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Intangible drilling costs (IDC) are “an ordinary and necessary business expense of the oil and gas industry,” and should only be modified as part of a broader tax reform package — and in combination with a lower, globally competitive corporate tax rate — according to Industrial Energy Consumers of America (IECA).

Cash prices overall were 7 cents higher Monday on average as prices staged a broad rally with only a handful of points in the loss column. Midcontinent, East, and Northeast locations were strong. Futures trading was generally lackluster for the early part of the session, then declined as traders absorbed a survey showing expectations of lower prices next week. At the close November had fallen 16.5 cents to $3.452 and December had slumped 17.9 cents to $3.768. November crude oil slumped $1.32 on its last trading day to $88.73/bbl.

A legislator in the Pennsylvania General Assembly on Monday said the state Public Utility Commission’s (PUC) decision to withhold nearly $1 million in impact fee revenue from four townships amounted to extortion.

Liquids-rich gas and high initial production rates from oil wells are driving red hot interest in the Eagle Ford Shale, and this is only bolstered by the region’s established midstream infrastructure and proximity to energy markets, Fitch Ratings said in a new report. More isolated shale basins need costly “mega pipelines,” which are tougher on credit ratings, Fitch said.

Tennessee Gas Pipeline Co. Monday sought authorization to place the remaining portion of its Northeast Supply Diversification (NSD) Project in service on Nov. 1. The request came only days after the Federal Energy Regulatory Commission approved the start-up of a portion of the NSD facilities to provide service to three shippers beginning Oct. 1 (see Shale Daily, Sept. 24).

Caliber Midstream Partners LP, a joint venture (JV) formed by Triangle Petroleum Corp. and First Reserve Corp.’s Energy Infrastructure Fund (FREIF), will focus on midstream and infrastructure opportunities in the Williston Basin of North Dakota and Montana, Triangle said Monday.

The Gas Co. LLC, Hawaii’s only government-franchised full-service gas company, has filed an application to operate facilities so that it can receive liquefied natural gas (LNG) sourced from natural gas produced in the continental U.S.

Coming only weeks after he said FERC was powerless to respond to cyber threats to energy infrastructure, Chairman Jon Wellinghoff last Thursday announced the creation of an office to help the Commission focus on cyber and physical security risks to energy facilities under its jurisdiction, such as interstate natural gas pipelines, gas storage facilities and the transmission of electricity in interstate commerce.

Coming only weeks after he said FERC was powerless to respond to cyber threats to energy infrastructure, Chairman Jon Wellinghoff Thursday announced the creation of an office to help the Commission focus on cyber and physical security risks to energy facilities under its jurisdiction, such as interstate natural gas pipelines, gas storage facilities and the transmission of electricity in interstate commerce.