Conventional Energy

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Working on an economic story today? Here’s the latest fromĀ AEI experts on today’s economic stories.

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Oil companies are increasingly leasing trains to bring the crude from remote areas where it’s being produced to the markets where it’s needed. But several derailments involving oil-tank cars in the US and Canada over the past year have raised questions about whether rail shipments of oil are safe. Considering the thousands of oil shipments by rail, the accident rate is vanishingly small.

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Children interact with a protester dressed as a polar bear against the Keystone XL oil pipeline project, as a cut-out of U.S. President Barack Obama is seen nearby outside the White House in Washington, November 22, 2013. TransCanada Corp has waited more than five years for the Obama administration to make a final decision on the controversial project, which will take oil from the Alberta oil sands and North Dakota's Bakken field as far as the Cushing, Oklahoma, storage hub. REUTERS/Jason Reed

The State Department says it would have a negligible effect on climate change. So it’s a go, right? Hardly.

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Workers are seen at the construction site of the Panama Canal Expansion project on the outskirts of Colon City January 7, 2014. A Spanish-led consortium expanding the Panama Canal on Tuesday made a counter-proposal to jointly finance work on the project amid a row over costs on one of the world's top trade routes. Building consortium Grupo Unidos por el Canal (GUPC), led by Spanish construction company Sacyr, said it would contribute $100 million to a joint financing plan to keep the project going amid a cost overrun, and asked the canal administrator for a $400 million advance. REUTERS/Carlos Jasso

This year marks the 100th anniversary of the canal’s opening, and you would be forgiven if you were unaware that billions of dollars in U.S. business is riding on its expansion.

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Somewhere in the vast expanses of North Dakota’s Bakken shale formation, the idea that the United States would run out of oil came to end. Surging shale oil and natural gas production has turned conventional wisdom on its head about the nation’s energy future.

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The US Geological Survey announced a twofold increase in estimated mean oil resources in the Bakken and Three Forks Formations.

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(GRAPHIC) A vehicle mileage tax is being proposed as an alternative to the federal gas tax. Aside from the privacy concerns it raises, it is also a costly endeavor.

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To grasp the importance of the revolutionary change in oil and gas drilling sweeping across the United States — and its significance for our economy — just consider how far behind the rest of the world is lagging.

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Is Senate hopeful Rep. Ed Markey (D-Ma) abandoning key support for greenhouse gas reductions as political payback to Dow? Is he anti-shale gas regardless of its economic and environmental benefits?

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Displaying little of the contextualized reporting that the paper, at its best, is renowned for, the Times has run numerous articles in its “Drilling Down” series and elsewhere, simplistically framing shale gas extraction as an environmental disaster-in-progress.

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