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At Least One CFTC Commissioner Agrees--Trading Needs Greater Oversight Heating Fuel Costs Create Frenzy of New Congressional Legislation Bill Would Increase Biofuel Dispensing Infrastructure Tax Credit to $100,000 Your Voice Matters In This Important Election Year--Tell Them Your Mind! NEFI Hosts Call to Examine Supply Outlook for Winter 2008-2009 What Happens If There Is a Release From the Regional Heating Oil Reserves? Reminder: Unified Carrier Registration May Be Required In Your State Silent Auction At 2008 VISIONS |
NORA REAUTHORIZATION BILL INTRODUCED IN SENATE • Eliminate the sunset provision, which would otherwise require the Act to be reauthorized every five years. Eliminating the sunset provision will ensure continuity of contracts and allow for long-term planning and initiatives. • Expand the definition of "oilheat" to include all distillate blend stocks used for home heating. • Modify the funding mechanism to bring NORA into conformity with the federal propane check-off program. • Make other technical changes (e.g., to establish a mechanism for additional states to join NORA, adjust vote ratios, etc). It is vital that we build as much support for this legislation as possible. Please tell your Senators to get on-board with this legislation so vital to the heating oil industry and its consumers! CLICK HERE TO WRITE YOUR SENATOR IN SUPPORT OF THE NORA LEGISLATION! (If you have any difficulty accessing or using the online NEFI Legislative Action Center, contact Jim Collura at 617-923-5016 or jimcollura@nefi.com)
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. AT LEAST ONE CFTC COMMISSIONER AGREES – TRADING NEEDS GREATER OVERSIGHT "[Greater transparency and oversight] would allow us to have a window into what's been going on in certain over-the-counter contracts-not to outsource this activity overseas, but to take action if needed." You can read Commissioner Bar Chilton's full speech online by clicking here or requesting a copy by contacting Jim Collura at jimcollura@nefi.com or 617-923-5016. HEATING FUEL COSTS CREATE FRENZY OF NEW CONGRESSIONAL LEGISLATION • The Northeast-Midwest Senate Coalition, led by Senators Reed (D-RI) and Collins (R-ME), continues to push for doubled funding for LIHEAP. NEFI has already announced support for this effort. • The Senate’s bipartisan "Gang of 10" compromise energy package has gained some new supporters, according to PMAA, and has become the "Gang of 16." New supporters include Sens. Warner (R-VA), Coleman (R-MN), Sununu (R-NH), Johnson (D-SD), Carper (D-DE), and Salazar (D-CO). The details of the proposal were reported in a previous issue of NEON. • The Energy Assistance Act (S.3349), introduced by Senator Collins (R-ME), which would provide an additional $1.8 billion in funding for weatherization programs, establish an "Energy Assistance Revolving Fund" to make low-interest loans available for energy efficiency improvements and extend tax incentives for renewable energy programs. • The Home Heating Oil Assistance Act (H.R.6784), introduced by Rep. Shays (R-CT) which would provide a refundable credit against income tax of up to $500 or 33 percent of heating costs. Despite the bill's name, the credit is available for utility expenses accrued during the heating season, as well as propane, wood and wood pellets (less for high income households). • Also introduced by Rep. Shays, with Reps. Courtney (D-CT) and Murphy (D-CT), the Families and Small Business Energy Tax Relief Act (H.R. 6804) which would provide a temporary credit of 50 percent of residential energy costs, up to $750 for individuals and $1,500 for joint return for 2008 or 2009 tax year (less for high income households). It would also provide a temporary tax credit for small business with gross receipts of up to $20 million and make permanent the credit for non-business energy property and would increase the $1,500 credit for qualified oil furnaces. Most of this legislation will not be considered when Congress returns on September 8th, when they return for three weeks of legislative business before retiring again to campaign for the November election. It is likely that if energy legislation is considered, the excessive speculation bill and LIHEAP funding