Oil focuses on improving U.S. economic data

Hope Springs Eternal

One plant as reported by  the Buffalo News says "A $506 million project to convert the coal-fired power plant in Dunkirk to less-expensive natural gas could reduce wholesale electricity prices in Western New York by as much as 5% while also reducing harmful greenhouse gas emissions, according to a report released Tuesday by the plant's owner. The report, from a Boston-based energy consultant and commissioned by NRG Energy, found that converting the Dunkirk plant to natural gas – as opposed to shutting it down – would reduce the need for electricity from other more costly, higher polluting power  plants and eliminate the need to build long-distance transmission lines to import power into the state, such as a proposed $2.2 billion project to bring electricity from Quebec to the New York City area.”

The Washington Post is reporting that "Martin Durbin, executive vice president and chief lobbyist for the American Petroleum Institute, will become head of the American Natural Ga. Alliance on May 1, according to an industry source and a note that went to ANGA members.”  The Post says that Durbin moves over at an important time for the group, which represents 27 large independent natural gas exploration and production companies who are actively drilling in shale gas areas. The group supports natural gas exports and increased use of natural gas in power generation and says that gas supplies are adequate to meet higher demand.

Durbin, who is the brother of Senate Majority Whip Dick Durbin (D-Ill.), has long worked under API President Jack Gerard, at API since 2009 and earlier at the American Chemistry Council, whose members use natural gas as a feedstock. One of Durbin's tasks at ANGA will be to try to defuse opposition to exports among industrial natural gas users who worry that exports could cause higher gas prices.

About the Author
Phil Flynn

Senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com. Learn even more on our website at www.pricegroup.com.

 

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