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Task force: US can shrink oil gap with unconventional fuels
The US government and oil industry must jointly take aggressive action to slow the growth in oil demand and to increase oil supply with help from unconventional sources, reported the Federal Task Force on Strategic Unconventional Fuels in September.
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Gas industry, Senate members voice energy bill concerns
The American Petroleum Institute, Independent Petroleum Association of America, and seven other trade associations representing natural gas producers, pipelines and consumers jointly expressed strong concern Oct. 19 about US House energy legislation that they believe would reduce instead of increase domestic gas supplies.
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US Supreme Court to hear Exxon Valdez appeal
The US Supreme Court agreed Oct. 29 to hear an appeal of the $2.5 billion punitive damages award stemming from the 1989 grounding of the tanker Exxon Valdez and subsequent crude oil spill in Alaska’s Prince William Sound.
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BP unit agrees to record settlement with CFTC
BP Products North America Inc. has agreed to pay $303 million in fines to settle charges that it manipulated propane markets in February 2004 and April 2003, the US Commodity Futures Trading Commission announced.
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WATCHING GOVERNMENT: Oil’s changing relationships
Memo to US, Canadian, and other Western nations’ oil and gas producers: Russia and Caspian Basin nations are renegotiating agreements with stricter terms.
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Alberta raises royalty rates but rejects oil sands tax
Alberta will raise royalty rates on production of oil, gas, and oil sands-but not by as much as a provincial advisory panel recently recommended.
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WATCHING THE WORLD: Rebels target Sudan’s oil
If you were counting on increased supplies of Sudanese crude to reduce the worldwide price of oil, you may need to think once again, especially given plans made by rebels in the country.
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Gas Summit: Changes could imperil gas supply, demand
The accelerating pace of change that has turned the gas market from relatively simple to increasingly complex and risky, has brought a new dimension to supply and demand security, said participants at the 12th International Gas Summit in Paris Oct. 17-18.
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IFP: Oil equipment, services demand growth slows
Globally, oil field equipment and services have been in tight supply since 2005, but the demand growth rate is beginning to slow and may plateau in 2008, said officials at the Institut Francais du Petrole (IFP).
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UK supply-security study confident about gas imports
The UK will have sufficient capacity in LNG terminals and natural gas pipelines to receive gas imports in the medium term, but price will determine if gas is sent to the country, a new government report concluded.
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GAO report: CFTC’s regulatory reach should expand
US Congress should consider expanding the Commodity Futures Trading Commission’s authority over energy derivatives trading, particularly in exempt commercial markets, the General Accounting Office said in an Oct. 19 report.
