Oil 1 Peak Oil 21
***Aff*** Oil Dependence Decreasing
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- Status Quo Solves Oil Dependnece
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***Aff***Oil Dependence DecreasingOil Dependence decreased by 13 percent. REUTERS, JUL.18.08 Oil falls, extending a slide from last weeks record to nearly 13 percent. * Iran tensions easing, demand worries weigh * Traders eye developing weather system in Caribbean (Recasts, updates throughout, adds fresh quotes) By Matthew Robinson NEW YORK, July 18 (Reuters) - Oil fell to below $129 a barrel on Friday, extending a slide that has knocked nearly 13 percent off last week's record peak on easing tension between Iran and the West and growing demand concerns. Oil's losses this week are the steepest in dollar terms since futures began trading in New York in 1983 and the steepest in percentage terms since December 2004. U.S. crude settled down 41 cents at $128.88 a barrel in the fourth straight day of losses, while London Brent crude fell 88 cents to settle at $130.19 barrel. Growing concerns about the health of the U.S. economy due to the housing crisis and rising fuel costs have pressured prices this week, sending crude down from last Friday's all-time high over $147 a barrel. Oil demand in the world's top consumer has slipped this summer compared with last year, as Americans scale back holiday travel plans. Further downward pressure came from the easing of the tensions between the West and OPEC member Iran that have helped support prices this month. The United States plans to send an envoy to Geneva to join nuclear talks with Iran on Saturday to underline its commitment to a diplomatic solution to the impasse over Tehran's nuclear program. Iranian Foreign Minister Manouchehr Mottaki said on Friday he saw almost no possibility of Israel or the United States attacking his country over the program, which has raised concerns of a potential Iranian oil supply disruption. Oil dependency is decreasing Market Watch-Jul 15th, 2008 http://www.marketwatch.com/news/story/ata-applauds-bush-decision-lift/story.aspx?guid={F8AEC24D-C871-4AA4-B0DF-E28480864769}&dist=hppr ARLINGTON, Va., July 15, 2008 /PRNewswire-USNewswire via COMTEX/ -- The American Trucking Associations today praised the Bush Administration for lifting the executive moratorium on offshore drilling. ATA also urged Congress to follow suit and lift its ban on offshore drilling as part of a long-term strategy to reduce U.S. dependence on foreign oil and curb skyrocketing fuel prices. "We need the ability to explore new, untapped areas for domestic energy supplies," said ATA President and CEO Bill Graves. "The U.S. has an opportunity to improve our energy situation and continue to support economic growth, while providing consumers and businesses with the essential energy they need." U.S. companies are seeking permission to drill for oil and natural gas on the Outer Continental Shelf, 100 miles off the U.S. coast. The government of Cuba, meanwhile, has already granted leases to foreign corporations for oil exploration just 60 miles off Florida. If the United States were to develop these resources, U.S. technology and U.S. environmental regulations will ensure that the environment is protected. Consumers have struggled with high energy costs for everything from gasoline to home heating oil. The cost of diesel fuel has also pushed the prices of food and consumer products higher as the higher cost of transportation adds to product prices. The U.S. trucking industry depends upon sufficient and affordable diesel fuel supplies to haul 11 billion tons of freight every year. Given current fuel prices, the industry is on pace to spend an unprecedented $170 billion on fuel this year. Environmentally sound expansion of the Outer Continental Shelf leasing program will help ensure that the U.S. trucking industry has enough diesel fuel at affordable prices so that it can continue to deliver the American economy. Status Quo Solves Oil DependneceActions are already being taking to solve oil dependency Brian Lawson Politicker-NH.com July 14th, 2008 http://www.politickernh.com/brianlawson/2465/sununu-joins-proposal- bipartisan-national-energy-summit WASHINGTON, DC – United States Senator John Sununu (R-NH) today (7/15) joined an initiative led by Maine Senator Olympia Snowe, calling on the President to convene a bipartisan National Energy Summit to develop a proposal to address the current national energy crisis. “With oil at $140 per barrel, we need a balanced, bipartisan approach to energy more than ever. Conservation and alternative, renewable energy are essential, but we will not reduce our dependence on foreign oil unless we are willing to produce more here at home,” said Sununu. “America has the technology to access significant reserves of domestic energy today, while still ensuring strong protection for the environment.” “American consumers deserve a balance policy that includes conservation, alternatives, and domestic energy production,” Sununu continued. “Instead of saying ‘we can’t, we can’t, we can’t,’ legislators should be working together today to find the best way to take positive action in each of these areas.” The coalition sent a letter to the President urging him to call a national summit with Congressional and other national leaders “to develop a comprehensive, consensus energy proposal.” (See attached.)
