Facing

Placing energy, or the lack thereof, at the core of “virtually every problem facing humanity,” Richard E. Smalley, director of the Carbon Nanotechnology Laboratory at Rice University, said the country should be skeptical of the existing energy industry’s optimism that it can find a solution to the energy prosperity dilemma.

Placing energy, or the lack thereof, at the core of “virtually every problem facing humanity,” Richard E. Smalley, director of the Carbon Nanotechnology Laboratory at Rice University, said the country should be skeptical of the existing energy industry’s optimism that it can find a solution to the energy prosperity dilemma.

The fallout continues from El Paso Corp.’s announcement to revise downward its oil and gas reserves by 41%, with at least three class action lawsuits filed by the end of the week. El Paso announced the changes late Tuesday, and investor confidence has eroded since (see Daily GPI, Feb. 19).

El Paso Corp.’s proposed Copper Eagle gas storage project is facing the equivalent of a public stoning in Arizona even before the company decides to move forward with a FERC filing. But El Paso spokeswoman Kim Wallace said the project isn’t dead yet, and is sorely needed in the Southwest where there are only a few storage fields, none of which are in Arizona.

El Paso Corp.’s proposed Copper Eagle gas storage project is facing the equivalent of a public stoning in Arizona even before the company decides to move forward with a FERC filing. But El Paso spokeswoman Kim Wallace said the project isn’t dead yet, and is sorely needed in the Southwest where there are only a few storage fields, none of which are in Arizona.

The path facing Exelon Corp. and Dynegy Inc. to complete a deal announced last Monday under which Exelon will buy Illinois Power from Dynegy will become “longer and harder” for the companies if the Illinois Legislature doesn’t back a legislative proposal in the near future related to the proposed transaction, Exelon CEO John Rowe said last week.

With the resignation of a regulator facing possible impeachment, Arizona Gov. Janet Napolitano last Thursday named one of her aides to the five-member, elected Arizona Corporation Commission (ACC) to fill out the term of the departed commissioner. Kristin Mayes, the governor’s press aide, assumed a seat on the ACC, for which she will have to campaign in the November 2004 election for a full term.

According to 400 oil and gas executives and investors, the largest issue currently facing the U.S. energy industry is the shortage of domestic sources of natural gas. The poll — taken at an industry conference in Houston held by RBC Capital Markets — found that more than half of the respondents likened the situation to being as bad as or worse than the oil crisis of the 1970s, while 48% said this crisis would be manageable.

According to 400 oil and gas executives and investors, the largest issue currently facing the U.S. energy industry is the shortage of domestic sources of natural gas. The poll — taken at an industry conference in Houston held by RBC Capital Markets — found that more than half of the respondents likened the situation to being as bad as or worse than the oil crisis of the 1970s, while 48% said this crisis would be manageable.