Sheila McNulty writes from Houston:
The small companies that drive the bulk of US natural gas production are going to Washington DC next week to lobby against tax increases for the oil and gas industry proposed by the Obama Administration.
In Energy Source:
In a historic step, US vehicle fuel economy standards will be raised for the first time in 25 years (Detroit News)
Commerzbank highlights the estimates from Oil Movements, the information service, that Opec shipments are dropping by 770,000 barrels per day in the four weeks to April 11 compared to the previous four weeks. If accurate, that would confirm that Opec members are sticking by their commitment from Vienna on March 15 to cut their over-production above their agreed limits, which was then about 800,000 b/d.
The news sent crude prices to a 4-month high of $54.60 a barrel on Thursday.
The FT is the subject of the sincerest form of flattery today, in the shape of a 12-page spoof and accompanying website from environmental campaigners, linked to protests around the London G20 meeting next week.
It is a mix of jokes and arguments, of varying quality, but the production is superb. Thay have reproduced the look of the FT very impressively.
The best bit: the leader column, which writes
Frankly, the Financial Times is more honest than most, both about its bias and the state of the world. Investors tend to want their news less filtered, even if they still like it framed to serve their interests.
Perhaps we should use that in our advertising.
Energy news from elsewhere:
- Vote for IAEA chief is deadlocked (WSJ)
- Investment cuts open door to jump in oil price (WSJ)
- Opec could cut oil output at next meeting, says Venezuela minister (Reuters)
- US gasoline prices top $2 a gallon for first time in 4 months (Bloomberg)
- Afren’s Ebok block in Nigeria is ‘transformational,’ says chief Shahenshah (Bloomberg)
Energy news from the FT:
- Rio Tinto reveals its ‘Plan B’ on funding
Alternative ready if Chinalco’s $19.5bn investment blocked
- London Metal Exchange breaks mould with dividend plan
Proposal faces opposition at AGM
- Tax losses to sweeten Premier’s purchase
Net cost for buying Oilexco’s North Sea operations may be $100m