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 planned debate between Republican presidential candidates on energy and environment issues in New Hampshire this week was cancelled after only two agreed to come, and a similar forum for Democrats has been postponed, The Huffington Post reports.
A top Wells Fargo executive on Thursday told a panel in Houston that his bank has lowered its borrowing base for oil companies by an average of about 15 percent because of the drop in crude prices, FuelFix reports. Analysts say the change could mean $15 billion less in capital available to producers.
Oil prices are on track for their biggest weekly gain in six years, rallying again early Friday on expectations that the Federal Reserve will delay raising interest rates. U.S. benchmark crude rose 77 cents to $50.20 a barrel in electronic trading on the Nymex, while in London Brent gained 60 cents to $53.65, Reuters reports.
Under a settlement with the Environmental Protection Agency, Estes Express Lines will pay a $100,000 fine and spend $290,000 on pollution control equipment for operating its trucks in California without filters required under the state’s stringent regulations, the Los Angeles Times reports.
A revised forecast from the National Weather Service says the El Nino weather pattern in place might help alleviate California’s drought this winter by bringing substantial precipitation, The Sacramento Bee reports.
The fall in oil and gas prices may have deferred the decision by Petronas to move ahead on an LNG export project in British Columbia, but the Malaysian company isn’t giving up on the idea, Reuters reports.
Managers at Mark Group Ltd. – bought by SunEdison in July – have purchased the business back but put it into the British equivalent of Chapter 11 bankruptcy protection, laying off more than 900 employees as they closed down company operations, The Wall Street Journal reports.
Funding cuts mean the 14 teams competing in the 2015 Solar Decathlon – launched by Energy Secretary Ernest Moniz in California Thursday – represent the smallest field since the Department of Energy started the event in 2002, National Geographic reports.