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ENERGY MARKET OVERSIGHT
Sen. Carl Levin (D-MI) is considering offering an amendment to the 2007 farm bill (H.R. 2419) that would strengthen regulatory oversight of energy markets. Levin, as chairman of the Senate Permanent Subcommittee on Investigations, has focused on energy trading scandals and held several hearings and investigations. He has expressed the need for expanded Commodities Futures Trading Commission (CFTC) oversight of unregulated futures markets. Levin said he wants Congress to remove an exemption in current law that prohibits “off-exchange” energy trading that he says has led to “excessive speculation” in natural gas markets. Other senators, such as Sen. Dianne Feinstein (D-CA) also are seeking to increase oversight of energy markets. On Oct. 24, the CFTC recommended that Congress grant authority to regulate so-called exempt commercial markets that operate much like regulated exchanges and handle large volumes of futures contracts that can affect commodity prices. A group called the Energy Market Oversight Coalition, of which SIGMA is a member, sent a letter Sept. 4 to members of Congress expressing their frustration with excessive speculation and manipulation in energy markets. The coalition also includes public power utilities, convenience store operators, and agricultural interests.
CAP AND TRADE
Republican members of the Senate Environment and Public Works Committee are looking to get a detailed economic analysis of the Lieberman-Warner cap-and-trade bill before it is brought to a committee vote later this month. Republican senators want the bill to be reviewed by the Environmental Protection Agency and the Energy Department's Energy Information Administration to determine how its caps on greenhouse gas emissions might affect the U.S. economy, energy bills, and industry compliance costs. The timing of the markup -- tentatively scheduled for Nov. 15 -- will most likely prevent any such study. If the measure clears the committee, opponents have vowed to defeat the measure, largely by keeping it from coming to a vote on the Senate floor. Supporters would need 60 votes to end debate on the bill and force a vote on the Senate floor, and Democrats currently control the chamber by a narrow 51-49 majority. The bill was approved by a 4-3 vote by the Senate Environment and Public Works Subcommittee on Private Sector and Consumer Solutions to Global Warming and Wildlife Protection last week. The bill proposes cutting U.S. greenhouse gas emissions nearly 70 percent by 2050 and 15 percent by 2020, compared to 2005 levels.
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LITTLE PROGRESS ON SCHIP
Congressional negotiators are finding it challenging to craft a compromise on SCHIP (State Children's Health Insurance Program) legislation. House and Senate supporters of H.R. 3963 have been meeting with House GOP lawmakers in an attempt to garner the votes needed to override an expected veto of the bill by President Bush. They need about a dozen House Republicans to switch their votes and support the bill to override a veto. There are a variety of issues that are impeding progress—one includes the funding mechanism, a 61-cent a pack increase in the federal tobacco tax. By a 265-142 vote, the House Oct. 25 failed to approve legislation reauthorizing SCHIP by a veto-proof margin, despite changes made by Democrats to garner additional Republican support for the bill. Bush Oct. 3 vetoed the bill's predecessor, H.R. 976, and the House Oct. 18 failed to override the veto. On Nov. 1, the Senate approved H.R. 3963, but the bill did not incorporate revisions aimed at garnering a veto-proof majority in the House. The Senate approved the bill by a 64-30 vote. SCHIP funding expired Sept. 30, but the program continues through Nov. 16 under a stop-gap funding measure for the federal government.
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ENERGY UNLIKELY TO MOVE
House Speaker Nancy Pelosi (D-CA) would like to see a House-Senate leadership come to agreement on an energy bill come to the floor before the Thanksgiving recess begins, but time is running short. The recess begins on November 16. The closed-door negotiations between House and Senate Democratic members and staff who are trying to reconcile the House-passed bill (H.R. 3221) and the Senate-passed bill (H.R. 6) still continue. Sticking points for the Senate remain the House bill's $16 billion tax title that would repeal oil and gas industry subsidies to fund renewable energy development, and the House provision that would create a national renewable electricity mandate for utilities. It seems more likely that any agreements would be reached before the December recess.
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HELP US PREPARE FOR SIGMA’s 50th ANNIVERSARY
Beginning in January 2008, SIGMA will kick off its year long celebration of its 50th Anniversary. We need your help! Do you have any photos of your stations from decades ago? What about old equipment or other memorabilia? How about an interesting story to share? We want to hear from you! Please email Susan Crosby at scrosby@sigma.org if you’d like to contribute.
