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DA T E L INE R&D investment in alternative energy projects in 2011, up considerably from 15 percent in KPMG’s 2010 survey. Alternative Energy Sources Shale gas/oil (44 percent) was most fre- quently cited by executives as the alternative energy source that will win the most signifi- cant investment, with nearly tw o-thirds (62 percent) expecting shale oil and/or gas to continue to have a transformative impact on meeting the world’s energy needs. Executives also cited solar (31 percent), wind (25 percent), clean coal technologies (17 percent), biodiesel (10 percent), and chemi- cally stored electricity (batteries and fuel cells) (8 percent) as alternative energy sources that would see increased R&D investment. NPRA SAYS ENERGY TAX PROPOSALS BAD FOR AMERICA Charles T. Drevna, president of NPRA, the National Petrochemical & Refiners Association, issued the following state- ment about proposals in the Senate to eliminate tax deductions for companies that produce oil and natural gas and that manufacture fuels and petrochemicals from oil and natural gas: “Singling out one sector of our econ- omy and the 9.2 million men and women it employs for unfair and discriminatory tax treatment is political demagoguery and public policy at its worst. Instead of engag- ing in the politics of demonization and vilification, our leaders should be working to develop an energy policy that is focused on serving the American people. “Imposing what would amount to a multibillion-dollar energy tax would be bad for American consumers, for the American economy and for America’s national security. It would hurt American companies producing energy and fuels in our own country and give foreign com- petitors an unfair advantage, endangering American jobs and making America more reliant on foreign energy. “It makes no sense to slap billions of dollars in new taxes on energy that Americans use every day to subsidize other forms of energy that can’t compete on their own in a free market. American oil and natural gas producers and fuel and petrochemical manufacturers already pay hundreds of billions of dollars in federal, state and local taxes and don’t get a penny in government subsidies. These compa- nies simply want the right to maintain the same type of tax deductions that every other American business already gets. We ask for no special treatment, only fair and equitable treatment.” COALITION OPPOSES LEGISLATION THAT WOULD SLOW DERIVATIVES REFORM A national coalition of groups represent- ing commodity-dependent businesses and consumers announced opposition to a new House bill that would significantly delay new trading reforms provided in last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed legislation, H.R.1573, would extend the deadline for imple- mentation and enforcement of most Dodd-Frank Act reforms of trading in the derivatives markets, including commodity futures, options and swaps markets, from July 21, 2011 until January 1, 2013, the groups said in a statement. “These reforms, once implemented, will bring greater transparency and stabil- ity to the commodity derivatives markets, including energy and agricultural futures, options and swaps markets,” the coalition said in a letter to key lawmakers. The groups cited in their letter the recent explosion of speculative activity in the still mostly unregulated commodity futures markets, and correlated market volatility and price spikes, as reason to keep these reforms on-track, especially proposed limits on speculative trading. “Further delay in the implementation and enforcement of these reforms could greatly diminish market competitiveness, stability and confidence, and will preserve CALENDAR OF EVENTS SEPTEMBER F.W. Webb’s New York Expo September 8 For info: (781) 665-1967 F.W. Webb’s Maine Expo September 27 For info: (781) 665-1967 ICPA 61st Annual Meeting & Trade Show September 22 Water’s Edge Resort, Westbrook CT Contact: David P. Chu (860) 613-2041 JANUARY 2012 AHR EXPO Monday, January 23 – Wednesday, January 25 McCormick Place Convention Center Chicago, Illinois www.ahrexpo.com today’s artificially high commodity prices caused by excessive speculation in the derivatives markets,” the letter stated. “Therefore we oppose H.R.1573,” the coalition said. H.R. 1573 was introduced in the U.S. House of Representatives on April 15th by the Republican leadership in the Agriculture and Financial Services Committees. The coalition letter was sent to both Republican and Democratic leaders in the House Financial Services and Agriculture Committees and is available online at www.nefiactioncenter.com/PDF/cmoc_ hr1573ltr_final.pdf. The Commodity Markets Oversight Coalition (CMOC) is an independent, non-partisan and non-profit alliance of groups that represent commodity-depen- dent industries, businesses and end-users, including consumers, that rely on com- modity derivatives markets as a hedging and price discovery tool. Visit www.com- moditymarketsoversight.org for more information. FUEL OIL NEWS (ISSN 0016-2396), Canada Publication Mail Agreement #1588621, is published monthly by Bev-Al Communications, Inc. 1030 W. Higgins Road, Suite 230, Park Ridge, Il 60068. Circulated free of charge to qualified individuals in the oil heating industry in the United States. Additional and/or personal copies are available on a paid subscription basis only. 1-year subscription rates: $28.00 USA. $40.00 Canada and Mexico via service postage. $90.00 other foreign countries via air-mail postage. Single copies: $8.00 U.S. via first-class postage. $12.00 other Canada/Mexico/Foreign via airmail postage. Payable in US currency. Periodicals postage paid at Park Ridge, IL and additional mailing offices. Copyright 2011 by Bev-Al Communications, Inc. Reproduction of any portion or portions of this publication is specifically prohibited without written consent. 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