Energy In-depth: AG Rutledge Opposes Obama Administration’s Proposed ‘Fracking’ Rules On Federal Lands
by October 23, 2015 5:53 am 162 views
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AG RUTLEDGE OPPOSES OBAMA ADMINISTRATION’S PROPOSED ‘FRACKING’ RULES ON FEDERAL LANDS: In response to the Obama administration’s proposed rules to expand the Interior Department’s authority for onshore oil and gas that addresses such issues as water protection, hydraulic fracking and well-bore integrity, Arkansas Attorney General Leslie Rutledge has sent a letter to the department’s Bureau of Land Management (BLM) Director Neil Kornze raising concerns about the scope of the BLM’s proposed regulations.
The BLM proposal also could mirror a separate Environmental Protection Agency initiative unveiled in August that would require companies to find and repair leaks from new and modified wells and energy infrastructure, including compressors, pneumatic pumps and processing plants.
Rutledge said she opposes the rule in its current form since the BLM impermissibly expanded its authority over non-federal lands contrary to the Mineral Leasing Act of 1920. Additionally, Rutledge said the BLM failed to engage any state entities, and she believes the rule would lead to severe economic harm in Arkansas. Review the rule here.
EXXONMOBIL RESPONDS TO CLIMATE CHANGE ‘COVER-UP’ ALLEGATIONS: U.S. oil giant ExxonMobil Corp. on Thursday called media and environmental activists’ allegations about the company’s climate change research “inaccurate and deliberately misleading.”
ExxonMobil said the allegations were contained in reports distributed by InsideClimate News, an anti-oil and gas activist organization, and the Los Angeles Times, and have prompted political attacks by Senators Bernie Sanders and other congressional officials calling for a Justice Department probe.
The Texas oil conglomerate said its scientists continue to research and publish findings to improve understanding of climate system science as a basis for society’s response to climate change and have produced more than 50 peer-reviewed publications on topics including the global carbon cycle, detection and attribution of climate change, low carbon technologies and analysis of future scenarios for energy and climate.
FERC REFINES ELECTRIC MARKET-BASED RATE PROGRAM: The Federal Energy Regulatory Commission recently issued a final rule to clarify and streamline certain aspects of its market-based rate program for wholesale sales of electric energy, capacity and ancillary services. The changes will increase transparency while continuing to ensure that the standards result in market-based rates that are just and reasonable, FERC officials said. The final rule, here, will take effect 90 days after publication in the Federal Register.
SWEPCO PARENT, AEP, THIRD QUARTER RESULTS BEAT WALL STREET ESTIMATES: American Electric Power, the parent company of Southwestern Electric Power (SWEPCO), on Thursday reported third quarter earnings of $519 million or $1.06 per share, up 5.3% from $493 million or $1.01 per share in third-quarter 2014.
The Columbus, Ohio-based utility holding company, which posted revenue of $3.43 billion during the three-month period ended Sept. 30, was slightly ahead of Wall Street expectations. Analysts surveyed by Thomson Reuters had expected the Ohio utility giant to report third quarter earnings of $1.01 per share on revenue of $4.42 billion, according to Thomson Reuters. AEP, whose operations stretch from Indiana and Michigan down to Arkansas, Oklahoma, and east Texas, upped its 2015 operating earnings guidance range to $3.67 to $3.77 per share from the forecast of $3.50 to $3.65 per share.