GEST Comments on Mark-Up of New "Five Year Plan"

(Press Release)
Thursday, July 19, 2012

The Gulf Economic Survival Team today commented on the House Natural Resources Committee’s mark-up of H.R. 6082, a bill that seeks to replace the President’s “Five-Year Plan” for Outer Continental Shelf (OCS) oil and gas leasing.

“We applaud Chairman Hastings for leading the charge to generate more robust offshore energy activity in the next five years,” said Lori LeBlanc, Executive Director of the Gulf Economic Survival Team.  “As the Chairman understands, offshore energy production is a complex endeavor that necessitates years of planning and upfront capital investment.  If the Gulf energy industry is to bear fruit in years to come, the seeds have to be planted today – beginning with a robust menu of potential leases to develop.

“The Obama administration’s tepid five-year plan illustrates its continuing ambivalence about offshore energy production,” continued LeBlanc. “The plan’s failure to open up new tracts along the U.S. east and west coasts – coupled with limited offerings in the Alaskan OCS – will keep Americans reliant on overseas energy supplies well into the future.  Perhaps the administration’s approach is not surprising in light of the continuing inefficiencies found in the regulatory process in the Gulf of Mexico.

“Our own experience tells us that offshore production creates jobs, propels economic activity and directs revenue to the U.S. Treasury.  A stream of academic studies bear this out.  And, as we’ve seen today, a host of lawmakers also understand these fundamental dynamics.  Let’s hope that the administration one day overcomes its reluctance to embrace the economic and energy security engine that offshore energy activity can provide,” concluded LeBlanc.


 


Energy

ABS Makes it Safer to ‘Walk to Work’

ABS announced the publication of The ABS Guide for Certification of Offshore Access Gangways. The new Guide addresses certification for safety systems used for “walk to work” (W2W) crew transfers.

Viking Grace Marks 1,000 LNG Bunkering Milestone

From the very beginning, the M/S Viking Grace – delivered in January 2013 – was an environmental milestone.   The vessel attracted global attention as an environmental

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Government Update

White House: Iranian Ships' Actions in Gulf Increase Risk of Miscalculation

Actions by Iranian vessels in several encounters with U.S. warships in the Gulf this week are cause for concern and increase risks of miscalculation, the White House said on Friday.

Cochin Port Gets a Little 'Breathing Space'

The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government

Iran Vessels Make 'High Speed Intercept' of US Ship

Four of Iran's Islamic Revolutionary Guard Corps (IRGC) vessels "harassed" a U.S. warship on Tuesday near the Strait of Hormuz, a U.S. defense official said, amid

Offshore Energy

Heavy Lifting: Giant Pipe Racks Shipped for New FPSO

From Brazil to China and then back to Brazil, five pipe racks and three modules weighing a total of 1,871.51 metric tons and measuring 24,075 m³ will be transported

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0904 sec (11 req/sec)