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.
Oil gained early Monday after comments from OPEC Secretary General Abdullah al-Badri that prices could climb to $200 a barrel, but resumed its slide after he said there was an excess supply to the tune of 1.5 million barrels per day. West Texas Intermediate crude for March delivery dropped 44 cents to settle at $45.15 a barrel on the Nymex, while in London Brent lost 1.3 percent, falling 63 cents to $48.16, Bloomberg reports.
In a move that marks another hefty restructuring of master limited partnerships, Energy Transfer Partners says it’s acquiring Regency Energy Partners, a sister firm operating under parent Energy Transfer Equity LP, for more than $11 billion, FuelFix reports.
The Oklahoma Supreme Court will decide how lawsuits related to earthquakes should be handled, agreeing to take on an appeal from Sandra Lada, who says she was injured in 2011 in a quake she blames on two oil companies operating disposal wells, the Tulsa World reports.
Following a move by two utilities to drop their contracts to buy power from Cape Wind, grid operator ISO New England last week suspended the project’s participation in New England’s wholesale electricity markets, and the company has stopped paying to lease land in Rhode Island that would have been a staging area to build the $2.5 billion offshore wind farm, The Boston Globe reports.
The Environmental Protection Agency’s list of 5,500 entrants in the National Building Competition last year -– battling each other to see who can save the most energy –- is a far cry from the 14 who took part when EPA started the contest in 2010, E&E reports.