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D A T E L I NE NEFI, OTHERS, ISSUE FEATURED NEWS “PRINCIPLES ON ENVIRONMENTAL PERFORMANCE OF OIL HEAT” Saying that they recognize “the compel- ling need to reduce greenhouse gas (GHG) emissions while ensuring that heating needs are met cost-effectively and reliably,” the New England Fuel Institute (NEFI) and other oil heat and trade groups issued a statement called “Principles for Improving the Environmental Performance of the Oil Heat Sector.” Here is the rest of the statement: Residential use of energy accounts for approximately 1/5 of the energy consumed in America and thus is a significant part of this nation’s energy consumption. Increasing our investments in energy efficiency and lowering the carbon intensity (average car- bon emissions per unit of energy) of our fuels are two critical ways to address GHG emis- sions in our built environment. The heating oil industry and environ- mental stakeholders believe that while energy efficiency in homes has increased significantly over time, there are still many available technologies that have not been widely adopted, and there are still opportu- nities for new technological advances that will improve energy efficiency. Additionally, new sources of energy including solar, wind and low carbon biofuels provide an oppor- tunity to lower the emissions of each energy unit delivered. Thus, the home residential sector provides a unique opportunity to reduce greenhouse gas emissions, reduce costs to consumers, improve the nation’s energy security, and improve the comfort of American households. To this end, the groups have agreed to the following principles: The heating oil industry and leading environmental stakeholders support efforts to ensure that the carbon intensity of the heating fuel provided to consumers is reduced. There is concern that higher carbon intensity fuels will be entering the market. The industry and environ- mental stakeholders will encourage the use of low carbon intensity feedstocks and technologies to reduce the carbon intensity of existing fuels and support 1. Environmental performance of oil heat Execs: U.S. oil over $121 NPRA: Energy tax proposals bad for U.S. Coalition opposes derivatives reform delay Gray, Gray & Gray survey NAOHSM educational opportunities Grundfos wins Transatlantic Business Award Taco’s new YouTube videos 2. 3. efforts to ensure the carbon intensity of heating fuel is reduced. The industry and environmental stake- holders support the use of high efficiency appliances, home improvements, and other measures that can avoid the com- bustion of any fuel. The industry and environmental stakeholders support the use of low sulfur heating oil as a means to improve the operating efficiency of existing appliances, to cut pollution, to empower the use of new technologies, and to promote cleaner-burning alternatives. The industry and environmental stake- holders support blending sustainable, renewable low-carbon biofuels into heat- ing oil; the addition of these blendstocks will help reduce the carbon intensity of the fuel. A combination of these measures should enable the industry to continu- ously reduce the greenhouse gas emissions from home heating oil in a cost effective and environmentally sensitive manner. The heating oil industry and the environ- mental groups will use these principles to guide their research and education to the public, government and industry. Working together, we endeavor to deliver solutions that help protect our environ- ment while strengthening our economy. Besides NEFI, groups that signed the statement include the National Association of Oil Heating Service Managers, National Oilheat Research Alliance, Oilheat Manufacturers Association, the Petroleum Marketers Association of America, and the Union of Concerned Scientists. MAJORITY OF ENERGY EXECS SEE U.S. OIL OVER $121 PER BARREL THIS YEAR Energy executives expect continued vola- tility in the price-per-barrel of oil for the remainder of the year, with most (64 per- cent) predicting crude prices to exceed $121 per barrel. The executives also foresee shale oil and gas having a transformative effect on helping to meet the world’s energy needs, according to the results of the 9th Annual Energy Survey conducted by the KPMG Global Energy Institute. In this year’s KPMG energy survey, which polled 550 financial executives from global energy companies in April 2011, 32 percent think 2011 U.S. crude oil prices will peak between $121 and $130 per barrel. One-third of executives see even higher prices, with 17 percent of those predicting between $131 and $140 per bar- rel; nine percent between $141 and $150; and six percent expecting crude prices to exceed $151 per barrel before year end. Only 35 percent think current crude prices are near the high they expect for oil this year, predicting the peak will be between $111 and $120 per barrel. “While we have seen some very recent declines due to selloffs, these variations reflect persistent instability, and our survey findings confirm that we may have not seen peak levels on crude. Energy leaders tell us continued volatility will be driven by underlying issues such as regulation, geo- political concerns and supply disruptions, as well as escalating energy demand,” said John Kunasek, national leader of the KPMG U.S. energy practice and executive direc- tor for the KPMG Global Energy Institute. “But the good news is that energy execu- tives tell us they are significantly increasing investment in a range of alternative energy sources and see shale factoring strongly into meeting the world’s future energy needs.” In fact, 35 percent of the executives sur- veyed said their company would increase www.fueloilnews.com | FUEL OIL NEWS | JUNE 2011 3