Over the objections of Republicans, Democrats on the Senate Appropriations Committee last Thursday reported out a bill that would expand the budgets for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in fiscal year (FY) 2013 to regulate the multi-trillion-dollar derivatives market.
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CFTC, SEC Spending Bill Heads to Senate Floor
Over the objections of Republicans, Democrats on the Senate Appropriations Committee Thursday reported out a bill that would expand the budgets for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in fiscal year (FY) 2013 to regulate the multi-trillion-dollar derivatives market.
Wyoming Gov: Prepare for 8% Budget Cuts from Low Gas Prices
Wyoming Gov. Matt Mead warned his state agencies to prepare for making 8% cuts in their budgets in response to a dwindling revenue stream due to inordinately low natural gas prices. The average expected gas prices since the new budget was calculated in January have plummeted to below $2/MMcf, compared to $3.25/MMcf.
Federal Agency Budgets Target Hydraulic Fracturing Studies
President Obama’s fiscal 2013 budgets for the Environmental Protection Agency (EPA), Department of Energy (DOE) and Department of Interior (DOI) propose funding directed at assessing the impact of hydraulic fracturing (fracking) of shale.
Oilfield Services ‘Bright Spot’ in Economic Picture
Rising exploration and production (E&P) budgets worldwide, in combination with strong oil prices, will drive “robust demand” for oilfield services in North American unconventional oil and natural gas shale plays, as well as in international arenas, according to a special study by IHS Inc.
Oilfield Services Called ‘Bright Spot’ in Economic Picture
Rising exploration and production (E&P) budgets worldwide, in combination with strong oil prices, will drive “robust demand” for oilfield services in North American unconventional oil and natural gas shale plays, as well as in international arenas, according to a special study by IHS Inc.
Industry Brief
The nation’s largest municipal utility, the Los Angeles Department of Water and Power (LADWP), said it will slash up to $440 million from its annual budgets during the next three years. With Mayor Antonio Villaraigosa making the disclosure, LADWP said it now will make deep budget cuts, complete with a hiring freeze, despite facing increased regulatory mandates in the climate change area, aging infrastructure in its $4 billion municipal system and major long-term investment needs. Villaraigosa said the LADWP and its new General Manager Ron Nichols have been “hard at work” to help sustain what the mayor called “fiscal sustainability” at the city-run utility. A “vigorous assessment” of potential savings opportunities focused on areas at LADWP that could be cut “without jeopardizing quality of service,” Villaraigosa said. LADWP is canceling noncritical facility upgrades and office remodeling, and various management perks are being cut, LADWP said. “Our customers are being forced to tighten their belts in this economy, and we need to be more frugal, too,” Nichols said.
Pennsylvania Lawmaker Seeks to Tax Energy Producers
Looking to shore up county, municipal and school district budgets without raising taxes on residents, Pennsylvania House Majority Whip Bill DeWeese (D-Greene County) is turning to Marcellus Shale oil and natural gas producers to foot the bill. He has introduced legislation that would allow counties to assess value to natural gas, oil and coalbed methane resources before they are produced and tax the producers.
PA Lawmaker Seeks to Tax Producers to Bail Out State’s Budgets
Looking to shore up county, municipal and school district budgets without raising taxes on residents, Pennsylvania House Majority Whip Bill DeWeese (D-Greene County) is turning to Marcellus Shale oil and natural gas producers to foot the bill. He has introduced legislation that would allow counties to assess value to natural gas, oil and coalbed methane resources before they are produced and tax the producers.
LADWP Board OKs Half-Billion-Dollar Yearly Gas Budget
The oversight board at the nation’s largest municipal utility earlier in September approved annual budgets for the utility natural gas purchases exceeding $500 million annually in the 2008-2009 fiscal year before tapering off significantly through 2016-2017 with the advent of renewables and a more diversified generation portfolio.