From Capitol Hill - H.R. 6709
Here is a piece of legislation you may be interested in.
The purpose is "to greatly enhance the Nation's path toward energy independence and environmental, energy, economic, and national security, by amending Federal policy to increase the production of domestic energy sources..."
The bill seems to do a couple things.
1) It removes the off shore oil and gas drilling and forces the oil/gas produced to stay in the US (per the Outer Continental Shelf Lands Act of 1953).
2) It takes royalties from this oil/gas produced, 40% of, and applies them to the development of alternative energy sources.
3) Extends tax credits on purchases of hybrid cars/efforts to make your house or business more green.
Couple thoughts. I didn't see any efforts to include natural gas cars in the included tax breaks. Second, I understand the need to drill off shore, specifically for oil, but why encourage the continued development of off-shore gas when (in the word's of Aubrey McClendon) there are numerous shale basins on the mainland. Shouldn't a policy promote the enrichment of the landowners? This is especially peculiar as the sponsor of the bill is from a state which stands much to gain from shale- PA (Rep. Peterson (R-PA)).
Click here for more details
By no means did I devote enough time to give you an in depth review. Read for yourself and correct where I am wrong or mention something...
Periodically, I will be highlighting some proposed legislation in Congress. Legislation that may specifically have an impact on us as shale owners. Stay tuned.
The purpose is "to greatly enhance the Nation's path toward energy independence and environmental, energy, economic, and national security, by amending Federal policy to increase the production of domestic energy sources..."
The bill seems to do a couple things.
1) It removes the off shore oil and gas drilling and forces the oil/gas produced to stay in the US (per the Outer Continental Shelf Lands Act of 1953).
2) It takes royalties from this oil/gas produced, 40% of, and applies them to the development of alternative energy sources.
3) Extends tax credits on purchases of hybrid cars/efforts to make your house or business more green.
Couple thoughts. I didn't see any efforts to include natural gas cars in the included tax breaks. Second, I understand the need to drill off shore, specifically for oil, but why encourage the continued development of off-shore gas when (in the word's of Aubrey McClendon) there are numerous shale basins on the mainland. Shouldn't a policy promote the enrichment of the landowners? This is especially peculiar as the sponsor of the bill is from a state which stands much to gain from shale- PA (Rep. Peterson (R-PA)).
Click here for more details
By no means did I devote enough time to give you an in depth review. Read for yourself and correct where I am wrong or mention something...
Periodically, I will be highlighting some proposed legislation in Congress. Legislation that may specifically have an impact on us as shale owners. Stay tuned.
Add a Comment
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Comment by Grice on September 30, 2008 at 6:43
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You were properly informed. CA is the US leader in NG vehicles. Now, we just need other states to follow their lead. There is already a "trend" taking place in other states, but it primarily deals with commercial vehicles. The private sector needs more "incentives" before it is welcomed with open arms.
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Comment by Betsy Schindler on September 30, 2008 at 5:18
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I was told by a friend from California that out there they have lots of cars that use natural gas, and that the "hook-up" is a rather simple one.
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Comment by Leslie on September 24, 2008 at 19:20
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TODAY THEY ANNOUNCED THE CAMRY NATURAL GAS CAR
I DONT KNOW WHERE TO GET THE HOME DISPENSERS
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Comment by Grice on September 24, 2008 at 18:47
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HR 6049 was passed by the senate today. How would you favor the extension of tax credits for wind and solar energy, as compared to tax credits for NG? Do you anticipate the extension to help, or hinder, NG futures?
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Comment by North LA on September 20, 2008 at 16:29
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There needs to be a leader from congress or senate who gets all the senators/congressmen together from states with shales and try to get a bill passed to get CNG started. So far no one has stepped up.
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Comment by griiker on September 15, 2008 at 10:21
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There is a difference between being legally permitted to do something and it making the most sense financially. It is so much more expensive to build and run an off shore drilling platform than to payout leasing bonusses to us owners, even at $10,000-$20,000 an acre.
Simply put, the Haynesville is the low hanging fruit here, the gas companies know it.
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