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.
A 30-second television ad highlighting the importance of energy development in Alaska is running in markets throughout the state ahead of President Obama’s visit set for Monday, paid for by the Arctic Slope Regional Corp., which hold North Slope drilling rights and represents around 12,000 native Alaskans, FuelFix reports.
Delivering the keynote address at an energy expo in Tulsa Wednesday, Gov. Mary Fallin, R-Okla., called for a strong national energy policy that includes construction of the Keystone XL pipeline and the lifting of the U.S. ban on crude exports, the Tulsa World reports.
Seven groups – including the Natural Resources Defense Council and the Environmental Integrity Project -- gave notice Wednesday that they intend to sue the Environmental Protection Agency for failing to update the regulations that govern the handling of drilling waste, E&E reports.
The U.S. Chamber of Commerce and the National Association of Manufacturers have been turning up the volume in their attacks on the Environmental Protection Agency’s potential moves to lower ozone limits in the atmosphere, National Journal reports.
Smaller drilling companies around the world are putting exploration plans on hold as they take steps to cut costs in the face of falling oil prices, which could mean a big drop in future discoveries of deposits, The Wall Street Journal reports.
The Energy Information Administration says U.S. ethanol production has dropped to May levels at 952,000 barrels a day, although stockpiles increased for a second straight week to 18.628 million barrels, Platts reports.
Gains in global stock markets alongside a pipeline shutdown in Nigeria sent oil prices soaring Thursday. U.S. benchmark crude jumped $2.93 a barrel to $41.55 on the Nymex, while in London Brent rose $3 a barrel to $46.32, The Financial Times reports.
If the Bureau of Land Management imposed new rules that cut down on natural gas venting and flaring on federal lands, taxpayers could get millions more in royalty payments, according to ads being run by the Western Values Project and Taxpayers for Common Sense, The Hill reports.
NASA is warning that ocean levels may rise three feet or more by the end of the century, with scientists attributing the change to melting glaciers, melting ice sheets and ocean expansion due to climate change, the Los Angeles Times reports.