Direct

Industry energy consumers called on the House last Wednesday to direct the Commodity Futures Trading Commission (CFTC) to provide aggregate position limits across all exchanges to control excessive speculation in energy commodities, particularly natural gas.

The energy portion of the nearly $888 billion Senate economic stimulus package, like its House counterpart, focuses almost exclusively on tax credits and direct investments for renewable fuels and electric transmission facilities, but one tax credit has been carved out for traditional oil and natural gas producers. Producers would be eligible for a $10/ton tax credit if they can prove that the carbon dioxide (CO2) injected to enhance oil and gas recovery has been permanently sequestered in a field.

The energy portion of the nearly $888 billion Senate economic stimulus package, like its House counterpart, focuses almost exclusively on tax credits and direct investments for renewable fuels and electric transmission facilities, but one tax credit has been carved out for traditional oil and natural gas producers. Producers would be eligible for a $10/ton tax credit if they can prove that the carbon dioxide (CO2) injected to enhance oil and gas recovery has been permanently sequestered in a field.

U.S. producers are planning to direct more capital spending to drill on the Outer Continental Shelf (OCS) and in onshore natural gas basins, but they are not averse to investing in alternative energy to help the country transition away from fossil fuels, according to Deloitte LLP’s annual oil and natural gas industry survey.

U.S. producers are planning to direct their capital spending toward more drilling on the Outer Continental Shelf (OCS) and in onshore natural gas basins, but they are not averse to investing in alternative energy to help the country transition away from fossil fuels, according to Deloitte LLP’s annual oil and natural gas industry survey.

Noting that the U.S. government’s “take” of revenues from oil and natural gas production is one of the lowest in the world, the Government Accountability Office (GAO) in a new report has recommended that Congress direct the Interior Department to undertake a broad review of its federal oil and gas fiscal system to determine whether it is collecting an appropriate share of royalties from producers.

Noting that the U.S. government’s “take” of revenues from oil and natural gas production is one of the lowest in the world, the Government Accountability Office (GAO) in a new report has recommended that Congress direct the Interior Department to undertake a broad review of its federal oil and gas fiscal system to determine whether it is collecting an appropriate share of royalties from producers.

House Speaker Nancy Pelosi asked President Bush Wednesday to “immediately direct” the Commodity Futures Trading Commission (CFTC) to use its existing emergency authority under the Commodity Exchange Act to restore order to the crude oil and gasoline markets in the United States (see Daily GPI, June 25).

A proposal to merge JPMorgan Chase & Co. and the Bear Stearns financial house, with Bear Stearns becoming a direct, wholly owned subsidiary of JPMorgan Chase and Bear Stearns’ public utility subsidiaries becoming indirect wholly owned subsidiaries of JPMorgan Chase, was authorized by FERC Monday.