alternate energy sources need to be developed, for which financial and policy support is essential.

   

• More Oil Drilling Not To Lower Prices
  Srikant Rajan 03:54:01 am on July 2, 2008 | 1 | # |
  Tags: alternative energy, anwr, arctic national wildlife reserve, fossil fuels, offshore drilling, oil prices

  A study by the US Energy Information and Association(EIA) has revealed that extended offshore drilling would not translate into lower oil and gas prices.The report says that regions in the Outer Continental Shelf (OCS)has a sizeable quantity of oil and gas resources. The OCS region deposits can be technically extracted but the entire process of building additional facilities for the extraction would need a significant investment of time and effort.Hence the price benefit of additional resources would be offset by the long gestation period.Or in other words the much publicized ANWR project would not lead to lower gas prices despite a substantial investment of tax dollars.

  Bush ,Mc Cain and Republicans have repeatedly favored oil extraction and fossil fuels to address the energy challenge.I have highlighted that increased oil and gas resources can best buy us some more time (and even that time looks too long and costly to attain!) to develop an alternative energy plan and execute it.This report should prompt the Republicans to rethink their energy plans for the future.