Advanced search Help
Searching for terms: EXACT: "Ratner, Michael" in: author
Clear all search criteria
Only 2/3! You are seeing results from the Public Collection, not the complete Full Collection. Sign in to search everything (see eligibility).
-
Low Oil Prices and U.S. Oil Producers: Policy Considerations [Updated March 20, 2020]
From the Document: "Global oil prices have declined nearly 60% since January 2020 (see Figure 1). Following a brief period of geopolitically-driven upward price pressure resulting from events in Iraq and Libya, world oil supply/demand balances were projected to be oversupplied by the second quarter of 2020. Reduced travel and other economic impacts related to the evolving COVID-19 outbreak are suppressing near-term oil demand. Oversupply expectations were amplified when the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC countries (OPEC+), including Russia, failed to agree on an OPEC recommendation to reduce oil production by 1.5 million barrels per day until the end of 2020. Oil prices immediately and significantly declined. Subsequently, Saudi Arabia announced regional price discounts and plans to increase oil supplies in April. Other countries have also indicated intent to increase oil production. This combination of demand suppression and supply expansion increases short-term oversupply expectations and exerts downward pressure on oil prices. Prolonged periods of depressed prices could affect U.S. oil production (approximately 12.2 million bpd in 2019, the world's largest), exports, employment, and industry consolidation. Due to recent developments, a plan to sell crude oil-- required in FY2020 by P.L. 116-94--from the Strategic Petroleum Reserve (SPR) was suspended."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Ratner, Michael
2020-03-20
-
Arctic National Wildlife Refuge (ANWR): A Primer for the 114th Congress [March 17, 2015]
"In the ongoing energy debate in Congress, one issue has been whether to approve energy development in the Arctic National Wildlife Refuge (ANWR, or the Refuge) in northeastern Alaska--and if so, under what conditions--or whether to continue prohibiting development to protect the area's biological, recreational, and subsistence values. ANWR is rich in fauna, flora, and oil and natural gas potential, but energy development is currently prohibited by law. Its development has been debated for more than 50 years, and sharp periodic increases in energy prices have intensified the debate at times. Low energy prices, such as those currently being experienced, negate the short-term incentives for developing ANWR as Alaskan production is relatively costly. According to the American Petroleum Institute, in 2009 Alaskan drilling costs were nearly 18 times more than drilling costs in the lower 48 states. This report provides a primer on this debate, which has been given new impetus in 2015 by a presidential proposal to designate the area as wilderness. If approved by Congress, this designation would reinforce the existing prohibition on energy development. Procedurally, the status quo of no energy development in ANWR can be changed toward development or toward additional protection only by congressional action. Over the years, controversies have prevented any change in current law, either to open the Refuge to development or to give it further protection. […] This primer provides background for analyzing the various claims through an examination of ANWR's history and an analysis of its geological, biological, human, and economic resources."
Library of Congress. Congressional Research Service
Corn, M. Lynne (Mary Lynne), 1946-; Alexander, Kristina; Ratner, Michael
2015-03-17
-
U.S. Gasoline Prices: No Driving, No Benefits to Consumers [April 3, 2020]
From the Document: "The collapse of crude oil prices is having consequences throughout the U.S. and global economies. For consumers, the effects of the price decline are felt nowhere more than in the price of gasoline. Gasoline is made from crude oil through the refining process, and the current decline in crude oil prices are a significant factor to the decrease in gasoline prices. There are four main components to retail gasoline prices according to the U.S. Energy Information Administration (EIA): 51% comes from crude oil prices, 20% from taxes, 18% from marketing and distribution costs, and 12% from the refining sector, although these percentages can vary by location. Crude prices and refining margins tend to change (sometimes substantially), while taxes and marketing and distribution costs are more stable components of gasoline prices. Additionally, like crude oil, gasoline is a global commodity. The United States both imports and exports, and domestic prices are influenced by international events."
