A former top Energy Department official has taken a position on the board of a company that received millions in taxpayer money from the department through a stimulus program that has come under criticism from Congress and independent watchdogs.
Tag Archives: Energy Department
Judge approves Fisker supplier claims settlement
A Delaware bankruptcy judge is approving a settlement between electric car maker Fisker Automotive Inc. and its former battery supplier.
The settlement approved Wednesday reduces Fisker’s claims against the company formerly known as A123 Systems Inc., now called B456 Systems Inc., by almost 90 percent.
Fisker will be granted a $15 million unsecured claim on an initial claim of $48.7 million against A123 for breach of warranty. Fisker’s $91.2 million claim for rejection of its supply agreement with A123 will be disallowed.
Waltham, Mass.-based A123 went into bankruptcy protection in October, three years after being awarded a $249 million Energy Department grant.
Fisker, which has drawn $193 million of a $529 million Energy Department loan it received, is expected to seek bankruptcy protection as well within days.
From: http://feeds.foxnews.com/~r/foxnews/national/~3/2ZOo3gLqZ_s/
Oil falls to near $93 on lower demand forecasts
Oil fell to near $93 a barrel Friday, dragged down by a combination of lukewarm forecasts for demand and sufficient supplies.
Benchmark oil for May delivery was down 33 cents to $93.18 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.
The contract dropped $1.13 to finish at $93.51 a barrel on Thursday after the International Energy Agency lowered its forecast for global oil demand in 2013 by 45,000 barrels to 90.6 million barrels a day. Its predictions were similar to those made earlier this week by OPEC and the U.S. Energy Department.
Brent crude, which sets the price of crude used by many U.S. refineries to make gasoline, rose 2 cents to $104.40 a barrel on the ICE Futures exchange in London. Brent has dropped about 12 percent in the past two months amid Europe‘s ongoing financial crisis, increased supplies and tepid forecasts for demand.
“Concerns about European demand continue to weigh on the oil price,” said Michael Hewson of CMC Markets.
“US inventories at their highest levels in years and the IEA lowering its forecasts for oil demand are pushing prices lower,” he said in a commentary.
In other energy futures trading on the Nymex:
— Heating oil rose 1 cent to $2.908 per gallon.
— Gasoline added 1.2 cents to $2.852 per gallon.
— Natural gas rose 1.2 cents to $4.151 per 1,000 cubic feet.
From: http://feeds.foxnews.com/~r/foxnews/world/~3/ywbQ4Re-kMI/
Oil price falls toward $94 on supply increase
The price of oil fell Thursday after data showed that inventories of crude continued to rise in early April.
Benchmark oil for May delivery was down 28 cents to $94.36 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract finished up 44 cents at $94.64 a barrel on the Nymex on Wednesday.
The American Petroleum Institute said crude inventories rose by 5.06 million barrels to 390.7 million barrels for the week ending April 5.
On Wednesday, the U.S. Energy Department said supplies grew by 300,000 barrels, or 0.1 percent, for the week to 388.9 million barrels. That puts U.S. oil supply at its highest level since July 1990.
While supplies are increasing, demand forecasts are being trimmed. An OPEC report on global oil demand predicted an increase of 800,000 barrels in 2013, down by 40,000 barrels from last month’s estimate.
Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, fell 19 cents to $105.60 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Wholesale gasoline was steady at $2.866 per gallon.
— Natural gas added 4.2 cents to $4.127 per 1,000 cubic feet.
— Heating oil lost 0.6 cent to $2.942 per gallon.
Source: FULL ARTICLE at Fox World News
Oil price rises to near $93 after sharp drop
The price of oil rose modestly Monday after sharp losses due to high supplies and weak U.S. employment figures.
Benchmark oil for May delivery was up 17 cents to $92.87 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents to close at $92.70 on Friday and was down 5 percent from midweek.
