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Proposed federal environmental regulations would have “disastrous economic consequences” and increase U.S. dependence on foreign sources of oil, according to research backed by a coalition of U.S. oil and natural gas producers. One study noted that some proposed regulations — especially related to shale gas development — could have dramatic negative effects on the country.

Former Vice President Al Gore last week challenged the nation to produce all of its electricity through renewable resources within 10 years, a goal that he said the next president should embrace. His announcement followed a call by the U.S. Chamber of Commerce, which urged the next president and Congress to set a strategic long-term energy policy for the United States.

Looking very similar to a carbon copy of the previous day’s market, prices fell at a large majority of points (most often by double digits) Tuesday, with the firming exceptions occurring at a few Rockies points. The same influences remained in play: a lack of substantive cooling load for gas in many areas and a continuing slide by August futures.

FERC last Thursday issued a final rule that implements provisions of the Energy Policy Act of 2005 (EPAct) giving the Commission the authority to coordinate the schedule of other federal and state agencies in processing natural gas pipeline, liquefied natural gas (LNG) and storage projects and to maintain a consolidated record of all agency decisions for use in judicial reviews.

As his statewide summit on global climate change was getting under way in San Francisco Tuesday, California Gov. Arnold Schwarzenegger released the copy of a letter the governor sent to President George W. Bush Monday requesting that California be given a waiver from federal preemption of its greenhouse gas (GHG) emissions standards. Schwarzenegger was following up on a request his Resources Agency made last December.

Looking almost like a carbon copy of price action on Tuesday, December natural gas on Wednesday bottomed out at $11.510 and peaked at $11.930, before settling at $11.669, down 12.4 cents on the day.

Was it a case of deja vu? Friday’s market was close to a carbon copy of the day before. Sizeable declines in the Northeast and plunges in San Juan Basin and the Rockies mingled with moderate upticks at nearly all other points. The gains were around a dime or less in a majority of cases.

As the week of the worst natural gas pipeline disaster in the U.S. drew to a close, with the last of the 12 victims dying on Friday, there was no clear indication when service would resume on any of the three lines making up the El Paso Natural Gas’ South Mainline that feeds 1 Bcf/d into the California market.

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