LONDON, Oct 21 (Reuters) – “Bank holding companies ought to
confine their activities to the management and control of
banks,” the Senate Banking Committee wrote in 1955, reporting
favourably on legislation that eventually became the 1956 Bank
Holding Company Act.
“Bank holding companies ought not to manage or control
nonbanking assets having no close relationship to banking,” the
committee went on.
LONDON, Oct 18 (Reuters) – Oklahoma is emerging as the next
big shale oil play, with production growing faster than in any
other U.S. state apart from Texas and North Dakota.
Thanks in big part to shale, the state’s oil output in May,
June and July hit the highest level since January 1990.
LONDON, Oct 17 (Reuters) – Sceptics are too quick to dismiss
the potential expansion of horizontal drilling and hydraulic
fracturing to other shale areas in the United States and around
Based on early setbacks and the slow rate of progress
outside Bakken and Eagle Ford, they doubt whether the revolution
can be replicated. But shale entrepreneurs are
investing heavily to prove them wrong.
LONDON, Oct 16 (Reuters) – North Dakota’s rapidly rising oil
output continues to defy the sceptics, who have predicted that
production would stop growing as declining output from existing
wells offsets extra production from new drilling.
Oil production soared to 911,000 barrels per day in August,
up more than 200,000 bpd compared with the same month last year,
the state’s Department of Mineral Resources (DMR) said this
LONDON, Oct 4 (Reuters) – LNG-powered locomotives could be
in widespread use on North American railroads as early as 2016
or 2017, according to Railway Age, one of the industry’s leading
technical publications – which is far sooner than most energy
Burlington Northern Santa Fe (BNSF) railroad, owned by
Warren Buffett’s Berkshire Hathaway, made headlines earlier this
year when it announced it would begin experimenting with an
LNG-fuelled locomotive and might in future switch a large
proportion of its train fleet from diesel to cleaner-burning and
cheaper natural gas.
LONDON, Oct 3 (Reuters) – BP has finally found a
court prepared to look sympathetically on its arguments about
the eligibility and calculation of compensation claims stemming
from the Deepwater Horizon oil spill.
In the ruling published on Wednesday, a panel of three
federal judges from the 5th Circuit Court of Appeals instructed
the U.S. District Court in New Orleans to look again at whether
the class-action settlement requires claims for business
economic losses to be based on accrual rather than cash
LONDON, Oct 2 (Reuters) – If the U.S. government shutdown
continues for more than a few days, commodity markets will find
themselves flying blind, as the public servants responsible for
producing statistics on which traders and investors rely are
The Commodity Futures Trading Commission (CFTC) said Tuesday
it will not publish the commitments of traders and other market
reports during the shutdown, depriving participants in the
world’s biggest derivative markets for energy and agricultural
products of price-moving information about the positions of
other producers, consumers and speculators.
LONDON, Oct 1 (Reuters) – Giant sedimentary basins
underneath the United States have the capacity to store 500
years’ worth of the country’s energy-related carbon dioxide
emissions, and the biggest are located in the traditional
petroleum producing states along the Gulf Coast, according to
U.S. government scientists.
Capturing carbon dioxide (CO2) emissions from large
stationary sources like power plants and cement factories and
storing them deep underground in porous rock formations is
“critical” for reducing greenhouse gases according to the
International Energy Agency.
LONDON, Sept 27 (Reuters) – With his promise to freeze
utility bills if his party wins the next parliamentary election,
Labour leader Ed Miliband has lobbed a metaphorical grenade into
the heart of the country’s delicate political consensus on
energy and climate change.
Despite fierce disagreements over some details, such as the
siting of wind farms and how to finance new nuclear power
stations, there is a high degree of consensus among Britain’s
three big political parties, at least at leadership level, as
well as business groups and environmental campaigners over the
broad outlines of energy and climate policy.
LONDON, Sept 25 (Reuters) – Britain’s Labour Party has
seized the initiative by promising to freeze gas and electricity
prices for 20 months if it wins the next general election, due
in May 2015, putting utilities and its political opponents on
Price freezes may be poor policy, perhaps even
irresponsible, but as a way to seize political advantage the
pledge was a master-stroke, pushing questions about the cost of
living to the top of the political agenda.