Oil

FERC Administrative Law Judge Orders Reduced Tariff Rates for Shipping Oil on the TAPS

May 17, 2007, Juneau, Alaska - North Slope producers may have to pay substantially higher oil royalties and taxes to the State for the years 2005 going forward due to an order issued today by Administrative Law Judge Carmen Cintron with the Federal Energy Regulatory Commission (FERC). Judge Cintron's order substantially reduces tariff rates charged for shipping oil on the Trans Alaska Pipeline System (TAPS).    » read more »

May 15, 2007 -- The Pipeline and Hazardous Materials Safety Administration (PHMSA) and the State of Alaska today announced an agreement to provide stronger oversight over oil and natural gas production and transportation facilities located within the State’s borders.    » read more »

15 May 2007 -- Energy security was the issue on the table Monday at a public forum at Rice University's James Baker Institute in Houston. Experts on a panel agreed that diversifying energy sources is a key way of reducing dependence on foreign oil, but they questioned the will of politicians to take the necessary steps.

The topic of energy security includes everything from threats against oil shipments through the Straits of Hormuz to global warming and the need to find alternative fuels that will lessen dependence on fossil fuels.    » read more »

May 15, 2007, Juneau, Alaska - The State of Alaska and the Pipeline and Hazardous Materials Safety Administration (PHMSA) today announced an agreement to provide enhanced and coordinated oversight of oil and natural gas production and transportation facilities located within Alaska.    » read more »

15 May 2007 -- Revenues from large deposits of oil and gas discovered in Cambodia's territorial waters are expected to start flowing by the year 2010. The government says the funds will be used to pay for much-needed infrastructure projects and to cut borrowing. But as Rory Byrne reports from Phnom Penh, some critics are warning that oil money could fuel corruption and undermine economic development rather than benefit the country.    » read more »

May 9, 2007 -- (Washington, DC) - Today, House Judiciary Committee Chairman John Conyers, Jr. (D-MI) announced that the committee's Antitrust Task Force will hold a hearing titled, "Prices at the Pump: Market Failure and the Oil Industry" next WEDNESDAY AT 1 p.m. in the 2141 Rayburn House Office Building.

Conyers made the announcement during a press conference with other House leaders to address rising gas prices and competition problems in the oil industry.

Conyers made the following remarks at the press conference:    » read more »

Chasing Records

Yesterday, Barry Bonds hit another home run and now stands just 10 home runs shy of Hank Aaron’s career home run mark of 755. With Barry Bonds chasing this revered record in Major League Baseball, he makes news every time he hits another home run, even if he does so in a loss, as was the case yesterday. One of the most visible records in gasoline markets is the U.S. average retail price for regular gasoline.    » read more »

Novel Computer Modeling Tools Make Recovery Accessible to Small Producers

May 9, 2007 -- WASHINGTON, DC - A joint venture in technology development between researchers at Texas A&M University and the Department of Energy has produced a new computer tool that will increase recovery of up to 218 billion barrels of by-passed oil remaining in mature domestic fields. The nation's current proven reserve is 21 billion barrels.    » read more »

08 May 2007 -- The Movement for the Emancipation of the Niger Delta, or MEND, the most prominent armed group in Nigeria's oil-rich Niger Delta, says it has bombed three oil pipelines. Gilbert da Costa in Abuja has more in this report for VOA.

The group says its fighters destroyed three large oil pipelines in Bayelsa state of Southern Nigeria. In an e-mail message to journalists, MEND's spokesman Jomo Gbomo said the attack cut the power at a nearby export facility owned by Italian oil company Agip.    » read more »

May 8, 2007, Juneau, Alaska – Alaska Governor Sarah Palin today removed VECO Chief Executive Officer Bill Allen from the Alaska-Alberta Bilateral Council.

“It is inappropriate to have Allen serving the state in any capacity,” said Governor Palin. “My administration notified him, around noon today, of his removal from the Alaska-Alberta Bilateral Council.”

Former Governor Frank Murkowski appointed Allen to the Council in March of 2004.

Source: Alaska Governor

MAY 7, 2007 -- WASHINGTON – Bill J. Allen, chief executive officer and part-owner of VECO Corporation, and Richard L. Smith, vice president of community affairs and government relations of VECO Corporation, have pleaded guilty to providing more than $400,000 in corrupt payments to public officials from the state of Alaska, Assistant Attorney General Alice S. Fisher of the Criminal Division announced today.    » read more »

Legislation would expand the renewable fuels market to reduce carbon emissions

May 7, 2007 -- WASHINGTON, DC -- U.S. Senators Barack Obama (D-IL) and Tom Harkin (D-IA) today introduced legislation establishing a National Low-Carbon Fuel Standard that would reduce annual greenhouse gas emissions in the short and long-term. The bill requires a reduction of about 180 million metric tons in emissions in 2020 – the equivalent of taking over 30 million cars off the road.    » read more »

05/07/2007 -- An Oklahoma oil and natural gas operator will stand trial in Oklahoma County District Court on 220 counts of racketeering, embezzlement and perjury, Oklahoma Attorney General Drew Edmondson said.

Raymond Dale Whitaker was bound over for trial at a preliminary hearing Friday. He is accused of one count of racketeering, 150 counts of embezzlement exceeding $500, 68 counts of embezzlement exceeding $1,000 and one count of perjury by false certification.

Whitaker was indicted Oct. 19, 2006, by the Multicounty Grand Jury.    » read more »

May 7, 2007, Skagway, Alaska – While in Skagway, Alaska Governor Sarah Palin had the following to say regarding the guilty pleas from VECO executives in federal court this morning:

“To have this truth now, to know that some Alaskans willingly and knowingly participated and encouraged this corrupt behavior is disgusting,” said Governor Sarah Palin. “It is truly unacceptable and I will work tirelessly to make sure this does not happen on our watch.”

Source: Alaska Governor

05 May 2007 -- Authorities say gunmen have abducted a British oil worker from a drilling rig off the coast of Nigeria.

A spokesman for the U.S.-based operator, Transocean, said the attackers Saturday boarded the "Trident Eight" rig and seized one of the workers. The spokesman said the other 23 people on the rig were left unharmed.

Such kidnappings are common in the region, where criminal gangs are active, and where militants have demanded that the government give more of the region's oil wealth to impoverished locals.    » read more »