could be considered, as well as an off-shore drilling proposal. Congress MUST pass a continuing resolution (or CR), however, before September 30 in order to keep government operational until they return again after the election. Members of Congress will no doubt try to insert energy legislation into the CR. Republicans are threatening to block any funding extender and shut the government down, however, unless their own energy measures are given consideration. Stay tuned! BILL WOULD INCREASE BIOFUEL DISPENSING INFRASTRUCTURE TAX CREDIT TO $100,000 The E85 and Biodiesel Access Act would raise the amount of the credit from 30 percent of the cost of qualifying property to 50 percent up to a maximum of $100,000, and allows station owners to claim the value for the entire cost of dual purpose fuel dispensers (currently the IRS limits the credit to the amount a dual purpose fuel dispenser exceeds the cost of equivalent conventional refueling dispensers). H.R. 6734 does not yet have a Senate companion bill, but the E85 and Biodiesel Access Act is likely to be rolled into a larger energy package next year. PMAA is supporting this legislation. YOUR VOICE MATTERS IN THIS IMPORTANT ELECTION YEAR--TELL THEM YOUR MIND! To arrange a meeting, follow these simple steps: (1) Visit www.capwiz.com/nefi and enter your zip code under "Find Your Officials" on the right side. If you live in a split district, it may bring you to a screen asking for the last four digits of your zip code or street address. (2) In the next screen, under "President and Congress," click on each name for Senators and your Representative to get their member info page. (3) In the member info page, click the tab "contact" and call the main state or district phone number listed on that page. (4) When you call, tell them you would like to set up a meeting and ask for the scheduler. Tell the scheduler who you are and that you have insight on the energy crises and how it is impacting your customers, and practical, immediate-term solutions. (5) ON THE PHONE AND IN OFFICE WITH THE MEMBER, BE HONEST AND FRANK--DON’T HOLD BACK. Your voice is the most effective tool we have in the industry!
Contact: Mark Morgan, NEFI Regulatory Counsel (mark@nefi.com) NEFI HOSTS CALL TO EXAMINE SUPPLY OUTLOOK FOR WINTER 2008-2009 Participants on the call discussed action items, and planned on a follow-up conversation at the 2008 Visions conference (www.visions2008.org) as well as another conference call in the fall. Participants included Tom Devine (as mentioned); Shane Sweet and Jim Collura of NEFI; Brandon Wright of PMAA; John Maniscalco of NY Oil Heating Association; Julie Gill of the Oil Heat Institute of Rhode Island; Alisha Frazee of Mass. Oilheat Council; Sean Cota of Cota & Cota (Bellows Falls, VT); Peter Carini of Champion Energy (New Rochelle, NY); Bob Boltz of Vincent R. Boltz (Lebanon, PA); and Frank Gallagher of Woodbury & Morse Advertising (www.woodburymorse.com). WHAT HAPPENS IF THERE IS A RELEASE FROM THE REGIONAL HEATING OIL RESERVES? Heating Oil Reserve Storage Terminals (Source: DOE)
REMINDER: UNIFIED CARRIER REGISTRATION MAY BE REQUIRED IN YOUR STATE
General News • New York Post columnist John Crudele broke a story that, even though the President signed into law an immediate suspension of shipments to the Strategic Petroleum Reserve in May, filling continued until August 8, adding nearly 5 million barrels of oil. READ MORE • Market analysts say oil prices have risen this week due to Hurricane Gustav, which is expected to strengthen as it moves over the Gulf of Mexico in a track eerily similar to that of Hurricane Katrina (see below). READ MORE
