|
|
 |
|
 |
|
SENATE PASSES ENERGY BILL
A revised and less controversial energy bill was passed late last night in the Senate. The bill passed by the Senate will raise fuel economy standards to 35 miles per gallon for cars and light trucks by 2020. The current CAFE standard is 27.5 miles per gallon for cars and 22.5 miles per gallon for light trucks, a level which has been in place since 1985.
The 86-8 vote came just hours after Domenici successfully urged the Senate to reject energy legislation that contained nearly $22 billion in tax increases on domestic oil and gas production. A bill containing those tax provisions would have faced a veto from President Bush, making it unlikely that an energy bill would have been enacted this year.
The energy bill adopted by the Senate increases the Renewable Fuels Standard (RFS), which sets annual requirements for the amount of renewable fuels produced and used in motor vehicles. The expanded RFS requires 9 billion gallons of renewable fuels in 2008 and increases to a 36 billion gallon requirement by 2022. Domenici has expressed concern that the RFS does not more fully promote advanced biofuels, like cellulosic ethanol, but is nonetheless pleased with the overall compromise reached.
After Senate Majority Leader Harry Reid's effort to invoke cloture on the energy bill failed by a vote of 59-40 yesterday, the tax title was removed from the bill in hopes of getting it ultimately passed. The White House had released a new Statement of Administration Policy that stated that the White House would veto the bill if that provision were in the bill.
SIGMA does not endorse this legislation. However, SIGMA actively advocated for three things with respect to which we were successful: 1) Price gouging provisions were dropped. The only remnant is a provision empowering the FTC to investigate and prosecute "market manipulation." This provision does not apply to retailers making retail sales; 2) There is no mandate for the installation of E85 at retail outlets; 3) Amendments to PMPA, which would expand upon the Gasohol Competition Act of 1980, have been modified--franchisors may not stop a franchisee from installing or converting a tank on the franchisee's own property to E-85, provided they still sell at least two grades of gasoline. They can also advertise availability on E85 on a sign or light pole.
House Speaker Nancy Pelosi (D-CA) said the House will take up the revised Senate bill the week of Dec. 17, tentatively set for Dec. 18. The House is expected to quickly approve the measure and it will then go to the president's desk where it is expected that he will sign it.
SCHIP VETOED AGAIN
President Bush Dec. 12 vetoed legislation (H.R. 3963) reauthorizing SCHIP funding for five years, his second veto of SCHIP legislation this year. The president vetoed the first bill Congress sent to him (H.R. 976) on Oct. 3. Congress and the White House have been locked in a six-month struggle to reauthorize SCHIP and Bush has opposed the measures Congress sent to him. The bill would provide $35 billion over five years for SCHIP, in addition to the $25 billion over five years already expected to be spent. It would be funded by a 61 cent pack increase in the federal cigarette tax. It’s unlikely there will attempt to override the veto this year, but would pass a funding extension while they continue trying to get agreement. House Democratic leaders said they would attempt an override on Jan. 23.
Back to top
AGENCIES QUESTIONED OVER FUTURES TRADING
At a hearing on Dec. 12 the Commodity Futures Trading Commission and the Federal Energy Regulatory Commission were questioned over jurisdiction over futures contracts. Rep. Joe Barton, ranking minority member of the House Energy and Commerce Committee, said he authored language in the Energy Policy Act of 2005 that gives the FERC new authority to prevent manipulation in natural gas markets that could very well involve futures trading and not only physical transactions. Barton said he would support legislation further clarifying the intent of Congress to expand FERC's role over energy markets if necessary. The CFTC has challenged FERC's authority to pursue investigations that could involve futures trading. The agency dispute arose over parallel investigations into natural gas trading by the defunct Amaranth hedge fund.
Back to top
FARM BILL EXTENSION
Congressional negotiators announced a short-term extension of many of the 2002 farm bill programs Dec. 12, as the Senate also continues debate of the bill (H.R. 2419), with 35 amendments still to consider. On Dec.13, the Senate accepted by unanimous consent an amendment to close the Enron loophole. The loophole was created in 1993 when the Commodity Futures Trading Commission (CFTC) exempted bilateral energy futures transactions from its regulatory authority. In 2000, at the urging of Enron's Ken Lay, Congress passed the Commodity Futures Modernization Act which codified the exemption and extended it to electronic facilities.
