Posted: April 30, 2012 Filed under: Uncategorized | Tags: environmentalism, Markets, Oil & Gas, Policy
Sierra Club seeks to block natural gas terminal
The Sierra Club said announced last week that it wants to block a Virginia energy company’s plan to export liquefied natural gas through a terminal that it owns in Maryland, a report from Reuters said.
“The environmental group, which opposes the export terminal as part of its wider fight against natural gas drilling from shale deposits, can weigh in on certain changes at the site of the proposed terminal under a 1972 legal agreement. The Sierra Club says that under that settlement, it has a say over whether Dominion can convert an import terminal at Cove Point, near a state park, into an export plant. Dominion’s CEO disagreed with that view during a conference call with analysts on Thursday,” according to reporter Ayesha Rascoe.
Posted: April 30, 2012 Filed under: Uncategorized | Tags: geopolitics, Markets, Nationalisation, Oil & Gas
Repsol YPF said to cut gas shipment on Argentina noncompliance
Repsol YPF SA (REP) blocked a shipment of liquefied natural gas to Argentina because the government failed to supply the Madrid-based company with a letter of credit, Matt Craze reports for Bloomberg.
“Spain’s largest oil company diverted the course of the vessel on April 27 after the letter failed to arrive, said the person, who asked not to be identified because Repsol hasn’t made details of the shipment publicly available. Repsol requires the letter of credit for shipments after Argentina defaulted on $95 billion in debt in 2001, the person said. YPF, Repsol’s Argentine unit, anticipated Repsol would block shipments in order to ‘damage’ Argentina after the government seized control of the company this month, YPF said on its website April 28,” according to Craze.
Posted: April 30, 2012 Filed under: Uncategorized | Tags: EPA, Policy, scandal
EPA official under fire for ‘crucify’ quote quits
Politico reports the Environmental Protection Agency’s Al Armendariz has quit.
“The EPA regional administrator who suggested the agency was out to ‘crucify’ lawbreaking oil and gas companies has resigned. Al Armendariz said he regrets his comments and doesn’t wish to be a distraction for the agency, he wrote in a letter to EPA Administrator Lisa Jackson on Sunday. Armendariz headed EPA’s Region 6, which covers Arkansas, Louisiana, New Mexico, Oklahoma and Texas. Last Wednesday, Sen. Jim Inhofe (R-Okla.) unveiled a 2010 video of the regional administrator making controversial comments about EPA enforcement against oil and gas companies.Armendariz said his policy is analogous to Romans overtaking villages, noting that they would “crucify” the first five men they saw as an example. The EPA would do the same to law breakers, he said,” according to the article written by Dan Berman and Erica Martinson.
Links to previous Daily Energy Dump postings on this here, here, here and here
Posted: April 30, 2012 Filed under: Uncategorized | Tags: Coal, energy, market, Natural gas, Policy
Coal’s rocky future
“Coal is in a struggle with a perfect adversary: ultracheap natural gas. With all the shale reserves unlocked by fracking, gas prices have steadily declined since mid-2008, to the point where they’re hovering around $2 per million British thermal units for the first time in a decade. That’s lower than coal prices. The natural gas is all domestically derived energy, so the country’s fuel import bill doesn’t go up. It’s clean. And it’s so abundant that the industry may run out of places to store it. Utilities that switch to natural gas are already passing savings on to customers. In 2013 residential U.S. utility bills should fall 1 percent,” Matthews Philips said in Businessweek.
Posted: April 30, 2012 Filed under: Uncategorized | Tags: Green, Policy, scandal, Solar
Solyndra leaves toxic waste, serious environmental, health and safety issues
Solyndra continues to amaze. After wasting $500 million in taxpayer-funded subsidies, it closes its doors and leaves an environmental mess for the someone else to clean up.
“Three months ago, CBS 5 caught Solyndra tossing millions of dollars worth of brand new glass tubes used to make solar panels. Now the bankrupt solar firm, once touted as a symbol of green technology, may be trying to abandon toxic waste.”
Via Katie Pavelich at Townhall
Posted: April 30, 2012 Filed under: Uncategorized | Tags: EPA, Oil & Gas, Policy
Energy Committee warns EPA official he’ll be hauled in to testify
Over at PJTattler, Bridgett Johnson notes the Energy and Commerce Committee is asking for numerous documents relating to the Environmental Protection Agency’s enforcement priorities, strategies and procedures for Region 6. That is the Dallas, Texas office of EPA official Al Armendariz’s who, it was revealed last week, said he wanted to “crucify” oil companies. Armendariz has since apologized.
“While you have apologized for these comments, there is genuine concern that your comments reflect the agency’s overall enforcement philosophy,” a letter from Energy and Commerce Committee Fred Upton (R-Mich.) calling Armendariz to testify said.
Posted: April 30, 2012 Filed under: Uncategorized | Tags: deals, Markets, Oil & Gas, refining, Sunoco
Energy Transfer Partners to buy Sunoco for $5.3 billion
In a deal that could gas-price and fuel shortage worries this summer, Pipeline operator Energy Transfer Partners LP said today it will buy Sunoco Inc for $5.3 billion in stock and cash to get into the more lucrative crude oil transportation business as natural gas pricesstay weak according to Reuters.
Sunoco shareholders will receive $25 in cash and 0.5245 Energy Transfer units, or $50.13, for every share they own, the article said. The offer represents a 22.5 percent premium to Sunoco’s Friday close of $40.91 on the New York Stock Exchange.
“Sunoco, which was once a major independent refiner in the Northeastern United States, plans to end nearly 120 years in the U.S. refining business as high crude prices and slumping demand squeeze profits. Sunoco, which plans to get out of the refining business, said it will continue talks with private equity firm Carlyle Group LP for a joint venture to run its 335,000-barrel-per-day Philadelphia refinery. A deal with Carlyle would save the refinery, the biggest on the U.S. East Coast, from a planned closure.”
Via Yahoo News