As Republican talk on the campaign trail intensifies about cutting billions of dollars in drilling tax breaks, the industry's main trade group on Thursday made clear that Big Oil is not yet ready to embrace the loss of deductions in return for lower corporate rates.
"We understand that during the dynamic of a tax reform scenario, the industry will be impacted, just given the size and scope of our industry," said Brian Johnson, senior tax adviser at the American Petroleum Institute, during a media briefing.
With new momentum in his race for the White House, Mitt Romney is moving to highlight his opposition to President Barack Obama's green energy and oil drilling policies, with some fresh help from his allies in Congress.
Polling has not shown voters to rank energy issues among their top concerns, despite high gasoline prices.
Riding off his debate performance last week, Mitt Romney took questions with Gov. Chris Christie about energy policy and other issues at a town hall meeting in order to gain ground in Ohio, The Hill reports.
SWANTON, Ohio (AP) — Mitt Romney's administration on Day One would approve a pipeline that would run from Canada to U.S. refineries in Texas, creating thousands of jobs and pushing America on its way to energy independence, Republican vice presidential candidate Paul Ryan said Monday.
Representatives of the biofuels industry have been pressing the White House not just to raise proposed 2014 renewable fuel standards, but also speed up approval of new fuels known as pathways, Reuters reports.
Ethanol stocks stood at 18.587 million barrels the week ending July 25, up 647,000 barrels to a 16-month high despite production slipping, according to the Energy Information Administration, Platts reports.
Gasoline inventories have grown, according to data from the Energy Information Administration, which sent oil prices slipping. Benchmark crude for September delivery dropped 70 cents Wednesday to close at $100.27 a barrel on the Nymex, while in London Brent crude dropped $1.21 to $106.51, Bloomberg reports.
The Bureau of Ocean Energy Management has given oil companies, environmentalists and others more time to comment on the plan for selling offshore oil and gas leases, adding on an additional 15 days, FuelFix reports.
Hess Corp., which reported a drop in second quarter earnings, also said it could spin off some midstream assets, mostly in North Dakota’s Bakken shale, into a separate company, The Wall Street Journal reports.
A new protective coating for the anode on a lithium battery – a nanosphere wall made from carbon – could possibly boost the range of an electric car to 300 miles, a development Stanford University researchers published in the journal Nature Nanotechnology, E&E reports.
At a Tuesday hearing in a Texas court, where the Kurdistan Regional Government sent a letter challenging Baghdad’s claim to a million barrels of crude aboard the tanker United Kalavyrta, Federal Magistrate Judge Nancy Johnson said the matter was better handled outside the U.S., but the oil could be unloaded and held in escrow or sold and the money held by the court until the dispute is settled, The Wall Street Journal reports.
The Environmental Protection Agency is doing well with moves to limit greenhouse gas emissions, cut water use and boost renewable energy but could do better with data quality and record keeping, a report from the EPA’s Inspector General says, according to The Hill.
There’s no mention of the environment in the ad Tom Steyer’s NextGen Climate released on Wednesday targeting Republican Senate candidate Joni Ernst in Iowa, which focuses on jobs, National Journal reports.