WASHINGTON, June 1 (Reuters) – U.S. lawmakers want the
State Department to delay its decision-making process on
whether to approve a $7 billion pipeline that would deliver
crude from Canada’s oil sands to Texas until a number of
environmental concerns are addressed.
The State Department has said it will decide by the end of
the year whether to approve the pipeline which could lock in
higher oil imports from Canada for 50 years.
WASHINGTON (Reuters) – Global warming will likely open up coastal areas in the Arctic to development but close vast regions of the northern interior to forestry and mining by mid-century as ice and frozen soil under temporary winter roads melt, researchers said.
Higher temperatures have already led to lower summer sea ice levels in the Arctic and the melting has the potential to increase access for fishermen, tourists and oil and natural gas developers to coastal regions in coming decades.
NEW YORK/WASHINGTON, May 24 (Reuters) – U.S. regulators
launched one of the biggest ever crackdowns on oil price
manipulation on Tuesday, suing two well-known traders and two
trading firms owned by Norwegian billionaire John Fredriksen
for allegedly making $50 million by squeezing markets in 2008.
The Commodity Futures Trading Commission (CFTC) said
traders James Dyer of Oklahoma’s Parnon Energy, and Nick
Wildgoose of Europe-based Arcadia Energy, amassed large
physical positions at a key U.S. trading hub to create the
impression of tight supplies that would boost oil prices.
WASHINGTON (Reuters) – Indiana Governor Mitch Daniels said on Sunday he has decided not to seek the Republican presidential nomination due to family considerations, further weakening the party’s field of candidates.
With Daniels becoming the latest high-profile politician to bow out, Republicans may look to a late entrant to provide the star power many say is lacking in the current crop of hopefuls for the 2012 nomination.
WASHINGTON (Reuters) – The Senate blocked a move by Republicans to speed domestic offshore oil and natural gas drilling on Wednesday, a fresh sign of congressional gridlock on energy issues even as drivers endure gasoline prices near $4 a gallon.
Republicans only got 42 of the 60 votes needed to consider a bill, known as the Offshore Production and Safety Act, that would have directed the Interior Department to conduct previously scheduled offshore lease sales in the Gulf of Mexico, Virginia, and Alaska.
WASHINGTON (Reuters) – The Senate blocked a move by Democrats to repeal billions of dollars in tax breaks enjoyed by the biggest oil companies operating in the United States, but Majority Leader Harry Reid said that paring back the incentives would be included in an upcoming budget deal.
Democratic sponsors of the bill, which would have used the savings from ending the tax breaks to pay down $21 billion of the deficit in ten years, got only 52 of the 60 votes needed to proceed on the measure on Tuesday. The bill would have cut back tax breaks enjoyed by Exxon Mobil Corp, Chevron ConocoPhillips, BP and Shell Oil, the U.S. unit of Royal Dutch Shell.
WASHINGTON (Reuters) – President Barack Obama’s new plan to expand oil production in the Gulf of Mexico and Alaska is an attempt to deflate Republican criticism that he’s not doing enough to expand drilling and appeal to voters as they struggle with high energy cost.
Obama announced measures in his weekly radio address on Saturday to push the Interior Department to expand domestic oil production in Alaska and the Gulf of Mexico.
WASHINGTON, May 12 (Reuters) – U.S. oil executives defended the
billions of dollars they get in tax breaks on Capitol Hill, only to
be chastised by senators, who said their huge profits put them out of
touch with consumers facing high gas prices.
Democratic lawmakers slammed executives on Thursday over their
refusal to give up tax breaks after their companies earned $35
billion during the first quarter of this year as gasoline prices rose
to $4 a gallon.
WASHINGTON, May 12 (Reuters) – Repealing billions of
dollars in tax breaks for Big Oil won’t raise U.S. fuel prices,
Senator Max Baucus said in an opening shot directed at top
petroleum executives summoned to Capitol Hill on Thursday to
defend their surging profits.
Oil prices are set on a world market and the U.S. share of
crude production is less than 10 percent, Baucus said before
the CEOs of some of the most powerful companies in the world.
WASHINGTON (Reuters) – The world’s biggest oil companies on Wednesday launched broadsides against Democratic plans to pare back some of their cherished U.S. tax breaks, saying the measure was “un-American” and would only push up already high gasoline prices.
Top executives from the five biggest oil companies will testify about the tax breaks on Thursday before the Senate Finance Committee. A day before the hearing companies and lawmakers traded barbs over the effort that Democrats say could help cut the deficit by about $21 billion over a decade.