Oil prices climbed Jan. 2 in the general euphoria after the House of Representatives finally passed a fiscal budget, but prices dipped in early trading Jan. 3 as budget worries were replaced by concerns over the debt ceiling still in place.

Major US stock indexes jumped in early trading Jan. 2 after the US House of Representatives finally passed a budget bill in a late-night session on New Year’s day when the country technically went over the long-feared fiscal cliff as automatic tax increases and spending cuts kicked in.

Energy prices generally slipped lower Dec. 28 with little hope for a last-minute budget agreement despite the US House of Representatives being called for special session Dec. 30.

Crude oil, natural gas, and natural gas liquids provided the vast majority of federal mineral leasing revenue in fiscal 2011 and 2012, the Government Accountability Office reported.

Energy prices generally closed marginally lower Dec. 27 after recouping much of their morning losses on reports a special session of the US House of Representatives will be called Dec. 30 in a last-minute attempt to pass a fiscal budget and forestall automatic tax hikes and spending cuts that otherwise will take effect Jan. 1.

Costs for designing and building refining and petrochemical plants were essentially unchanged from this year’s first quarter to its third quarter, according to the latest edition of the IHS Downstream Capital Costs Index.

Energy prices escalated Dec. 26 with front-month crude spiking above $90/bbl in the New York futures market.

Energy prices generally fell Dec. 21 and 24 in low-trading sessions before Christmas, but oil and gas prices overall were up last week, especially after the report of a bigger-than-expected withdrawal of natural gas from US underground storage.

Oil prices continued upward Dec. 20 in the New York market amid encouraging economic indicators but dropped in early trading Dec. 21 after US House Speaker John Boehner overnight withdrew his “Plan B” budget proposal when he could not secure enough support in the Republican-dominated House of Representatives.

US petroleum demand remained weak in November, averaging 18.5 million b/d and reaching the lowest level for the month in 17 years, the American Petroleum Institute reported.

Oil prices continued climbing Dec. 19 with crude up 1.8% in New York and 1.3% in London on a bullish inventory report, but natural gas fell 2%, wiping out its gain from the previous session.

Crude prices continued climbing Dec. 18 amid cautious hope of progress in US budget negotiations and the return of investors to riskier assets as the dollar weakened.

Front-month crude edged up 0.5% Dec. 17 on the New York market on cautious optimism for negotiation of a US budget.

The front-month natural gas contract fell 7% Dec. 14 in the New York market following the report of a rare December injection in US underground storage the previous week. Oil prices rose, recouping some of the losses from the previous session, although oil remained range-bound during last week.