Seat

Securing a supply of reasonably priced natural gas, which up to now has taken a back seat to its crude oil, will increasingly be viewed as a vital U.S. interest, according to an in-depth study by the Baker Institute Energy Forum.

Rep. Henry Waxman (D-CA) will put the oil and natural gas industry on the hot seat Wednesday when his Oversight and Government Reform Committee takes a look at the exemptions in federal environmental and health requirements for onshore energy development. The hearing also is expected to explore the potential impact of oil and natural gas activity on the environment and health of populations living near production areas. Not one producer will testify at the hearing. Instead, the House committee will hear from the Natural Resources Defense Council, an environmental advocacy council; Trout Unlimited, a conservation group; the Endocrine Disruption Exchange, an international group that focuses on human health and environmental problems; and a medical toxicologist. In addition, officials from the Department of Interior’s Bureau of Land Management and the Environmental Protection Agency are due to testify.

President Bush Tuesday announced his intent to renominate Joseph T. Kelliher to a seat on the Federal Energy Regulatory Commission and to redesignate him as chairman of the agency.

While market bears are currently in the driver’s seat and appear likely to push near-month futures prices down into the mid-$5s or possibly lower barring a sudden increase in hurricane activity, the bulls clearly have control of the out-months with the spread between October and January futures recently peaking at a whopping $4.70. Some analysts conclude that these spreads are a clear indication that lower prices won’t be around for long.

The Senate Energy and Natural Resources Committee by unanimous voice vote Wednesday approved the nomination of Marc Spitzer for a seat on the Federal Energy Regulatory Commission. The favorable vote places him in queue with two other FERC nominees who are awaiting confirmation by the full Senate.

The Senate Energy and Natural Resources Committee on Wednesday (July 12) is scheduled to vote out the nomination of Marc Spitzer for a seat on the Federal Energy Regulatory Commission.

With bearish fundamentals finally in the driver’s seat of the gas market once again, futures prices have plummeted to about $9.50 from a peak of $15.78 on Dec. 13, 2005, and analysts are dropping their forecasts for 2006. Arlington, VA-based Energy and Environmental Analysis Inc. (EEA) now predicts Henry Hub prices will be back to $6.45 by April and eventually will hit $5.50 by October when all the shut-in Gulf gas production has returned.

Reports are circulating in Washington that a former chairman of the Texas Public Utility Commission (PUC), Rebecca A. Klein, is being considered for a seat on the Federal Energy Regulatory Commission, possibly to succeed Chairman Pat Wood, whose term expires in June.

Reports are circulating in Washington that a former chairman of the Texas Public Utility Commission (PUC), Rebecca A. Klein, is being considered for a seat on the Federal Energy Regulatory Commission, possibly to succeed Chairman Pat Wood, whose term expires in June.