• EPRINC President Lucian Pugliaresi and EPRINC Fellow Trisha Curtis Participate in Heritage Foundation Panel

    On Wednesday, November 9 at noon, EPRINC President Lucian Pugliaresi and EPRINC Fellow Trisha Curtis participated in a Heritage Foundation panel called “What Will Happen to Energy in the Next Congress?” The panel, hosted by Heritage’s Diana Furchtgott-Roth, was described by Heritage as follows:

    “The soaring price of energy concerns all Americans, from high costs at gasoline pumps to exorbitant electricity bills. The solution is under our own feet. The United States has energy reserves of oil and natural gas that would allow us to lower prices by increasing production of energy and pipelines, which are needed to move the resources across the country. So, what might the next Congress do to lower energy prices?”

    The video of the event can be found on the Heritage Foundation website, here.

  • EPRINC Fellow Tristan Abbey Writes Open Letter Recommending a Bipartisan Investigation: “Did Biden Break the Strategic Petroleum Reserve?”

    EPRINC Fellow Tristan Abbey has written this open letter titled “Did Biden Break the Strategic Petroleum Reserve?” The letter was sent on October 27, 2022 to Senators Joe Manchin and John Barrasso, chairman and ranking member, respectively, of the U.S. Senate Committee on Energy and Natural Resources.

     

    The letter calls for a bipartisan investigation into the operational impacts of the White House’s “historic 180-million-barrel drawdown” focusing on the following quetisons:

    1. Have maintenance requirements — well remediation, cavern closure, pipeline and pump replacements, etc. — increased as a result of the drawdown?
    2. Have any caverns collapsed or been closed temporarily or permanently as a result of the drawdown? Does the administration intend to close down any caverns or sites as a result of the SPR’s depletion? If so, which ones and over what time period?
    3. What is the current status of Life Extension II, the long-awaited $1.4 billion modernization program? Has it fallen further behind schedule?
    4. If the administration does refill the SPR, will the construction of new caverns and other infrastructure be required? Will an equal volume of oil be bought that was sold?
  • Lucian Pugliaresi and Michelle Michot Foss Pen Article for RealClear Energy: “Bad Energy Policy Ideas Never Die”

    EPRINC President Lucian Pugliaresi has co-authored an article published on October 25, 2022 in RealClear Energy entitled “Bad Energy Policy Ideas Never Die“. In it, they discuss their concerns with recent public policies related to energy that have been proven to be major issues that will be difficult to recover from. A quote from the article with their proposed solution is below:

     

    “To the fearful leaders in our country: step out on your turf and support the domestic oil and gas industries in ways that will build investor confidence and calm markets. There simply is no other way to meet the future without a strong domestic base for energy and materials. Others will take note, including troublemakers we face now and those we’ll face in the future.”

     

    https://www.realclearenergy.org/articles/2022/10/25/bad_energy_policy_ideas_never_die_860905.html

  • EPRINC’s President Emeritus and Trustee Larry Goldstein Quoted in October 4th 2022 NY Times
    OPEC is scheduled to meet October 5th 2022 in Vienna Austria to consider strategic guidance to its members and allies on global crude oil production. NY Times journalist Clifford Krauss discusses the issues in play ahead of the meeting, calling on and quoting EPRINC’s Larry Goldstein for insight.
     
    The article, entitled “Saudi Arabia and Russia May Find Their Oil Pricing Power Limited”, can be read here.
     
  • EPRINC’s Max Pyziur Participates in Westchester County Association (WCA) Sustainable Business Conference
    On Thursday July 14, 2022, the Westchester County Association (WCA) held their first Sustainable Business Conference. Focusing on the implementation challenges of New York State’s 2019 Climate Leadership and Community Protection Act and other related legislation, the WCA convened an afternoon of panels, plenary events, and a networking reception to discuss approaches and feasibility.
     
    EPRINC’s Max Pyziur participated in the Conference’s panel discussion “Moving New York to a Low Carbon Future – How Can We Get There?” Max’s presentation underscored the scale of the challenge in the context of global and U.S. GHG emissions, as well as offering perspective on implementation risk by reviewing key power grid events in California and Texas.
  • “The Low Carbon Energy Transition” by Ivan Sandrea and Lucian Pugliaresi

    EPRINC Trustee, OIES Research Associate, CEBRI International Board Member Ivan R. Sandrea Silva and EPRINC President Lucian Pugliaresi have authored a paper entitled “The Low Carbon Energy Transition: A window of opportunity for a new phase of economic development in Africa and Latin America?” This paper is directly related to a presentation given by Ivan at the CEBRI  online conference called “Sustainability and the New Energy Economy in a Multipolar World.” A pull quote from the paper is below:

    “In the African and Latin American regions, climate change concerns and the energy transition have received a lot of negative and positive attention and is building significant support especially among the growing youth. But the energy transition is also causing recurring dislocations for both global and regional leaders, the industry, investors, and policymakers. The environment itself is also being affected, and ironically, the level of confidence for the net zero path is dropping as rising energy prices hit the region’s economies. This is because the energy transition “movement’ in the Western world is occurring in a very disorganized and uncoordinated manner, and that is where we see both a major problem unfolding and an opportunity for the leading economies and leaders.”

