Without counting the ongoing switch to alternative transportation fuels such as natural gas, nearly 80% of current oil consumption used for transportation worldwide could be eliminated in the next 40 years through aggressive fuel efficiency programs, according to two reports released in Paris by the International Energy Agency (IEA), an autonomous nonprofit organization. The IEA reports conclude that the “right policies and technologies” could improve vehicular fuel efficiency by 50% by the middle of the century. According to the IEA, the transportation sector accounts for 20% of world energy consumption and increased demand in the sector is expected to comprise all future growth in oil use globally. However, the reports contend that there is “massive potential” for fuel efficiency improvements to reduce transport fuel demand. One report, “Technology Roadmap: Fuel Economy for Road Vehicles,” outlines technologies to make vehicles much more efficient by 2030, and the second, “Policy Pathway: Improving the Fuel Economy of Road Vehicles,” outlines policy changes in fuel economy labeling, standards and fiscal policies.
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SandRidge Energy Inc. has eliminated some funding issues hanging over its development plans after securing a $1 billion joint venture (JV) in a key onshore play with Spain’s Repsol YPF SA.
Chief Oil & Gas LLC, which was among the first companies to voluntarily disclose the chemicals used in their fracking operations, recently eliminated the storage of discarded drilling fluid in open reserve pits at drilling sites.
El Paso Corp. on Tuesday eliminated what the CEO called the “most significant single long-dated position remaining” in the company’s energy trading business and its only tolling agreement with the sale of the power purchase agreement (PPA) between El Paso Marketing LP and Cordova Energy Co. LLC to Constellation Energy Commodities Group Inc.
El Paso Corp. said Friday that it eliminated about $815 million of non-recource debt on its balance sheet by closing the sale of Utility Contract Funding (UCF) to Bear Stearns’ Houston Energy Group for $21 million. UCF assets include a power contract that was restructured as part of the company’s previous power restructuring activities. El Paso said it will take a pre-tax charge of $100 million on the sale based on the company’s investment in the equity of this entity.
FERC last Wednesday conditionally approved a proposal filed by ISO New England (ISO-NE) and New England transmission companies late last year to form a regional transmission organization (RTO). Among other things, the Commission directed ISO-NE and the transmission owners to conduct additional work on plans to eliminate interregional electric seams with bordering regions.
El Paso Corp. said Friday it would cooperate with the Securities and Exchange Commission (SEC), which has launched a formal investigation of the company’s recently announced oil and gas reserve revisions.
A proposal calling on FERC to conduct a formal investigation into wholesale power rates in western markets has been stripped out of the emergency legislation that was introduced Friday by Chairman Joe Barton (R-TX) of the House Energy and Air Quality Subcommittee.