The price of oil fell after a weak jobs report cast doubt on the strength of the U.S. economy. The Labor Department reported Friday the economy added 88,000 jobs in March, the fewest in nine months. The slowdown may signal the economy will weaken this spring.
The U.S. Energy Department last week reported that crude in storage was at its highest level since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season. Now the economy looks like it might not grow fast enough to churn through the nation’s high supplies.
“The latest jobs data provide a useful reminder that this is still an uneven recovery in the US economy,” said Caroline Bain, commodities analyst at the Economist Intelligence Unit.
She expects oil prices to average less than $90 a barrel in the second quarter of 2013 “reflecting a comfortable market balance, lower refinery runs and only very modest growth in consumption.”
Brent Crude, which sets the price of oil used by many U.S. refineries to make gasoline, rose 57 cents to $104.69.
In other energy futures trading on the Nymex:
— Heating oil rose 1 cent to $2.919 per gallon.
— Wholesale gasoline rose 0.8 cent to $2.871 per gallon.
— Natural gas rose 2.8 cents to $4.153 per 1,000 cubic feet.
Source: FULL ARTICLE at Fox World News
Oil dips slightly ahead of US employment data
Oil prices were barely changed Friday ahead of the release of employment figures that traders hope will shed light on the state of the U.S. economy.
Benchmark oil for May delivery was down 5 cents to $93.21 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.19 to finish at $93.26 on Thursday after U.S. data showed an increase in the number of people seeking jobless benefits.
That raised the possibility of reduced energy demand as fewer people traveling to work would lower demand for gasoline.
Traders are now awaiting a key employment report for March that the Labor Department will release later Friday. The U.S. economy added a robust 236,000 jobs in February, and the unemployment rate fell to 7.7 percent from 7.9 percent.
The prospect of slowing demand comes on top of the burgeoning supply of oil in the U.S. and both are keeping a lid on oil prices.
On Wednesday, the Energy Department said crude oil inventories rose last week to the highest level since July 1990.
Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 4 cents to $106.38 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Heating oil rose 0.7 cent to $2.97 a gallon.
— Natural gas rose 0.2 cent to $3.949 per 1,000 cubic feet.
— Gasoline was steady at $2.899 a gallon.
Source: FULL ARTICLE at Fox World News
Oil price flat as supplies increase
Oil prices were slightly higher Thursday, stabilizing after a sharp drop the day before sparked by rising U.S. crude supplies.
Benchmark oil for May delivery was up 2 cents to $94.47 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.74, or 2.8 percent, to close at $94.45 on Wednesday. The last time oil fell by that much in a day was on Nov. 20.
Oil plunged after the U.S. Energy Department said crude oil supplies grew by 2.7 million barrels to 388.6 million barrels in the week ended March 29. The U.S. supply of oil is now 7.2 percent above year-earlier levels and the highest since July 27, 1990, when it was at 391.9 million barrels.
“We did see a move lower yesterday to extreme areas,” said Carl Larry of Oil Outlooks and Opinions. “So far today we are seeing some of the correction we expected.”
Oil production in the U.S. is about 7.1 million barrels a day, up 22 percent from a year earlier and the highest in two decades. Output has jumped as oil companies use techniques such as horizontal drilling and hydraulic fracturing, or fracking, to unlock crude oil trapped in shale rock formations in the U.S.
Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 36 cents to $107.47 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
— Heating oil rose 0.5 cent to $3.007 a gallon.
— Natural gas rose 1.6 cents to $3.916 per 1,000 cubic feet.
— Gasoline futures rose 0.3 cent to $2.917 a gallon.
Source: FULL ARTICLE at Fox World News
Nuclear board warns of Washington tank explosion risk
Underground tanks that hold a stew of toxic, radioactive waste at the nation’s most contaminated nuclear site pose a possible risk of explosion, a nuclear safety board said in advance of confirmation hearings for the next leader of the Energy Department.
