Increasing U.S. domestic production of oil matters. Energy Information Administration (EIA) chief Adam Sieminski had this analysis at an energy conference earlier this week (h/t Breaking Energy):

“There’s a fairly significant, long-standing relationship between spare production capacity in OPEC and what the pricing environment is for oil. So the 2 million barrel per day  increase in U.S. oil production that surprisingly took place over the last five years has resulted in higher OPEC spare capacity, and undoubtedly, has been a factor in why Brent oil prices are $103-$104/bbl rather than $125-$130/bbl.”

In other words, the head of the federal agency that analyzes energy data says the recent growth in U.S. production has helped reduce the price of Brent crude, a leading global bench... more »

Free Enterprise – Keystone XL: Real Benefits for the U.S.

Sean Hackbarth notes  Keystone XL pipeline developments this week: The House Transportation Committee advanced  a bill that would allow construction of the full pipeline – the third congressional committee to do so; Canadian Prime Minister Stephen Harper was in New York City touting  the project’s benefits  for both the U.S. and Canada; and a small business owner in Maryland told the president that businesses like his  would get a boost from the project.

The Hill – DOE Approves Natural Gas Export Project

A Texas LNG  facility has the green light from DOE  for exports to non-free trade nations. DOE noted that project opponents “have not demonstrated that the requested authorization would be inconsistent with the public int... more »

Breaking Energy – Sieminski: U.S. Tight Oil Growth Helping Lower Global Crude Price

U.S. tight oil production has helped to shave about $20-$25 per barrel from Brent crude oil prices, and continued output growth could  further impact global pricing, says  Energy Information Administration Administrator Adam Sieminski.

E! Science News – Groundwater Unaffected by Shale Gas Production in Arkansas

Duke University and U.S. Geological Survey scientists sampled 127 shallow drinking water wells in areas overlying Fayetteville Shale gas production in north-central Arkansas and found no ground water contamination from hydraulic fracturing.

AEI Ideas/Carpe Diem Blog – North Dakota Sets New Oil Production Record in March

Mark J. Perry writes that March was another record-setting month f... more »

Key findings in a new report by ICF International, analyzing the potential impacts of exporting U.S. liquefied natural gas (LNG):

Jobs – Average net growth is projected to range from 73,100 to 452,300 between 2016 and 2035.

ICF:

This wide estimated range reflects the fact that the net job impacts will depend, in part, on how much “slack” there is in the economy and how much the demand for LNG-export-related labor will “crowd out” other labor demands. Manufacturing job gains average between 7,800 and 76,800 net jobs between 2016 and 2035, including 1,700-11,400 net job gains in the specific manufacturing sectors that include refining, petrochemicals, and chemicals.

Economic Growth – Net effect on U.S. GDP is projected to range from $15.6 billion a year to $73.6 billion by 2... more »

Washington Examiner – Fracking Could Create New Wealth for New York

In a guest column, former Department of Labor Chief Economist Diana Furchtgott-Roth discusses the opportunities hydraulic fracturing could bring to New York state. “Using the Pennsylvania data to project fracking's effect on New York counties, I find that the incomes of those who live in the 28 New York counties above the Marcellus Shale have the potential to expand by as much as 15 percent over the next four years -- if the state's moratorium is lifted.”

National Journal – Natural Gas Exports Loom Large Over Washington

NJ’s Amy Harder takes a look at the liquefied natural gas debate after a visit to Dominion’s Cove Point, Md., facility – a former import terminal waiting for federal approval to add  export capabili... more »