The OilSpot News by DTN
Monday, February 1, 2010 VOLUME 8 ISSUE 388  



Sunoco Permanently Shuts Eagle Point Refinery in New Jersey
ATA For-Hire Truck Tonnage Index Up 2.1% in December
California’s Gasoline Consumption Climbed 2.2% in October
KMP to Buy Four Terminals from Slay Industries for $98 Million
New Biofuels Terminal in Collins Receiving Product
Buckeye Sells NGL Pipeline System for $22 Million to DCP Midstream


US Retail Gasoline Slides 3.4cts, 86.7cts above Year Ago
On-Highway US Diesel Average Falls 3.7cts to $2.833 Gal
Home Heating Oil Average Drops 5.3cts at $2.899 Gal
Propane Stocks Drop 4.3 Million Bbl Week-ended Jan. 22


EPA’s New Air Quality Standard for NO2 Upsets Oil Industry
Gasoline, Diesel Tax Hike Proposed in Michigan for Road Repairs
CFTC’s Gensler Decries OTC Market Cornered by Banks
State RFA wants Iowa to Mandate a 10% Ethanol Blend
DOE Closes $1.4 Billion Loan with Nissan to Advance Electric Car
EIA Considering Adding to Data Gathering, Analysis Methods
HHS Released $490 Million in Emergency Energy Assistance Funds


Economic Indicators


Weekly Rack Postings

Obama’s Mixed Energy
Oil Industry Welcomes President’s Offshore Drilling Support

Thunderhorse Platform in Gulf of Mexico

Looking to reset his priorities after a rancorous first year in office, President Barack Obama during his State of the Union address promised to work harder to create green jobs and said he would welcome new domestic offshore drilling for oil and gas as well as an expanded focus on nuclear energy.

“To create more of these clean energy jobs, we need more production, more efficiency, more incentives,” the president said during his speech last week. “That means building a new generation of safe, clean nuclear power plants in this country. It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies. And yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.”


[FULL STORY]
 

Fiddling in Washington
Reid Playing Politics while Biodiesel Bill Stuck on Sidelines

Grays Harbor Biodiesel Plant in Washington State

U.S. Senate Majority Leader Harry Reid, D-Nev., has been accused of delaying action on a bill that would extend tax credits to the biodiesel industry that expired at the end of last year.

Jim Lyons, an aide to Sen. Chuck Grassley, R-Iowa, who has been working hard to get the tax credit renewed, said Grassley has tried several times without success to get Reid to schedule a vote on the bill.


[FULL STORY]
 

The Eddie Murphy Rule
CFTC’s Gensler Uses Movie to Campaign for Market Reforms
by George Orwel

CFTC Chairman Gary Gensler

In the 1983 movie, “Trading Places,” the characters played by Eddy Murphy and Dan Aykroyd profit from trade on illicit information gleaned from a U.S. Department of Agriculture report on juice and oranges.

In the process, they ruin Randolph and Mortimer Duke, the bothers who run a commodities brokerage firm. Misled, the Dukes incur a loss of $394 million, which they are unable to pay in cash to cover the margin call. Their business and private assets are sold off by the trading board to cover their debts.


[FULL STORY]
 


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