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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (143)	6/6/2001 8:04:11 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

California power relief bill dies By CBS.MarketWatch.com Last Update: 2:25 PM ET June 6, 2001 marketwatch.com WASHINGTON (CBS.MW) -- Legislation designed to relieve anticipated power shortages in California died in the House Wednesday after Democrats and Republicans failed to reach an agreement on language designed to cap Western wholesale power prices. House Energy and Commerce Committee Republicans and House GOP leaders decided not to go ahead with a planned mark-up of the emergency legislation for "tactical and practical" reasons, said committee chairman Billy Tauzin, R-La. Tauzin and Rep. Joe Barton, R-Texas, chairman of the panel's Energy and Air Quality Subcommittee and principal author of the bill, said that Democrats on the panel negotiated in good faith but that other Democratic leaders had blocked any possible agreement. U.S. supply rise pushes oil to six-week low A sharp increase in U.S. supplies of crude oil and gasoline pushed futures prices for the commodities to their lowest levels in more than a month Wednesday, a day after OPEC's decision to leave its production quota unchanged. Crude inventories as of the week ended June 1 rose by 3.4 million, according to the American Petroleum Institute. In a similar update, the Energy Department reported an increase of 1.6 million barrels. By contrast, analysts polled by Bridge News had expected a decrease of 1 million to 3 million barrels. Gasoline inventories rose by 3.2 million barrels, the API said, compared to average expectations for a rise between 1.8 million and 2.3 million barrels. The Energy Department reported a rise of 2.3 million barrels. Restrictions hinder gas recovery on U.S. land Much of the natural gas believed to be recoverable on federal lands in one promising region in the Rockies is effectively off limits to development, the Energy Department said Wednesday. One kind of restriction or another covers about 68 percent of technically recoverable natural gas deposits, according to a study of the 29 million-square-mile Green River Basin in Utah, Colorado and Wyoming. This equates to as much as 79 trillion cubic feet, the study said. Reliant seeks end to California caps Reliant Energy said it filed an emergency motion with the Federal Energy Regulatory Commission urging the agency to drop or modify wholesale price controls that were initially imposed by California officials last week. The controls kick in whenever the state's grid operator declares an energy emergency. The company (REI: news, msgs, alerts) said in a release that the caps are discouraging out-of-state suppliers from selling power, a refrain heard from a number of generating companies since California Gov. Gray Davis began arguing for the caps as rolling blackouts hit the state in recent months. In addition, Houston-based Reliant argued the caps are causing some plants to use up their emission credits well ahead of the peak demand forecast for this summer. The company also said the calculation of the caps is flawed because it averages fuel costs in the northern and southern parts of the state.