Crude traders are skeptical that the accord loosening some economic sanctions against Iran in return for limiting nuclear work will lead to a surge in oil supply from what was once OPEC’s second-biggest producer.
The U.S. oil industry, riding a domestic energy boom, is preparing to challenge restrictions on crude exports, possibly by arguing that limits designed to keep petroleum in America may violate international trade rules.
Congress probably will consider loosening restrictions on U.S. oil exports, though a push by industry to sell more crude overseas will be resisted by members concerned about the impact on gasoline prices, lawmakers said.
Tax credits for the production of wind power and other renewable energy sources face expiration at year’s end amid few signs Congress will decide to continue them, tax lobbyists and other analysts say.
Crude oil shipped by railroad from North Dakota is drawing fresh scrutiny from regulators concerned that the cargo is adding environmental and safety hazards, something that analysts say could raise costs.
A Republican takeover of the House of Representatives and other election victories yesterday may mean that U.S. subsidies aiding ethanol producers will be cut after the party pledged to reduce government spending.