SOURCE: NOAA, August 27, 2008 Futures Market Reform • Wall Street Journal’s Market Watch gave excellent exposure to PMAA and the Washington Oil Marketers Association last week, highlighting their opposition to excessive speculation. "There is absolutely no economic reason for [energy] prices to increase they way they did" said Gilligan, PMAA President. READ MORE • The CFTC has called "factually incorrect" the Washington Post’s claims that 81 percent of the NYMEX oil contracts are held by "speculators" because their figures include "swap dealers," some of whom are classified as commercials because they have commercial clients (and are given exemptions like physical hedgers). Good comeback, eh? READ MORE • The CME has completed its acquisition of the NYMEX, and now, combined with the COMEX, they control the world's largest derivatives exchange. READ MORE • A Dow Jones news story indicates that US Oil Demand may be weaker than previously thought. READ MORE • On Tuesday, August 26, speakers at the Democratic National Committee, including Senator Hilary Rodham Clinton's widely televised speech, cited runaway energy speculation as a leading cause of high energy prices. "America can’t compete in the global economy by padding the pockets of energy speculators," she said. Heating Fuels • Last week, a NH Public Radio piece on heating oil focused on the challenges facing heating oil dealers. Interviews include NEFI President & CEO Shane Sweet, Oil Heat Council of New Hampshire President Bob Garside and Walter Hall of Kidder Fuels (Tilton, NH). LISTEN NOW • An article in the Financial Post examines the "undervalued" price of natural gas. READ MORE • It has become public that Speaker of the House of Representatives Nancy Pelosi (D-CA) has invested in the T. Boone Pickens' Clean Energy Fuels Corp., which markets natural gas and LNG as a fuel for motor vehicles. Additionally, during her interview with Tom Brokaw on NBC's "MEET THE PRESS," Speaker Pelosi seemed to say (twice) that natural gas was not only clean and cheap, but that it was not a fossil fuel (???). READ MORE • Providence Journal has outlined one Rhode Island community’s battle against National Grid and their attempt to "upgrade" their community's lines and meters. READ MORE Motor Fuels • PMAA has reported that Ultra-Low Sulfur Diesel (ULSD) may be adversely affecting petroleum equipment, according to the Petroleum Equipment Institute (www.pei.org), including reports of corroding of metal components of diesel storage system and clogging filters and strainers with rust. One report examined several storage systems--all with fiberglass tanks--with corrosion in the tank riser pipes, inside the STP housing, at the pipe above the STP and the pipe fittings at the STP, and inside the strainer housing. Another reports saw rust inside the dispenser fittings before the strainer. If you are have noticed similar issues, email bwright@pmaa.org. • ConocoPhillips has announced that it is exiting the gas station market, and selling its 600 stations for an estimated $800 million. READ MORE • In Denver, where the Democratic National Committee is being held this week, a "Pray at the Pump" event was held to "pray" for lower gas prices. These events have been held all over the country. READ MORE • An article in theday.com (Conn.) suggests that high gas prices makes driving safer. READ MORE 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 27, 2008) Dave Eagle (of Arlex Oil, Lexington, MA), 2 Patriots Tickets
• The September issue of Oil & Energy is now available online. Welcome New NEFI Members: Simply Green, A Biofuels Co. LLC
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. NO RATE INCREASE--NEFI GROUP RATES LOCKED IN NEFI's rates are locked in for the upcoming renewal for Life Insurance, Accidental Death, Dismemberment and Loss of Sight Benefits and Short Term Disability. (Through Fort Dearborn Life Insurance Company) New England Fuel Institute is pleased to announce there will be no change in the existing rates for the upcoming renewal period (October 1, 2008 – September 30, 2009). New England Fuel Institute and Fort Dearborn Life Insurance Company would like to thank you for allowing us the opportunity to provide you and your employees with group insurance benefits. NEFI GROUP RATED PLAN OFFER THROUGH FORT DEARBORN LIFE INSURANCE COMPANY Life/Accidental Death & Dismemberment: • All Employees that work 30 hours or more per week are eligible for Life/AD&D coverage Short Term Disability Coverage: • All Employees that work 30 hours or more per week are eligible for Short Term Disability coverage Please contact Donna Carcerano, Benefits Administrator at New England Fuel Institute for more details 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
Third 'Train-the-Trainer' Held in Pennsylvania 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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