  • “Fueling the Dragon: Understanding China’s Natural Gas and LNG Demand” by Battulga Odgerel

    China has emerged as a key player in the global natural gas market in the past decade, surpassing Japan as the top natural gas importer and the largest LNG importer in 2018 and 2021, respectively. China’s role in determining Asian natural gas trends—especially, gas pricing and LNG trade—is increasingly important as the country looks to replace greater volumes of coal with natural gas to implement its programs to reduce local air pollution. As part of EPRINC’s China Series, this publication evaluates market and policy trends in China and projects the country’s natural gas and LNG demand through 2030.

  • EPRINC Distinguished Fellow Rafael Sandrea Has Been Alerting Us to the Oil Supply Issue for a Long Time
    As oil prices rise and energy security risks lead to supply shortages, we are reminded that EPRINC Distinguished Fellow Rafael Sandra has been alerting us to the oil supply issue for a long time. EPRINC is re-releasing his April 2021 paper, “With Global Oil Demand on the Rebound. What About Supply?” in the hopes that it helps answer some of the questions facing today’s world.
  • IEEJ and EPRINC CoHost a Webinar “LNG: Addressing the Near-Term Energy Crisis and Long-Term Environmental Challenges”

    On February 25 2022 at 8:30am–11:00am (Tokyo Time – JST) / February 24 6:30pm–9:00pm (Washington Time – EST), IEEJ and EPRINC cohosted a webinar, “LNG: Addressing the Near-Term Energy Crisis and Long-Term Environmental Challenges.” 
     
    The post-pandemic world has now moved to a global energy crisis, price shocks, supply shortages, and a geopolitical standoff in Europe. The IEEJ/EPRINC workshop explored LNG’s role in policy strategies to both address the crisis and examined its longer-term role in the energy transition to a lower-carbon future. It will also included a discussion on the potential role of ammonia in the transition. 
     
     Speakers included Chairman and CEO of the Institute of Energy Economics Japan (IEEJ), Tatsuya Terazawa;  President of EPRINC, Lucian Pugliaresi; former U.S. Secretary of Energy Dan Brouillette; LNG Allies President Fred Hutchison; Tellurian President and CEO Octávio Simões, EVP at Diamond Gas International Japan Branch Tetsuya Nishigaki; the Japan Gas Association General Manager Yuji Kumai, JERA General Manager Kenji Takahashi, and others as well as U.S. and Japanese industry leaders, experts from think tanks, the Institute for Energy Economics Japan and the Energy Policy Research Foundation for a discussion on role of LNG addressing the worldwide energy crisis and long-term environmental challenges.

    The agenda from the event can be found here, and the presentations are located here. The link to view the recording of the webinar is here.

  • GGC/EPRINC Webinar “Power Disruptions in Texas and California: Energy Price Shocks in Europe”

    EPRINC has cohosted a webinar with the Global Gas Centre (GGC). The workshop was held on February 2, 2022 at 9:00 to 11:30 AM (Washington time) / 3:00 to 5:30 PM (Geneva time).

    Recent power failures in the U.S. have raised public concerns about the stability and resilience of North American electricity grids. Spiking energy prices in Europe and ongoing constraints in natural gas supplies are pointing to a sustained crisis on the European Continent. While no single event can be identified as the primary cause of this turmoil, energy policies have played an important role and hold lessons for policy makers on both sides of the Atlantic.

    Speakers included former U.S. Secretary of Energy Dan Brouillette; former Chairman of the Federal Energy Regulatory Commission (FERC), Neil Chatterjee; Arno Büx from Fluxys, European Natural Gas System Operator; Thomas Popik, Chairman and President, Foundation for Resilient Societies;
    as well as U.S. and European industry leaders, experts from think tanks, the Global Gas Center and the Energy Policy Research Foundation. The discussion covered growing pressures on energy markets in the U.S. and Europe and what lessons policy makers should take from these developments.

    A video recording of the workshop can be found here. Presentations from the event are here, and the event agenda is here. A report and overview of the workshop is here.

EPRINC’s President Emeritus and Trustee Larry Goldstein Quoted in October 4th 2022 NY Times
OPEC is scheduled to meet October 5th 2022 in Vienna Austria to consider strategic guidance to its members and allies on global crude oil production. NY Times journalist Clifford Krauss discusses the issues in play ahead of the meeting, calling on and quoting EPRINC’s Larry Goldstein for insight.
 
The article, entitled “Saudi Arabia and Russia May Find Their Oil Pricing Power Limited”, can be read here.
 

Max Pyziur Presents and Moderates at Kyiv School of Economics (KSE) Conference
Established to provide a strong intellectual foundation for Ukraine’s economy, the Kyiv School of Economics (KSE) was founded in Kyiv Ukraine in 1996 under the auspices of the Economics Education and Research Consortium and the Eurasia Foundation. Over the years, several hundred students have matriculated and graduated from the school, and it has established a joint degree affiliation with the University of Houston. The school’s current president is Tymofiy Mylovanov, a PhD graduate of the University of Wisconsin, as well as an Associate Professor of Economics at the University of Pittsburgh.

