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Country Analysis Brief: Kuwait

November 20, 2014 Comments off

Country Analysis Brief: Kuwait
Source: Energy Information Administration

As a member of the Organization of the Petroleum Exporting Countries (OPEC), Kuwait was the world’s 10th largest petroleum and other liquids producer in 2013. Despite being the second smallest in land area among the OPEC member countries, Kuwait exports the fifth-largest volume of crude oil and condensates following Saudi Arabia, the United Arab Emirates, Iraq, and Nigeria.

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Census Bureau Economic Data Show Electric Power Generation Using Renewable Energy Growing

November 18, 2014 Comments off

Census Bureau Economic Data Show Electric Power Generation Using Renewable Energy Growing
Source: U.S. Census Bureau

Revenues for electric power generation industries that use renewable energy resources rose 49.0 percent from $6.6 billion in 2007 to $9.8 billion in 2012, according to new economic census statistics released today by the U.S. Census Bureau. These industries that use renewable energy resources consist of hydroelectric power generation (NAICS 221111), four newly delineated industries — wind (NAICS 221115), geothermal (NAICS 221116), biomass (NAICS 221117) and solar electric power generation (NAICS 221114) — and one newly defined category of other electric power generation (NAICS 221118).

In the 2007 Economic Census, wind, geothermal, biomass, and solar electric power generation were included in the broad “other electric power generation” industry (NAICS 221119). By the 2012 Economic Census, these industries had been broken out separately, with the “other electric power generation” industry limited to only tidal electric power generation and other electric power generation facilities not elsewhere classified. Among the newly delineated industries (wind, geothermal, biomass, solar and other electric power generation), the number of establishments more than doubled in five years, from 312 in 2007 to 697 in 2012.

“As industries evolve, so does the Census Bureau to continue to collect relevant data that informs America’s business decisions,” Census Bureau Director John H. Thompson said. “Industries that use renewable energy resources are still relatively small, but they are rapidly growing.”

Oil Security Index — Who Is at Risk? (October 2014 Update)

November 18, 2014 Comments off

Oil Security Index — Who Is at Risk? (October 2014 Update)
Source: Securing America’s Future Energy

When launched in October 2013, SAFE’s Oil Security Index was hailed as an essential tool for those seeking greater insight into both what constitutes oil security, and which countries are most oil secure. The Index included then-current and historical data tracing national rankings back to 2000.

In this update, SAFE adds data through Q2 2014 and revises the rankings accordingly. The Index’s seven metrics capture three core aspects of oil security: the structural dependency of countries’ economies on oil, the economic exposure of countries to oil prices and the changes in those prices, and the physical supply security of a country’s domestic and imported oil.

This most recent update features a special focus on Japan, the Index’s most oil-secure country. Japan ranks highly in spite of its minimal domestic oil resources and high import levels, which are offset by several other indicators. Most notably, Japan’s high oil efficiency and its role as an international storage hub work in favor of the county’s long-term oil security.

The latest Index update also shines a light on India, where burgeoning demand has driven oil consumption up 75 percent since 2000. Amidst rising demand for gasoline and increasing incomes, India struggles with a heavy reliance on Middle East imports and low overall efficiency, leaving it suspended at 11 out of 13 in the Index rankings.

World Oil Transit Chokepoints

November 14, 2014 Comments off

World Oil Transit Chokepoints
Source: Energy Information Administration

World chokepoints for maritime transit of oil are a critical part of global energy security. About 63% of the world’s oil production moves on maritime routes. The Strait of Hormuz and the Strait of Malacca are the world’s most important strategic chokepoints by volume of oil transit.

