The Oil Patch

[mu12450]

NOVEMBER 11, 2009, 9:53 A.M. ET
Climate Bill Likely on the Shelf For Rest of the Year
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By IAN TALLEY

WASHINGTON -- Key Senate Democrats Tuesday said it is unlikely there will be any more major committee action on climate-change legislation this year, the strongest indication yet that a comprehensive bill to cut greenhouse-gas emissions won't be voted on until at least next year.

Although the Senate Environment Committee last week approved a version of the bill, the proposal will face strong revisions from moderate Democrats, particularly from senators on the Finance and Agriculture committees.

"It's common understanding that climate-change legislation will not be brought up on the Senate floor and pass the Senate this year," Senate Finance Chairman Max Baucus said on the sidelines of a caucus lunch.

Mr. Baucus, a Montana Democrat, said he planned to hold a number of hearings on climate legislation and eventually mark up a bill in his panel. "But I don't know that I can get a bill put together by this year, as important as climate-change legislation is," he said.

Mr. Baucus was the lone dissenting Democratic vote on the Environment Panel last week because he wanted weaker emission-reduction targets and stronger provisions to protect energy-intensive industries and encourage clean-coal technologies.

"I wouldn't want to bet my paycheck that all the relevant committees will report out legislation by the end of this year," said Sen. Thomas Carper (D., Del.).

Sen. Debbie Stabenow (D., Mich.), who is leading an effort by moderate, heartland Democrats to protect manufacturing and agriculture industries, said committees were no longer under any timetables to produce legislation.

Ms. Stabenow said the Agriculture Committee—which has jurisdiction over climate provisions fundamental to containing costs and cutting emissions in the farming and forestry sectors--might not even debate or vote on any provisions for the bill.

"The question is whether or not Agriculture actually marks up something or it gets done on the floor," she said.

Sen. Blanche Lincoln (D., Ark.), who chairs the Agriculture Committee, is facing a tough re-election campaign next year, and handling a highly controversial climate-change bill in her panel may risk alienating voters.

In the face of the hard-fought debate on health-care legislation--not to mention appropriations bills and finance-reform proposals—Senate Majority Leader Harry Reid (D., Nev.) has dropped his earlier schedules for committees. A Reid aide said he hadn't drafted any new timetable for panel action on climate change.

Even Sen. John Kerry (D., Mass.), a climate-bill champion who last week said committees should have climate legislation processed by the end of the year, Tuesday backed off such expectations. "I don't want to create artificial deadlines which get in the way of our being methodical about this," he said.

Instead, Mr. Kerry said he is focused on getting the 60 votes necessary to pass controversial climate legislation -- a higher margin than a simple majority and no mean feat. "The main thing to do here is to build the adequate base of support and consensus," he said.

Write to Ian Talley at [e-mail]

[righty]

keep em coming codes and gadgets coming online soon

[Lottalead]

TAOIF is another.

[Lottalead]

DBRM is mine.
New reserve reporting rules on 01/01/10
Next quarter report should be a good one.
Infrastructure build on the Sunday and Bear prospects complete... cash flow positive for the first time....
New round of drilling has begun...

[mu12450]

CBO warns of job losses as U.S. shifts to clean energy under climate bill
A climate bill that seeks to slash carbon emissions would result in "some decline in employment" as the economy shifts to cleaner energy sources, said Douglas Elmendorf, director of the Congressional Budget Office. Job losses are likely during the transition "because labor markets do not move that fluidly," Elmendorf said during a Senate hearing. His statement comes in response to assertions from the Obama administration that the legislation would boost the ailing U.S. economy and generate green jobs. Bloomberg (10/14)

[righty]

This will be about the oil patch industry) etc.

If TAMO'S leases etc and their working interest prove out, this will be a very interesting play...depending on how they fund of course.

[mu12450]

I live in the oil patch.

What will this board be about?

Please give me your take on TAMO.

Oil hit its high for the year yesterday.

[righty]

TAMO

right here .95