Charli E. Coon, J.D., and James Phillips April 24, 2002 http://www.heritage.org/Research/EnergyandEnvironment/BG1540.cfm A ready stockpile of oil that can be drawn from to replace any interrupted imports is essential to sound energy policy, and a potent measure for dealing with foreign supply interruptions.34 It could also reduce skyrocketing price increases that accompany those supply interruptions.35 To be effective, however, the stockpile must be managed correctly and used solely for its intended purpose--to compensate for supply shortfalls--not to dampen price hikes. To alleviate the economic disruptions caused by the 1973-1974 Arab oil embargo, Congress in 1975 authorized the establishment of the Strategic Petroleum Reserve in the Energy Policy and Conservation Act (EPCA).36 The legislation authorizes a drawdown of the SPR upon a finding by the President that there is a "severe energy supply interruption." Oil Dependence InevitableUS oil dependence inevitable; Technology demands more imports Michael A. Toman, '02 The Brookings Institution http://www.brookings.edu/articles/2002/spring_energy_toman.aspx?p=1 Beginning in the late 1990s, political and economic analysts pointed to what appeared to be a confident and resurgent OPEC ready to assume control of the world oil market. As causes, they cited a more cooperative leadership in Venezuela and (more recently) in non-OPEC Mexico, diminishing discord between Saudi Arabia and Iran, and the formal adoption of a target price band ($22-28 a barrel) that made OPEC's oil production targeting seem more technocratic and less political. Adam Smith would never see the current world oil market as a textbook example of perfect competition. In principle, OPEC should be able to exercise considerable market power given its large share of global production (around 40 percent, with a somewhat higher share of world production capacity). But reports of OPEC's ascendancy may be premature. As noted, oil prices have fallen over the past year, and there is now talk of lowering the target price band. While the economic downturn and softening of world oil demand are partly responsible, OPEC's difficulty in coping with these developments is telling. Moreover, just as the North Sea and a resurgent industry in North America during the 1970s stemmed OPEC's ability to keep prices high, today Russia is raising its oil output. Other areas of the former Soviet Union around the Caspian Sea offer additional possibilities for expanded non-OPEC production in the future. In the longer term, OPEC could be in a stronger position to exercise substantial market power. It controls around three-quarters of the world's known oil reserves, and the U.S. Energy Information Administration projects that its share of world output could rise to 50 percent by 2020. Recent technical strides in oil recovery and discoveries of new oil reserves elsewhere are unlikely to reverse this state of affairs. And while the technological advances that have helped stabilize U.S. domestic output should continue to unfold, the United States will inevitably become more dependent on imports over the long haul. But the way to forestall stronger OPEC market dominance is not to be found in today's renewed calls for "energy independence." Oil dependence inevitable- disproportionate agenda Luft ‘05 DR. GAL LUFT EXECUTIVE DIRECTOR INSTITUTE FOR THE ANALYSIS OF GLOBAL SECURITY (IAGS) CO-CHAIR SET AMERICA FREE COALITION 0ct. 20th, 2005 U.S. strategic interests in reliable oil supplies from the Persian Gulf are notproportionalwith the percent of oil consumption that isimported by the United States from the region. Until very low levels of dependence are reached, the United States and all other consumers of oil will depend on the Persian Gulf. Such low levels will certainly not be reached during the twenty-year time frame of this study. Oil Dependence InevitableOil Consumption will inevitably increase regardless of oil dependence Joseph J. Romm and Charles B. Curtis, 4-96 Atlantic Monthly Given that the most recent war America fought was in the Persian Gulf, let's start by examining the likelihood that an oil crisis will occur in the coming decade. Forecasting is always risky, especially where oil is concerned, but consider what a variety of experienced energy hands from every point on the political spectrum have said in the past year alone. Donald Hodel, who was a Secretary of Energy under Ronald Reagan, has said that we are "sleepwalking into a disaster," and predicts a major oil