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API Blogger Conference Call: Energy Current Events - 9.26.08

API Blogger Conference Call: Energy Current Events - 9.26.08

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Published by Energy Tomorrow
On Sept. 26, 2008, API hosted bloggers on a conference call to discuss current events, issues and legislation relating to energy. Topics discussed included the impact of recent hurricanes on supply, as well as access to U.S. offshore resources.
On Sept. 26, 2008, API hosted bloggers on a conference call to discuss current events, issues and legislation relating to energy. Topics discussed included the impact of recent hurricanes on supply, as well as access to U.S. offshore resources.

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Published by: Energy Tomorrow on Jun 26, 2009
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11/09/2012

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 API
BLOGGER CONFERENCE CALLon ENERGY CURRENT EVENTSMODERATOR:
Jane Van Ryan, API
SPEAKERS:
Red Cavaney, President and CEO, APIPrentiss Searles, Marketing Issues Manager, APISara Banaszak, Senior Economist, APITim Sampson, Senior Advisor, APIRichard Ranger, Manager, Upstream, API
 FRIDAY, SEPTEMBER 26, 2008
Transcript byFederal News ServiceWashington, D.C.
 
2
 Bloggers on the call included Bob McCarty from Bob McCarty Writes, Carter Wood from ShopFloor.org, Cindy Kilkenny from Fa
irly Conservative, Devil’s Advocate
 from Copious Dissent, Doug Lambert from Granite Grok, Gail Tverberg from The Oil
 Drum, Geoff Styles from Energy Outlook, Greg Balch from Goat’s Barnyard, Jim Hoeft 
 from Bearing Drift, Joules Burn from The Oil Drum, Joy McCann from Little Miss Attila,Peter Carlock from OPNTalk, Michael Swartz from Monoblogue, Mick Orton fromFedUp Network, Pejman Yousefzadeh from RedState and A Chequer-Board of Nights and  Days.
 00:00:13 RED CAVANEY: Good afternoon, morning, or wherever you may be.
We’re delighted that you were able to join us today. We thought this was a particularly
appropriate time to have a call. A couple of things are coming together. First of all,
while they’re not yet out of town, there is hope that once we g
et the emergency bailoutpackage together and passed
 – 
 
they’ve got a number of things lined up like the Senator 
s
 bill, the continued resolution, possibly a second stimulus package and some other catsand dogs. But everybody has great enthusiasm for getting out of town this weekend. So
I’m hopeful that will be the case.
 And the continuing resolution
 – 
at least the one that passed the House
 – 
 
doesn’texpire until March 6, so it’s not likely that there would be an extended period of time thatthey’d come
back during a lame-
duck. So that’s kind of what we’re hopeful. So that’s
sort of at least got a pretty good idea of where we are congressionally.
And then also, we’ve moved a bit further along and have a little better read – 
 although certainly not by any manner complete
 – 
about the hurricane experience down in
the Gulf area. So we thought we’d go ahead and open and if there’s any conversation or 
questions related to these two; but then also, as Jane had said, anything is fair game.
We’ve got a bunch of 
people here who are experts in respective areas and if 
we’ve gotquestions that we can’t fully answer 
, w
e’ll be sure and follow up with information you
need to do your job on your end.
So thank you again for joining us. And Jane, we’re ready to go w
hen you are.
00:1:49 JANE VAN RYAN: Sounds good. One other thing I’ll mention to you:
In addition to telling us who you are when you ask the question, which is helpful to us, if you also have questions that you want to send to me by e-mail, feel free to do that. I havemy Blackberry with me.
Okay, who’d like to go first?
 00:02:05 DOUG LAMBERT: Jane? Hello?00:02:08 MS. VAN RYAN: Yes, go ahead.
 
300:02:11 MR. LAMBERT: Yes, this is Doug from Granitegrok.com. Reading inthe news that Congress is allowing the moratorium on offshore drilling to expire, is this
the good news that we’ve all been waiting for, or is there more behind this news that
really should damper any enthusiasm over it?00:02:35 MR. CAVANEY: Well, it is of a sort good news. But I think weshould temper any enthusiasm with a sort of realistic look about what lies ahead.Already, there have been a number in Congress who are out telling their supporters thatthe moratorium will be reinserted when the new Congress and the new president gets in
 place and that this is just a, quote, unquote, “temporary circumstance.” Now, from our 
standpoint, we have to treat it the same way as well.As you all know, in our industry, with such long time horizons and such heavyupfront capital expenditures before anything does happen, shall we say, you know, a
temporary period like this really isn’t sufficient, either for the federal government or 
anybody else to lay the groundwork to get us to a point where people could actually bidon a lease
or do something concrete. So we’re hopeful that people will begin progress.We’re going to spend time, much as we had earlier, on trying to help educate people and help them better understand what’s at stake when they talk about a
moratorium. The one thing that is pretty clear is that while the OCS moratoria is a wordfamiliar with everyone, there are a lot of different interpretations as to what that means.And let me just make a brief statement and we can do follow-ups, answers to anyquestions you might have.The moratoria, if you look at the public and sort of in our view, is really all about
once it’s lifted, actually getting oil and gas from offshore and getting it to the
marketplace. But one of the things that there is some concern about on our part is if youlook at the undiscovered, technically recoverable reserves estimates of several decadesago by the government, most of those reserves are in fairly close, inside the 50-mile limit,and not out beyond 100 miles or where some of the moratoria
talk is now. So that’s part
of the education, part of the effort that we think is important for people to understand.
And there’s a whole lot of other backup things we could go into later, if it’s of 
interest.
So we’re pleased that there was
an acknowledgment by both parties that thepublic has really sort of reversed track, if you will, over the course of this past year andhas heavy support for drilling. But the mechanics of making sure you have it issufficiently to actually get the private sector and the public sector to do what they need todo to be able to get the first bids out and then actually begin the exploration phase is stilla bit away and still a few more steps by government.00: 05:22 MS. VAN RYAN: Quick question: May I ask who joined us just amoment ago?00:05:27 MICHAEL SWARTZ: Oh,
it was me, it’s Michael Swartz
.

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