October U.S. crude oil production averaged 5.36 million barrels per day, continuing at levels not seen since 2005, according to API's Monthly Statistical Report.

Crude production from the Lower 48 states averaged 4.67 million barrels per day, up from both last year and prior months. And Alaskan output, at 696,000 barrels per day, slipped from last October by 2.8 percent but rebounded from this summer's lows of less than 600,000 barrels per day.

About the production numbers, API's statistics manager Ron Planting said:

"The October production figures continue to detail the industry's success story in the Gulf of Mexico, particularly the deep waters, as well as the way new technologies have helped bring on new production both offshore and onshore."

On the demand side, October gasoline deliver... more »

In this episode, I interview Bob Stallman, president of the American Farm Bureau, on the potential impact of climate change legislation on agriculture.

Use the audio player below to listen to the conversation and follow along with the show notes. I hope you find the podcast informative.

Show Notes:

00:17 Several hearings have been held this fall about the Kerry-Boxer climate bill that is under consideration in the U.S. Senate. The bill is more than 900 pages long, and one would think that it must cover virtually every issue in the climate debate. According to the American Farm Bureau (AFB), that's not the case.

00:55 The American Farm Bureau has been around for 90 years. Currently, there are 6.2 million member families--there are no individual members, only fam... more »

Late last week, the Minerals Management Service (MMS) announced that they will shorten lease sale terms on nearly 36 million acres in the Gulf of Mexico off the coasts of Louisiana, Mississippi and Alabama.

The proposed plan would set five-year terms for leases in water depths of 1,300 to 2,600 feet, instead of the standard eight-year term. Leases in water depths between 2,600 and 5,200 feet would run for seven years instead of 10.

This new plan comes as some in Congress have criticized the oil and natural gas industry for retaining so-called "idle leases," and pushed for development requirements commonly referred to as "use-it-or-lose-it" provisions.

API President and CEO Jack Gerard responded in a statement on Friday saying:

"The shortening of lease terms does nothing to guarantee more d... more »

Last week, the Pacific Research Institute (PRI) released a report--"Top Ten Energy Myths"--that confronts ten common myths about America's energy sources, uses and risks, utilizing U.S. Department of Energy (DOE) and Energy Information Administration (EIA) data.

Some excerpts from the report:

• Myth: We have no choice but to import vast quantities of oil and natural gas.
• Reality: The U.S. could significantly reduce imports by expanding domestic production.

• Myth: Offshore oil production poses environmental risks.
• Reality: New technology has greatly reduced the risk of oil spills. Reducing oil reservoir pressure through extraction of petroleum will decrease the amount of oil pollution from natural seepage.

• Myth: Energy companies will not invest in clean reliable energy so we need governme... more »

On Tuesday, yet another voice spoke out against the proposed climate legislation under consideration in Congress. This time it was Margo Thorning, senior vice president and chief economist at the American Council for Capital Formation (ACCF), speaking before the Senate Finance Committee.

In her testimony, Thorning referenced the findings of a recent ACCF/National Association of Manufacturers (NAM) study that found the House's version of the climate bill would:

• Reduce total U.S. employment (net of new jobs created in green industries) by between 1,790,000 to 2,440,000 jobs in 2030. Manufacturing is hard hit, absorbing between 59 to 66 percent of job losses over the 2012-2030 period; and
• Lower GDP by up to 2.4 percent relative to the baseline forecast in 2030.

Additionally, Thorning speci... more »