The four highest U.S. unemployment rate spikes from 1950-2010 were immediately preceded by the four highest spikes in oil prices? The graph below suggests that long-term energy policy should be supply focused. More steady supply from the U.S. means lower prices and less volatility. To consumers, today’s near historical low oil prices are a stark example of the what happens when the U.S. increases its standing in world oil production. Click the graph to take a closer look.
The U.S. economy got some much needed relief last week when the U.S. Supreme Court paused implementation of an EPA rule until legal arguments are finally settled in the courts. The EPA’s so-called Clean Power Plan is a blatant attempt by the EPA to overreach its Clean Air Act authority. If implemented, the rule will negatively impact both electric power cost and reliability to U.S. ratepayers. The Mississippi Energy Institute has closely followed the path to implementation since its 2014 proposal. The Court’s stay means the rule may remain in legal limbo until 2017. The stay is not a guarantee of a future strike down of the rule, but it may indicate a majority of the Court is siding with challengers of the EPA’s overreaching authority. While uncertainty remains until a final decision is made, a pause in implementation is a temporary victory.
The Mississippi Energy Institute along with the Mississippi Manufacturers Association briefed Energy, Environment, and Public Utilities committee members from both the House and the Senate on the EPA’s so-called Clean Power Plan. MDEQ’s Gary Rikard broke down the basics of the plan and explained why the rule will present major challenges for MS. While the U.S. Supreme Court granted a stay on the EPA rule just prior to the meeting, a discussion was still necessary to forewarn legislators that the federal government will once again attempt to back door cap and trade with the rule when it is discussed again after current legal matters are settled.
Over 400 attended Energy Brief 2016 in Jackson on January 19th. Alex Epstein, author of New York Times bestseller “Moral Case for Fossil Fuels,” Paula Jackson, President and CEO of the American Association of Blacks in Energy, and Former Governor Haley Barbour comprised the lineup of energy and industry experts alongside appearances by Lieutenant Governor Tate Reeves and Speaker of the House Philip Gunn.
Notable Quotables from Energy Brief 2016
Sen. Briggs Hopson, III, R-Vicksburg, succeeds new President Pro Tem Terry Burton as Energy Committee Chairman while Sen. Michael Watson, R-Pascagoula takes over as Chairman of Environmental Protection, Conservation and Water Resources. Read more at the Clarion Ledger.
The National Strategic Planning & Analysis Research Center (NSPARC), a research unit at Mississippi State University, released the results of their CO2 -EOR report stating that the process yields economic growth and could lead to greater U.S. energy security. See the report here.