January 2015

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On Wednesday, January 28, as required by the Outer Continental Shelf Lands Act, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Ross Hopper announced the next step in the development of our nation’s Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. The Draft Proposed Program (DPP) includes 14 potential lease sales in eight planning areas – 10 sales in the Gulf of Mexico, three off the coast of Alaska, and one in a portion of the Mid- and South Atlantic, which includes areas off the coast of Virginia, North Carolina, South Carolina and Georgia. (more…)

Oil prices surged following Saudi Arabia’s Royal Court announcement of the death of King Abdullah on Friday. Brent crude climbed as much as 2.6 percent, while West Texas Intermediate jumped 3.1 percent, following the announcement. It is yet to be seen whether Saudi Arabia, OPEC’s largest oil producer, will change its policies with respect to its oil output, but many analysts do not expect Saudi’s oil policies to change with the crowning of King Abdullah’s half-brother, Crown Prince Salman. In fact, Bloomberg reports that King Salman announced he will maintain the policies of his predecessor and that Saudi Oil Minister Ali Al-Naimi will remain in his post. (more…)