The New Mexico legislature seems intent on offering a $12,000 tax credit for oil and gas operators in the state. Democrats joined a Republican-sponsored House Bill 350 which would provide the tax credit to those operators who install gas-capture devices reported the Carlsbad Current-Argus. If the tax credit is signed into law, it would …
Category: Oil & Gas
Cushing Hub’s oil storage declined in past week
The amount of crude oil held in storage at the Cushing Hub in northern Oklahoma declined slightly in the past week according to the U.S. Energy Information Administration. The EIA reported the total of crude in storage as of March 3 of this year was 39.8 million barrels, down from the 40.7 million barrels …
Keystone oil flow to Cushing Hub to remain unchanged
Despite an order from the U.S. pipeline regulator, TC Energy’s Keystone pipeline and its oil flows won’t change. The 622,000 barrels of oil a day flow into the Cushing hub in northern Oklahoma will apparently remain the same since the line’s restart in late December 2022. The Pipeline and Hazardous Materials Safety Administration issued …
Price gouging lawsuit filed against Summit Utilities in Arkansas
Summit Utilities, one of the firms that received securitization approval from the Oklahoma Corporation Commission over the 2021 winter storm costs has been sued in Arkansas and accused of price gouging. A lawsuit was filed in Pulaski County Circuit Court and claimed to represent all 425,000 customers in Arkansas reported the Arkansas Democrat Gazette. …
Oklahoma City allowed to move forward with franchise fight
Oklahoma City scored a minor victory this week before the Oklahoma Supreme Court where it’s fighting the Corporation Commission over franchise taxes that aren’t being collected by some utilities. The Chief Justice is allowing the city to exceed a 30-page limit in presenting its argument that the Corporation Commission decision is unconstitutional. The City …
Rep. Hern announces leadership of House Energy Action Team
Republican Study Committee (RSC) Chairman Kevin Hern (R-OK) announced that the House Energy Action Team (HEAT) will be brought under the purview of RSC. Rep. August Pfluger (R-TX) will serve as the HEAT Chairman, and Rep. Mike Carey (R-OH) will serve as Vice Chairman. The House Energy Action Team will supplement ongoing leadership, committee …
Trinity Operating reports 3 natural gas wells in Atoka County
Three natural gas wells drilled n a single pad in Atoka County by Trinity Operating USG LLC produced a combined 27,274 Mcf of natural gas. Completion reports filed by the McAlester energy company show the three Kiedaisch wells were completed in October 2022. They are located at 15 2N 12E , a site northeast …
Energy briefs
** President Biden unveiled his proposed budget for fiscal year 2024 on Thursday, which in part took aim at billions of dollars of tax subsidies the White House said benefit the fossil fuel industry. According to the White House, the proposed budget would strip $31 billion worth of “special tax treatment” for oil and gas company investments in addition to …
Devon has no plans for deep rush into LNG market
Leadership at Oklahoma City’s Devon Energy made it clear this week it does not want to rush deeper into the global LNG market. President and CEO Rick Muncrief told the CERAWeek by S&P Global conference he anticipates moving only about 10% of Devon’s gross gas volumes into the LNG market reported Hart Energy. Click …
Nebraska and Iowa sue over ethanol indecision by EPA
The government can’t reach a decision soon enough for the Republican Attorneys General in Nebraska and Iowa regarding year-round sales of higher-ethanol fuel blends. So Iowa Attorney General Brenna Bird and Nebraska AG Mike Hilgers announced they intend to sue the Environmental Protection Agency for delaying the decision. It was nearly a year ago …