Library of Congress. Congressional Research Service
Ratner, Michael
2020-04-03
-
Low Oil Prices and U.S. Oil Producers: Policy Considerations [Updated April 1, 2020]
From the Document: "Global oil prices have declined nearly 60% since January 2020. Following a brief period of geopolitically-driven upward price pressure resulting from events in Iraq and Libya, world oil supply/demand balances were projected to be oversupplied by the second quarter of 2020. Reduced travel and other economic impacts related to the evolving COVID-19 [coronavirus disease 2019] outbreak are suppressing near-term oil demand. Oversupply expectations were amplified when the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC countries (OPEC+), including Russia, failed to agree on an OPEC recommendation to reduce oil production by 1.5 million barrels per day until the end of 2020. Oil prices immediately and significantly declined. Subsequently, Saudi Arabia announced regional price discounts and plans to increase oil supplies in April. Other countries have also indicated intent to increase oil production. This combination of demand suppression and supply expansion increases short-term oversupply expectations and exerts downward pressure on oil prices. Prolonged periods of depressed prices could affect U.S. oil production (approximately 12.2 million bpd in 2019, the world's largest), exports, employment, and industry consolidation. Due to recent developments, a plan to sell crude oil-- required in FY2020 by P.L. 116-94--from the Strategic Petroleum Reserve (SPR) was suspended."
Library of Congress. Congressional Research Service
Brown, Phillip (Specialist in Energy Policy); Ratner, Michael
2020-04-01
-
Russia's Nord Stream 2 Pipeline: A Push for the Finish Line [Updated May 28, 2020]
From the Document: "Recent reports suggest that the Russian government is trying to complete construction of Nord Stream 2, a controversial natural gas pipeline that will enable Russia to increase the amount of natural gas it exports directly to Germany and onward to other European Union (EU) member states (bypassing Ukraine and other transit countries). Pipeline construction was suspended in December 2019, after the United States imposed sanctions related to the project. The Trump Administration and Congress have expressed opposition to Nord Stream 2, reflecting concerns about European dependence on Russian energy and the threat Russia poses to Ukraine."
Library of Congress. Congressional Research Service
Welt, Cory; Ratner, Michael; Belkin, Paul
2020-05-28
-
U.S. Energy Information Administration [September 9, 2020]
From the Introduction: "The U.S. Energy Information Administration (EIA) is the lead federal agency for collecting, analyzing, and disseminating energy information. According to one industry leader who has been critical of EIA, 'The EIA forecast is very important…. It moves markets, and it impacts our industry greatly…. Right or wrong, no other agency provides data with greater impact.' [...] EIA collects data and provides projections on most forms of commercially used energy, including oil and petroleum products, natural gas, natural gas liquids, coal, electricity, renewables, alternative fuels, nuclear, biofuels, and others. The level of detail of collected data and analysis, however, are not evenly distributed. This report provides an overview of the history and major functions of EIA, with an emphasis on how EIA information can be used by Members of Congress."
Library of Congress. Congressional Research Service
Lawson, Ashley J.; Holt, Mark; Ratner, Michael
2020-09-09
-
Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States [January 27, 2015]
"The future of oil and natural gas production in Mexico is of importance for both Mexico's economic growth, as well as for U.S. energy security, a key congressional interest. Mexico is a top trade partner and crude oil supplier to the United States. Mexico's state oil company, Petroleos Mexicanos (Pemex) remains an important source of government revenue even as it is struggling to counter declining oil production and reserves. Due to an inability to meet rising demand, Mexico has also significantly increased natural gas imports from the United States. Still, gas shortages have hindered the country's economic performance, including in manufacturing sectors that are highly integrated with U.S. industries. […] The opening of Mexico's oil and natural gas sector could expand U.S.-Mexico energy trade and provide opportunities for U.S. companies involved in the hydrocarbons sector, as well as infrastructure and other oil field services. If these reforms accelerate growth and investment in Mexico (as the government has stated) they could also benefit North American competitiveness. Industry analysts maintain that the reforms are generally well-designed, but that the way they are implemented will likely determine whether they prove to be as transformative as the Mexican government expects. The success of the reforms may also depend on trends in global oil prices. Should oil prices remain at current levels, shale resources and other unconventional fields may not be feasible to develop at this time."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Villarreal, M. Angeles; Brown, Phillip (Specialist in Energy Policy) . . .