State and federal officials have long known that hydrogen gas could build up inside the tanks at the Hanford Nuclear Reservation, leading to an explosion that would release radioactive material. The Defense Nuclear Facilities Safety Board recommended additional monitoring and ventilation of the tanks last fall, and federal officials were working to develop a plan to implement the recommendation.
The board expressed those concerns again Monday to U.S. Sen. Ron Wyden, D-Ore., who is chairman of the Senate Energy and Natural Resources Committee and had sought the board’s perspective about cleanup at Hanford.
The federal government created Hanford in the 1940s as part of the secret Manhattan Project to build the atomic bomb. It spends billions of dollars to clean up the 586-square-mile site neighboring the Columbia River, the southern border between Washington and Oregon and the Pacific Northwest‘s largest waterway.
Federal officials have said six underground tanks at the site are leaking into the soil, threatening the groundwater, and technical problems have delayed construction of a plant to treat the waste for long-term safe disposal.
Those issues are likely to come up during confirmation hearings next week for Energy Secretary-nominee Ernest J. Moniz. The fears of explosion and contamination could give Washington and Oregon officials more clout as they push for cleanup of the World War II-era site.
Central to the cleanup is the removal of 56 million gallons of highly radioactive, toxic waste left from plutonium production from underground tanks. Many of the site’s single-shell tanks, which have just one wall, have leaked in the past, and state and federal officials announced in February that six such tanks are leaking anew.
“The next Secretary of Energy – Dr. Moniz – needs to understand that a major part of his job is going to be to get the Hanford cleanup back on track, and I plan to stress that at his confirmation hearing next week,” Wyden said in a statement Tuesday.
The nuclear safety board warned about the risk of explosion to Wyden, who wanted comment on the safety and operation of Hanford’s tanks, technical issues that have been raised about the design of a plant to treat the waste in those tanks, and Hanford’s overall safety culture.
In addition to the leaks, the board noted concerns about the potential for hydrogen gas buildup within a tank, in particular those with a double wall, which contain deadly waste that was previously pumped out of the leaking single-shell tanks.
“All the double-shell tanks contain waste that continuously generates some flammable gas,” the board said. “This gas will eventually reach flammable conditions if adequate ventilation is not provided.”
All of the tanks are actively ventilated, which means they have blowers and fans to prevent a buildup of hydrogen gas, and those systems are monitored to ensure they are operating as intended, …read more
Source: FULL ARTICLE at Fox US News
Ro Khanna Announces Congress Challenge To Rep. Mike Honda
By The Huffington Post News Editors
Ro Khanna, a Silicon Valley Democrat, announced Tuesday that he will run for Congress in 2014 against longtime incumbent Rep. Mike Honda (D-Calif.), according to the San Francisco Chronicle.
The YouTube announcement by Khanna, a rising Democratic star, came as little surprise. He opened a campaign account in 2011, but declined to run in 2012. That campaign account has more than $1 million. Perhaps more important than money, Khanna has hired top operatives from President Barack Obama‘s 2008 and 2012 campaign teams to run his own campaign.
Jeremy Bird, Obama‘s 2012 field director, will serve as Khanna’s general campaign consultant, and Steve Spinner, an advisor to almost 50 tech startup companies and an Energy Department stimulus advisor who helped Obama as a fundraising bundler during the 2012 campaign, will be Khanna’s campaign chairman, according to the Contra Costa Times.
Watchdog: Energy Department skirted rules to pay contractor execs $300G salaries
The top watchdog for the U.S. Energy Department has found repeated examples of the agency overpaying contractors at national labs – with the most recent being a decision to approve exorbitant executive salaries at a cost to taxpayersof up to $3.45 million.
Oil prices down as Cyprus uncertainty continues
The price of oil fell Thursday as traders awaited a solution to a financial crisis in Cyprus that has raised fears of a destabilizing exit of the country from the euro.
Benchmark oil for May delivery was down 23 cents to $93.27 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract for April delivery gained 80 cents to settle at $92.96 a barrel on Wednesday.
