Here's an interesting question for you: What has the United States learned since the energy crises of the 1970s?

Recently, Daniel Yergin of Cambridge Energy Research Associates (IHS CERA) sat down with former Senator Bennett Johnston and the former Director of the Central Intelligence Agency John Deutsch to answer that question. Their responses have been published in The International Economy.

This wide-ranging article, called "The 1970s," touches on the impact of energy legislation enacted 30 years ago, the game-changing nature of shale natural gas and geopolitical events that affect crude oil supplies and prices.

Wondering when the recession will end? A survey of 100 chief financial officers (CFOs) at U.S. oil and natural gas exploration and production companies shows that 31 percent believe the business climate will improve in the second half of 2010, and 33 percent say the climate will be better between 2011 and 2012.

The 2010 Energy Outlook Survey conducted by BDO Seidman LLP, an accounting and consulting firm, also found that legislative changes were among the CFOs' top financial concerns. More than three-quarters (76 percent) felt the federal economic stimulus was not helpful to the energy industry, and only about 20 percent said the stimulus was "only slightly" or "somewhat" beneficial.

On the topic of energy demand, more than one-third (34 percent) of oil executives said they expect world de... more »

President Obama today addressed attendees during the final hours of the Copenhagen climate summit, stressing the need to act "boldly and decisively" on climate change. Following his speech, I issued the following statement:

We agree with President Obama on the importance of addressing global climate change. However, Congress's leading proposals could destroy millions of jobs, drive up fuel prices and, by shifting much of our refining capacity abroad (along with refinery greenhouse gas emissions), substantially increase our reliance on foreign supplies of gasoline, diesel and other petroleum fuels. Worse, the president's own Environmental Protection Agency (EPA) is poised to issue an expansive regimen of climate regulations that could cripple business growth and job creation, dimming employ... more »

As we approach the end of year, it's time to take stock of 2009 and pause long enough in our holiday preparations to look forward to 2010. While none of us can predict the future--my snow globe doesn't double as a crystal ball--there are three organizations that have made projections of oil demand in the coming year.

• The Energy Information Administration (EIA), a division of the U.S. Department of Energy, projects that oil demand will rise by 1.1 million barrels a day in 2010.
• The Organization of Oil Exporting Countries (OPEC) similarly predicts that demand will increase 0.8 million barrels a day.
• The International Energy Agency (IEA) has stated that world oil demand will rise by 1.5 million barrels a day to a total of 86.3 million barrels a day.

These forecasts paint a hopeful prognos... more »

The Wall Street Journal today published an editorial that explains the "dirty truth" about climate legislation such as the Waxman-Markey climate bill. In a few brief paragraphs, the editorial confirms what we've been saying on this blog for months--Waxman-Markey and similar bills could eliminate millions of jobs in the United States and them overseas.

In the editorial called, "Cap and Trade in Practice," the Journal describes the closure of a steel plant in Great Britain that led to the lay-off of 1,700 workers. The Journal says that the steel company could reap financial benefits for closing the plant and selling allowances for no longer producing carbon dioxide. In essence, the steel company could be paid for laying off workers.

As the editorial puts it:

"We should add that all of this i... more »