Hill

Capitol Hill observers who had expected the electricderegulation legislation of Sens. Phil Gramm (R-TX) and CharlesSchumer (D-NY) to be more aggressive and comprehensive than otherbills languishing in the Senate weren’t disappointed last week.

Capitol Hill observers who had expected the electricderegulation legislation of Sens. Phil Gramm (R-TX) and CharlesSchumer (D-NY) to be more aggressive and comprehensive than theother bills pending in the Senate weren’t disappointed yesterday.

If you made the trip to Capitol Hill or were listening over theWeb last Thursday, your jaw probably dropped a few inches whenChairman Thomas Bliley (R-VA) of the House Commerce Committeeannounced to a packed hearing room that he was postponing thescheduled markup on electric restructuring legislation until thisweek. At press time Friday, the committee hadn’t yet set a new datefor the markup, but an aide said the goal was to do it this week.

If you made the trip to Capitol Hill or were listening over theWeb yesterday, your jaw probably dropped a few inches when ChairmanThomas Bliley (R-VA) of the House Commerce Committee announced to apacked hearing room that he was postponing the scheduled markup onelectric restructuring legislation until next week.

Some Capitol Hill lawmakers and energy experts believe theUnited States may be setting itself for another energy crisis 10 to20 years down the road by relying to heavily on natural gas to fuelnew power generation facilities.

Some Capitol Hill lawmakers and energy experts believe theUnited States may be setting itself up for another energy crisis 10to 20 years down the road by relying too heavily on natural gas tofuel new power generation facilities.

In an effort to reduce U.S. dependence on foreign oil, Sen. KayBailey Hutchison (R-TX) introduced legislation last week that wouldoffer tax credits to domestic producers of marginal oil and naturalgas wells. Although the credits would not become effective untilthe prices of oil and gas fell significantly, they would provide asort of financial safety net to encourage marginal well producersto reopen shut-in wells in the face of a volatile market.

In an attempt to reduce U.S. dependence on foreign oil, Sen. KayBailey Hutchison (R-TX) introduced legislation yesterday that wouldoffer tax credits to domestic producers of marginal oil and naturalgas wells. Although the credits would not become effective untilthe prices of oil and gas fell significantly, they would providesecurity for marginal well producers facing market uncertainty.

Although often on different sides of the fence at FERC and onCapitol Hill, major producers have rallied to defend interstate gaspipelines against allegations that painted them and other pipes asticking “time bombs.”