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Off-Shore Oil--How Much Is There? Your Voice Matters In This Important Election Year--Tell Them Your Mind Do You Own Or Operate A Bulk Plant? Then You Need To Own This CD-Rom Ethanol Blend Suppliers Should Mark Shipping Papers To Avoid Liability Coming Winter Discussed By Industry, LIHEAP Advocates, Gov’t At Regional Meeting Silent Auction At 2008 VISIONS |
FED 'CORRECTION' SHOWS SPECULATORS CONTROL 81 PERCENT OF MARKET! In fact, Lukken released a "preview" of a Bush administration investigation of speculation scheduled for final release on September 15, 2008 which stated that speculators were not a dominant force in the run-up in energy prices. Furthermore, Lukken released the report just as the Senate began consideration of an anti-excessive speculation measure this past July, giving bill opponents (and Wall Street lobbyists) a useful tool to defeat it. All this is a little bit suspicious, and Lukken clearly isn’t conferring with his Democratic counterparts in the Commission about the goings-on: Bart Chilton, a Democratic CFTC Commissioner, says the data reclassification "highlights that we need to ensure that we have our data sets not only complete but exhaustively understood. It also shows again we don't have all the information we need to make declarative statements about the role of speculators in commodity markets. I'm disappointed that the agency released interim study results about the impact of speculators on oil markets when we don’t have all the data." (Quoted in excellent Wall Street Journal article, August 15, 2008, click here to read, subscription required) Senators Wyden (D-OR), Cantwell (D-WA), Dorgan (D-ND) and Nelson (D-FL) have called for a federal investigation into the timing of the interim report and whether or not the CFTC knowingly supplied data it knew to be "seriously flawed," and did not correct until after the Congress retired for the August recess and the upcoming national conventions. In a press release this week, NEFI President and CEO Shane Sweet said of the issue, "lax and even absent federal oversight of these energy markets has gone on too long and cost all Americans too much." "It has become abundantly clear that Wall Street is largely behind the meteoric rise of energy prices," Sweet said. "We are calling on Congress and the administration to take immediate action to bring back to the energy futures markets real transparency and the rule of law. The use of energy commodities as mere investment tools by investment-only speculators has raised all energy prices to consumers and has caused lasting damage to our nation’s economy." The recipe for this disaster includes an under-funded, under-staffed, under-powered and ineffective CFTC; trading exemptions for swap traders and other non-physical players; opaque off-shore, over-the-counter and bilateral markets; insufficient anti-manipulation measures on regulated markets; and the Wall Street takeover of the futures market (which was created as a risk management tool for commercials, not an investment shield against inflation). Tell your members of Congress that they MUST pass the anti-excessive speculation legislation when they return this September.
NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com) Congress is currently in a "state work period" and is in recess until September 8, 2008. PELOSI MAY ALLOW CONDITIONAL OFF-SHORE DRILLING VOTE Republicans have promised to try and force this legislation to go through the regular committee process, which could add months of hearings, debates, markups and amendments. Meanwhile, their protest over off-shore drilling continues on the House floor, which is empty due to the Congressional recess. Republican Representatives have been delivering energy policy speeches in the empty chamber for four weeks now, citing anger over being denied a vote on expanded domestic production. OFF-SHORE OIL--HOW MUCH IS THERE? WOULD IT IMPACT PRICE? If the drilling ban on off-shore areas were lifted, it is also unclear what impact it would have on the market. An EIA report in 2007 said that this access “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.” But those estimates were based on 2005 figures for product value, global demand, domestic supply and available technology. Newer studies suggest significant output may be achievable in five years, eventually climbing to 1 million bpd and increasing global production by 1 percent. Is it enough to lower prices? It’s hard to say if a 1 percent increase in a globally consumed product would have a noticeable impact. Additionally, oil is a globally traded product whose price is set by commodity traders; would they hear the new supply signal, and would they care? NEFI and its allies are fighting hard to make sure they do. The NEFI Government Affairs Committee (GAC) is thoroughly examining the issue of off-shore drilling, the need for more domestic supply and a broad energy policy. If you have any thoughts on the subject, email GAC Chairman Tom Devine (Devine Bioheat, Norwalk, CT) at tdevine@devinebioheat.com. YOUR VOICE MATTERS IN THIS IMPORTANT ELECTION YEAR – TELL THEM YOUR MIND To arrange a meeting, follow these simple steps:
Contact: Mark Morgan, NEFI Regulatory Counsel (mark@nefi.com) DO YOU OWN OR OPERATE A BULK PLANT? THEN YOU NEED TO OWN THIS CD-ROM The CD contains a video of the complete event with audio and PowerPoint presentations. The NEFI Legislative and Regulatory Action Center is proud to offer the CD to members at the discounted rate of $50 (non-members $350). You can order them by clicking here or contacting Dave Huffman of the NEFI Action Center at dave@nefi.com or (617) 923-5022. Don't wait!!! As the deadline of July 1, 2009 approaches, it will become increasing difficult to find professional engineers to certify your plans and make necessary changes required for implementation. For a list of professional engineers in your area, contact your state association. ETHANOL BLEND SUPPLIERS SHOULD MARK SHIPPING PAPERS TO AVOID LIABILITY While it is not a federal requirement, NEFI Regulatory Counsel Mark S. Morgan, Esq., is recommending to suppliers who wish to avoid potential liability for misfueling to place the following warning on all product transfer documents for ethanol blends over E-10 delivered to retail facilities: "Not for Use in Gasoline-only Vehicles and Engines." Also, as a reminder, the U.S. DOT HAZMAT shipping paper entry requirements for ethanol blends recently changed. The following shipping entries must be used (followed by the quantity of fuel):
COMING WINTER DISCUSSED BY INDUSTRY, LIHEAP ADVOCATES, GOV’T AT REGIONAL MEETING James Collura, VP for Public Policy; and Dave Huffman, Advocacy & Communications Assistant also attended on behalf of NEFI. Other industry attendees included Bob Garside, President of the Oil Heat Council of New Hampshire; Alisha Frazee, Association Specialist from the Mass. Oilheat Council; Julie Gill, Executive Director of the Oil Heat Institute of Rhode Island; Tim Keaveney of Sprague Energy; Sean Cota of Cota & Cota (Bellows Falls, VT); Al and Susan Davis of H.R. Clough, Inc (Contoocook, NH); Vic Allienello of East Providence Fuel Oil (E. Providence, RI) and Steve Andrews of Oil & Energy Magazine. Learn How to Grow and Diversify Your Fuel Business in Challenging Times
Click here to view the conference agenda. Silent Auction At 2008 Visions Conference-- NEFI will be sponsoring a "Silent Auction" fundraiser at the 2008 VISIONS Conference (www.visions2008.org) to benefit PMAA's Small Business Committee (SBC) Political Action Committee (PAC). This PAC supports candidates who share our industry's national goals. The Silent Auction will run throughout the VISIONS Conference. PLEASE SUPPORT THE EFFORT BY DONATING AN ITEM TODAY! Click here or contact Jim Collura at (617) 923-5016 or jimcollura@nefi.com to inquire about donating an item or making a direct contribution to the PAC. Thank you to our donors! (as of August 14, 2008) Dave Eagle (of Arlex Oil, Lexington, MA), 2 Patriots Tickets
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For maximum exposure, your company logo and link should be on the front page of this newsletter next month. View sponsorship info and enrollment form. Call Tracy at 617-923-5015 or email tracy@nefi.com for more information. EMPLOYEE ASSISTANCE PROGRAM NOW OFFERED! The Substance Abuse Professional (SAP) is REQUIRED when any employee tests positive for drugs and/or alcohol. A SAP is a licensed physician or a licensed/certified psychologist, social worker, employee assistance professional, or addiction counselor with knowledge of and clinical experience in the diagnosis and treatment of alcohol and controlled substance related disorders. An evaluation by a SAP is included with the Employee Assistance Program. If chosen as an option, the EAP will be available to your employees, their dependents, and to your management and supervisory staff to assist in job performance concerns. For more information please contact Donna Carcerano, NEFI Benefits Administrator at (617) 923-5020 or donna@nefi.com. Join or renew membership with NEFI today! Click here, or contact Joanne Sharkey, NEFI Membership Coordinator at (617) 924-1000 or joanne@nefi.com. View NEFI Membership Information A NORA Board Meeting will be held on Monday, September 8, at the VISIONS 2008 Conference in Boston, Massachusetts. The meeting will begin promptly at 2 pm and conclude at 4 pm. ENERGY SUMMIT IN ALBANY, NEW YORK NORA's goal in launching this initiative is to: develop training materials for the industry, survey customers to ensure that this service is desired, develop turnkey brochures and customer information that could be used by companies providing this service, and develop packages of equipment that could be used to deliver these services. NORA is looking into this audit program as a joint venture with the Building Performance Institute (BPI). NORA is considering a partnership with BPI because BPI's certification, accreditation, and quality assurance services are recognized by the "Home Performance With ENERGY STAR" program, a collaborative national initiative co-sponsored by the U.S. Environmental Protection Agency and the U.S. Department of Energy. For more information please contact Traci Ross at tlross@nora-oilheat.org See the latest NORA news at www.nora-oilheat.org.
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