crisis within a few years. Irwin Stelzer, of the American Enterprise Institute, says that the next oil shock "will make those of the 1970s seem trivial by comparison." Daniel Yergin says, "People seem to have forgotten that oil prices, like those of all commodities, are cyclical and will go up again." James Schlesinger, who was the Secretary of Energy under Jimmy Carter, has said, "By the end of this decade we are likely to see substantial price increases." In March of last year Robert Dole, the Senate majority leader, said in a speech at the Nixon Center for Peace and Freedom, "The second inescapable reality of the post-twentieth-century world is that the security of the world's oil and gas supplies will remain a vital national interest of the United States and of the other industrial powers. The Persian Gulf . . . is still a region of many uncertainties. . . . In this 'new energy order' many of the most important geopolitical decisions--ones on which a nation's sovereignty can depend--will deal with the location and routes for oil and gas pipelines. In response, our strategy, our diplomacy, and our forward military presence need readjusting." The chairman of the Federal Reserve, Alan Greenspan, not known for being an alarmist, in testimony before Congress last July raised concerns that a rising trade deficit in oil "tends to create questions about the security of our oil resources." Concerns about a coming oil crisis have surfaced in the financial markets as well. Last October, in an article titled "Your Last Big Play in Oil," Fortune magazine listed several billionaires and "big mutual fund managers" who were betting heavily that oil prices would rise significantly. The magazine went on to suggest an investment portfolio of "companies that are best positioned to profit from the coming boom." Fundamental trends in oil demand and supply underlie this emerging consensus. First, the world will probably need another 20 million barrels of oil a day by the year 2010, according to the Energy Information Administration (EIA).The International Energy Agency projects an even greater growth in demand, following the inexorable tide of population growth, urbanization, and industrialization. Impact inevitable-Oil dependence is will continue to increase Lloyd's List 1-7-04 (Lloyd's List is a daily newspaper) http://www.lexisnexis.com/us/lnacademic/results/docview/docview.do?docLinkInd=true&risb=21_T4184048797&format=GNBFI&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T4184052503&cisb=22_T4184052502&treeMax=true&treeWidth=0&selRCNodeID=58&nodeStateId=411en_US,1&docsInCategory=685&csi=233585&docNo=6 Bottom of Form Top of Form Energy - US dependence on foreign oil set to grow further in coming year. Imports rocket to a record 63% in 2003. The US imported a record 63% of its oil from foreign sources in 2003, government figures showed, and oil analysts said that dependence is likely to rise in the new year, reports Reuters. Crude imports accounted for 62.9% of oil run through US refineries, up from the previous record of 61.7% in 2001 and from 2002's 61.2%, the Department of Energy said. Twenty years ago, foreign crude accounted for only 28% of oil used by the US, the world's biggest consumer - then and now. "Our domestic production has been going down in recent years or has stayed relatively flat, but we're running more and more through the refineries every year," said Doug Macintyre, analyst with the US Energy Information Administration. The EIA is the statistical arm of the energy department. "So, where is that crude going to come from? We have to get that from imports," Mr Macintyre said. Crude imports also set a new high in 2003 in number of barrels at 9.6m bpd. The amount of crude refined in the US was also a record at 15.3m barrels daily, the EIA said. "Crude imports are going to continue to rise," said George Beranek, oil analyst with the Petroleum Finance Co based in Washington. "It's just the inevitable result of increasing US oil demand with flat to decreasing domestic supplies." Directory: file -> view view -> Western Europe after wwii view -> Author study: paul fleischman view -> Qpa1 7ela study Guide view -> Arctic Oil/Gas Neg view -> November 1970 Approximately 150,000-500,000 deaths Bhola Cyclone Bangladesh view -> Grade Level: 6 Unit of Study: Caribbean glce view -> Citation: Duffield, Katy view -> Table of Contents Lesson # view -> Chinese Wind Energy Disad Download 9.54 Mb. Share with your friends:
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