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Many US Voters Fear 'Foreign Oil,' But Should They?
by Matthew V. Veazey
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Rigzone Staff
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Friday, July 20, 2012
"Energy independence" corresponds to a country being self-sufficient in terms of supplying its own oil, natural gas, coal and other fuels for transportation and electricity. "Energy security," meanwhile, refers to its having reliable and affordable access to vital energy sources – whether they are produced domestically or abroad -- to meet its needs.​
The central argument for those espousing energy independence is often that the United States needs to end its reliance on "foreign oil." As figures from the U.S. Department of Energy's Energy Information Administration (EIA) show, the volume of U.S. oil imports actually has been declining since peaking in 2005. Frequently cited reasons for the decrease include lower demand during the economic downturn, changing consumer behavior and increasing domestic production. The latter factor is expected to remain on an upward path. In January of this year, EIA projected that domestic oil production will increase by 20 percent by the year 2020. Moreover, EIA forecasted that the United States will become an overall net exporter of natural gas the following year.
Despite the changing U.S. oil import picture, "foreign oil" appears to be a lingering concern for Americans
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RIGZONE - Many US Voters Fear 'Foreign Oil,' But Should They?
 
July 25, 2012, 11:41 a.m. EDT
[h=1]Oil futures add to loss after supply data[/h]
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures added to losses Wednesday following a bearish inventories report that showed a surprise increase for crude supplies and above-estimate increases for crude products such as gasoline.
Crude for September delivery CLU2 +0.34% declined $1.19, or 1.4%, to $87.29 a barrel on the New York Mercantile Exchange.
Crude traded lower for most of the Asian session and regained some strength into European and early North American sessions. It relinquished gains, however, shortly before the inventories report as traders reacted to negative U.S. housing data.
The Energy Information Administration said crude supplies rose 2.7 million on the week ended July 20.
That contrasted with expectations of a decline around 250,000 barrels, according to analysts polled by Platts.
Oil futures add to loss after supply data - Futures Movers - MarketWatch
 
Oh My!:worried:
Crude Oil - Electronic (NYMEX) Sep 2012, CLU2 Future Quote - (NMN) CLU2, Crude Oil - Electronic (NYMEX) Sep 2012 Future Price
oil.jpg
 
Yes! We need it NOW!!!:nuts:
US House Rejects Obama Offshore Drilling Plan
by Karen Boman
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Rigzone Staff
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Wednesday, July 25, 2012
The U.S. House of Representatives on Wednesday rejected the Obama administration's proposed five-year offshore drilling plan, replacing it with legislation that would implement a new drilling plan.
The House voted 253-170 in favor of replacing Obama's proposed plan with H.R. 6082, which would expand the number of lease sales held, and would open up for leasing tracts on the Outer Continental Shelf offshore southern California and Virginia.
Under the president's proposed plan, a lease sale is scheduled for offshore Virginia in 2017, while the schedule proposed under H.R. 6082 calls for a Mid-Atlantic lease sale in 2013.
"President Obama's rewritten offshore plan represents a giant step backwards for American offshore energy production and a giant lost opportunity to create over a million new American jobs," said House Natural Resources Chairman Doc Hastings (WA-04), who introduced the legislation on July 9.
Hastings said the areas where the lease sales occur in H.R. 6082 are those known to contain the greatest known amounts of oil and natural gas resources, which will provide new opportunities for increased energy production and job creation.
Hastings and other critics of Obama's proposed plan, which was delivered for Congressional review on June 28, have said Obama's plan would keep 85 percent of America's offshore areas off-limits to energy production
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RIGZONE - US House Rejects Obama Offshore Drilling Plan
 
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