EPRINC and Macroeconomic Advisers Initiate Assessment of US Oil Price Decline
EPRINC and Macroeconomic Advisers are undertaking an assessment of the broad consequences to U.S. investment and economic growth from the rapid decline in oil prices. The attached paper by Joel Prakken of Macroeconomic Advisers examines two important forces at work from  the oil price decline — the expansion of the national economy and the concurrent reduction in investment in oil and gas extraction. The report concludes that the U.S. will likely see an expansion of economic growth, but it is attenuated by about one-third from lower investment in the U.S. petroleum industry.

MacroAdvisorsJan2015

Presentations from Russian Embassy Event Posted

On December 6, EPRINC hosted an event at the Russian Embassy featuring presentations on and a discussion of long-term global energy trends from a Russian perspective.  Russian Energy Minister Alexander Novak provided opening remarks which were followed by presentations by Professor Leonid Grigoryev, Chief Advisor to the President, Analytical Center for the Government of the Russian Federation, and Dr. Tatiana Mitrova, Head of the Oil and Gas Department at the Energy Research Institute of the Russian Academy of Sciences.  The presentations covered the Analytical Center’s global energy outlook through 2040 as well as energy challenges and opportunities facing Russia and its economy.  The event concluded with a panel discussion featuring EIA Administrator Adam Sieminski and former EIA Administrator and current EPRINC board member Guy Caruso.

The presentations from the event can be downloaded from inside this post.  

The full outlook can be downloaded from the Russian Academy of Science’s website: http://www.eriras.ru/files/Global_and_Russian_energy_outlook_up_to_2040.pdf

 

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WSJ Opinion: The Keystone Debacle

The U.S. decision to allow the Keystone XL pipeline to go forward should have been easy.

The pipeline would mean at least 20,000 new construction jobs. It would provide lower cost and reliable shipping opportunities for surging North Dakota oil production. Shipping petroleum from Canada’s oil sands to the Gulf of Mexico means refiners there would gain a ready replacement for declining supplies of Mexican and Venezuelan crude. Most importantly, it would reinforce expectations that massive and long-term North American infrastructure investments could proceed free of political risk.

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The Cost of Banning No. 6 Oil in New York City

The following EPRINC report evaluates the costs to New York City residents of a proposal to ban the use of No. 6 fuel oil (residual fuel oil).  The report outlines a cautionary story. The NYC regulatory program requires consumers now using No. 6 oil to blend down the fuel oil with ultra low sulfur heating oil.  The costs of the program under most market conditions are not trivial and will raise heating costs by at least 35 percent in some neighborhoods.  

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