Truck Fuel Economy Rules under Final Review
The heavy-duty truck fuel economy and efficiency rule has been sent to the White House Office of Management and Budget for final review. The joint proposal from the Environmental Protection Agency and the National Highway Traffic Safety Administration would cut emissions from large trucks by seven percent to twenty percent by 2017 depending on the size of truck and its operating status. The final rule is expected to be published in the Federal Register by July 30.
On June 16, the U.S. Senate voted 73-27 to immediately end the existing 45-cent per gallon tax credit for blending ethanol in gasoline that expires at the end of the year. For time being, however, the repeal vote is mostly symbolic as the underlying legislation, the economic-development aid bill, is unlikely to pass. Senator Tom Coburn (R-OK), the sponsor of the amendment, has said a repeal of the ethanol credit would eventually end up in any overall budget package that Congress is now negotiating.
NAFA Fleet Management Association has joined with other organizations to support S. 1200, the End Excessive Oil Speculation Now Act. The legislation, introduced by Senators Bernie Sanders (I-VT) and Richard Blumenthal (D-CT), would direct the U.S. Commodity Futures Trading Commission (CFTC) to halt excessive oil speculation that has driven up gasoline prices. A companion bill will be introduced in the House.
The bills would force the chairman of the CFTC, which regulates commodity markets, to establish strong position limits to eliminate excessive oil speculation. It also would impose margin requirements so investors would have to back their bets with real capital. In addition, the measure would classify as speculators bank holding companies, investment banks, or hedge funds that engage in proprietary oil trading. The Commission chairman would be given broad power to take any other actions needed to ensure that the price of crude oil, gasoline, diesel fuel, jet fuel, and heating oil accurately reflects the fundamentals of supply and demand.
Senate Votes to Repeal Ethanol Subsidy
On June 16, the U.S. Senate voted 73-27 to immediately end the existing 45-cent per gallon tax credit for blending ethanol in gasoline that expires at the end of the year. For time being, however, the repeal vote is mostly symbolic as the underlying legislation, the economic-development aid bill, is unlikely to pass. Senator Tom Coburn (R-OK), the sponsor of the amendment, has said a repeal of the ethanol credit would eventually end up in any overall budget package that Congress is now negotiating.
Oil Speculation Legislation Introduced in the Senate
NAFA Fleet Management Association has joined with other organizations to support S. 1200, the End Excessive Oil Speculation Now Act. The legislation, introduced by Senators Bernie Sanders (I-VT) and Richard Blumenthal (D-CT), would direct the U.S. Commodity Futures Trading Commission (CFTC) to halt excessive oil speculation that has driven up gasoline prices. A companion bill will be introduced in the House.
The bills would force the chairman of the CFTC, which regulates commodity markets, to establish strong position limits to eliminate excessive oil speculation. It also would impose margin requirements so investors would have to back their bets with real capital. In addition, the measure would classify as speculators bank holding companies, investment banks, or hedge funds that engage in proprietary oil trading. The Commission chairman would be given broad power to take any other actions needed to ensure that the price of crude oil, gasoline, diesel fuel, jet fuel, and heating oil accurately reflects the fundamentals of supply and demand.