Colorado Gov. John Hickenlooper responded Thursday to criticism from local elected officials in his state who are upset over his government taking the city of Longmont, CO, to court over its oil and natural gas drilling rules. Legal action was what Hickenlooper called a “last resort” in a letter he sent to various local officials considering similar local drilling rules.
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While President Obama pledged to support domestic oil and natural gas development, he said he “will not let oil companies write this country’s energy plan.”
The Democrats’ national energy platform is heavy on clean energy, but it leaves the door open for the safe and responsible development of the nation’s “cheap, abundant natural gas” reserves.
Elected leaders in Garfield County in west-central Colorado on Monday agreed to have university researchers proceed with a study of the emissions from natural gas drilling operations in parts of the nearby Piceance Basin. County commissioners directed staff to develop a draft agreement with Colorado State University (CSU) researchers for consideration when the commission meets again in September.
Elected officials in the Town of Chenango, NY, voted unanimously on Wednesday to schedule a public hearing over whether to enact a one-year moratorium on oil and natural gas activities, including hydraulic fracturing (fracking).
The cash market retreated on average by 6 cents Thursday as traders elected to do their deals ahead of the release of important government inventory figures. Eastern and Northeast points took the biggest hits as forecasters were calling for unseasonably cool weather to infiltrate the Midwest and Ohio Valley, while losses in California were limited as a heat wave was expected to stay through the weekend..
The cash market Wednesday fell overall on average by about 9 cents and elected to coat-tail on a futures double-digit loss on Tuesday. Gulf and California points were notably weak as were eastern points. Northeast locations managed to hold steady or record modest gains. At the close of futures trading August had gained 11.6 cents to $2.853 and September had risen 10.9 cents to $2.837. August crude oil tacked on $1.90 to settle at $83.91/bbl.
Despite seeing some economic benefits from Marcellus Shale drilling in neighboring Pennsylvania, elected officials in the Town of Horseheads, NY, are considering a moratorium on hydraulic fracturing (fracking) in their community.
The cash market elected to follow the Friday futures advance and added on average about 8 cents Monday for Tuesday delivery. Midwest points rose on some anticipation of upcoming AC load, but Midcontinent gains were thought to be a function of Friday’s double-digit futures advance. At the close of futures trading Monday June had plunged 13.3 cents to $2.609 and July had fallen 13.3 cents to $2.689. June crude oil gained $1.09 to $92.57/bbl.