Exemptions

The head of the Commodity Futures Trading Commission (CFTC) has called on Congress to eliminate clearing exemptions and toughen language in the Obama administration’s legislative proposal for regulatory reform of the over-the-counter (OTC) derivatives markets and dealers.

Rep. Henry Waxman (D-CA) will put the oil and natural gas industry on the hot seat Wednesday when his Oversight and Government Reform Committee takes a look at the exemptions in federal environmental and health requirements for onshore energy development. The hearing also is expected to explore the potential impact of oil and natural gas activity on the environment and health of populations living near production areas. Not one producer will testify at the hearing. Instead, the House committee will hear from the Natural Resources Defense Council, an environmental advocacy council; Trout Unlimited, a conservation group; the Endocrine Disruption Exchange, an international group that focuses on human health and environmental problems; and a medical toxicologist. In addition, officials from the Department of Interior’s Bureau of Land Management and the Environmental Protection Agency are due to testify.

“Bargain basement” severance taxes and a “dizzying array of exemptions and deductions” for the energy industry is costing Colorado a lot of money, according to a report by a nonprofit renewable energy group.

“Bargain basement” severance taxes and a “dizzying array of exemptions and deductions” for the energy industry is costing Colorado a lot of money, according to a report by a nonprofit renewable energy group.

Citing the critical role that imported liquefied natural gas (LNG) will play in bridging the gap between domestic natural gas supply and demand over the next two decades, major LNG developers called on FERC Friday to exempt import terminals from the agency’s open-access and open-season regulations to encourage an influx of foreign LNG supplies into the United States.

The Texas Railroad Commission has extended tax exemptions for two- and three-year inactive wells that are brought back into production. The rulemaking would amend Texas Statewide Rule 83, which reflects the state’s legislative extension, which originally expired more than a year ago.