European jitters have escalated since the government in Cyprus rejected a bailout plan on Tuesday that would have taxed bank deposits. The Mediterranean nation needs to come up with 5.8 billion euros ($7.5 billion) on its own in order to secure 10 billion euros in rescue loans from international creditors.
Without a bailout deal, Cyprus‘ banks would collapse, devastating the country’s economy and potentially forcing it to exit the euro currency.
“It’s hard to think that the island tourist country of Cyprus could really drag the Bulls down,” said Carl Larry, president of Oil Outlooks and Opinions in a commentary. “It’s the farthest from any kind of sustainable industry outside of tourism and they depend solely on interest earned from their banking system.”
Brent crude, used to price many kinds of oil imported by U.S. refineries, fell 8 cents to $108.64 a barrel on the ICE Futures exchange in London.
The American Petroleum Institute said crude oil stocks fell by about 400,000 barrels to 376.7 million barrels for the week ending March 15. On Wednesday, the Energy Department said the nation’s crude oil supplies declined last week by 1.3 million barrels, or 0.3 percent, to 382.7 million barrels, which is 10.5 percent above year-ago levels. Analysts were expecting supplies to increase.
In other energy futures trading on the Nymex:
— Wholesale gasoline fell 0.7 cent to $3.095 a gallon.
— Heating oil rose 0.1 cent to $2.997 a gallon.
— Natural gas fell 1.5 cents to $3.945 per 1,000 cubic feet.
Oil prices rise as US housing improves
The price of oil rose Tuesday as energy markets set aside worries about a financial crisis in Cyprus after the release of strong U.S. housing data.
Benchmark oil for April delivery was up 20 cents to $92.36 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 on Tuesday.
Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 52 cents to $107.97 per barrel on the ICE Futures exchange in London.
Later Wednesday, the Energy Department is expected to report an increase of 2 million barrels in U.S. crude oil supplies, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. U.S. oil production, at more than 7 million barrels a day, is at the highest level in 20 years.
Oil prices fell Tuesday after lawmakers in Cyprus rejected a plan to tax bank accounts to stabilize the country’s banks and clear the way for an international bailout.
But data pointing toward a steadily improving U.S. housing market provided further proof that an economic recovery is was taking hold in the world’s biggest economy. The Commerce Department said U.S. builders started more houses and apartments in February and received building permits for future construction at the fastest pace in 4 ½ years.
In other energy futures trading on the Nymex:
— Wholesale gasoline rose 0.5 cent to $3.045 a gallon.
— Heating oil was steady at $2.969 a gallon.
— Natural gas fell 2.5 cents to $3.944 per 1,000 cubic feet.
Plant has not produced a single battery designed by lab where Obama spoke
President Barack Obama touted a plan to step up green energy subsidies on Friday at an Energy Department laboratory that critics say is emblematic of the government‘s failure to succeed with taxpayer-funded green energy projects.
Stocks That Stopped the Dow's Winning Streak
By Matt Thalman, The Motley Fool
Filed under: Investing
Preliminary results for the University of Michigan Consumer Sentiment index fell to 71.8 in March. Economists were expecting a reading of 78, after the index hit 77.6 in February. The index indicates that U.S. consumers are still optimistic about the economy and jobs market, but slightly less than they were last month. One theory is the spending cuts from the sequestration will hurt millions of Americans through forced furlough days, which the federal government has now enacted. The lost income will not trickle down to other sectors of the economy, which may result in job loss in the retail and service industries.
After the University of Michigan Consumer Sentiment report hit investor’s desks this morning, all signs pointed toward a lower market close today, and that was exactly what happened. The Dow Jones Industrial Average‘s 10-day winning streak is officially over, after the index lost 25 points, or 0.17%, during today’s trading session, and 19 of the Dow’s 30 components ended in the red.
This morning, I highlighted a few Dow components that were all directly affected by the CSI numbers; click here to read which companies they were.
