Trillion

For producers last week, the jury was still out on how the Obama administration’s legislative package to tightly regulate the $500 trillion over-the-counter (OTC) derivatives market would impact them, but there was some cautious relief.

For producers, the jury was still out Wednesday on how the Obama administration’s legislative package to regulate the $500 trillion over-the-counter (OTC) derivatives market would impact them, but there was some cautious relief.

Domestic oil and natural gas producers last Thursday took a major hit in the program details of President Obama’s $3.4 trillion budget for fiscal year (FY) 2010, although it was less severe than what was originally proposed earlier this year.

Domestic oil and natural gas producers Thursday took a major hit in the program details of President Obama’s $3.4 trillion budget for fiscal year (FY) 2010, although it was less severe than what was originally proposed earlier this year.

Congress last Wednesday passed a conference report on the $3.5 trillion budget resolution for fiscal year (FY) 2010 that preserves President Obama’s priorities for green and clean energy. But it makes no assumptions that existing tax incentives for oil and natural gas producers will be repealed to pay for the green initiatives. Still, producers are by no means out of the woods.

The House Wednesday passed a conference report on the $3.5 trillion budget resolution for fiscal year (FY) 2010 that preserves President Obama’s priorities for green and clean energy. But it makes no assumptions that existing tax incentives for oil and natural gas producers should be repealed to pay for the green initiatives. Still, producers are by no means out of the woods.

The nearly $3.5 trillion budget resolutions passed by the House and Senate last Thursday had some moderately good news for producers — they did not include the $32.6 billion tax hike on oil and natural that President Obama proposed for fiscal year 2010, at least not at this stage of the budget process (see NGI, March 2).

The nearly $3.5 trillion budget resolutions passed by the House and Senate Thursday had some moderately good news for producers — lawmakers did not include the $32.6 billion tax hike on oil and natural gas that President Obama proposed for fiscal year 2010, at least not at this stage of the budget process (see Daily GPI, April 2).

Since 1994, when Dow Chemical Co. first reported its energy and conservation performance, the company says it has saved 1,600 trillion Btu. Dow’s program has resulted in energy savings of $8.6 billion and has prevented 86 million metric tons of carbon dioxide from entering the atmosphere, a company official told U.S. lawmakers.