On Saturday, September 17, 2022, KSE held its first conference and banquet fundraiser in the United States. The event took place at the Harvard Club in New York City and was attended by 250 people. Professor Mylovanov hosted the banquet’s activities; he alternated between calling on invited speakers for brief remarks, as well as coordinating an auction of donated Ukrainian art and memorabilia. Speakers included Economics Nobel Laureates Paul Krugman and Richard Myerson; Harvard History Professor Serhii Plokhii; NYC Mayor Eric Adams, and attending Ukrainian ministerial and consular representatives.

Preceding the fundraiser there was a conference of two sessions each having three break-out panels. Panel topics were all related to Russia’s war of aggression against Ukraine, and included global security, the future of Ukraine’s economy, the energy crisis in Europe, as well as food security and other agricultural issues.

EPRINC’s Max Pyziur presented as well as moderated the energy panel titled “European Energy Crisis or Not.” His presentation focused on Europe’s reliance on Russian natural gas imports, the availability of alternative sources, especially from the U.S., closing with remarks on energy security and its relationship to national and economic security.

The Panel’s speakers and commentators included NaftoGaz COO Mavriky Kalugin, World Bank Director Charles Cormier, Jamestown Fellow Margarita Assenova, and David Martinon, CEO of Expert Petroleum, an E&P company focused on the remediation of depleted oil fields in Western Ukraine.

Details on the full event can be found here.

A copy of Max’s presentation can be found here.

Larry Goldstein and Former Congressman Joseph P. Kennedy III Published in Commonwealth Magazine on the Low-Income Home Energy Assistance Program

A story in today’s Wall Street Journal (September 14, 2022) points out that the while U.S. consumers are getting a reprieve from high gasoline prices, a large jump in electricity and natural-gas costs are increasing their energy bills as winter approaches. The index for electricity in August climbed 15.8% over the same month a year ago, the biggest such 12-month increase since 1981. The story goes on to point out that electricity price increases have been driven by rising prices for natural gas, which powers about 37% of U.S. electricity production and that heating and cooking costs have increased 33% over the last 12 months.

A recent article published in Commonwealth Magazine by EPRINC Trustee Larry Goldstein and former Congressman Joe Kennedy highlight the dire circumstances faced by many low-income Americans as we head into winter. A main source of assistance for low-income families is the federal Low-Income Home Energy Assistance Program, or LIHEAP. The program is now facing a 50 percent funding cut at a time skyrocketing energy cost. Rising energy costs also highlight’s the importance of sustaining adequate production of  legacy fuels until low-cost and  low-carbon alternatives are freely available to consumers.

 

…Lucian Pugliaresi

ICYMI: Lucian Pugliaresi’s June 2022 Testimony Before the House E&C Committee’s “Legislative Hearing to Strengthen Energy Infrastructure, Efficiency, and Financing”

On Wednesday, June 22, 2022, the U.S. House Energy & Commerce Committee’s Subcommittee on Energy held a hearing titled, “Legislative Hearing to Strengthen Energy Infrastructure, Efficiency, and Financing.” Under consideration were several pieces of legislation including the “Securing America’s Critical Minerals Supply Act” (H.R. 1599), the “Energy Accountability Act” (H.R. 5292), the “Guaranteeing Resilient Installations for Defense Act” or the “GRID Act” (H.R. 8053), and the “Tribal Energy Investment Act of 2022” (H.R. 8068). Along with the legislation, Subcommittee Members pursued broader themes focusing on the recent increases in transportation fuel prices. EPRINC President Lucian Pugliaresi was invited to testify along with five other experts from trade associations, universities, and think tanks.

 
A key highlight of the hearing was captured in a Twitter posting when Congressman David McKinley of West Virginia asked what would be the key things that could be done in the short-term to lower U.S. gasoline prices.
 
Lucian Pugliaresi’s reply included the following three points:
 – lower RVO/RFS
 – national RVP standard
 – temporarily suspend the Jones Act
 
The Tweet can be found here.
 
The video of the hearing can be found here.
 
Lucian Pugliaresi’s testimony can be found here.

EPRINC’s Max Pyziur Participates in Westchester County Association (WCA) Sustainable Business Conference
On Thursday July 14, 2022, the Westchester County Association (WCA) held their first Sustainable Business Conference. Focusing on the implementation challenges of New York State’s 2019 Climate Leadership and Community Protection Act and other related legislation, the WCA convened an afternoon of panels, plenary events, and a networking reception to discuss approaches and feasibility.
 
EPRINC’s Max Pyziur participated in the Conference’s panel discussion “Moving New York to a Low Carbon Future – How Can We Get There?” Max’s presentation underscored the scale of the challenge in the context of global and U.S. GHG emissions, as well as offering perspective on implementation risk by reviewing key power grid events in California and Texas.

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