Energy Currents
Energy Savings Tip – Avoid the Big Freeze
After record spring temperatures in the contiguous U.S., above-average temperatures are still predicted this summer. Air conditioners, a major energy consumer, will be utilized more than ever to maintain the comfort level of a home or office. However, many office buildings are so cold inside during the summer that you need a sweater. Talk about a waste!
Avoid that scenario at home by setting your thermostat to 73 degrees when you are home and 75 degrees when you are away. The Department of Energy reports that a 1 degree change in temperature setting for a year will reduce energy consumption by 5%. However, when you are not home the temperature setting should not be greater than a 2 degrees difference or it will take more energy to recover to the occupied temperature when you get home.
A programmable thermostat, if you do not already have one, is a really good investment. Keeping cool without breaking the bank is possible.
Energy Price Projection – Energy Market Still Wary Despite Mild Hurricane Forecast
The official hurricane season has kicked off amid low expectations it will disrupt oil and gas markets.
Scientists predict fewer storms than average and that, combined with less of a reliance on the Gulf for U.S. energy supplies as well as greater refining capacity in the region, has many pointing to an uneventful storm season. But some warn it will only take one major hurricane to sour this optimism.
“If we have a major hurricane hitting the right spot in the Gulf, it could lead to a spike in oil and gasoline prices,” said Chris Lafakis, an economist at Moody’s Analytics.
More oil-and-gas supplies unlocked by onshore shale drilling have slightly reduced the importance of the Gulf’s offshore production in recent years. Gulf of Mexico offshore production accounts for 29% of oil and 12% of gas production in the U.S., down from about 30% for oil and 17% for gas in 2005, according to the U.S. Energy Information Administration.
The Gulf Coast remains the heart of the refining industry, with more than 40% of total U.S. petroleum refining capacity. The region also contains nearly 30% of total U.S. natural-gas processing-plant capacity.
The members of the Chamber Energy Purchasing Cooperative with contracts ending in 2012 and 2013 are being contracted to extend the contracts to 2016 at rates equal to or lower than the current contract. Call the Chamber for additional details while market rates are still low.
Energy Currents is prepared by CQI Associates, Energy and Environmental Management Consultants to the Chamber. For additional customer support or information, contract Melissa Anderson, Managing Principal at 410-740-0667 or by email at melissa@cqiassociates.com.