The Petroleum Marketers Association of American (PMAA) laid out these and other political details, including a breakdown out Senate races affecting energy and the industry, in its report on the elections in the most recent issue of PMAA News From Capitol Hill.
Meanwhile, in a Kraft/CSP Daily News poll yesterday that asked, "Which, if any...industry issues concerns you the most under a new administration?", most readers named "windfall profits taxation" as their No. 1 concern (25.3% of 170 respondents at presstime). Other concerns, in order, included increased tobacco taxation (19.4%), Credit Card Fair Fee Act (9.4%), card-check legislation (9.4%), renewable fuels push (9.4%), FDA regulation of tobacco (7.6%) and climate-change legislation (7.1%); 2.9% said "other" and (9.4%) said "none." (Andclick here to read Samantha Oller's CSP Daily News story on retailer and industry reaction to Obama's win.)
PMAA said that Obama has called for establishing a low-carbon fuel standard, in which suppliers would have to steadily reduce the carbon in their fuels. Corn-based ethanol might be at a disadvantage, since some reports have found that lifecycle carbon impacts from corn based ethanol are a problem.
Although Obama's transition team had been considering hosting a "green summit" shortly after he assumes office, the energy agenda must take a back seat to the economic crisis, said the report.
In addition to regulatory reform of the financial system, a top-tier item is an economic stimulus package that funds rebuilding of infrastructure, mass-transit systems, water projects and renewable energy. Obama wants to follow through on pledges to create five million new "green" jobs while spending $15 billion per year to promote the deployment of renewable technologies. Of course, said PMAA, with record budget deficits, appropriations for new programs will be difficult to secure.
Good news for petroleum marketers and heating oil dealers is the outlook for passage of futures commodities reform, a critical legislative priority for PMAA, increases with Obama in the White House, the report said.
Senate Democrats plan to use their enlarged majority status to push through health care reform, energy legislation and immigration reform in the next two years, said the report. Of importance to petroleum marketers, reforms for the financial services industry will be taken up early in the new Congress, which will provide opportunities to pass futures market regulatory reform.
Even with the changes in the Senate, ideological divisions within the caucus on energy and other items means that Democrats will need to work hard to pass legislation, PMAA said. For instance, Democratic senators from the oil states do not necessarily go along with the rest of the caucus on energy issues. Mary Landrieu (D) has consistently voted against the Democratic leadership on offshore oil and gas drilling and is expected to continue to do so.
Following is PMAA's preliminary summary of the Senate races:
Alaska: Ted Stevens (R) vs. Mark Begich (D). Though Stevens is appealing a felony conviction, he will likely win his seat; however, if his appeal fails, he will likely resign and Governor Sarah Palin will appoint a replacement. Stevens is ranking member of the Commerce, Science & Transportation Committee.
Colorado: In an open-seat race, five-term Congressman Mark Udall (D) defeated Bob Schaffer (R). Retiring Wayne Allard (R) has a seat on the Appropriations Committee and the Health, Education, Labor & Pensions Committee which holds jurisdiction over LIHEAP reauthorizations.
Georgia: Saxby Chambliss (R) holds a slim lead over Jim Martin (D). Under Georgia election rules, a 50% majority is needed to avoid a runoff. If there is a runoff, it would occur December 2 and it is unlikely that Chambliss would lose. Chambliss is ranking member of the Senate Agriculture Committee which holds jurisdiction over commodity futures trading.
Kansas: Pat Roberts (R) defeated Jim Slattery (D) by a wide margin, 59% to 36%.
Kentucky: Majority Leader Mitch McConnell (R) avoided an upset by Bruce Lunsford (D). McConnell will retain his post as Republican Majority Leader and will have an important job to keep Republicans in line because the Democrats will only be a few votes short of a filibuster majority.
Maine: Incumbent Susan Collins (R) defeated Tom Allen (D) by a wide margin. Collins is ranking member of the Senate Homeland Security & Government Affairs Committee and a moderate Republican so will be a crucial vote.
Minnesota: Norm Coleman (R) and Al Franken's (D) race will head for a recount. As of right now, it is too close to call with Coleman holding a lead. Coleman is ranking member of the Permanent Subcommittee on Investigations which has been very active on energy commodity futures legislation.
