Laws

San Juan Basin and Rockies prices continued to disobey the overall laws of market gravity Thursday, managing double-digit gains of nearly 40 cents while other points ranged from flat to down about 15 cents. The softening was remarkably consistent as nearly all the losses were clustered within 2 cents on either side of a dime.

The cash market again seemingly defied some of the laws of economic gravity Tuesday by rising about 20 cents or more at most points. And once again several traders were baffled at the continuing price strength in the face of pitifully few visible means of physical support.

As an outgrowth of the winter-spring energy price and supply crunch that spawned a statewide emergency and two special sessions of the state legislature, California wound up this week with two new bills designed to promote cheaper, more reliable natural gas supplies. Gov. Gray Davis signed the bills (AB 1233 and AB 21XX) over the weekend.

Williams Cos. was granted early termination of the regulatory waiting period under antitrust laws this week, clearing the way for its proposed acquisition of Denver-based Barrett Resources. Under terms of the agreement announced last month (see Daily GPI, May 8), Williams made a cash tender offer to purchase 16 million shares of Barrett stock at $73 a share. The offer expires June 11.

An advocate of stiff pipeline safety laws, Rep. James L.Oberstar (D-MN) last week said he was “generally supportive” of therecent move by the Department of Transportation’s Office ofPipeline Safety’s (OPS) to toughen the requirements for safetyinspections of large hazardous liquid pipelines. But he believesPresident Clinton’s decree to the agency to beef up the safetystandards for small liquid and natural gas pipelines came up short.

An advocate of stiff pipeline safety laws, Rep. James L.Oberstar (D-MN) said he was “generally supportive” of the recentmove by the Department of Transportation’s Office of PipelineSafety’s (OPS) to toughen the requirements for safety inspectionsof large hazardous liquid pipelines. But he believes PresidentClinton’s decree to the agency to beef up the safety standards forsmall liquid and natural gas pipelines came up short.

The Department of Transportation (DOT) has issued a final ruleaimed at toughening the safety standards for large pipelinestransporting hazardous liquids through heavily populated andenvironmentally sensitive areas of the nation. The agency furtherindicated that a comparable rule for natural gas pipelines is onthe horizon.

The Department of Transportation (DOT) Friday issued a finalrule aimed at toughening safety standards for pipelinestransporting hazardous liquids through heavily populated andenvironmentally sensitive areas of the nation. The agency furtherindicated that a comparable rule for natural gas pipelines is onthe horizon.

No one is satisfied much by the California legislature’s11th-hour move late Wednesday to pass two new laws aimed atproviding relief for San Diego electric consumers and their utilitydistribution company, San Diego Gas & Electric. Nevertheless,the governor was expected to sign the measures.