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Oil and Gas Roundup — March 18

March 18, 2013
TOPICS: In the news

National group starts ad campaign defending oil and gas tax breaks

The American Petroleum Institute is launching a TV advertising campaign aimed at convincing lawmakers to keep their hands off tax incentives awarded to the industry.

The institute announced Wednesday it would run the cable and broadcast spots inside the Beltway. It didn’t specify how much it was spending on the effort.

With the proposed Senate and House budgets released last week and President Barack Obama’s coming next month, API Executive Vice President Marty Durbin said the industry must remind policymakers that “punitive tax schemes kill jobs and decrease revenues to the federal government over the long term.”

Obama and many Democrats want to strip $4 billion in annual tax breaks given to oil-and-gas companies. Some of the proposals have targeted only the largest firms, while others would also hit smaller, independent producers.

The White House has ramped up calls to end the incentives in recent weeks as part of a deal to replace automatic spending cuts that went into effect March 1.

Read more: http://thehill.com/blogs/e2-wire/e2-wire/287901-oil-and-gas-lobby-starts-ad-campaign-defending-tax-breaks#ixzz2NteTszTa

 

Pickens outlines free-market approach that works for energy

Billionaire BP Capital Chairman T. Boone Pickens outlined his idea of a free-market approach to energy production in a recent opinion piece for Politico. Pickens wants to inject competition into America’s transportation fuel market and outlines a few ways to get there.

“When it comes to free markets, I count myself as a true believer and a champion,” Pickens writes. “But I also think it’s time to get realistic on the idealistic pursuit of free-market energy policies in the U.S. Adhering to that objective only stymies our ability to make meaningful progress in addressing the national security and economic threats posed by our dependence on OPEC oil, or to gain any real control over gasoline prices in the U.S.

“I’ve grown restless with the leadership vacuum in Washington. So, frustrated by more than four decades of inaction, let me put my own plan on the table, and I have a plan that gets us as close to a free-market energy initiative as we can hope to achieve.

“First, identify and eliminate all archaic federal and state tax policies that disadvantage the use of domestic natural gas and favor diesel in heavy-duty trucks. … Second, we should re-examine all 40-year-old energy programs. … Finally, let’s develop a formal North American Energy Alliance with Mexico and Canada.”

Read more: http://www.politico.com/story/2013/03/a-free-market-approach-that-works-for-energy-88825.html#ixzz2NtfWlBlx

 

FedEx plans natural gas conversion for trucks

FedEx CEO Frederick W. Smith said he expects up to 30 percent of long-distance trucks to be powered by liquified or compressed natural gas over the next 10 years. 

While there is ample research to show that the use of natural gas in transportation can reduce carbon emissions significantly, the high costs associated with these vehicles and relative scarcity of fueling stations have hindered their adoption up to now.

MSN Money takes a look at the key factors expected to drive adoption rates of CNG/LNG vehicles in the transportation industry over our forecast period. This trend is expected to improve EBITDA margins for the FedEx Ground segment, which makes up more than 67% of Trefis' current price estimate for the stock. 

Read more: http://money.msn.com/top-stocks/post.aspx?post=a432bbab-2bbe-4e35-87e7-42ddf51e83ba

 

Chinese firm to spend millions on series of natural gas fueling stations

ENN Group Co Ltd, one of China's largest private companies, is quietly rolling out plans to establish a network of natural gas fueling stations for trucks along U.S. highways.

With plans to build 50 stations this year alone, ENN joins a small but formidable group of players — including Clean Energy Fuels Corp and Royal Dutch Shell Plc — in an aggressive push to develop an infrastructure for heavy-duty trucks fueled by cheap and abundant natural gas. Clean Energy is backed by T. Boone Pickens and Chesapeake Energy Corp.

The move is yet another example of China's ambition to grab a piece of the U.S. shale gas boom. Just last month, Sinopec Group said it would pay $1 billion for some of Chesapeake's oil and gas properties in the Mississippi Lime shale.

The natural gas bounty is also expected to help wean the U.S. transport industry off its dependence on diesel fuel made from imported crude oil, and the trucking industry is in a big push to use more of the domestically produced fuel.

The potential savings are huge: shippers can save around $2 a gallon by switching to natural gas from diesel.

Read more: http://www.reuters.com/article/2013/03/14/us-enn-lng-usa-idUSBRE92D09Y20130314

 

U.S. shale gas export to 'desperate' India could be game changer, experts say

If America allows shale gas exports to India, it will not only help address the Asian nation's energy needs and strengthen bilateral relationship, but also end up being a game changer for the U.S. interests in the Asia-Pacific region, say experts.

"The US has this great leverage, in terms of energy exports. So, I think, that reinforces my view that we need to get this big thing going where there are much more 2-way trade-offs possible," former IMF economist Arvind Subramanian told a Congressional hearing on Wednesday.

Dan Twining, a senior fellow for Asia at the German Marshall Fund of the United States, also supported the move at the hearing and argued that this would help the US build its security architecture in the Asia Pacific region.

Read more: http://www.financialexpress.com/news/us-shale-gas-export-to-desperate-india-could-be-game-changer-experts/1088593

 

 
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