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OIL NEWS * USA - Lawsuit: Groups mount legal challenge to Schwarzenegger's tar sands ban
• Californian legislation branded 'unconstitutional' - Lobby group includes UK energy companies
Sacramento,CAL,USA -The Guardian (UK), by Terry Macalister -14 February 2010: -- A lobby group that includes BP and Shell in its membership has launched a legal challenge against low-carbon legislation in California that in effect rules out the use of oil from Canadian tar sands. The action by the National Petrochemical & Refiners Association (NPRA) comes amid growing political, investor and consumer pressure on US oil companies not to participate in the carbon-intensive tar sands of Alberta... The refiners are joined by the American Trucking Associations and the Centre for North American Energy Security in their attempt to overturn legislation from California's governor, Arnold Schwarzenegger, who wants to cut C02 emissions from transport by 10% by 2020... The issue will also be discussed at the forthcoming annual general meetings of Shell and BP. On the agenda are resolutions from the Co-op and other investors questioning the wisdom of continuing their controversial tar sands operations in Canada... Tar sands have risen fast up the political agenda since the Copenhagen climate change conference last December... (Photo by Mark Ralston/AFP/Getty Images - Californian low-carbon legislation 'unconstitutional' says NPRA oil lobby group. Above, Syncrude oil sands project in Alberta, Canada)* New Study Reveals Economic Consequences of Continuing Restrictions on Domestic
Arlington,VA,USA -PRNewswire/USNewswire -15 Feb 2010: -- America's reliance on foreign energy will grow by 19 percent over the next 20 years, expanding the transfer of U.S. wealth to the Organization of Petroleum Exporting Countries (OPEC) by more than $600 billion, according to a report by the National Association of Regulatory Utility Commissioners (NARUC). The two-year study broadly examined the social, economic and environmental impacts of continued restrictions on developing America's oil and gas resources... The study predicts the economic results of maintaining current restrictions on accessing America's federally owned onshore and offshore energy resources... The report was assembled by experts from the Science Applications International Corp. and the Gas Technology Institute and provides the most up-to-date assessment of America's oil and natural gas resources. Utilizing the National Energy Modeling System, the study renders a quantitative summary of the jobs, revenue and number of housing starts that Americans should expect to surrender in the future under the restrictive energy policies currently in place...* Truckers Target Speculators, ATA - Partners want tougher regulation of energy derivatives market
Washington,DC,USA -The Journal of Commerce Magazine, by William B. Cassidy -Feb 15, 2010: -- The trucking industry is adding its voice to a coalition demanding tighter federal regulation of trading in commodity derivatives... Its goal is to put a choke collar on Wall Street traders the trucking industry says drive up oil and fuel prices by speculating in energy-based derivatives, putting intense cost pressure on freight transportation companies of all types just as freight demand is sputtering back... The American Trucking Associations and other groups in the Derivatives Reform Alliance want Congress and the White House to ensure trading in energy derivatives markets is transparent, and to place limits on the value of such trades... Higher fuel prices are choking trucking companies weakened by the recession, threatening many small businesses, Con-way executive C. Randal Mullett said at a Feb. 2 press conference on Capitol Hill organized by the Derivatives Reform Alliance... The answer, Mullett said, is a stronger Commodity Futures Trading Commission and broader limits on trading... The particular concern of the DRA and other groups is the unregulated over-the-counter market in derivatives such as the mortgage-backed securities, blamed for the failure of several Wall Street firms and the widespread collapse in lending. Reform advocates want to bring the OTC market more into line with regulated exchanges...
* Diesel Drops for Fifth Straight Week
Washington,DC,USA -The Journal of Commerce Online, by Thomas L. Gallagher -Feb 16, 2010: -- Average price falls 1.3 cents to $2.756 per gallon... Diesel prices fell for the fifth straight week, according to a report released Feb. 15 by the U.S. Energy Information Administration... The biggest change was in the Midwest, where diesel fell 1.9 cents to $2.705 per gallon, still the lowest average regional price... West Coast prices remained at the top with a decline of 1.4 cents to $2.846 per gallon... The smallest change was a half-cent decline in the Rocky Mountains to $2.777 per gallon... (Photo from scientificamerican) 
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