Mississippi: Roger Wicker (R) defeated Ronnie Musgrove (D).
Nebraska: In an open-seat race to take over retiring Chuck Hagel (R), Mike Johanns (R) has defeated Scott Kleeb (D).
New Hampshire: Incumbent John Sununu (R) lost to Jeanne Shaheen (D). Sununu has a seat on the Commerce, Science & Transportation Committee, and Homeland Security & Government Affairs Committee which has held several hearings on energy commodity trading.
New Mexico: In an open-seat race to replace retiring Pete Domenici's seat, Democrat Tom Udall (D) defeated Steve Pearce (R) by a wide margin. Environmentalists see this election as a victory because Udall is a proponent of global climate change policies. Udall is expected to have a strong voice within the Democratic caucus on energy and environment issues. Domenici is ranking member of the Energy & Natural Resources Committee and has a seat on the Appropriations, Homeland Security & Government Affairs committees.
North Carolina: Incumbent Elizabeth Dole (R) lost to Kay Hagan (D) by a large margin. Hagan favors a "cap-and-trade system" and supports increasing fuel efficiency standards and investments in public transportation. She favors mandates on the production of renewable energy, redirecting tax breaks from oil and gas producers to clean energy initiatives and providing tax credits for those who purchase plug-in hybrid vehicles.
Oklahoma: James Inhofe (R) cruised to a victory against Andrew Rice (D). Inhofe will be an important figure in the global climate debate in 2009.
Oregon: Incumbent Gordon Smith's (R) race with Jeff Merkley (D) is still too close to call.
Tennessee: Lamar Alexander (R) defeated Robert Tuke (D).
Texas: John Cornyn (R) defeated Richard Noriega (D).
Virginia: In an open-seat race to replace retiring John Warner (D), Mark Warner (D) defeated Jim Gilmore (R) by an overwhelming margin. John Warner sits on the Environment & Public Works Committee in which he cosponsored global climate change legislation along with Joe Lieberman. He also holds a seat on the Homeland Security & Government Affairs Committee.
Following is PMAA's preliminary summary of the House races:
Alabama: In an open-seat race, Bobby Bright (D) defeated Jay Love. Retiring member Terry Everett holds a seat on the House Agriculture Committee. In another open-seat race, Parker Griffith (D) defeated Wayne Parker (R).
Arizona: In an open-seat race, Ann Kirkpatrick (D) defeated Sydney Hay (R).
California: Tom McClintock (R) and Charlie Brown (D) are in a close undecided race.
Colorado: Incumbent Marilyn Musgrave (R) lost to Betsy Markey (D). Musgrave holds seats on the Agriculture and Small Business committees. She voted against H.R. 6604, the Commodity Markets Transparency & Accountability Act of 2008.
Connecticut: Incumbent Christopher Shays (R) lost to Jim Himes (D). Shays holds seats on the Oversight & Government Reform Committee, which may hold hearings in the next Congress on commodity futures trading issues.
Florida: Incumbent Ric Keller (R) lost to Alan Grayson (D). Keller is assigned to the Education and Labor and Judiciary committees. Incumbent Tim Mahoney (D) lost to Tom Rooney (R). Mahoney is on the Agriculture Committee and voted in favor of H.R. 6604. In an open-seat race, Bill Posey (R) defeated Stephen Blythe to represent Florida's 15th Congressional district. Retiring member Dave Weldon is assigned to the Appropriations Subcommittee on Labor, Health & Human Services. Tom Feeney (R) lost to Suzanne Kosmas (D). Feeney holds seats on the House Judiciary and Science & Technology committees. Feeney's loss may help with passing credit-card interchange fee legislation.
Idaho: Bill Sali (R) lost to Walt Minnick (D).
Illinois: In an open-seat race, Debbie Halvorson (D) defeated Green party nominee Jason M. Wallace. Retiring Member Jerry Weller is assigned to the Ways & Means Committee. In another open-seat race, Aaron Schock (R) defeated Colleen Callahan. Retiring member Ray LaHood (R) is assigned to the House Appropriations Committee.
Kansas: Lynn Jenkins (R) defeated incumbent Nancy Boyda (D). Boyda held a seat on the Agriculture committee which has jurisdiction over commodity futures trading.
