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Oil & Gas. The number of Americans employed in activities related to oil and gas extraction and support services has fallen by roughly 100,000 since the oil price plunge began in October 2014.  While total employment in the U.S. economy grew by more than 3.5 million jobs over the same period, the jobs lost in the oil and gas sector were among the highest-paid; the average salary of a rig operator was $47,000 per year in 2014, compared with $35,500 across all occupations in the U.S. economy.  Reuters

Energy Policy.  A group of 39 Senate Democrats voted down a comprehensive energy bill that began debate this week with “significant bipartisan momentum.” The bill, which would modernize the nation’s power grid, expand production of renewable energy, accelerate exports of natural gas, and reduce the country’s vulnerability to energy-oriented cybersecurity threats, stalled over controversy surrounding a $600 million amendment to aid victims of the lead-tainted water crisis in Flint, Michigan.  NY Times

Energy Outlook.  According to an analysis by Moody’s Investors Service, the six largest banks will likely be able to manage defaults on loans to the energy industry without a significant concentration risk.  While the banks will likely have to add to reserves for loan losses if oil prices continue to stay low, most of the investment banks’ capital would not be threatened by continued losses related to energy sector investments.  Bloomberg

Energy Policy. President Obama has proposed to levy a $10-per-barrel tax on oil companies as an effort to raise funding for alternative transportation and energy projects that would reduce the country’s dependence on fossil fuels.  Justifying his proposal, the President argued that such a plan would put the United States into a stronger position 15 to 20 years from now when oil prices elevate to previous highs. WSJ

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Oil.  Russia’s state-owned energy giant Gazprom is preparing to adopt Saudi Arabia’s oil strategy in the European gas market, increasing production in order to maintain its influence.  Analysts say that a global gas price war is likely to ensue to the benefit of Gazprom; already-low prices in the European gas market would allow Russia to easily push prices to a level at which it would be unprofitable to ship LNG from the U.S. — allowing Gazprom to defend its market share in the region that accounts for the bulk of its profits.  FT

Oil.  Standard & Poor’s cut the credit ratings of many leading U.S. oil and gas companies today, citing lower expectations for long-term crude prices.  The decisions demonstrate how the plunge in oil and gas prices since 2014 is not only hitting indebted exploration and production companies that borrowed heavily to finance growth during the U.S. shale boom, but also more financially conservative independent companies and large international oil groups.  FT

Energy Outlook.  According to new federal data from the U.S. Energy Information Administration, natural gas eclipsed coal as a source of power for the fifth consecutive month in November.  U.S. generation of electricity from coal fell to its lowest monthly level in 35 years as generators switched to cleaner and cheaper natural gas; although December data has not been released, analysts speculate that power companies may have burned more gas than coal for the full year for the first time in U.S. history. NY Times

Energy Policy.  Although hugely beneficial to Iowans, the Renewable Fuel Standard (RFS) is facing growing resistance from a powerful coalition of oil companies, environmentalists, grocery manufacturers, livestock farmers, and humanitarian advocates.  As soon as this week, the Senate could vote on a measure to roll back the RFS on the grounds that the ethanol mandate has driven up food costs, failed to deliver its promised environmental benefits, and is no longer necessary given the United States’ position as largely energy independent.  NY Times

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Solar.   In a big win for the solar industry, California regulators voted to retain a system that compensates residents with rooftop solar panels for excess power generated from their units.  Because California is closely watched as a “leading” market of solar energy, the decision may create momentum toward similar policies elsewhere moving forward as states across the country re-examine policies that determine how to value electricity flowing from customers to utilities.  NY Times

Oil.  Facing poor returns for drilling and severe challenges to long-term growth, many big energy firms are expected to turn to merger deals in 2016.  While bankers and analysts have been expecting a wave of acquisitions since crude prices began to fall from $100 a barrel, many U.S. oil producers avoided such sales in 2015; oil-patch deals now look more attractive given that prices are now unlikely to rebound and are less volatile.  WSJ

Energy Policy.  Margo Oge argues in the New York Times that a performance-based approach to the federal renewable fuel standard would be much more effective and efficient than the volume-based approach applied under the current mandate.  Oge notes that while volume-based approaches stifle innovation and distort markets, performance-based approaches allow the market to select the best technology available while providing maximum flexibility to the industries that develop them — which will be essential moving forward if we are to meet our 2050 carbon reductions goals.  NY Times

Energy Outlook. Iran is moving quickly to compensate for a decade of international isolation and years of crippling sanctions that stifled its economy.   The largest country to re-enter international markets since the fall of the Soviet Union, Iran has officially started opening again to international business in key sectors such as oil and gas — increasing its oil production by about 500,000 barrels a day, rebuilding ageing infrastructure, and offering oil at discounted prices since the sanctions were lifted. FT

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Solar.   In a big win for the solar industry, California regulators voted to retain a system that compensates residents with rooftop solar panels for excess power generated from their units.  Because California is closely watched as a “leading” market of solar energy, the decision may create momentum toward similar policies elsewhere moving forward as states across the country re-examine policies that determine how to value electricity flowing from customers to utilities.  NY Times

Oil.  Facing poor returns for drilling and severe challenges to long-term growth, many big energy firms are expected to turn to merger deals in 2016.  While bankers and analysts have been expecting a wave of acquisitions since crude prices began to fall from $100 a barrel, many U.S. oil producers avoided such sales in 2015; oil-patch deals now look more attractive given that prices are now unlikely to rebound and are less volatile.  WSJ

Energy Policy.  Margo Oge argues in the New York Times that a performance-based approach to the federal renewable fuel standard would be much more effective and efficient than the volume-based approach applied under the current mandate.  Oge notes that while volume-based approaches stifle innovation and distort markets, performance-based approaches allow the market to select the best technology available while providing maximum flexibility to the industries that develop them — which will be essential moving forward if we are to meet our 2050 carbon reductions goals.  NY Times

Energy Outlook. Iran is moving quickly to compensate for a decade of international isolation and years of crippling sanctions that stifled its economy.   The largest country to re-enter international markets since the fall of the Soviet Union, Iran has officially started opening again to international business in key sectors such as oil and gas — increasing its oil production by about 500,000 barrels a day, rebuilding ageing infrastructure, and offering oil at discounted prices since the sanctions were lifted. FT

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Oil.  Saudi Arabia continues to pump oil at virtually full capacity, despite plunging oil prices resulting due to a growing international glut and slowing global economy.  The strategy has proved risky, already straining Saudi finances and threatening its leaders’ ability to keep providing generous social programs — like subsidized housing and cheap energy — to “buy” domestic tranquility. NY Times

Clean Energy.  According to the United Nations, the world is investing in far less low-carbon energy than is necessary to achieve the international objectives agreed upon at the Paris climate talks last month.  UN Secretary-General Ban Ki-moon told an audience of investors at a conference this week that although energy from “clean” sources like solar and wind is increasing rapidly, growth is not sufficient and investors must double their commitments by 2020.   FT

Energy Outlook.  Ed Morse of the Financial Times dismisses claims that traditional oil producers can impact markets on their own and that OPEC’s members can simply collude to put a floor under prices.   Morse argues that an “unconventional oil revolution” has rendered such commentary obsolete, and that we must come to grips with the new energy world order — one in which the United States is on par with Saudi Arabia in terms of oil production, and OPEC is irrelevant, crippled by disruptions and sanctions.  FT