Drop

House Republican energy leaders have deep-sixed their proposed legislation to provide emergency relief to California and other western energy markets, insisting that Democrats and Republicans are too far apart on the issue of whether price limits on wholesale power should be included.

Every spare molecule of gas, drop of oil and electron is being used up and the world faces a “meltdown” of its economy unless more supplies are found, a leading energy pundit warned a capacity crowd last week at the Offshore Technology Conference in Houston.

Every spare molecule of gas, drop of oil and electron is being used up and the world faces a “meltdown” of its economy unless more supplies are found, a leading energy pundit warned a capacity crowd Monday at the Offshore Technology Conference in Houston.

Continuing weakness in the gas market due to a sharp drop indemand prompted Lehman Brothers to lower its gas price forecastsfor the first quarter and for the years 2001 and 2002. However, itmaintained its gas price forecast for 2003 and raised its crude oilprice forecasts.

Continuing weakness in the gas market due to a sharp drop indemand prompted Lehman Brothers to lower its gas price forecastsfor the first quarter and for the years 2001 and 2002. However, itmaintained its gas price forecast for 2003 and raised its crude oilprice forecasts.

The drop in global energy industry transaction values to $303.6billion in 2000 from $360.2 billion a year earlier was actually a”return to normal” following several mega-mergers in 1999,according to a John S. Herold Inc. study released last week. Theupstream global merger and acquisition transaction values totaled$112.2 billion in 2000, down 16% from $152.9 billion in 1999.

The drop in global energy industry transaction values to $303.6billion in 2000 from $360.2 billion a year earlier, was actually a”return to normal” following several mega-mergers in 1999,according to a John S. Herold Inc. study. The upstream globalmerger and acquisition transaction values totaled $112.2 billion in2000, down 16% from $152.9 billion in 1999.

An “absolutely incredible” 9 to 12 Bcf/d reduction in naturalgas demand over the last six weeks, led by industrial users whohave either switched or shut down production, has been the primemover in the recent decline in storage withdrawals, according to areport by Raymond James Energy analysts. A continued rout ofindustrials could bring with it a significant reduction in overallindustrial output and a recession.

An “absolutely incredible” 9 to 12 Bcf/d reduction in naturalgas demand over the last six weeks, led by industrial users whohave either switched or shut down production, has been the primemover in the recent decline in storage withdrawals, according to areport by Raymond James Energy analysts. A continued rout ofindustrials could bring with it a significant reduction in overallindustrial output and a recession.