New From the GAO

November 14, 2014 Comments off

New GAO Reports
Source: Government Accountability Office

1. 2013 Government Shutdown: Three Departments Reported Varying Degrees of Impacts on Operations, Grants, and Contracts. GAO-15-86, October 15.
http://www.gao.gov/products/GAO-15-86
Highlights- http://www.gao.gov/assets/670/666525.pdf

2. Department of Energy: Interagency Review Needed to Update U.S. Position on Enriched Uranium That Can Be Used for Tritium Production. GAO-15-123, October 14.
http://www.gao.gov/products/GAO-15-123
Highlights- http://www.gao.gov/assets/670/666504.pdf

3. Nuclear Commerce: Additional Actions Needed to Improve DOE’s Export Control Process. GAO-15-124, October 14.
http://www.gao.gov/products/GAO-15-124
Highlights- http://www.gao.gov/assets/670/666493.pdf

New From the GAO

November 12, 2014 Comments off

New GAO Reports
Source: Government Accountability Office

1. Spent Nuclear Fuel Management: Outreach Needed to Help Gain Public Acceptance for Federal Activities That Address Liability. GAO-15-141, October 9.
http://www.gao.gov/products/GAO-15-141
Highlights – http://www.gao.gov/assets/670/666455.pdf

2. Federal Real Property: Strategic Focus Needed to Help Manage Vast and Diverse Warehouse Portfolio. GAO-15-41, November 12.
http://www.gao.gov/products/GAO-15-41
Highlights – http://www.gao.gov/assets/670/666857.pdf

3. Financial Audit: IRS’s Fiscal Years 2014 and 2013 Financial Statements. GAO-15-173, November 12.
http://www.gao.gov/products/GAO-15-173
Highlights – http://www.gao.gov/assets/670/666862.pdf

4. Defense Contract Audit Agency: Additional Guidance Needed Regarding DCAA’s Use of Companies’ Internal Audit Reports. GAO-15-44, November 12.
http://www.gao.gov/products/GAO-15-44
Highlights – http://www.gao.gov/assets/670/666866.pdf

Short-Term Energy Outlook (Release Date: November 12, 2014)

November 12, 2014 Comments off

Short-Term Energy Outlook
Source: Energy Information Administration

Highlights

North Sea Brent crude oil spot prices fell from $95/barrel (bbl) on October 1 to $84/bbl at the end of the month. The causes included weakening outlooks for global economic and oil demand growth, the return to the market of previously disrupted Libyan crude oil production, and continued growth in U.S. tight oil production. Brent crude oil spot prices averaged $87/bbl in October, the first month Brent prices have averaged below $90/bbl since November 2010. EIA projects that Brent crude oil prices will average $83/bbl in 2015, $18/bbl lower than forecast in last month’s STEO. There is significant uncertainty over the crude oil price forecast because of the range of potential supply responses from the Organization of the Petroleum Exporting Countries (OPEC), particularly Saudi Arabia, and U.S. tight oil producers to the new lower oil price environment.

Driven largely by falling crude oil prices, U.S. weekly regular gasoline retail prices averaged $2.99/gallon (gal) on November 3, the lowest level since December 20, 2010. U.S. regular gasoline retail prices are projected to continue to decline for the remainder of the year to an average of $2.80/gal in December, $0.33/gal lower than in last month’s STEO. EIA expects U.S. regular gasoline retail prices, which averaged $3.51/gal in 2013, to average $3.39/gal in 2014 and $2.94/gal in 2015
Total U.S. crude oil production averaged an estimated 8.9 million barrels per day (bbl/d) in October, and monthly average production is forecast to surpass 9.0 million bbl/d in December 2014. Projected total crude oil production averages 9.4 million bbl/d in 2015, a reduction of 0.1 million bbl/d from last month’s STEO. If realized, the 2015 forecast would be the highest annual average crude oil production since 1972. Natural gas plant liquids production is expected to increase from an average of 2.6 million bbl/d in 2013 to 3.2 million bbl/d in 2015.

Natural gas working inventories on October 31 totaled 3.57 trillion cubic feet (Tcf), 0.24 Tcf (6%) below the level at the same time a year ago and 0.26 Tcf (7%) below the previous five-year average (2009-13). Despite the lower stocks at the start of this winter’s heating season, EIA expects the Henry Hub natural gas spot price to average $3.97/million British thermal units (MMBtu) this winter compared with $4.53/MMBtu last winter. This price forecast reflects both lower expected heating demand and significantly higher natural gas production this winter.

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