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.
Dropping allowable ozone levels would choke off economic growth, according to a letter 269 business groups sent to President Obama Wednesday, in a move organized by the National Association of Manufacturers, The Hill reports.
The reported decline in U.S. crude inventories helped oil prices reverse a recent slide Wednesday. Light, sweet crude for September delivery gained 81 cents, or 1.7 percent, to settle at $48.79 a barrel on the Nymex, while in London, Brent inched up 8 cents to $53.38, The Wall Street Journal reports.
Continued problems at the clean coal project in Kemper County, Mississippi moved Southern Co. to book a $14 million charge in the second quarter, although the utility’s profit grew by more than 2 percent overall, helped by warmer weather, The Wall Street Journal reports.
To power some of its delivery fleet, UPS is buying as much as 46 million gallons of renewable diesel—made from palm oil, waste oil and animal fat, among other sources—that's coming from three different suppliers, The New York Times reports.
Stocks of ultra-low-sulfur diesel, or ULSD, rose about two million barrels last week, to reach nearly 124 million barrels—the highest since the Energy Information Administration began collecting data on it 11 years ago, Platts reports.