SIGMA WEEKLY REPORT

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Nov 8, 2013 (3 years and 11 months ago)

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April
30
, 2010


DEBATE ON FINA
N
CIAL REFORM


On April 28th, Senate Republicans lifted their

hold on
proceeding to debate the financial services

regulatory
reform legislation. While many issues remain, Banking
Ch
airman Christopher Dodd (D
-
Conn.) and Sen.
Richard Shelby (R
-
Ala.)

continue

to

try to work out how
to give the government new tools to
address

future

failures

by

large firms. Senate Majority
Leader Harry Reid (D
-
Nev.) offered a substitute
amendment that co
mbines the legislation passed out of
Dodd’s committee with new language on derivatives
regulation,

supported by Senator Blanche Lincoln of
Arkansas. However, Sen. Shelby is disappointed that
the substitute did not include change to provisions that
empower
federal banking regulators to provide financial
assistance when resolving the failure of large bank and
non
-
bank financial firms. Senate Republicans said they
won concessions from Democrats on resolution
authority and cited it as their main reason for drop
ping
their opposition to moving forward on the bill on April
28.


CREDIT CARD FAIR FEE ACT
TESTIMONY

On April 28,

Doug

Kantor,

a

Partner at

Steptoe &
Johnson, LLP testified on behalf of SIGMA, NACS and
the MPC before the House Judiciary Committee

on

the
de
vastating effect of credit card interchange

fees on
retail business.

Mr. Kantor

was among two witnesses
representing retail merchants to the Committee.

Mr.
Kantor's testimony and

message focused on the
anticompetitive nature of credit card swipe fees as
well
as the lack of

fee

transparency both for the merchant
and the consumer. Chairman Conyers has introduced
legislation, "The Credit Card Fair Fee Act of
2009,”

which would provide a negotiating mechanism for
merchants

and

SIGMA strongly supports this
leg
islation. To view a copy of

the

testimony
,
click here
.




OIL SPILL EFFECTS FUTURE
OFFSHORE DRILLING


In respons
e to the oil spill in the Gulf, President Obama
announced that his administration will use all available
resources, including military assets, to contain

the oil.

he National Oceanic and Atmospheric

Administration





said that a thin oil sheen has been si
ghted within a
few miles of the Louisiana coastline. BP America is
working to find a way to break up the oil flowing
directly out of the wellbore

but

has not yet been
successful. Obama’s energy and climate policy
advis
o
r, Carol Browner, has already stated
that this
incident will be taken into account when deciding
what the nation’s offshore drilling policy will be in the
future. Lawmakers on the

Hill

have been debating the
expansion of offshore drilling

but

in response,

Sen.
Bill Nelson (D
-
Fla.) has introdu
ced a bill to halt
the

Administration’s

plan to expand offshore drilling in
new areas. Rep. Edward Markey (D
-
Mass.) has sent
notices to the heads of ExxonMobil, ConocoPhillips
Shell and Chevron to appear before his House Select
Committee on Energy Independ
ence and Global
Warming at a future date.

SENATORS MOVING FORWARD
WITH CLIMATE CHANGE
LEGISLATION

Earlier this week, Senator Lindsey Graham withdrew
his name from the latest

piece of legislation aimed to
address climate change.

The Senator stated that he

will not support this bill while the Administration
places a priority on immigration reform legislation. In
the meantime, Sen. John Kerry (D
-
Mass.)

has

proceeded

to

move forward with Senator Lieberman
and plans to

submit

the

draft

bill

to the Environmenta
l
Protection Agency for

a

cost analysis.

However, due
to timing concerns and the current lack of bipartisan
support, the legislation's fate is unclear.


CARB TO EASE REGULATIONS


The California Air
Recourses

Board

announced

on
April 22 that it will

ease
diesel emissions restrictions
placed on existing trucks and construction equipment.
The decision arose when CARB discovered that the
expected on
-
and off
-
road sources of diesel
particulate and nitrogen oxides are below target. It is
believed that these leve
ls came in well below
target

due to the dramatic decrease in construction
activity. Therefore, the category has created an
emissions cushion

that

will allow the agency to make
the rule less onerous. The EPA is expected to make
a decision on the waiver for
the off
-
road rule
sometime this summer and no waiver is needed for
the truck and bus regulation.


SIGMA WEEKLY REPORT





April 30
, 2010

Page one of
one




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SIGMA:
America’s Leading Fuel Marketers


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