Energy & Environment Correspondent
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Jul 7, 2011

Senate deal would axe $6 billion ethanol tax credit

WASHINGTON (Reuters) – Three senators have reached a deal to repeal the $6 billion per year ethanol tax credit by the end of July, an agreement that must still be passed by Congress, Senator Dianne Feinstein said.

The loss of the subsidy could add extra costs for refiners like Valero Energy Corp and Marathon Oil Corp but is unlikely to reduce demand for corn because government mandates require increasing amounts of the corn-based fuel until 2015.

Jul 6, 2011

Deal to end 45-cent ethanol credit seen this week

WASHINGTON (Reuters) – Three U.S. senators working on a framework to replace the $6 billion a year ethanol tax credit with far less costly incentives could strike a deal as soon as Thursday, Senate and industry sources said.

The agreement would be a significant step toward reforms for ethanol subsidies, but would offer some assistance to the ethanol industry as it loses the lucrative benefit.

Jul 5, 2011

Senator Baucus asks Exxon for details on pipe spill

WASHINGTON (Reuters) – A U.S. senator from Montana asked Exxon Mobil Corp on Tuesday for details about the pipeline that ruptured over the weekend spilling about 1,000 barrels of oil into the rain-swollen Yellowstone River.

“I’m calling on Exxon Mobil to answer some tough questions so we can find out how this accident happened and what needs to be done to make sure something like this it never happens again,” Max Baucus said in a letter to Rex Tillerson, the chairman and CEO of Exxon.

Jun 28, 2011

American climate skeptic Soon funded by oil, coal firms

WASHINGTON (Reuters) – Willie Soon, a U.S. climate change skeptic who has also discounted the health risks of mercury emissions from coal, has received more than $1 million in funding in recent years from large energy companies and an oil industry group, according to Greenpeace.

Soon, an astrophysicist at the Harvard-Smithsonian Center for Astrophysics, has also gotten funding from scientific sources including NASA and the Massachusetts Institute of Technology. But starting early in the last decade, Soon began receiving more funding from the energy companies, Greenpeace reported.

Jun 28, 2011

US climate skeptic Soon funded by oil, coal firms

WASHINGTON, June 28 (Reuters) – Willie Soon, a U.S. climate
change skeptic who has also discounted the health risks of
mercury emissions from coal, has received more than $1 million
in funding in recent years from large energy companies and an
oil industry group, according to Greenpeace.

Soon, an astrophysicist at the Harvard-Smithsonian Center
for Astrophysics, has also gotten funding from scientific
sources including NASA and the Massachusetts Institute of
Technology. But starting early in the last decade, Soon began
receiving more funding from the energy companies, Greenpeace
reported.

Jun 24, 2011

Obama takes flak for tapping emergency oil reserves

WASHINGTON (Reuters) – President Barack Obama took withering fire from the oil industry and Republicans for agreeing to release the nation’s emergency oil supplies, a decision that senior officials said was prompted by the need to prop up the ailing economy.

Critics blasted the release of 30 million barrels of oil — half of a global injection coordinated by the International Energy Agency — as an ill-timed misuse of reserves at a time when U.S. supplies are relatively high, despite the loss of Libya’s exports for the past three months.

Jun 24, 2011

West taps oil reserves to boost economy; prices slump

PARIS/WASHINGTON (Reuters) – Western nations agreed to release oil from emergency stockpiles for the third time in history, sending oil prices tumbling and providing some support to a faltering global economy.

The surprise move was a shot at the oil-producing cartel OPEC, which failed to raise production at a meeting on June 8, and was aimed at replacing supply lost from Libya. The IEA said it will release 60 million barrels over the next month, half coming from the biggest oil consumer, the United States.

Jun 23, 2011

Obama voter support from oil tap could be fleeting

WASHINGTON (Reuters) – President Barack Obama stands to win a bump in voter support for his decision to tap emergency oil reserves, but the gains from lower fuel prices run the risk of evaporating before next year’s election, political experts said.

The United States agreed on Thursday to release 30 million barrels of crude from the Strategic Petroleum Reserve as part of the Paris-based International Energy Agency’s plan to release 60 million barrels to protect the fragile global economy.

Jun 23, 2011

Obama takes flak for using oil reserves as stimulus

WASHINGTON (Reuters) – President Barack Obama took withering fire from the oil industry and Republicans for agreeing to release the nation’s emergency oil supplies, a decision that senior officials said was prompted by the need to prop up the ailing economy.

Critics blasted the release of 30 million barrels of oil — half of a global injection coordinated by the International Energy Agency — as an ill-timed misuse of reserves at a time when U.S. supplies are relatively high, despite the loss of Libya’s exports for the past three months.

Jun 21, 2011

U.S. EPA proposes 13.2 bln gallon ethanol use in 2012

WASHINGTON, June 21 (Reuters) – The United States would
increase its use of corn-based ethanol next year to 13.2
billion gallons as required by Congress, but will cut its
target for advanced biofuels for the second year running, the
Environmental Protection Agency proposed on Tuesday.

The EPA proposed cutting the amount of cellulosic ethanol
that must be produced next year to between 3.45 million and
12.9 million gallons from the original goal of 500 million
gallons. The target was cut to 6 million gallons this year from
the 250 million gallons required by Congress.

    • About Timothy

      "I cover U.S. energy and environment policy and climate change. Moved to DC in late 2009 after a decade in New York. Author of "Diminishing Resources:Oil," which is one in a series of books for young adults."
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