Turned

Ohio could join the ranks of cash-strapped states that have turned to oil and natural gas drilling on state lands as a means to replenish recession-wracked coffers. Ohio House Speaker Armond Budish, a Democrat, said recently that lawmakers may consider allowing drilling in state parks as long as it does not harm the environment, the Associated Press reported. A study committee recently estimated drilling on state lands could generate $3 million or more in revenue for the state. Earlier this week Republican members of the Pennsylvania House of Representatives unveiled a plan to further tap into prolific Marcellus Shale deposits by expanding natural gas drilling to 390,000 acres of state forest land over the next three years — a proposal one conservation group quickly labeled “irresponsible” (see Daily GPI, March 25).

Ted Danson, film and television star turned ocean conservationist, Wednesday called on Congress and President Obama to reinstate the bans on drilling off the East and West coasts, as well as to block drilling in Alaska’s Bristol Bay.

Despite the effects of hurricanes Gustav and Ike in the Gulf of Mexico, Enterprise Products Partners LP turned in fourth quarter results that saw a 41% increase in net income from the prior-year period. And despite stormy financial markets, the partnership boasted that it has $1.6 billion of liquidity, including proceeds from a January equity offering.

A request to resume the first offshore drilling in state waters in 40 years was turned down Thursday by the three-member California State Lands Commission on a 2-1 vote at a meeting in Santa Barbara, CA. Plains Exploration and Production Company (PXP), which holds the federal lease for the offshore Point Pedernales Field about 50 miles northwest of Santa Barbara, had applied for two state offshore leases to develop the Tranquillon Ridge Oil Field.

Just days after Democrats turned in a solid victory last week, a crack in the party’s armor surfaced as firebrand Rep. Henry Waxman (D-CA) challenged veteran Rep. John Dingell (D-MI), who at 53 years in the House is considered the dean of the chamber, for the chairmanship of the House Energy and Commerce Committee. Senate Democrats were engaged in a little in-fighting of their own as well.

Just days after Democrats turned in a solid victory, a crack in the caucus’ armor has surfaced as firebrand Rep. Henry Waxman (D-CA) has challenged veteran Rep. John Dingell (D-MI), who at 53 years in the House is considered the dean of the chamber, for the chairmanship of the House Energy and Commerce Committee.

Hurricane Gustav shut-ins in the Gulf of Mexico turned into Hurricane Ike shut-ins on Monday and natural gas futures traders took notice as the October contract traded into the high $7.60s to start the week before closing out Monday’s regular session at $7.527, up 7.8 cents from Friday’s finish.

TransCanada Corp.’s pipelines and energy businesses turned in strong results in the first quarter, yielding overall net income for the company of C$449 million (83 cents/share) compared to C$265 million (52 cents/share) in first quarter 2007, an increase of about 60% per share.

TransCanada Corp.’s pipelines and energy businesses turned in strong results in the first quarter, yielding overall net income for the company of C$449 million (83 cents/share) compared to C$265 million (52 cents/share) in first quarter 2007, an increase of about 60% per share.