Fossil fuels

Settlement Agreement Requires Texaco to Fund Environmental Projects in Delaware

NEW YORK (October 4th, 2007) – On the eve of a contempt trial and after nearly 20 years of legal wrangling, Texaco today reached a settlement agreement with the Natural Resources Defense Council (NRDC) and Delaware Audubon Society for repeated violations of water pollution limits and Court Orders. The groups had taken Texaco to court five separate times over the previous two decades in order to stop the oil company from polluting the Delaware River.    » read more »

October 03, 2007 -- A Federal court today ruled that Kentucky Attorney General Greg Stumbo’s $89 million lawsuit against Marathon Oil and Speedway SuperAmerica can proceed in state court.

The Order, issued by Judge Karen Caldwell, rejected Marathon’s efforts to remove the landmark case to Federal court. The Order also upholds Attorney General Stumbo’s authority to protect consumers, saying, “Kentucky’s statutes clearly authorize him to bring this action on behalf of the state.” Order, p.11.    » read more »

Preparing for the Future

The Major League Baseball division series start today. Some teams, like the Boston Red Sox, who clinched a berth several days ago, have been preparing for some time now, while others, such as the Colorado Rockies, who needed to win a playoff game to qualify, have had little time to prepare. In oil markets, the degree of preparation is often measured by the amount of inventory of a particular product heading into its peak seasonal demand period.    » read more »

October 03, 2007 -- A Federal court today ruled that Kentucky Attorney General Greg Stumbo’s $89 million lawsuit against Marathon Oil and Speedway SuperAmerica can proceed in state court.

The Order, issued by Judge Karen Caldwell, rejected Marathon’s efforts to remove the landmark case to Federal court. The Order also upholds Attorney General Stumbo’s authority to protect consumers, saying, “Kentucky’s statutes clearly authorize him to bring this action on behalf of the state.” Order, p.11.    » read more »

October 2, 2007, Anchorage, Alaska - Alaska Governor Sarah Palin yesterday released to members of the Legislature the draft bill that would replace the current Petroleum Profits Tax with a new production tax – Alaska’s Clear and Equitable Share, or ACES. This release, 17 days before the beginning of the legislative special session, will allow additional time for the public and members of the Legislature to review the bill prior to the start of the special session. The final bill will be introduced in the state House and Senate on October 18, the first day of the special session.    » read more »

NREL reports a 50 percent increase in gasoline displaced over previous year

September 28, 2007 -- Clean Cities coalitions around the nation displaced the equivalent of 375 million gallons of gasoline in 2006, according to a recent report from the U.S. Department of Energy's (DOE) National Renewable Energy Laboratory (NREL). The amount of gasoline displaced in 2006 was 50 percent more than the 250 million gallons in 2005.

Clean Cities coalitions are on track to reach 3.2 billion gallons of gasoline displaced in 2020, exceeding their established goal by 700 million gallons.    » read more »

Retractable Roofs

Many new sports stadiums, especially those located in less than ideal climates, have retractable roofs that are opened or closed depending on weather conditions. An analogous mechanism may be at work in oil markets. Since early 2002, oil prices have shown a strong upward trend (see chart below). Although one or more factors have put a temporary ceiling on oil prices during some periods, oil prices then continued their upward trend, as if a retractable roof had opened.

WTI Crude Oil Prices Have Been Generally Rising Since 2002    » read more »

September 24, 2007, New Orleans, Louisiana – The Interstate Oil and Gas Compact Commission (IOGCC) announced today Alaska Governor Sarah Palin will serve as its 2007-2008 chairman. The announcement was made during IOGCC’s annual meeting in New Orleans.

Palin is the only chairman in the history of the IOGCC to have served as a past official representative to the organization. She also served as chairman of Alaska's Oil and Gas Conservation Commission, which regulates Alaska's most valuable non-renewable resources: oil and gas.    » read more »

09/21/2007 -- “We can break our dependency on fossil fuels, substantially lower greenhouse gas emissions, move to sustainable energy and, in the process, create millions of good paying jobs,” according to Senator Bernie Sanders. He will chair a hearing of the Senate Environment and Public Works Committee next Tuesday on how taking measures to reverse global warming can, in the process, create a new sector of the economy known as “green jobs.”    » read more »

At The Crossroads

As refiners were preparing for the summer gasoline season during spring of this year, retail gasoline and diesel prices stood at virtual parity, with only a penny separating their respective average monthly prices at the pump during April 2007.    » read more »

Vermont Attorney General issues report on petroleum markets in New England and upstate New York

September 17, 2007 - In September 2007, Vermont Attorney General William H. Sorrell, along with the Attorneys General of Maine, Massachusetts, New Hampshire, and New York, issued a report on petroleum markets in New England and upstate New York. The report, authored by Economic Research Group catelogues petroleum product distribution, industry participants and assets, and other market participants in the region.    » read more »

September 18, 2007 -- Today, Maine Attorney General Steve Rowe announced the release of a comprehensive Report on Petroleum Markets in the Northeast.

Commissioned by the attorneys general of Maine, Massachusetts, New Hampshire, Vermont, and New York to examine gasoline and heating oil markets within those states, the report provides an overview of market conditions that may affect the prices of petroleum products sold in New England and New York.    » read more »

September 17, 2007 -- New Hampshire Attorney General Kelly A. Ayotte announced today the release of a Report on Petroleum Markets in New Hampshire and other states in the northeastern United States.    » read more »

September 14, 2007 -- Washington, DC – U.S. Senator Harry Reid of Nevada released a report highlighting several states where planned coal power plants have been cancelled. Among those states are Colorado, Florida, Kansas, North Carolina, Texas and Washington. Reid is reiterating his commitment to make Nevada a leader in renewable energy while opposing three proposed coal power plants.    » read more »

Increasing Biofuel Production Key To Governor’s Energy Independence Strategy

Sept. 12, 2007 -- PHILADELPHIA – Pennsylvania Governor Edward G. Rendell and former director of the CIA James Woolsey today called America’s growing dependence on foreign oil one of the greatest threats to the nation’s security and economy.    » read more »