Much has been written about the causes of the recent downturn in world oil prices. So it shouldn’t be much of a surprise to hear that many places which derive a significant share of their economic activity from oil production have begun to feel the effects of this downturn.
As less money is taken from the sale of each barrel of oil produced, both major and local economies alike – from Alberta, to Texas, the Middle East, and Kern County – have seen a rapid decline in their tax base and overall economic output. In some cases, the drop in oil money has been so rapid and significant that some jurisdictions have declared fiscal emergencies.
Whether from layoffs at oil and gas operators, or government program cuts due to reduced tax collection, the downturn associated with reduced oil and gas profits shows just how fragile, and damaging, the fossil fuel-based economy can be. Just as families are hit in the pocketbook when prices at the pump shoot up, so too are many family livelihoods hurt when prices plummet. With this lose-lose proposition, we need to know now: are other options available?
Thankfully, there is another way. A new report released today from the fuels and energy consulting firm Promotum, (commissioned by Environmental Defense Fund, Natural Resources Defense Council, and Union of Concerned Scientists) shows that an abundance of locally-based, alternative fuels is on the horizon. According to Promotum, the state is on track to achieve significant fuel diversification by 2020 and cut carbon emissions associated with fuel production and use. This positive forecast also means we can expect prolonged domestic economic growth from emergent alternative fuel companies up and down the state. Read More
After months of anticipation, the Obama Administration this month released its new methane emissions strategy – a plan that opens up new opportunities for industry writ large, and especially for operators that want to cut waste and get ahead.
