Oil

(Chicago, Ill. - October 19, 2009) In response to a citizen petition on Indiana's air permit modification for BP's Whiting Refinery, U.S. Environmental Protection Agency today announced that it has accepted some issues while denying others. In August 2008, the Environmental Law & Policy Center, Natural Resources Defense Council, Hoosier Environmental Council, Save the Dunes and Sierra Club petitioned EPA to formally object to the state's modification of BP’s operating permit for an expansion project to refine high-sulfur Canadian crude oil.    » read more »

October 19, 2009 -- U.S. Senator Mark Begich issued the following statement today after learning The Department of Interior's Minerals Management Service (MMS) has approved, with conditions, Shell Offshore, Inc.'s Exploration Plan to explore two leases in the Beaufort Sea:

"I am pleased to hear that the MMS has approved Shell's Exploration Plan for the Beaufort Sea. Alaska has long been America's energy storehouse and this positive development demonstrates that our state's role in helping meet the nation's energy needs will continue.    » read more »

October 15, 2009 -- World production of fossil fuels-oil, coal, and natural gas-increased 2.9 percent in 2008 to reach 27.4 million tons of oil equivalent (Mtoe) per day, the highest ever recorded. In the first half of the 2008, producers strained to meet global demand, but by year's end the global recession left the market swamped by excess supply, causing oil prices to fall to from $144 per barrel in July to $34 per barrel in December.

According to the latest Vital Signs Update on fossil fuel production:

* Continuing a decade-long trend, most of the growth in fossil fuel production was in the Asia-Pacific region, where production grew 6.3 percent.    » read more »

October 15, 2009 -- Washington, D.C. - Congressman Howard L. Berman (CA-28), chairman of the House Foreign Affairs Committee, today issued the following statement regarding the Iran Refined Petroleum Sanctions Act (H.R. 2194):

“The committee will mark up the Iran Refined Petroleum Sanctions Act on Wednesday, October 28. By then it will be nearly six full months since I introduced this legislation, now cosponsored by 327 Members.    » read more »

Tracking Volatile Energy Prices

Energy prices are volatile. They change as market participants adjust their expectations to new information from physical energy markets and markets for energy-related financial derivatives. Futures and options markets are a valuable source of information regarding these changing expectations.    » read more »

October 6, 2009 -- HONOLULU – The State of Hawaii Department of Accounting and General Services (DAGS) has awarded a $33.9 million contract for the State Capital District, Energy Savings Performance Contracting (ESPC) project to Noresco, LLC (NORESCO), an energy services company.

The project includes energy efficiency improvements to 10 State office buildings within the State Capital District, including the State Capitol, that comprise over 1.3 million square feet of building space.    » read more »

Oct. 07, 09 -- Total (37.75%), Sonatrach (51%) and Cepsa (11.25%) today announce that the Algerian National Oil and Gas Development Agency (ALNAFT) has approved the development plan for the Timimoun natural gas project, located between Timimoun and Adrar in southwestern Algeria.

This project milestone is the outcome of an exploration and appraisal program begun in 2003, during which six wells were drilled.

Development work should begin in the fourth quarter of the year, with first gas scheduled for 2013. Timimoun is expected to commercially produce around 1.6 billion cubic meters of natural gas per year (160 millions cubic feet per day) at plateau.    » read more »

2010 capital budget anticipated to be approximately $11 billion

HOUSTON, Oct. 7, 2009 --- ConocoPhillips [NYSE:COP] today announced an increase in its quarterly dividend along with plans to improve its financial position and increase returns on capital through a combination of enhanced capital discipline and portfolio rationalization.    » read more »

October 1, 2009 -- WASHINGTON, D.C. – The U.S. House of Representative today approved a measure that bars companies that sell or ship gasoline to Iran from receiving funds to fill the Strategic Petroleum Reserve. U.S. Senators Jon Kyl (R-Ariz.) and Susan Collins (R-Maine), who authored the measure, applauded today’s action and noted the message sent by Congress on the day the Obama Administration begins its engagement with the Iranians in Geneva, Switzerland.    » read more »

October 2, 2009, Anchorage, Alaska – Alaska Governor Sean Parnell expressed concern with federal legislation that would consolidate parts of various energy minerals management and leasing programs into another entity.

In a letter to House Natural Resources Committee Chairman Nick J. Rahall II, Governor Parnell said the legislation goes too far and will result in less domestic oil and gas production and fewer energy-related jobs in the U.S.

“This bill would create unnecessary delays and impediments in federal leasing programs,” Governor Parnell said. “It is in the best interest of Alaska and the nation that oil and gas leasing not be adversely impacted by ill-conceived federal legislation.”    » read more »

September 25, 2009 -- An article in today's Washington Post exposed the coal and oil industry interests behind recent anti-climate-change advertisements.

In a "smoking is good for you" twist on reality, the ads actually call for higher levels of carbon dioxide, the primary heat-trapping gas driving global warming. The Competitive Enterprise Institute, an industry-funded libertarian think tank, released similar ads last year.

The ads are reminiscent of tobacco companies' attempts to hide the dangers of smoking. A decades-old Chesterfield ad informed viewers that test subjects "were not adversely affected" by smoking during a short period of observation. And Camel ad campaign from the same era claimed "more doctors smoke Camels than any other cigarette."    » read more »

Winter Fuels: How Inventories are Stacking Up

September 30, 2009 -- One of the critical factors energy analysts focus on each fall, ahead of the rise in demand for heating fuels, is the pre-winter build-up of fuel inventories. This year, inventories are unusually high for all winter fuels, including distillates (which includes heating oil), natural gas, propane, and coal used for electricity generation.

Current high inventories stem primarily from the recession. As the economic downturn deepened throughout 2008 and 2009, energy demand fell, but supply was relatively slow to respond. As a result, stocks of many fuels were pushed well above typical historical levels.    » read more »

September 30, 2009 -- WASHINGTON, D.C. – Senators John Kerry (D-Mass.), Chairman of the Foreign Relations Committee, and Barbara Boxer (D-Calif.), Chairman of the Committee on Environment and Public Works, today introduced the Kerry-Boxer legislation to create clean energy jobs, reduce pollution, and protect American security by enhancing domestic energy production and combating global climate change.

The Clean Energy Jobs and American Power Act will cut carbon pollution and stimulate the economy by creating millions of jobs in the clean energy sector.    » read more »

September 30, 2009 -- Washington, DC – From the floor of the U.S. Senate Tuesday, Senator Benjamin L. Cardin (D-MD) called for greater transparency in the oil, gas and mineral industries in an effort to fight corruption and promote stability in nations rich in such resources. Senator Cardin and Senator Dick Lugar (R-IN) (D-RI), have introduced S. 1700, the Energy Security Through Transparency Act of 2009, which would provide for public disclosure of payments to oil, gas and mineral extraction companies through mandatory filings with the Securities and Exchange Commission, along with co-sponsors Charles E. Schumer (D-NY), Roger Wicker (R-MS), Russ Feingold (D-WI), and Sheldon Whitehouse    » read more »

Clean Energy Legislation Passed by the House is a Bargain for U.S. Households, Costing Less than a Postage Stamp a Day

Sept. 16, 2009 -- Statement by Dan Lashof, Director of the Climate Center at the Natural Resources Defense Council:

“The American Clean Energy and Security Act is a win-win for our economy and our environment. Under ACES, there will be more jobs, less global warming pollution and greater security, all for less than the cost of a postage stamp a day. These are the conclusions of ‘A Clean Energy Bargain,’ an analysis released today by NRDC.”    » read more »