The Farm Bill has not yet been passed by the Senate, though, but that should happen shortly. The amendment is structured similarly to the bill reported by the House Agriculture Committee yesterday, but contains some important additional provisions: 1) Clarifies CFTC authority to enforce the regulations applicable to trading of significant price discovery contracts; 2) Savings clause clarifies that the legislation does not affect the authority of other regulatory agencies over contracts that are not significant price discovery contracts; 3) Also applies position limits to derivatives transaction execution facilities, so as to fully close the loophole.
Back to top
CALIFORNIA GHG VICTORY
On Dec. 12, California was victorious in its legal battle to regulate vehicle-related greenhouse gas emissions when a federal court rejected a challenge to state auto emissions standards adopted in 2004.The U.S. District Court for the Eastern District of California dismissed claims by the automobile industry that federal laws barred regulations that state air quality officials adopted to cut vehicle emissions linked to global warming from passenger cars and light trucks 30 percent by 2016. The Court rejected the arguments by auto makers and vehicle dealers that U.S. foreign policy and federal law authorizing fuel economy standards preempt the state regulations. The court echoed the Supreme Court Massachusetts v. EPA decision from the, which concluded the Clean Air Act allows the Environmental Protection Agency to regulate vehicle-related greenhouse gases. A Clean Air Act waiver of preemption from EPA now is the only obstacle keeping California and other states that adopted identical regulations from enforcing the requirements. EPA has committed to make a decision by Dec. 31st.
Back to top
DON’T MISS A PERFECT SKI GETAWAY
Love to ski? Want cutting edge education? Then you need to be in Snowbird, Utah on February 10-13 for the SIGMA/NPN/OPIS 2008 Executive Leadership Conference! The conference will be held at the Cliff Lodge Hotel. What’s more, Snowbird has been named the No. 1 ski resort in the United States by SKIING Magazine for five years in a row. Snowbird currently has 64 inches of snow on the ground with MUCH more to come by February! Please visit www.sigma.org for registration forms, hotel information, and full education session descriptions.
*For e-mail alerts from Snowbird, including snowfall totals, special promotions, spa coupons, click on this link: http://www.snowbird.com/about/enews.php and sign up!
SPOUSE INFORMATION:
Though an industry conference, this is also a great opportunity to bring the family and enjoy all the Snowbird has to offer! We have lined up several events for spouses, including the following:
Snowmobile Tour (Separate Sign-up and Fee)
Tuesday, February 12 (12:30 p.m. – 4:15 p.m.)
Suit up at The Snowbird Center and then ride the tram! This is a 2-hour adventure, which begins near the grand 11,000 foot summit of Hidden Peak. Its fast, it’s exciting, it will take your breath away! With over 50,000 acres of incredible riding area and phenomenal views from the highest elevation snowmobile starting point in Utah, the snowmobiling and scenery is second to none! Your tour includes a snack, transportation, gratuity and loaner clothing if needed.
Backcountry Snowshoe Tour (Separate Sign-up and Fee)
Tuesday, February 12 (12:30 p.m. – 4:15 p.m.)
Snowshoeing is available on a myriad of trails throughout Snowbird. The Activity Center offers snowshoe rentals daily from 8 a.m. to 5 p.m. Gently sloped trails bring one in touch with peaceful places within the resort! Take a break from skiing and try out some snowshoes!
Dinner with Entertainment (Separate Sign-up and Fee)
Tuesday, February 12 (5:30 p.m. – 9:00 p.m.)
NEW THIS YEAR! The Cliff Lodge offers many unique venues for entertaining and we’re planning on taking advantage of them. We’ll keep the group together on this final night by offering up dinner and entertainment. It’ll be a great networking opportunity and one that you won’t want to miss! The fee will cover the cost of the food and beverages for the evening and with the help of a sponsor we’ll bring in some top-notch entertainment. Tickets will be very limited once you arrive in Snowbird so be sure to sign up now!
Additionally, there are plenty of “on your own activities” that your spouse will enjoy like mountain tours, ice skating, shopping and fine restaurants. Plus, the Cliff Lodge has a Spa and Salon. Work out in the weight room, participate in yoga classes or workshops, or just relax in the rooftop pool and hot tub. See www.sigma.org for more information on spouse events and education.
Back to top
SIGMA Weekly Report December 17, 2007 © Copyright SIGMA, 2007
|
|
 |
|
 |
|
|
|
|
Marquis Sponsor
|
|
|
|
Elite Sponsors
|
|
|
|
|
|
Affiliate Sponsors
|
|
|
|
|
|
|
Executive Sponsor
|
|
|
|
|
|
Patron Sponsor
|
|
|
|
|
|
