Recently in Energy Category

Government regulators in the US and Europe have oil market speculators in the crosshairs, and are looking to take them down by imposing sweeping restrictions on how they can trade. 

Apparently, governments on both sides of the pond fear that oil speculation can lead to wildly volatile oil prices, which could derail the nascent economic recovery.  In the US, the Commodity Futures Trading Commission announced that it is interested in lessening the influence of speculative traders, such as hedge funds and investment banks, by putting caps on how much money any one trader can put down on a commodity at any one time.

The moves come as the price of a barrel of oil creeps back up from a 2009 low of nearly $34 to a recent high of around $73 a barrel.  In 2008, the price of oil shot up to $145 a barrel, placing a major burden on the finances of companies and individual consumers alike.

After years of delays and denials from the Bush EPA, California finally has permission to impose strict regulations on the amount of greenhouse gas emissions produced by cars in the state. 

The formal waiver under the Clean Air Act allows California to require automakers to increase the efficiency of the vehicles they intend to sell in California by 40% over the next seven years, resulting in an average fuel economy of 35.5 miles per gallon by 2016.

President Obama proposed a national standard for automobiles in May that would largely mirror California's plan.  Since many states have already signaled their intention to follow California's lead, today's decision could speed implementation of the national standard.

This would be good news for the auto industry, since they could focus on one standard rather than 50. 

This national standard would be just the first step in the Obama administration's plan to expand regulation of pollution linked to climate change. 

As I wrote last week, many corporate counsel in energy and manufacturing companies have already begun consulting with environmental experts to get a sense of their current greenhouse gas impact, and to explore ways of complying with the eventual regulations.

After the Supreme Court's decision in Massachusetts v. EPA, which found that the agency has the ability under the Clean Air Act to regulate greenhouse gas emissions from new motor vehicles, the Bush administration dragged its feet when it came to actually regulating the gases. 

The Obama administration, on the other hand, is moving forward at full speed.  On April 17, the EPA released a finding that carbon dioxide and four other greenhouse gases are harmful to public health.  This now obligates the EPA to set rules for the emissions from new automobiles.

This conference will be conducted by Corporate Counsel Magazine and feature a keynote luncheon address by Rep. Joe Barton (R-TX).

May 11 to 12, 2009 • The St. Regis Houston - Houston, TX

The "House GOP's leading expert on energy policy" (Wall Street Journal, 10/02), Representative Joe Barton has led the House charge to pass comprehensive national energy policy legislation. In the past two congresses, he has shared authorship of the two most comprehensive energy policy packages to pass in the House since the 1930s. Barton has committed himself to passing legislation promoting an environment of high supply, low demand, consumer-friendly prices and environmental protection. A proponent of competition, Barton is additionally responsible for both the first electricity deregulation legislation to pass a House subcommittee, and for legislation which deregulated the natural gas industry.

Corporate Counsel Magazine's "Legal Issues in the Energy Industry" is designed for general counsel, senior legal in-house counsel and executives working in the Energy Industry. It will cover the latest regulatory, legal and business issues in this continuously evolving industry. This conference will cover both traditional and alternative energy industries.

Topics to Be Covered include:

• Obama Administration Approach Towards Energy
• Arbitration Issues in the Energy Industry - Domestic and International
• Infrastructure and Alternative Energy
• 2009 FERC Enforcement Issues
• Legislative Initiatives at the State and Federal Level for Energy
• Current Trends in Royalty Litigation:
  Private Actions
  State Actions
  Class Actions
• Energy and Water Management Issues:
  Impact of Exploration/Production and Water Resources
• Climate Change and Energy
• Energy and the Environment:
  Prospects for Partnership?

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