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Airlines Launch Anti-Speculation Effort; Targets Frequent Fliers NEFI Joins Coalition Effort to Double Funding For LIHEAP Before Fall PMAA Futures Market Reform Task Force Meets In Atlanta NEFI & PMAA Each to Testify at House Hearings This Week NEFI Offers Vital Compliance NEFI Meets With DOE Officials to Discuss Federal Oilheat Reserves IRS Now Enforcing EPA Sulfur Spec Regulations EPA Extends Deadline For Compliance With New Stage I Equipment Rule IRS Makes Mid-Year Adjustment In Mileage Rate Due to High Gas Prices CFTC Amends No-Action Letter Issued to the Dubai Mercantile Exchange News From NEFI |
Industry Groups and Consumer Advocates Unite Around Energy Costs "Americans rely on affordable energy to get to work and heat and cool their homes. Affordable energy is needed for America's farmers, builders, contractors, transporters, manufacturers, retailers, airlines and other businesses to provide the quality goods and services that fuel our economy," the coalition said in a July 3 letter to Bush. "Please see to it that the cost of energy--the lifeblood of the American economy--is reconnected to economic realities, and that the artificial demand created by 'paper traders' be limited to ensure rational behavior in the futures markets." More than a dozen industry associations, including the Petroleum Marketers Association of America, the New England Fuel Institute, the American Trucking Association, the Air Transport Association, Consumer Federation of America, Public Citizen and the Industrial Energy Consumers of America, among others, signed the letter, which was copied to nearly two dozen administration officials and sent to all members of Congress. Specifically, the coalition asked Bush to raise the issue of speculation in the global commodities futures market at next week's G8 summit; require the Commodity Futures Trading Commission (CFTC) to step up regulation and enforcement against excessive speculation in the United States and impose new requirements on traders who don't take physical possession of the energy commodities they purchase; and sign legislation now before Congress that would strengthen the CFTC's authority and close a number of loopholes that speculators use to game the energy markets. "This letter represents a broad coalition of support to reign in excessive speculation," Dan Gilligan, the president of the Petroleum Marketers Association of America, said. "Clearly, excessive speculation is driving the cost of energy. The President needs to act, and act quickly, to restore confidence in our markets because it has been dangerously undermined and we are all paying the price." Jim Collura, NEFI Vice President for Public Policy & Communications (jimcollura@nefi.com or 617-923-5016), serves as coordinator and primary contact for EMOC. Earlier this year, the coalition was successful in advancing "Close the Enron Loophole" legislation and requesting that the CFTC establish an advisory panel on energy that includes energy retailers and consumer groups. NEFI has a seat on that committee and past Chairman of the Board Sean Cota (Cota & Cota, Bellows Falls, VT) represents the industry before that committee. NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com)
Airlines Launch Anti-Speculation Effort; Targets Frequent Fliers NEFI Joins Coalition Effort to Double Funding For LIHEAP Before Fall Northeastern states would benefit from the additional funding as follows: NORTHEAST STATE, POTENTIAL BENEFIT IN S.3186/H.R.6427 Connecticut.....$59,797,655 Delaware.....$10,504,003 District of Columbia.....$4,417,781 Maine.....$36,596,392 Maryland.....$52,460,930 Massachusetts.....$98,973,680 New Hampshire.....$27,079,492 New Jersey.....$80,311,579 New York......$250,435,966 Pennsylvania.....$210,357,690 Rhode Island.....$21,088,119 Vermont.....$20,567,956 Virginia.....$59,805,322 West Virginia.....$15,394,074 NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com) PMAA Futures Market Reform Task Force Meets In Atlanta NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com) NEFI & PMAA Each to Testify at House Hearings This Week Tom Devine (Devine Bioheat, Norwalk, CT) to testify on behalf of NEFI and ICPA Before House Appropriations Subcommittee: Thursday, July 10, 2008 11AM Gerry Ramm (Inland Oil Company, Ephrata WA) to testify on behalf of PMAA Before House Agriculture Committee: Friday, July 11, 2008 9AM NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com) NEFI Offers Vital Compliance Seminar On SPCC Rule Two ways to sign up for SPCC Webinar: Proceed to online registration Download Pdf to mail or fax registration NEFI CONTACT: Dave Huffman of NEFI's Action Center at 617-923-5022 or dave@nefi.com NEFI Meets With DOE Officials to Discuss Federal Oilheat Reserves The DOE staff explained how the reserves are managed, how contracts for storage are solicited, and how product would be released in the event of an emergency. The staff expressed concern of the "state of affairs" in the Northeast and is watching the markets very closely. They are ready to assist in the event of a supply emergency. Different proposals to strengthen the reserve were discussed, and NEON will report more on this after a follow up meeting planned for August. The meeting was important in opening up conversation with the DOE on this issue. Also present at the meeting in support of NEFI were Brandon Wright and Rob Underwood (PMAA, by phone), Michael Ferrante and Alisha Frazee from Massachusetts Oilheat Council, and Julie Gill of the Oilheat Institute of Rhode Island. For more information on the reserve, visit http://www.fossil.energy.gov/programs/reserves/heatingoil NEFI CONTACT: Jim Collura, VP for Public