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House Commerce Energy Subcommittee News

08 Nov 2000

Editor's Note

Uncontrollable external forces driving commercial development is the hallmark of any industry. However, the last three years serve as a prime example of how such forces can significantly affect the maritime realm. When the reality of an Asian financial collapse hit in late 1997 and the price per barrel of oil eventually dove to $10, the thought of a $30+ barrel by 2000 seemed ludicrous. But, just as world political and market forces help to drag markets down, they inevitably turn and help to push them up again. Today’s reality is a low to mid-$30 per barrel of oil, as tensions in the Middle East, OPEC and low product stocks continue to buoy the barrel. With concerns of an energy crisis in the U.S.

20 Oct 2000

Lawmaker Calls For Suspension Of Jones Act For Tankers

Texas Republican lawmaker Joe Barton, chairman of the House Commerce Energy Subcommittee, said he wants a 90-day suspension of rules that do not allow foreign tankers to move crude between domestic ports. The rules, contained in the Jones Act, need to be altered in order to better supply Northeast heating oil markets this winter, he said. Barton's legislation would let President Clinton choose two domestic ports in the United States for foreign-flagged tankers to transport crude oil and products. The Jones Act mandates that any oil shipping between U.S. ports be carried-off by only U.S.-flagged tankers. But concerns about getting much-needed supplies to the nation's heating oil belt in the Northeast preclude the requirements…