Kentucky: Brett Guthrie (R) defeated David Boswell (D) in an open-seat race to replace retiring member Ron Lewis (R).
Louisiana: Paul Carmouche (D) will face John Fleming (R) in a runoff December 6. Don Cazayoux (D) lost to Bill Cassidy (R). On energy, Cassidy calls for tax incentives for the production of hydrogen-fueled cars and of alternative energy.
Maine: In an open-seat race, Chellie Pingree defeated Charlie Summers (R).
Michigan: Incumbent Tim Walberg (R) lost to Mark Schauer (D). Walberg is assigned to the Agriculture Committee. Incumbent Joe Knollenberg (R) lost to Gary Peters (D). Knollenberg holds a seat on the Appropriations Committee.
Minnesota: In an open-seat race, Erik Paulsen defeated Ashwin Madia (D) to replace retiring member Jim Ramstad (R).
Missouri: In an open-seat race, Blaine Luetkemeyer (R) defeated Judy Baker (D) to replace retiring member Kenny Hulshoff (R).
Nevada: Incumbent Jon Porter (R) lost to Dina Titus (D).
New Jersey: In an open-seat race, Democrat John Adler defeated Republican Chris Myers to replace retiring member Jim Saxton (R).
In another open-seat race, Republican Leonard Lance defeated Democrat Linda Stender.
New Mexico: In an open-seat race, Martin Heinrich (D) defeated Darren White (R) to replace retiring member Heather Wilson (R). Wilson holds a seat on the Energy & Commerce Committee. In another New Mexico open-seat race, Harry Teague (D) defeated Ed Tinsley (R).
New York: In an open-seat race, Michael McMahon (D) defeated Conservative party candidate Timothy Cochrane. Vito Fossella (R) who is resigning holds a seat on the Energy & Commerce Committee. In another open-seat race to replace retiring member James Walsh (R), Dan Maffei (D) defeated Howie Hawkins (R). Walsh holds a seat on the House Appropriations Subcommittee on Labor, Health & Human Services. In another open-seat race, Christopher Lee (R) defeated Democrat Alice Kryzan. Incumbent Randy Kuhl (R) lost to Eric Massa (D). Kuhl is assigned to the Agriculture, Education and Labor and Transportation committees.
North Carolina: Incumbent Robin Hayes (R) lost to Democrat Larry Kissell. Hayes sits on the Agriculture and Transportation committees.
Ohio: Incumbent Steve Chabot (R) lost to Steve Driehaus (D). Chabot sits on the Judiciary Committee and is ranking member of the Small Business Committee. Chabot voted against H.R. 5546, the Credit Card Fair Fee Act but voted for passage on H.R. 6604, Commodity Markets Transparency and Accountability Act of 2008. In an open-seat race, Steve Austria (R) defeated Sharen Swartz Neuhardt (D). In an open-seat race, John Boccieri (D) defeated Kirk Schuring (R). Retiring member Ralph Regula (R) holds a seat on the Appropriations Committee.
Oregon: In an open-seat race, Kurt Schrader (D) defeated Mike Erickson (R).
Pennsylvania: Incumbent Phil English (R) lost to Kathy Dahlkemper (D).
Texas: Nick Lampson (D) lost to Pete Olson (R). Lampson sits on the Agriculture, Science & Technology and Transportation committees. Lampson did not vote on H.R. 6604.
Virginia: Incumbent Thelma Drake (R) lost to Glenn Nye (D). Drake holds a seat on the Transportation Committee. Drake voted against H.R. 6604. As of right now, the race between incumbent Virgil Goode (R) and Tom Perriello (D) is too close to call. Goode holds a seat on the Appropriations Subcommittee on Interior and Environment. In an open-seat race, Gerald Connolly (D) defeated Green party candidate Joseph Oddo. Connolly will replace retiring member Tom Davis (R).
Washington: The race between incumbent Dave Reichert (R) and Darcy Burner (D) is still too close to call. Reichert holds a seat on the Science & Technology Committee and the Transportation Committee.
Wyoming: In an open-seat race, Cynthia Lummis (R) defeated Gary Trauner (D). Retiring member Barbara Cubin (R-At Large) holds a seat on the Energy & Commerce Committee. This race will affect the makeup of the committee.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.