Policy (jimcollura@nefi.com)IRS Now Enforcing EPA Sulfur Spec Regulations NEFI can help as follows: • Compliance Kits View more info on the NEFI website. EPA Extends Deadline For Compliance With New Stage I Equipment Rule The new Stage I rule moves the compliance date for gasoline stations with throughput of 100,000 gallons or more per month and bulk plants and loading racks with gasoline throughput or 20,000 or more gallons per day to October 1, 2008 (this date may vary by a day or two depending on the day that the rule is published in the Federal Register this week). The 1/10/11 compliance date for facilities built before 11/09/06 remains in place. While the EPA acknowledged in discussions with PMAA that the rule's lack of an attainable compliance deadline was problematic for small business petroleum marketers, the agency was equally concerned that the vapor control equipment required under the rule was no longer available for purchase. The combination of the two problems convinced the agency to move the compliance date to October. PMAA will publish a revised compliance bulletin on the new Stage I compliance deadline when the rule is published this week. (PMAA sought the extension because the final Stage I rule published on January 10, 2008, required immediate compliance for retail stations with gasoline throughput of 100,000 gallons or more per month and bulk plants and loading racks with more than 20,000 gallons of gasoline throughput per day. PMAA complained to the agency that the final rule provided no time for these higher volume facilities to install new vapor recovery equipment and left them exposed to enforcement actions and significant civil penalties for noncompliance. PMAA aggressively petitioned the agency to extend the original Stage I compliance deadline due to the fundamental unfairness of imposing costly requirements on petroleum marketers without the benefit of any prior notice.) NEFI CONTACT: Mark S. Morgan, Esq., Regulatory Counsel (mark@nefi.com) IRS Makes Mid-Year Adjustment In Mileage Rate Due to High Gas Prices
NEFI CONTACT: Mark S. Morgan, Esq., Regulatory Counsel (mark@nefi.com) CFTC Amends No-Action Letter Issued to the Dubai Mercantile Exchange The new conditions give the DME 120 days to: • Adopt equivalent U.S. position limits and accountability levels (including related hedge exemption provisions) for all DME linked contracts; • Provide the Commission with quarterly reports identifying any trader that had positions in a linked contract above the applicable position limit, whether a hedge exemption had been granted, and if not, whether a disciplinary action had been taken; • Publish daily trading information that is comparable to the daily trading information published by U.S. exchanges for all linked contracts; and • Provide the Commission a daily report of large trader positions in each linked contract for all contract months in a form and manner that can be fully integrated into (1) the CFTC's market surveillance systems--including identification of the beneficial owner of each position, and (2) the Commission's Commitments of Traders Report--including appropriate categorization of traders and their positions. More information at www.cftc.gov.
Global Announces Informational Seminar On Heating Oil Market The agenda includes Opening Remarks by Joseph R. DeStefano, VP of Marketing, Global Companies LLC; Finance for your retail business in a high price and volatile environment by Thomas J. Hollister, COO & CFO, Global Companies LLC; Current price volatility and the risks created for the retail oil dealer by Eric Slifka, President & CEO, Global Companies LLC; and a presentation by Mr. Lucian Pugliaresi and Mr. Lawrence Goldstein, both of Energy Policy Research Foundation (EPRINC) entitled "How Did We Get Here and What do We Do About It." This informative seminar is being offered to Global customers on: Monday, July 21, 2008, 10:00 am to 12:00 noon, Burlington Marriott Hotel TO ATTEND: Please RSVP to Christine, Debbie or Martine in the Sales Dept at 1-800-685-7222. • On Tuesday, July 7th, Chris Keyser (Owner Services, Proctor, VT), NEFI Chairman of the Board presided over a Conference Call of the Government Affairs Committee. The industry coordinated plans on a number of important public policy issues. July 23: NEFI's Executive Committee Meeting (9am-12pm) and Open Board of Directors Meeting (1:30pm-3:30pm), Sheraton Providence Airport Hotel, Warwick, RI. Phone 617-924-1000 Learn How to Grow and Diversify Your Fuel Business in Challenging Times Jeremiah R. Downey Oil Company Pioneer Propane Co., Inc. Liberty's Fuel Oil 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. NEW - DELTA DENTAL INSURANCE OFFER New England Fuel Institute is pleased to offer NEFI members and their employees a comprehensive dental program at a very competitive cost. It is underwritten by Northeast Delta Dental and offered to NEFI member companies with one or more employees. For Detailed Information/Rates please visit www.nefiinsurance.com or contact Donna Carcerano at donna@nefi.com or 617-924-1000 Join or renew membership with NEFI today! Click here, or contact Joanne Sharkey, NEFI Membership Coordinator at (617) 924-1000 or joanne@nefi.com. See the latest NORA news at www.nora-oilheat.org.
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Upcoming Courses at NEFI Training Center Air Conditioning 80 hr. Course EPA 608 Universal Training HazMat Training MA Oilburner Code 527 CMR 4.00 Training Email school@nefi.com to register. NEFI EDUCATION CALENDAR
CLICK HERE FOR THE LATEST SCHEDULES FOR OIL, AC, GAS HEAT FOR OIL TECHS and more Click here to receive NEFI class announcements via e-mail.
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