The downers of the Dow
Shares of Intel lost 1.27% of their value today despite positive news. Yesterday, the executive vice president of Samsung’s mobile operating business told an interviewer that a mobile operating system call Tizen, which Samsung, Intel, and 10 other companies are working on, will be released sometime this August or September. The move to collaborate on a mobile operating system makes sense for Intel because it should give the company the inside track on supplying the mobile chips that the system will run on.
This is likely a small bet Intel is making in the mobile arena and could pay-off handsomely. Regardless of whether this venture is a success or failure, it has the potential to open up a number of doors for Intel later down the road.
Crude inventory levels in the U.S again rose this week and, as a result, the Dow’s big oil companies saw their shares fall today. The U.S. Energy Department‘s weekly inventory report showed that stockpiles of crude oil throughout the country rose by 2.62 million barrels during the week of March 4th through the 8th, while analysts were expecting an increase of only 2.3 million barrels. This is following a weekly rise of 3.83 million barrels from the previous reading, and puts the total U.S. oil inventory at 383.98 million barrels, or a 27.1 day crude supply cover.
Chevron’s stock price fell 0.32% today, while shares of ExxonMobil were down 0.51% when the closing bell rang.
More foolish insight
If you’re on the lookout for some currently intriguing energy plays, check out The Motley Fool’s “3 Stocks for $100 Oil.” For FREE access to this special report, simply click here now.
The article Stocks That Stopped the Dow’s Winning Streak originally appeared on …read more
Source: FULL ARTICLE at DailyFinance
Energy nominee favors all-of the-above approach
(AP)—President Barack Obama’s choice to lead the Energy Department advocates an all-of-the-above approach to energy and favors natural gas as a “bridge fuel” to reduce emissions that contribute to global warming. …read more
Source: FULL ARTICLE at Phys.org
Obama To Nominate Ernest Moniz As Energy Secretary, Gina McCarthy To Head EPA: Official
By The Huffington Post News Editors
WASHINGTON — A White House official says President Barack Obama on Monday will appoint a new energy secretary and new head of the Environmental Protection Agency.
Obama is nominating MIT scientist Ernest Moniz to head the Energy Department and EPA veteran Gina McCarthy to run the environmental agency. She currently serves as EPA‘s assistant administrator for air and radiation.
Obama Naming Energy, EPA Honchos Today
Source: FULL ARTICLE at Newser – Home
Investors Shake Off Fears From Sequester
By Matt Thalman, The Motley Fool
Filed under: Investing
The Dow Jones Industrial Average quickly fell more than 117 points this morning, after the Senate failed to pass bills that would have stopped the $85 billion in automatic government spending cuts, known as the sequester, from going into effect today. But because of some positive economic numbers, the bears couldn’t hold the markets down.
This afternoon, the Dow rallied, closing the day up 0.25%, followed by the S&P 500, which gained 0.23%. Most market participants are claiming that the stronger-than-expected ISM manufacturing numbers gave the bulls a reason to forget about the possible future problems caused by the sequester.
The Dow’s downers
Unfortunately, not all of the Dow’s components ended the day on a positive note. Shares of both of the index’s major energy stocks closed down.
Chevron lost 0.21%, while ExxonMobil dipped lower by 0.13%. The moves were likely caused by the U.S. Energy Department‘s weekly report on U.S. crude inventory levels, which came out this afternoon. The report showed that inventories rose by 1.13 million barrels, marking the sixth straight weekly rise.
The stockpiles continued climbing this week because of increased imports even as domestic production fell and demand increased. Current crude supplies in the U.S. are 9.4% higher than they were at this time last year, and if inventory levels continue to move higher, crude prices will likely fall, causing lower profits for the major oil players.
Shares of Cisco Systems lost 0.12% today. Lately, the company has been losing favor against smaller, faster-growing, competitors such as Palo Alto Networks . The latter operates in the network security hardware industry and competes with Cisco and Juniper Networks.
