Passed

The Senate Tuesday overwhelmingly passed its $838 billion economic stimulus package that offers tax breaks and increased spending for production of renewable fuels, new power transmission facilities and energy efficiency and conservation. But the tough work lies ahead as the Senate and House try to meld their divergent bills into a conference report.

Following the lead of Gov. Jon Huntsman, the Utah House of Representatives Friday passed a resolution 70-0 designed to move the state and the nation on the path to conversion and use of natural gas-powered vehicles.

Following the lead of Gov. Jon Huntsman, the Utah House of Representatives Friday passed a resolution 70-0 designed to move the state and the nation on the path to conversion and use of natural gas-powered vehicles.

The Senate of the new 111th Congress last Thursday sent a loud and clear message to producers of traditional fuels as it unanimously passed a $10-12 billion omnibus lands package that will take off the table millions of acres of public lands for potential oil and gas development.

The Senate of the new 111th Congress Thursday sent a loud and clear message to producers of traditional fuels as it unanimously passed a $10-12 billion omnibus lands package that will take off the table millions of acres of public lands for potential oil and gas development.

Global futures exchange CME Group said Tuesday that it has passed two key regulatory hurdles to begin clearing over-the-counter (OTC) credit default swap (CDS) transactions through CMDX, a joint venture company with Chicago-based Citadel Investment Group. Regulatory reviews by the Federal Reserve Bank of New York and the Commodity Futures Trading Commission (CFTC) are complete, but CME is awaiting action by the Securities and Exchange Commission (SEC).

The question of what to do about millions of dollars in refunds from the 2000-2001 energy crisis was passed back to FERC last Thursday by the Ninth U.S. Circuit Court of Appeals with instructions to regulators to reconsider their decision in conformance with a U.S. Supreme Court decision last June regarding the long-term power contracts (see NGI, June 30).

The Senate Tuesday overwhelmingly passed an $18 billion package to extend tax credits for renewable fuels and energy efficiency, many of which are due to expire at the end of the year. But rather than accept the Senate tax bill, the House Wednesday adopted a different strategy — raising the likelihood that the ongoing disagreement between the two houses over tax policy will not be resolved before Congress adjourns.

Against a backdrop of falling crude oil and natural gas prices, the House Thursday passed by an overwhelming margin legislation that seeks to curb “excessive” speculation in the energy markets.