OIL
Proposed penalties regarding violation of federal pipeline safety regulations reached a record high of $9.7M in 2013. On April 7, 2014, the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) announced that it proposed more than $9.7M in civil penalties for violations of pipeline safety regulations in 2013, the highest penalty amount proposed…...
In 2013, net U.S. energy imports declined to its lowest level since 1985, driven by growth in oil and natural gas production. On April 2, 2014, the Energy Information Administration (EIA) released a report showing that the U.S. imported a net 12.74 quadrillion British thermal units (Btu) of energy in 2013, the lowest level since…...
On February 19, 2014, the California Air Resources Board (CARB) held its sixth carbon allowance auction. Auction results over the first year show that compliance entities are becoming more comfortable with program and that investor market confidence is growing. Similarly, a secondary allowance market is also developing as market confidence grows. Overview The California Air…...
On March 4, 2014, the Regional Greenhouse Gas Initiative (RGGI) held the first carbon allowance auction under the new Model Rule. Auction prices reached record levels and high market participation and allowance demand exhausted the 5 million allowance Cost Containment Reserve. Overview The Regional Greenhouse Gas Initiative (RGGI) is the nation’s first mandatory market-based cap-and-trade…...
The EPA has lifted a 2012 ban that excluded BP from federal government contracts after BP agreed to safety, ethical, and corporate governance obligations. On March 13, 2014, the Environmental Protection Agency (EPA) and BP reached an agreement resolving suspension, debarment, and statutory disqualification that barred BP from bidding for federal government contracts following the…...
For the third time since 2007, the U.S. Supreme Court is reviewing the EPA’s regulation of greenhouse gas emissions (GHGs) under the Clean Air Act. Overview On February 24, 2014, the U.S. Supreme Court heard oral arguments over the case Utility Air Regulatory Group v. Environmental Protection Agency (EPA) on whether EPA is ultimately legitimized…...
The FY 2015 budget plan proposes $27.9B in DOE funding, reiterating President Obama’s commitment to a low-carbon future and energy infrastructure resilience. President Barack Obama’s FY 2015 budget plan released on March 4, 2014 allocates $27.9B for the Department of Energy (DOE), a 2.6 percent increase from the 2014 enacted level. It reflects DOE reorganization…...
EPA’s finalized Tier 3 vehicle emissions and fuel standards will lower gasoline sulfur content by more than 60 percent in 2017. On March 3, 2014, the Environmental Protection Agency (EPA) finalized its Tier 3 Vehicle Emissions and Fuel Standards program, reducing gasoline sulfur levels by more than 60 percent – from 30 to 10…...
Alternative power producers continue to turn to the YieldCo model to find lower costs of capital and residual value. Investors benefit from low risk exposure to renewable energy development, high yield and more favorable tax rates, however, risks do exist. Since January 1, 2014, two new YieldCos have been announced, SunEdison and Hannon Armstrong Sustainable…...
The Office of Inspector General found that the State Department followed proper conflict-of-interest guidelines in selecting the contractor for the proposed Keystone XL project’s environmental review. On February 26, 2014, the State Department’s Office of Inspector General (OIG) released its Compliance Follow-up Review weighing the State Department’s selection of third-party contractor Environmental Resources Management (ERM)…....
The Bureau of Ocean Energy Management has released its final environmental review identifying mitigation measures to advance energy exploration activities off the Mid- and South-Atlantic coast. On February 27, 2014, the Bureau of Ocean Energy Management (BOEM) released its Final Programmatic Environmental Impact Statement (PEIS) for geological and geophysical (G&G) survey activities in the Mid-…...
BLM has released a draft environmental analysis of the first proposed commercial oil production project in the Alaska National Petroleum Reserve. On February 21, 2014, the U.S. Bureau of Land Management (BLM) published a notice seeking public input on the Draft Supplemental Environmental Impact Statement (SEIS) for the proposed Greater Mooses Tooth Unit 1 (GMT1),…...