Palo Alto recently posted quarterly revenue growth of 70% year over year and expects growth of 52% to 58% in the coming quarter. Cisco can no longer offer investors that kind of rapid growth, and FBR Capital Markets analyst Daniel Ives believes Palo Alto will “continue to gain market share in the overall network security market from the larger incumbents.”
Today McDonald’s announced that it was cutting two items from its menu, causing investors to cut the stock price by 0.23%. The king of fast food will no longer offer the Chicken Selects or the Fruit & Walnut Salad, and it’s considering removing the Angus burgers from its menu as well. A number of McDonald’s franchisees favor the cut. According to the Associated Press, one former owner feels the menu has become too broad, causing no one item to sell in massive quantities. More importantly, though, this move may disappoint customers, and even cause some to stop eating under the Golden Arches.
After making investors rich in 2011, McDonald’s has been one of the worst-performing blue-chip stocks of 2012. Our top analyst on the company will tell you whether you should be worried by this trend, and he’ll shed light on whether McDonald’s is a buy at today’s prices. Click here now to read our …read more
Source: FULL ARTICLE at DailyFinance
‘Stockman Smartquester’: Congressman Releases Alternative To ‘Obamaquester’
By Congressman Steve Stockman (R-TX)
WASHINGTON – Congressman Steve Stockman Friday released his own “Stockman Smartquester” alternative to President Barack Obama’s “sequester” plan, which requires $83.4 billion in across-the-board cuts if a spending plan is not agreed to be March 1.
While Obama’s sequester seeks $83.4 billion in spending cuts, the Stockman Smartquester saves even more money, $84 billion from just five programs, without touching essential services.
“Obama proposed sequester, demanded it be part of the debt deal, signed it into law and angrily promised to veto the GOP efforts to repeal it,” said Stockman, “Now, like Dr. Frankenstein, he’s running from his own creation. It is an intentional untruth to say sequester cuts must come from police officers and schools. It’s a tiny cut that barely moves the needle on federal spending. You can meet sequester targets by instead eliminating a small amount of waste, which is what the Stockman Smartquester does.”
“Not only does the Stockman Smartquester save even more money than Obama’s blunt sequester cuts, it cuts spending without touching critical programs like police, schools and NASA,” said Stockman.
“House Republicans have passed two different bills to replace Obama’s plan to cut critical services. Senate Democrats refuse to hold a vote on it and Obama once vowed to veto any plans to stop his sequester,” said Stockman. “Republicans want responsible spending reductions, but Democrats seem committed to blind, across-the-board cuts to scare people. I encourage my Democrat colleagues to cease irresponsible blustering and support the intelligent cuts in the Stockman Smartquester.”
The plan, five simple spending cuts which meet Obama’s sequester reduction targets without cuts to essential programs, is outlined below:
The $84.0 billion “Stockman Smartquester” Plan, which saves even more money than $83.4 billion Obamaquester
Eliminate the government’s “free cell phone” plan that has ballooned into the ObamaPhone giveaway, 41 percent of which goes to people not even eligible: $2.2 billion in savings
Eliminate ObamaCare’s “Public Health Slush Fund,” which even Democrats want to eliminate: $10 billion in savings
Require food stamp recipients, the numbers of which have exploded under Obama, to actually be eligible for food stamps: $26 billion in savings
Eliminate overpayments for ObamaCare exchange subsidies: $44 billion in savings
Eliminate Obama’s “renewable energy” fund in the Energy Department: $1.8 billion in savings
TOTAL SAVINGS: $84 billion
Contact: Donny Ferguson, 202-225-1555 or Donny.Ferguson@mail.house.gov
Sophisticated cyber-attack hits Energy Department, China possible suspect
http://global.fncstatic.com/static/managed/img/Politics/energy_deptbuilding.jpg
Source: FULL ARTICLE at Fox Most Popular