Stopped

An initiative to tax the horizontal segments of natural gas wells was stopped in its tracks by Louisiana House and Senate committees Monday when lawmakers refused to go along with the idea promoted by the Louisiana Tax Commission.

About 351 energy projects — both conventional and alternative — have been stopped in their tracks nationwide due to a sluggish permitting process and environmental opponents, costing the U.S. economy $1.1 trillion in gross domestic product (GDP) over a seven year period and 1.9 million jobs annually, according to a report released by the U.S. Chamber of Commerce last Thursday.

About 351 energy projects — both conventional and alternative — have been stopped in their tracks nationwide due to a sluggish permitting process and environmental opponents. This is costing the U.S. economy $1.1 trillion in gross domestic product (GDP) over a seven year period and 1.9 million jobs annually, according to a report released by the U.S. Chamber of Commerce Thursday.

Leading House opponents of hydraulic fracturing (hydrofracking) said their nearly year-long investigation revealed that oil and natural gas service companies have continued to use diesel fuel to produce shale gas without receiving regulatory approval.

Pennsylvania State Police said Tuesday three-fourths of drilling wastewater haulers that were stopped by troopers late last month were issued citations and 207 trucks were placed out of service due to violations.

Two natural gas producing platforms in the area of the Gulf of Mexico (GOM) affected by the ongoing oil spill have stopped production, according to the Minerals Management Service. And a firm that tracks international tanker traffic has noted a slowdown in the region.

Natural gas futures bulls stopped the slide in values on Wednesday as the December contract traded in a tight range before ending the day at $4.503, up 3.6 cents from Tuesday’s close.

Traders stopped the hemorrhaging Tuesday as December natural gas futures staged a minor rebound during the regular session to close at $4.922, up 9.8 cents from Monday’s finish.

Cabot Oil & Gas Corp. has stopped hydraulic fracturing (hydrofracing) of its natural gas wells in Susquehanna County, PA, until it completes a state-ordered compliance plan, but the independent said last week it still expects to meet its production guidance in 3Q2009.