Jan. 24 (Bloomberg) -- Adam E. Sieminski, the chief energy economist at Deutsche Bank AG and an oil market analyst for almost 40 years, was nominated by President Barack Obama to head the U.S. Energy Information Administration.
Sieminski will join the EIA after 14 years at Deutsche Bank, according to a White House statement late yesterday. He will replace Howard Gruenspecht, currently acting administrator at the agency, an arm of the U.S. Energy Department that supplies data on consumption and production in the world’s biggest oil user. Sieminski didn't return a call seeking comment.
Before 2005, Sieminski was director and energy strategist for Deutsche Bank’s global oil and gas equity team. He worked as senior oil analyst for National Westminster Bank Plc from 1995 to 1998, and prior to that he was an analyst at Washington Analysis Corp. from 1973.
“His long experience in oil markets and his networks within the public and private sector will be a strong plus for the EIA,” said Harry Tchilinguirian, head of commodity-market strategy at BNP Paribas SA in London, who first met Sieminski when Tchilinguirian was working at the Paris-based International Energy Agency from 2000 to 2006.
The Senate Energy and Natural Resources Committee will consider the nomination before it moves to the full Senate for a vote. The House of Representatives doesn’t have to approve the nomination.
“We don’t foresee any major problems with Mr. Sieminski,” Megan Hermann, Republican press secretary to the Senate Energy and Natural Resources Committee, said in an e-mail.
The EIA has been forced to reduce the energy data it tracks and analyzes after its budget was cut by 14 percent last year to $95.4 million. Some of the information it didn’t produce last year included annual oil and natural gas reserve estimates and an inventory of domestic greenhouse gas emissions, according to an April statement.
“Their budget has been cut back and they’ve cut some of their data services,” said Robin Mills, an analyst at Manaar Energy Consulting in Dubai. “That means they’ll need to be more focused in the kind of things they look at and on what they’re working.”
Sieminski was the fourth-most accurate forecaster for natural gas traded on the New York Mercantile Exchange among analysts ranked by Bloomberg in the past eight quarters. He was appointed in 2006 to the National Petroleum Council, an advisory committee to the U.S. energy secretary. He holds a bachelor’s degree from Cornell University.
“He’s a great central Pennsylvania guy,” John Felmy, the chief economist at the American Petroleum Institute, the largest energy trade group in the U.S., said in a conference call with reporters today. “Adam will do a very good job, he’s been a solid analyst.”