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The coastal region of the Gulf of Mexico — historically America’s energy breadbasket — is subject to $350 billion of cumulative economic losses due to environmental degradation, particularly that caused by climate change, according to a new report sponsored by Entergy Corp., which counts the region as part of its backyard for operations.

Subject to the economy and some legal factors, the need for added natural gas pipeline and storage capacity in the Pacific Northwest is a no-brainer; it is just a matter of when, not if, according to senior executives at Northwest Natural Gas Co., speaking on a second quarter earnings conference call Wednesday. Earnings increased quarter over quarter for the most recent period and were flat for the first half of this year compared to the same period in 2009.

The oil and natural gas industry Wednesday generally welcomed the Obama administration’s proposed plan to open up the South Atlantic and Mid-Atlantic coasts and parts of the eastern Gulf of Mexico (GOM) to expanded exploratory and development activities, saying it was a good start. But others, such as the U.S. Chamber of Commerce and American Solutions, noted the the proposed plan was far from a sure thing, with President Obama stressing that the offshore areas “will be considered potential areas for development.”

The oil and natural gas industry Wednesday generally welcomed the Obama administration’s proposed plan to open up the South Atlantic and Mid-Atlantic coasts and parts of the eastern Gulf of Mexico (GOM) to expanded exploratory and development activities, saying it was a good start. But others, such as the U.S. Chamber of Commerce and American Solutions, noted the the proposed plan was far from a sure thing, with President Obama stressing that the offshore areas “will be considered potential areas for development.”

Vancouver, BC-based TransAmerican Energy Inc. said Monday it plans to acquire a 100% interest in 10 Utica shale oil and gas properties on 136,000 acres in Quebec.

Vancouver, BC-based TransAmerican Energy Inc. said Monday it plans to acquire a 100% interest in 10 Utica shale oil and gas properties on 136,000 acres in Quebec.

Offshore lease owners and operators will be subject to new fees to recover costs of inspections conducted during fiscal 2010, the Department of Interior’s Minerals Management Service (MMS) said.

An increased surcharge to pay for energy efficiency programs went into effect last Saturday for Spokane, WA-based Avista Utilities, but it is subject to a review by Idaho regulators that got under way Monday. The Idaho Public Utilities Commission (PUC) will take comments on Avista’s higher charges through Aug. 28.

Quest Resource Corp. (QRCP) has been granted its request to continue to be listed on NASDAQ subject to the condition that it file by Aug. 15 its required quarterly reports on Form 10-Q for 3Q2008, 1Q2009 and any required restatements. The exploration and production company and its related partnerships, which are based in Oklahoma City, have agreed to merge and form a publicly traded corporation (see Daily GPI, July 7). The entities have been rocked by scandal in the past year after the former CEO and former CFO allegedly siphoned millions of dollars from the company (see Daily GPI, June 18).