August Newsreel: P&GJ Web Updates, Kitimat LNG-Gas Natural MOU, Dresser Aquires iMeter B.V., CO Last Ranking for Energy Investment

“America’s dependence on energy imports increases its strategic vulnerability,” said H. Sterling Burnett, NCPA Senior Fellow and co-author of the report. “Diversifying energy production and reducing dependence on imported oil in exchange for more secure domestic sources would enhance national security.”
 
Not only will the production of oil shale enhance national security, but it would also provide substantial economic benefits, added Tomas Castella, NCPA research assistant. According to the RAND Corporation:
 
A 3 million barrel of oil per day industry could generate $20 billion in annual profits while reducing prices for consumers.
As many as 100,000 new jobs could be created by a 2 million barrel per day oil shale industry.
The U.S. Department of Energy estimates that, in addition to tax revenues, federal and state governments would receive royalties and lease payments.
 
Although oil shale production requires more energy than conventional petroleum, it is more efficient than ethanol, at least as efficient as oil from tar sands, and uses less water than ethanol and tar sands, according to the report.
 
“America’s untapped oil shale offers a long-term source of reliable, affordable and secure energy,” said Burnett. “Public lands should be leased and the permitting process for production facilities should be streamlined. Obstacles must be removed in order to realize oil shale’s full potential.”