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.
The vision for Virginia’s energy future, to be made public by Gov. Terry McAuliffe Wednesday, will review the costs and benefits to the state from the Environmental Protection Agency’s rule to limit carbon emissions from existing power plants, E&E reports.
The Environmental Protection Agency, which hasn’t updated the list of chemicals it regulates at sewage plants in more than three decades, doesn’t target some 300 labelled as hazardous under the Resource Conservation and Recovery Act, a report from the EPA Inspector General says, according to The Hill.
Positive consumer spending data helped push oil prices higher early Tuesday, although benchmark crude is looking likely to rack up its largest quarterly drop in some two and a-half years. U.S. prices were 19 cents higher to $94.76 a barrel in electronic trading on the Nymex, while in London Brent gained 32 cents to $97.52, Reuters reports.
Energy market monitor Genscape has been tracking the tanker Polar Discovery, which could hold up to 784,000 barrels of crude, as it heads from Alaska to Yeosu, South Korea, FuelFix reports, having determined from a ConocoPhillips spokesman that the company has made a rare deal to sell a cargo of North Slope crude in Asia in the fourth quarter.
The U.S. imported 569,000 more barrels of crude in July than it did in June, according to data from the Energy Information Administration, which said the figures were still lower than in 2013 and also noted that for the first time, none of the imports came from Nigeria, Platts reports.
Oilfield services giant Schlumberger is having around 20 mid-level and senior managers leave Russia, people familiar with the matter told Bloomberg, in the wake of Western sanctions imposed over the Ukraine crisis.
The partnership between Qatar and Exxon Mobil in plans to export liquefied natural gas from the Golden Pass terminal in Texas is part of the Gulf nation’s strategy to maintain its status as a major player in the industry globally into the future, The New York Times reports.