Meet the new boss: The U.S. Senate Energy Committee, formerly chaired by outgoing Sen. Mary Landrieu and soon to be led by Republicans, will hold a hearing on Jan. 7 next week on legislation to approve the Keystone XL pipeline. That bypasses the current review process being undertaken by the Obama administration. The committee aims to get the measure “to the floor as soon as possible,” a committee spokesperson tells Bloomberg. On Nov. 18 pipeline supporters led by Landrieu came within a vote of passing a similar measure on the Senate floor that aimed to give TransCanada approval to build the cross-border project. Bloomberg has the full story.
Surplus continues: The price of oil could fall to the lowest since recession prices of early 2009, FuelFix.com reports. A weekly crude oil inventory report offered no relief from a crushing surplus of oil that has driven down prices more than 50% since this summer. In 2009, prices crashed to around $40 from their previous high of $140, according to the report. The U.S. benchmark crude oil price for delivery in February fell to $53.00 on the New York Mercantile Exchange early today. Read the full story.
Power hungry: Utility costs in Louisiana could increase over the next several years as the state’s largest utility makes adjustments to meet the demand for energy from Louisiana’s industrial boom, The Associated Press reports. That likely means building power plants for about $1 billion apiece, for which the 1 million Louisiana Entergy customers will be expected to pay. Entergy already has plans to spend a couple of billion dollars over the next few years to move huge amounts of electricity to where the new manufacturing facilities will be located and also is asking for bids to buy power from elsewhere. Read the full story.
Editor’s note: In observance of the New Year’s holiday, Daily Report will not be published on Thursday, Jan. 1, and Friday, Jan. 2, and will return on Monday, Jan. 5. Have a safe and happy holiday weekend.
