David Wood, the CEO and president of Murphy Oil Corp, unexpectedly resigned on Wednesday. The oil and gas company's former general counsel has assumed the position of CEO, The Wall Street Journal reports.
WASHINGTON (AP) — President Barack Obama will order Thursday changing or eliminating a handful of regulations — from uniform street sign requirements to outdated hospital reporting rules — that his administration says could have cost the economy $6 billion over five years, part of a regulatory overhaul that will require agencies to periodically scrub their rule books in search of unnecessary mandates.
Gas stations are among the beneficiaries of the changes, as the EPA will repeal a requirement that gas stations in some states install vapor controls at the pumps.
Obama will sign the election-year executive order later Thursday that will force federal agencies to scrutinize old rules to determine which ones are justified and to issue regular reports on their progress.
With gas prices escalating and consumption of gas at the pump at an 11-year low, the nation's 110,000 independent gas station owners are feeling the pain, and say it's increasingly difficult to make a profit, especially with credit-card processing fees, The Wall Street Journal reports.
Another federal agency has spoken out against the Environmental Protection Agency’s proposed Waters of the U.S. rule, or WOTUS –- the Small Business Administration wrote a letter to EPA Administrator Gina McCarthy and a top official with the U.S. Army Corps of Engineers saying it’s worried about the economic impact of the regulation, The Hill reports.
Saudi Arabia’s move to cut its official crude price has sent oil prices tumbling early Thursday. U.S. benchmark crude sank $2.00 to $88.73 a barrel in electronic trading on the Nymex, while in London Brent crude plunged $2.15 to $92.01, Reuters reports.
A bearish outlook is taking hold of natural gas prices ahead of an expected announcement of a storage build from the Energy Information Administration combined with a mild October weather forecast, as Wednesday’s settlement for November delivery declined 9.8 cents to $4.023 per million British thermal units on the Nymex, Platts reports.
Goldman Sachs has cut its growth projections for future LNG demand and warns that investors should be wary about the costs of major projects and “realistic about expectations for further contracts,” Bloomberg reports.
State Sen. Kevin de Leon said he wasn’t sure whether to reintroduce legislation to reform the California Department of Toxic Substances Control in the wake of Gov. Jerry Brown’s veto of his bill, the Los Angeles Times reports.
The U.S. hasn’t achieved complete energy independence despite the impact of the shale boom, according to speakers at a panel discussion in Houston Tuesday evening, who disagreed on how that might be accomplished or if it’s even desirable, The Houston Chronicle reports.
Moves by the Maine Public Utilities Commission to boost the energy efficiency programs aimed at large customers are aimed at saving more than 44,000 megawatt-hours of electricity annually, Platts reports.
The American Legislative Exchange Council was caught by surprise when Google chief Eric Schmidt said in a radio show that the company was pulling out of ALEC because the organization was “lying” about climate change, new CEO Lisa Nelson told National Journal in an interview, adding that she’s had calls from companies seeking to join despite a recent wave of departure announcements.
Problems encountered by West Texas Guar Inc., which operated a processing facility to extract a thickening agent from the legume guar, has cost investors and farmers millions of dollars, The Wall Street Journal reports.
Sierra Oil & Gas, a private company created in the wake of Mexico’s energy reform, has a team with a combined 350 years’ experience and $525 million in financial backing from private equity investors, chief executive Ivan Sandrea told The Wall Street Journal.