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Administration Oil Strategy

Contributes to Price Increases


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2009 2010 2011 2012


Administration cancels leases on 77 Administration proposes additional Administration proposes billions in Administration proposes billions in
parcels of land in Utah. regulatory hurdles for development on new taxes on oil and gas industry in new taxes on oil and gas industry in
federal lands. FY 2012 budget proposal. FY 2013 budget proposal.
Administration delays new offshore
leasing plan. Administration proposes billions in Administration proposes a ban on Administration rejects permit for
new taxes on oil and gas industry in horizontal drilling in the George Keystone XL pipeline.
Administration proposes billions in FY 2011 budget proposal. Washington National Forest.
new taxes on oil and gas industry in Administration begins testing water
FY 2010 budget proposal. Administration cancels the remaining Administration issues an ANPR wells in Dimock, Pennsylvania despite
Alaska lease sales in the Beaufort and regarding new regulations for gas having no new information from laboratory
Following protests by Chukchi Seas offshore and withdraws Bristol gathering lines that would substantially results to justify doing so.
environmentalists, BLM suspends sale Bay from the program. impact development of the Marcellus Shale.
of 31 drilling tracts in Utah. Administration recommends removing
Administration cancels the Virginia Administration proposes one-size- from leasing availability over 1.8
Administration revisits Utah leases, offshore lease sale, despite bipartisan fits-all new source performance million acres of oil shale and tar sands energy
continuing suspension or permanently support from Virginia’s governor and standards that may significantly hamper oil resources in Colorado, Utah and Wyoming.
withdrawing most. congressional delegation. and gas operations.
Administration announces new round Administration again proposes billions
of oil shale research and development in new taxes.
leases in Colorado, Wyoming, and Utah with
significantly reduced lease acreage and Administration issues new 2012-2017
unattainable lease terms. five-year plan that fails to open any new
offshore areas to oil and gas development.
Administration shortens lease terms
for upcoming Central Gulf of Mexico Administration releases study plan
lease sale. on potential impacts on groundwater
from hydraulic fracturing that fails to address
concerns regarding the transparency and
scientific validity of the study approach.

Administration raises the minimum bid


amount for offshore lease blocks in
water depths of 400 meters and greater from
$37.50 per acre to $100 per acre.

Administration produces a draft report


on its groundwater investigation in
Pavillion, Wyoming and receives extensive
Diesel, Gasoline and Crude Oil Prices criticism for questionable scientific
methodology.
$5.00
($/gallon) Crude oil price is average refiner acquisition cost.
Retail prices include State and Federal taxes.
Administration cancels a planned
EIA Price Forecast 2013 ($/gallon) auction of public lands in the Wayne
National Forest.
WTI Crude a $2.52; Gasoline b $3.72; Diesel c $4.11
Source: EIA, Short-Term Energy Outlook, March 6, 2012, pages 12-13.
a
West Texas Intermediate; b Average Regular Pump Price; c On-Highway Retail
$4.00

Diesel
Projected Diesel
Gasoline
Projected Gasoline
WTI Crude $3.00
Projected WTI Crude

$2.00

$1.00

2009 2010 2011 2012