As the world continues to seek out new energy sources, the Arctic Ocean is becoming a hot bed of activity. The US must ratify the UN Convention on the Law of the Sea in order to secure exclusivity rights to the lucrative area.
In this column energy expert Rapier provides three examples — originating with both Democrats and Republicans and impacting both renewable energy and fossil fuels — of how constantly shifting legislation makes it very difficult to plan and execute energy projects.
Where drilling used to be in established areas, like Texas, Saudi Arabia, and Russia, it is now moving offshore, leaving some to wonder whether the institutional capacities of these countries and regions are sufficient to avoid the resource curse.
When asked if the federal government should eliminate subsidies for oil companies, most would respond with a resounding 'yes.' But such a policy would have unwelcome unintended consequences, and not just for billionaire oil tycoons.