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SCIENTISTS WARN OF HARM FROM USE OF BIOFUELS
According to a letter from a group of international scientists, a report by the United Nations' Intergovernmental Panel on Climate Change (IPCC) does not properly address increased carbon emissions and other environmental problems that can result from the expanded use of biofuels. The letter called on the IPCC to amend the report and said the United States and Europe should more thoroughly examine the environmental effects of biofuels before continuing to subsidize them. In particular, the scientists disagreed with the report's conclusion that cellulosic crops like switchgrass may be grown in areas unsuitable for grains and other food/feed crops and thus do not compete with food. The scientists say that such land is often used as pasture for livestock and is currently under stress in many locations. The report also fails to mention that cellulosic ethanol involves more fermentation than conventional ethanol, thereby using more energy at this stage of the production process, according to the letter. Additionally, the biofuels market is encouraging farmers to replace forests and other carbon-rich ecosystems with cropland, which the scientists claim could have serious adverse effects. Finally, the letter challenged the report's assertion that increased use of biofuels for transportation would have positive social and environmental side effects.
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WINTER COMMITTEE MEETINGS
SIGMA invites you to make your association even better by kicking 2008 off right at the Winter Committee Meetings coming up in Salt Lake City UT on February 7-8 at the Salt Lake City Marriott—Downtown. This meeting provides an outlet for SIGMA members to Get Involved! Via the committee structure, SIGMA provides every member with the opportunity to gain a voice in guiding the association’s policies and direction. After all, it is the time and energy contributed by the membership that makes SIGMA both successful and unique. Don’t forget that following the Committee Meetings in Salt Lake CIty, you can join us for the SIGMA/NPN/OPIS Executive Leadership Conference in Snowbird, Utah! SIGMA will provide transportation.
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HAVE YOU MET WITH YOUR CONGRESSIONAL REPS?
Have you met with your congressional representative to help further the legislative needs of our industry? Congressmen and Senators spend a good bit of time back home, playing golf, doing town hall meetings, and appearing at county fairs. SIGMA staff and counsel would like to hear from you if you have had the opportunity to speak with any members about SIGMA issues. If you would like to schedule an appointment, but don’t have the time or know how, we can help you. Please contact Eileen Moore at emoore@sigma.org or by calling (703)709-7000 or Jim Barnette at jbarnette@steptoe.com. Additionally, please let us know if you have any relationships with your representatives that may help further the legislative issues that are important to all SIGMA members.
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LAST CHANCE! FILL OUT THE ANNUAL MEETING EVALUATION
Now that you are back in your office and things have settled down from your travel, SIGMA would greatly appreciate it if you could take a few minutes to fill out the survey for the 2007 Annual Meeting that was just held in Boston, Massachusetts. While your memories of the Annual Meeting are still fresh in your mind, please CLICK HERE and it will take you right to the first page of the online evaluation. The survey will become unavailable on Thursday, November 15, so please complete it as soon as possible! The time you take today to complete the survey will allow us to provide better programs for you in the future! Contact the SIGMA office if you have any questions. Thank you for your help!
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2008 EXECUTIVE LEADERSHIP CONFERENCE
Make plans to join your colleagues in Snowbird, Utah on February 10-13 for the 2008 Executive Leadership Conference! The conference will be held at the Cliff Lodge Hotel. Nestled in the heart of Snowbird, The Cliff Lodge is one of four slopeside lodging properties at the resort. With ski-in, ski-out accessibility, The Cliff Lodge is considered the flagship resort of the mountain! The Cliff Lodge completed a $5.6 million renovation project in 2006 and now offers everything you want in a resort! Please visit www.sigma.org for registration forms and hotel accommodation information. With education alliance partners National Petroleum News and OPIS, there will be several industry speakers proving great insight on how to make your business thrive! You won’t want to miss it! Kick off the year right by attending this ever-popular meeting! Call the SIGMA office with any questions: 703-709-7000.
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AUSTRALIAN STUDY TOUR 2008
SIGMA is delighted to announce our 2008 Study Tour to Australia. Our delegation of fuel marketers and fuel suppliers will meet in Australia, March 1-11, 2008. Over eleven days, the tour will visit Australia and gain first-hand knowledge about business practices in Australia and in the US. This registration rate includes deluxe accommodations for 10 nights in Sydney and Port Douglas, all educational programming and ground transfers, some spectacular social events, most breakfasts and some lunches, dinners and tours. Registration is limited to 50 participants (including spouses and guests.) To ensure you are among the 50 marketers or fuel suppliers going on the tour, just send in your reservation form right away. Because visiting Australia SIGMA-style includes a "SIGMA study component", you'll be able to learn and have fun all at the same time! For more information, visit our special Australia website at: http://www.sigmaevents.org/australia/ or call the SIGMA office at 703-709-7000.
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SIGMA Weekly ReportNovember 12, 2007 © Copyright SIGMA, 2007
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