Reducing

Congressional Republicans are facing mounting pressure from the White House to rescind oil and natural gas tax breaks in a deal aimed at reducing the federal deficit and raising the debt ceiling. Producers say they plan to fight to retain the tax breaks, but they concede that it won’t be easy if the repeal of industry tax deductions is part of a “grand bargain” to cut the deficit.

Congressional Republicans are facing mounting pressure from the White House to rescind oil and natural gas tax breaks in a deal aimed at reducing the federal deficit. Producers say they plan to fight to retain the tax breaks, but they concede that it won’t be easy if the repeal of industry tax deductions is part of a “grand bargain” to cut the deficit.

Pennsylvania Gov. Ed Rendell signed into law Wednesday legislation reducing the amount of roll-back tax that owners of farmland must pay when leasing land and mineral rights for natural gas development.

Marking a U-turn of sorts in the company’s exploration and production strategy due to low natural gas prices and a premium on liquids prices, Range Resources Corp. in its 3Q2010 earnings call put its Barnett Shale properties in Texas on the block and announced that it plans to focus on its “liquids-rich plays” in the Marcellus Shale.

CIG declared a force majeure following an engine turbocharger failure at its Laramie East Compressor Station. Effective with Saturday’s gas day CIG was reducing station capacity form 770 MMcf/d to 680 MMcf/d until further notice. Currently the capacity is fully subscribed at the 770 MMcf/d level, the pipeline said.

Natural gas will be a leader in reducing U.S. greenhouse gas (GHG) emissions over the next several decades, mostly by replacing older, inefficient coal plants with combined-cycle gas generation, according to a comprehensive study issued Friday by a Massachusetts Institute of Technology (MIT) study group.

Natural gas will be a leader in reducing U.S. greenhouse gas (GHG) emissions over the next several decades, mostly by replacing older, inefficient coal plants with combined-cycle gas generation, according to a comprehensive study issued Friday by a Massachusetts Institute of Technology (MIT) study group.

The return of moderate air conditioning load to much of the South, along with expectations that the Energy Information Administration (EIA) will be reducing production estimates through last year in its revised EIA-914 report methodology Thursday, likely were the chief basis for flat to slightly higher quotes at nearly all points Wednesday.

The return of moderate air conditioning load to much of the South, along with expectations that the Energy Information Administration (EIA) will be reducing production estimates through last year in its revised EIA-914 report methodology Thursday, likely were the chief basis for flat to slightly higher quotes at nearly all points Wednesday.