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.
Higher gasoline sales may translate into a higher Renewable Fuel Standard, Environmental Protection Agency Administrator Gina McCarthy told an investors’ conference in New York, although she didn’t provide any specific figures, Bloomberg reports.
Worry that weak manufacturing data from China and Europe might slow global demand weighed on oil prices Tuesday, as did a strong dollar. WTI for October delivery plunged $3.08, or 3.2 percent, to settle at $92.88 a barrel on the New York Mercantile Exchange, while in London Brent crude slumped $2.45 to hit a 16-month low of $100.34 a barrel, Bloomberg reports.
Republicans from the House Oversight and Government Reform Committee as well as the Senate Environment and Public Works Committee -- who are investigating the influence the Natural Resources Defense Council has on Environmental Protection Agency policy decisions in the wake of a New York Times story on the issue -- have written to the regulators and the environmental advocacy group demanding that they turn over documents, The Hill reports.
The first half of 2014 saw the country’s electricity prices -– averaging 12.3 cents per kilowatt hour -- increasing faster than they have for the last five years, according to statistics from the Energy Information Administration, The Hill reports.
Texas has enough generating capacity to handle autumn demand including potential emergencies, the Electric Reliability Council of Texas said Tuesday, adding that preliminary projections figure the same for winter as well, barring a period of unusually high demand that also coincides with fuel shortages, Platts reports.
George P. Bush, a candidate for Texas Land Commissioner, told the Texas Tribune in an interview that he believes climate change poses a serious threat for the state, particularly from Gulf coast flooding, adding that he supports more reliance on natural gas and renewable energy for electricity.
Project on Government Oversight investigator Michael Smallberg says Department of Energy waivers allowing national lab consultants to serve on DOE’s Commission to Review the Effectiveness of the National Energy Laboratories run counter to the panel's mandate from Congress, according to E&E, which provides details of the waivers revealed through a Freedom of Information Act request.
Pam Haze, who retired Friday after decades of government service, was the top career budget official at the Interior Department for the past six years, winning plaudits from both sides of the aisle on Capitol Hill, E&E reports.
The Environmental Protection Agency and the Texas Commission on Environmental Quality have both approved permits for the Formosa Plastics Corp. to start work on expanding its Port Comfort petrochemical facility to include a unit to convert propane to propylene, as well as an ethane cracker, a company spokesman told FuelFix.