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Change: -5.40 (-1.05%)
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US Oil-Patch Democrats Oppose House Drilling Bill

Thu, 29th Jul 2010 20:07

By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Oil-state Democrats are lining up against offshore-drilling legislation that is up for a vote in the U.S. House of Representatives on Friday, suggesting that Congress may face pressure to scale back the legislative response to the worst offshore oil spill in U.S. history. "I'm a 'no'," Rep. Gene Green (D., Texas) told reporters on Thursday. He said that "about 30 of us" have concerns, especially about a measure that would discard the cap on damage claims that companies would face for spills like the one in the Gulf of Mexico. Independent oil and gas producers said they would be put out of business if exposed to unlimited liability for damages. The House vote is the first chamber-wide response to the BP PLC (BP, BP.LN) spill, which harmed the tourism and fishing industries along the Gulf Coast and damaged wetlands. With control of 255 seats, the Democratic caucus has enough votes to pass the spill legislation even if 30 members break ranks. But the rift exposes a divide that could stall spill-response legislation in the U.S. Senate, where Democrats need Republican support to advance legislation. Eliminating the cap on damage claims that companies must pay for offshore oil spills is viewed by oil and gas producers as the most onerous part of the legislation. Democratic leaders and the Obama administration want to discard liability caps, currently set at $75 million, in order to avoid putting taxpayers on the hook for damages that go beyond the costs of cleanup. But without a limit to liability, insurers have indicated that they will stop offering insurance, leaving offshore drilling only to the major oil companies that are able to self-insure against disasters. "The current limits don't work," said House Natural Resources Committee Chairman Nick Rahall (D., W.Va.) "Are the concerns of the small independents legitimate? Yes, I believe they are. And perhaps in the give and take that's going on currently, we'll find some middle ground there that will take into account their concerns." He added, "I'm hoping that something can be found." In the U.S. Senate, Sen. Mary Landrieu (D., La.) is pushing a potential compromise to break an impasse. Under Landrieu's proposal, which hasn't been formally introduced, an existing liability cap on economic damages resulting from an oil spill would be raised to $250 million from $75 million, according to an aide. The proposal would also set up a $10 billion mutual insurance fund into which energy companies would collectively pay. Each company would contribute different amounts, based on its oil and natural-gas production. -By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com (Tennille Tracy contributed to this article.) (END) Dow Jones Newswires July 29, 2010 15:07 ET (19:07 GMT)
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3 May 2024 13:47

British regulator awards more North Sea oil and gas licences

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2 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

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1 May 2024 18:30

Sector movers: Oil, Autos drag on FTSE 350

(Sharecast News) - Weakness in the oil patch and among select cyclicals dragged on the FTSE 350 in the middle of the week.

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30 Apr 2024 14:38

UK earnings, trading statements calendar - next 7 days

Wednesday 1 May 
Anexo Group PLCFull Year Results
Cambridge Cognition Holdings PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
First Tin PLCTrading Statement
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
Friday 3 May 
InterContinental Hotels Group PLCTrading Statement
Mondi PLCTrading Statement
Trainline PLCFull Year Results
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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24 Apr 2024 19:30

Trans Mountain oil shippers raise concerns about risk of delay to full service

April 23 (Reuters) - Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

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24 Apr 2024 13:24

Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan

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24 Apr 2024 09:58

Aker BP Q1 beats forecast as costs fall, Tyrving to start sooner

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted higher-than-expected net profit for the first quarter as costs fell, and said its Tyrving field development could start production sooner than previously planned.

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24 Apr 2024 05:38

Aker BP Q1 beats forecast on record output, lower cost

OSLO, April 24 (Reuters) - Norwegian independent oil company Aker BP on Wednesday posted a higher-than-expected net profit for the first quarter as production hit a record while costs fell.

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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

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18 Apr 2024 14:12

UK shareholder meetings calendar - next 7 days

Friday 19 April 
Murray International Trust PLCAGM
Quantum Exponential Group PLCGM re delisting or potential investment in company
Monday 22 April 
Renalytix PLCGM
Travis Perkins PLCAGM
Tuesday 23 April 
AIQ LtdAGM
NatWest Group PLCAGM
Taylor Wimpey PLCAGM
Wednesday 24 April 
abrdn PLCAGM
abrdn Equity Income Trust PLCAGM
AssetCo PLCAGM
Breedon Group PLCAGM
British American Tobacco PLCAGM
Bunzl PLCAGM
Coro Energy PLCAGM
Croda International PLCAGM
Entain PLCAGM
Greencoat UK Wind PLCAGM
Primary Health Properties PLCAGM
Serco Group PLCAGM
Synectics PLCAGM
Thursday 25 April 
AFC Energy PLCAGM
Admiral Group PLCAGM
Beazley PLCAGM
BP PLCAGM
CLS Holdings PLCAGM
CRH PLCAGM
Dalata Hotel Group PLCAGM
Develop North PLCAGM
Drax Group PLCAGM
Everest Global PLCAGM
Greencoat Renewables PLCAGM
Hammerson PLCAGM
Helios Towers PLCAGM
Hikma Pharmaceuticals PLCAGM
International Biotechnology Trust PLCAGM
London Stock Exchange Group PLCAGM
Manx Financial Group PLCAGM
Mattioli Woods PLCGM re Pollen Street Capital Ltd takeover
Persimmon PLCAGM
Premier Miton Global Renewables Trust PLCAGM
Relx PLCAGM
Schroders PLCAGM
Smithson Investment Trust PLCAGM
Tissue Regenix Group PLCAGM
Weir Group PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
18 Apr 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

(Alliance News) - Stock prices in London were higher on Thursday afternoon, despite the prospect of higher for longer US interest rates hanging over stocks.

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18 Apr 2024 09:04

IN BRIEF: BP trims executive team in operational restructuring

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18 Apr 2024 08:11

BP cuts size of executive team, shakes up structure

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17 Apr 2024 18:58

Shell urges investors to reject shareholder group's climate demands

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