14 April 2005 17:20 [Source: ICIS news]
WASHINGTON (CNI)--A bi-partisan bill aimed at increasing transparency and stability in natural gas trading was introduced Thursday in the US House of Representatives, according to the two sponsors.
Representatives Sam Graves (Republican-Missouri) and John Barrow (Democrat-Georgia) said their bill is meant “to bring some stability, predictability and reliability to the natural gas market.”
Although Graves and Barrow say the bill is needed to aid ?xml:namespace>
Said Barrow: “Congress needs to step up to the plate and take the lead in helping to get natural gas prices under control.”
Both cited the plight of farmers, with
Barrow added: “Farmers all across my district are facing skyrocketing fertiliser prices. They’re not only struggling to feed the crops that feed our country, they’re fighting just to stay in business.”
Both also cited the plight of US senior citizens who, they said, “find themselves spending more and more of their limited income to heat their homes."
The congressmen noted that natgas heats about 55% of US homes, makes up as much as 90% of the production cost for nitrogen-based fertilisers and accounts for 37% of industrial energy consumption.
“The recently recovering manufacturing sector,” the said, “is being hampered by soaring natural gas prices.”
The Graves-Barrow bill, formally titled the “Commodities Exchange Improvements Act of 2005,” would make several changes in the operation and regulation of market exchanges and instruments to make the trading of natural gas contracts more transparent and subject to limitations on price fluctuations.
A spokesman for
A separate piece of legislation pending in the US Senate seeks to moderate US natgas costs by encouraging more exploration and development, advancing coal gasification and gas methane hydrates and accelerating the import of liquefied natural gas (LNG). That measure is sponsored by Senator Lamar Alexander (Republican-Tennessee). Other measures to eas the US natgas crisis are being considered within the pending national energy policy bill.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections