Legislation

Following up on its call late last month for legislation that would close a “substantial part” of a regulatory loophole by giving the Commodity Futures Trading Commission (CFTC) oversight of the over-the-counter (OTC) energy electronic trading market (see NGI, Oct. 2), the Industrial Energy Consumers of America (IECA) on Friday asked FERC to get involved and to investigate the facts surrounding the downfall of hedge fund Amaranth Advisors LLC in September.

An industrial energy consumers group has voiced its support for legislation that would close a “substantial part” of a regulatory loophole by giving the Commodity Futures Trading Commission (CFTC) oversight of the over-the-counter (OTC) energy electronic trading market.

Louisiana Gov. Kathleen B. Blanco rapped Congress for leaving town without first passing Outer Continental Shelf (OCS) legislation that would give Gulf coastal states, including Louisiana, a bigger share of the royalties from leasing off their shores.

Despite eleventh-hour negotiations, House and Senate leaders headed home for the November elections without reaching a compromise on legislation to open up more of the federal offshore to oil and natural gas leasing. The Republican leadership is expected to take up the issue of coastal drilling in the lame-duck session, which — depending on the outcome of the elections — could make a deal even more elusive.

Despite eleventh-hour negotiations, House and Senate leaders headed home for the November elections without reaching a compromise on legislation to open up more of the federal offshore to oil and natural gas leasing. The Republican leadership is expected to take up the issue of coastal drilling in the lame-duck session, which — depending on the outcome of the elections — could make a deal even more elusive.

The oil and natural gas industry clinched a crucial victory Tuesday when the Senate by a wide margin passed legislation that paves the way for future leasing in the eastern Gulf of Mexico. However, the legislative battle is far from over. The Senate and House are now tasked with the responsibility of reconciling two vastly different offshore leasing bills — a feat some believe will test the mettle of even the best Capitol Hill negotiators.

Congressman Devin Nunes (R-CA) has introduced new legislation that would open up a portion of the Alaska National Wildlife Refuge (ANWR) to oil and gas drilling and would use the leasing revenue and the federal share of royalties from the ANWR production — estimated at $40 billion — to fund a number of renewable energy programs.

Congressman Devin Nunes (R-CA) has introduced new legislation that would open up a portion of the Alaska National Wildlife Refuge (ANWR) to oil and gas drilling and would use the leasing revenue and the federal share of royalties from the ANWR production — estimated at $40 billion — to fund a number of renewable energy programs.

Senate Majority Leader Bill Frist (R-TN) is not likely to allow votes on amendments to Lease Sale 181 legislation during debate on the measure this week, according to some Capitol Hill aides.