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 big House energy bill has attracted amendments including several to expand crude exports, one to repeal the Renewable Fuel Standard, and one—filed by Energy Committee ranking member Rep. Frank Pallone, D-N.J.—to delay implementation of the bill until its impact on climate change is determined, E&E reports.
The American Coalition for Clean Coal Electricity estimates it will cost up to $292 billion for the energy sector to comply with the Environmental Protection Agency’s Clean Power Plan, and while EPA and green groups say that’s a big overestimate, utilities and grid operators have yet to weigh in, E&E reports.
Word that the decline in September U.S. crude production was smaller than the Energy Information Administration had predicted weighed on prices Monday. Light, sweet crude—which lost 11 percent this month—lost 6 cents on the January contract, settling at $41.65 a barrel on the Nymex, while in London, Brent was down 25 cents to $44.61, The Wall Street Journal reports.
Doug Lawler, who took over as CEO at troubled Chesapeake Energy Corp. two years ago, has dodged most public criticism even though the company continues to face problems after the significant spending cuts he has put in place, The Wall Street Journal reports.
The Environmental Protection Agency has told a federal appeals court that it has reversed its approval for Dow Chemical’s Enlist Duo while it reviews information from the company that the pesticide may be more toxic to plants than previously thought, The Hill reports.