Parting

In a world of abundant North American natural gas and a new round of oil shocks, the parting of oil and gas prices has grown so wide (25-to-1, give or take) it’s as if the two never knew each other. Were they ever really linked, asks one analyst; while another notes that gas appears to have fallen out of step with the broader commodity basket.

Rep. Joe Barton (R-TX), who was edged out as chairman of the powerful House Energy and Commerce Committee, in a sort of parting gift has been named chairman emeritus of the panel.

In his parting shot as FERC chairman last week, James J. Hoecker issued one last plea to California Gov. Gray Davis to join with the Commission to enforce its comprehensive reforms for the state’s beleaguered power market: a $150/MWh soft price cap on wholesale sales, an emphasis on forward contracting by utilities, market-monitoring activities, and state participation in a regional transmission organization (RTO).

In his parting shot as FERC chairman last week, James J. Hoeckerissued one last plea to California Gov. Gray Davis to join with theCommission to enforce its comprehensive reforms for the state’sbeleaguered power market: a $150/MWh soft price cap on wholesalesales, an emphasis on forward contracting by utilities,market-monitoring activities, and state participation in a regionaltransmission organization (RTO).