2015-01-27
-
Arctic National Wildlife Refuge (ANWR): A Primer for the 112th Congress [June 15, 2011]
"In the ongoing energy debate in Congress, one issue has been whether to approve energy development in the Arctic National Wildlife Refuge (ANWR or Refuge) in northeastern Alaska-- and if so, under what conditions--or whether to continue to prohibit development to protect the area's biological, recreational, and subsistence values. ANWR is rich in fauna, flora, and oil and natural gas potential. Its development has been debated for more than 50 years, but sharp increases in energy prices from late 2000 to early 2001, in 2004-2008, and in 2011 from a variety of causes (e.g., terrorist attacks, oil spills, and energy infrastructure damage from hurricanes), have repeatedly intensified the debate. Few onshore U.S. areas stir as much oil industry interest as ANWR. At the same time, few areas are considered more worthy of protection in the eyes of conservation and some Native groups. Current law explicitly prohibits oil and natural gas leasing in the Refuge. This report provides a primer on this debate, including background information, and a short description of issues which have arisen repeatedly, as well as some that have been debated only recently."
Library of Congress. Congressional Research Service
Alexander, Kristina; Corn, M. Lynne (Mary Lynne), 1946-; Ratner, Michael
2011-06-15
-
Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States [August 17, 2015]
"Mexico is a top trade partner and the third-largest crude oil supplier to the United States. Mexico's state oil company, 'Petroleos Mexicanos' (Pemex) remains an important source of government revenue even as it is struggling to counter declining oil production and reserves. Due to an inability to meet rising demand, Mexico has also significantly increased natural gas imports from the United States. Still, gas shortages have hindered the country's economic performance. On December 20, 2013, Mexican President Enrique Peña Nieto signed historic constitutional reforms related to Mexico's energy sector aimed at reversing oil and gas production declines. On August 11, 2014, secondary laws to implement those reforms officially opened Mexico's oil, natural gas, and power sectors to private investment. As a result, Pemex can now partner with international companies that have the experience and capital required for exploring Mexico's vast deep water and shale resources. Leftist parties and others remain opposed to the reforms. The energy reforms transform Pemex into a 'productive state enterprise' with more autonomy and a lower tax burden than before, but make it subject to competition with private investors. They create different types of contracts for private companies interested in investing in Mexico, including production-sharing and licensing; allow companies to post reserves for accounting purposes; establish a sovereign wealth fund; and create new regulators. In December 2014, the Mexican government announced the terms of part one of Round 1, under which shallow-water offshore exploratory blocks available for public bidding would be auctioned. On July 15, 2015, Mexico's Energy Ministry announced that only 2 of the 14 blocks available were awarded to successful bidders. The government is likely to alter the terms offered, including the amount of investment required by companies, in order to attract more interest in subsequent bidding rounds."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Villarreal, M. Angeles; Brown, Phillip (Specialist in Energy Policy) . . .
2015-08-17
-
Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States [September 28, 2015]
From the Summary: "The future of oil and natural gas production in Mexico is of importance for both Mexico's economic growth, as well as for U.S. energy security, a key congressional interest. Mexico is a top trade partner and the third-largest crude oil supplier to the United States. Mexico's state oil company, Petroleos Mexicanos (Pemex) remains an important source of government revenue even as it is struggling to counter declining oil production and reserves. Due to an inability to meet rising demand, Mexico has also significantly increased natural gas imports from the United States. Still, gas shortages have hindered the country's economic performance."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Villarreal, M. Angeles; Brown, Phillip (Specialist in Energy Policy) . . .
