-Congressman Joe Barton (R-Texas) on Tuesday introduced a bill that would end the decades-old U.S. ban on crude oil exports. Many U.S. lawmakers have been reluctant to support such legislation in fear that it would raise U.S. gasoline prices. Several studies, however, have suggested ending the ban would lower the price Americans pay at the pump. Refiners fear lifting the ban would shrink their margins by increasing domestic oil prices.
-Shale oil and gas production could boost the government’s tax revenues by 1% in 2040, according to the Congressional Budget Office. Via The Hill, drilling and related activities could increase GDP by two-thirds of 1% in 2020 and 1% in 2040.
-West Texas Intermediate crude will average $63 per barrel in 2015, according to the Energy Information Administration. Via FuelFix, the WTI price is $15 lower than that in EIA’s monthly short-term outlook for November. EIA noted that the pace of production cutbacks from companies or OPEC countries could cause oil prices to deviate from its projections.
-Three subsidiaries of Entergy Corp. agreed to acquire the Union Power Station near El Dorado, Ark., from Union Power Partners for $948 million. The station consists of four combined-cycle gas-fired units rated at 495 megawatts apiece. Entergy Arkansas and Entergy Texas each agreed to buy one unit and Entergy Gulf States Louisiana will acquire two units.
-BP is planning to shut down its cellulosic biofuels operation by the end of the first quarter of 2015. Via Bloomberg, BP is exploring options to sell facilities it purchased from Verenium in 2010. That includes a demonstration plant in Jennings, La., a technology center in San Diego and other facilities. A BP spokesman said the company’s further biofuels investments would target its sugarcane biofuels business in Brazil.
