Sweeping

With frigid cold engulfing large portions of the country and winter storms sweeping east, natural gas futures traders pushed the January contract on Thursday to a high of $15.100, a new all-time high for any prompt month, unseating the old record of $14.750 that was set by the November 2005 futures contract on Oct. 5. January natural gas ended up settling at a new all-time prompt month high settle Thursday at $14.994, up an incredible $1.294 for the day.

Legislation encompassing a sweeping reform of leasing and drilling rules in New York State that was signed by the governor last week is “a good compromise for all the parties involved,” according to Brad Gill, executive director of the Independent Oil and Gas Assoc. of New York (IOGA). “This is fair to operators and landowners.

President Bush will sign the sweeping energy bill into law next Monday at Sandia National Laboratories in Albuquerque, NM, said Sen. Pete Domenici of New Mexico, the Republican chief Senate architect of the measure (HR 6).

The sweeping energy bill passed by Congress last week will have only a “modest impact” on energy production, imports, oil prices, overall energy consumption and economic growth, according to a new analysis released by the Energy Information Administration (EIA).

House and Senate tax writers have finalized $14.5 billion of energy tax incentives over 10 years to be included in the sweeping energy bill that lawmakers are expected to vote on this week before they leave for their August recess. The House is poised to take up the measure (HR 6) Thursday, with the Senate to follow on Friday.

The Senate last Tuesday passed a sweeping, bipartisan energy bill, bringing the Congress to the critical, do-or-die point of trying to reconcile the widely divergent House and Senate versions of the energy measure. Congress has failed at this task twice in recent years.

The Senate on Tuesday passed a sweeping, bipartisan energy bill, bringing the Congress to the critical, do-or-die point of trying to reconcile the widely divergent House and Senate versions of the energy measure. Congress has failed at this task twice in recent years.

FERC Chairman Pat Wood signaled last Wednesday that the agency will kick off an inquiry into whether the sweeping 1996 electricity deregulation rule, Order 888, needs to be revised or updated to shield against transmission-access discrimination, according to published reports.

As part of a sweeping state initiative by California Gov. Arnold Schwarzenegger, the state’s disparate energy agencies, including parts of the regulatory commission, are recommended for consolidation under a massive new “infrastructure” agency.