2015-09-28
-
Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States [July 30, 2015]
"The future of oil and natural gas production in Mexico is of importance for both Mexico's economic growth, as well as for U.S. energy security, a key congressional interest. Mexico is a top trade partner and the 3rd largest crude oil supplier to the United States. Mexico's state oil company, 'Petroleos Mexicanos' (Pemex) remains an important source of government revenue even as it is struggling to counter declining oil production and reserves. Due to an inability to meet rising demand, Mexico has also significantly increased natural gas imports from the United States. Still, gas shortages have hindered the country's economic performance. […] The opening of Mexico's oil and natural gas sector could expand U.S.-Mexico energy trade and provide opportunities for U.S. companies involved in the hydrocarbons sector, as well as infrastructure and other oil field services. If these reforms accelerate growth and investment in Mexico (as the government has stated), they could also benefit North American competitiveness. Industry analysts maintain that the reforms are generally well-designed, but that the way they are implemented will likely determine their impact. The success of the reforms may also depend on trends in global oil prices. Should oil prices remain at current levels, shale resources and other unconventional fields may not be feasible to develop at this time."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Villarreal, M. Angeles; Brown, Phillip (Specialist in Energy Policy) . . .
2015-07-30
-
Mexico's Oil and Gas Sector: Background, Reform Efforts, and Implications for the United States [January 6, 2014]
"The future of oil and natural gas production in Mexico is of importance for both Mexico's economic growth, as well as for U.S. energy security, a key congressional interest. Mexico has consistently been a top crude oil supplier to the United States. However, its oil production has declined dramatically in recent years. On December 20, 2013, President Enrique Peña Nieto signed into law constitutional reforms related to Mexico's energy sector aimed at reversing those declines. The Mexican Congress has 120 days to draft the secondary legislation to implement the historic reforms to open Mexico's oil and natural gas sector to international companies. Depending upon the details of the secondary legislation, the changes could create significant investment opportunities for U.S. companies, increase the already robust U.S.-Mexican energy trade, and bolster North American competitiveness. Mexico's state oil company, 'Petroleos Mexicanos' (Pemex), established in 1938 as the world's first major national oil company, remains an important source of government revenue even as it is struggling to counter the country's declining oil production and reserves. Experts have long urged the Mexican government to reduce the heavy fiscal burden on Pemex and reform the constitution to enable Pemex to partner with international companies that have the experience and capital required for exploring Mexico's large deep water and shale resources. Leftist parties and other stakeholders in Mexico remain concerned; however, that increasing private involvement in Pemex could threaten Mexico's traditional control over its natural resources."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando; Villarreal, M. Angeles; Hagerty, Curry L. . . .
2014-01-06
-
Russia's Nord Stream 2 Pipeline: Continued Uncertainty [Updated February 8, 2021]
From the Document: "Uncertainty continues to cloud the future of Nord Stream 2, an unfinished natural gas pipeline that would increase the amount of Russian natural gas exported directly to Germany and on to other European countries, bypassing Ukraine and other transit states. Successive U.S. Administrations and Congresses have opposed Nord Stream 2, reflecting concerns about European dependence on Russian energy and the threat Russia poses to Ukraine. In January 2021, the Trump Administration imposed congressionally authorized sanctions on the Russian vessel 'Fortuna' and its owner for supporting Nord Stream 2's construction. The Biden Administration has expressed opposition to the pipeline and has stated it intends to review existing sanctions in consultation with European partners. Nord Stream 2 construction was initially suspended in December 2019, after the passage of U.S. legislation establishing sanctions related to the pipeline. At the time, fewer than 100 miles of the approximately 760-mile long pipeline system (consisting of two parallel lines) remained to be laid. Construction of a small section resumed in December 2020. Although the United States has imposed sanctions on the 'Fortuna', reports indicate that the vessel is continuing its work on the pipeline.The German government continues to support Nord Stream 2. German and EU officials, including some opponents of the pipeline, have condemned U.S. sanctions as an infringement on national sovereignty that could have negative repercussions for broader transatlantic cooperation."
Library of Congress. Congressional Research Service
Belkin, Paul; Ratner, Michael; Welt, Cory
2021-02-08