Senate debate and a possible vote on repealing oil and natural gas tax breaks, which was anticipated this week, is now expected to be pushed back for at least a week following the news that Osama bin Laden was killed in Pakistan.
Articles from Repealing
With public sentiment shifting in favor of repealing the ban on drilling in the federal Outer Continental Shelf (OCS) to deal with record gasoline prices and the highest sustained natural gas prices ever, the issue took center stage in Washington, DC, and on the campaign trail last week.
Repealing a portion of the gains achieved in last week’s four-day price rally, natural gas futures shuffled lower Friday, as traders pressured prices lower in sympathy with softer weekend cash market values. The November contract closed at $2.43, down 10.1 cents for the session, but 20.3 cents above its closing point from the week prior. Estimated volume was again healthy for a Friday, as 65,418 contracts changed hands.