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Oil. Union workers at many U.S. oil refineries went on strike yesterday after contract negotiations failed to resolve salary requests and safety concerns. Industry analysts note that while gasoline prices rose upon news of the refinery strikes, crude prices may continue to fall amid concerns that a reduction in refining capacity will cut consumption and build crude inventories even further. WSJ

Energy Policy. The 60% collapse in global oil prices has significantly eased pressure on policymakers to end the decades-old ban on oil exports. Some analysts argue that market dynamics still encourage an end to the ban — particularly given the demand from oil-producing countries like Mexico — while other analysts anticipate that it may be up to four years before U.S. oil production resumes levels where it would be economically advantageous for producers to lobby for exports. Reuters

Energy Policy. The White House released its fiscal 2016 budget plan today, which proposes allocating billions of dollars to climate change and renewable energy technologies, as well as repealing nearly $50 billion in tax breaks from the oil, natural gas, and coal industries. The proposal reflects an effort to cement President Obama’s legacy in addressing climate change. WSJ

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Climate Change.  According to a poll conducted by the NY Times, Stanford University, and Resources for the Future  (a nonpartisan environmental research group), an overwhelming majority of the American public supports government action to curb global warming.  Perhaps even more notable is that nearly half of surveyed Republicans indicated being more likely to vote for a candidate that supports fighting climate change, which could have implications for the 2016 presidential campaign.  NY Times

Oil.  John Dizard explains that whenever the oil and gas industry is in trouble, it typically acts by “curing low prices with low prices” – following the rationale that low oil prices encourage more use while also discouraging drilling and associated development, which in turn causes supply to fall and prices to return to normal levels.  He questions the soundness of this tactic, citing recent evidence that falling world oil prices have in fact made natural gas prices even lower in markets that link oil and gas, rather than “cure” them.  FT

Oil.  U.S. oil prices surged more than 8% into the end of the trading session today, with most of the gain occurring in the last 45 minutes of trading as investors rushed to close bets after data showed a steep drop in the number of rigs drilling for oil.  This is a likely sign that the drop in energy prices will impact oil production in the near future.  WSJ

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Oil. Amid concerns about growing stockpiles of oil, U.S. prices dropped to just below $44 per barrel today, a nearly six-year low.  Industry analysts report that international oil stored on ships has become less costly than shipping U.S. crude by railroad  — and several analysts have predicted that U.S. crude production will slow sooner than expected.  WSJ

Oil.  Major oil companies are reporting year-end earnings amid the recent oil-price crash in an effort to protect shareholder payouts and keep investors on-board. Meanwhile, many oil companies are also cutting workforces and drilling programs — a strategy that analysts warn is not sustainable as production from older wells dwindles.  Bloomberg

Biofuels.  A new report from the World Resources Institute finds that turning plant matter into biofuels is “so inefficient that the approach is unlikely ever to supply a substantial fraction of global energy demand”.  The Institute encourages governments to stop pursuing energy policies in support of biofuel use, and instead to turn resources towards more efficient renewable sources such as solar and wind power. NY Times

Energy Outlook.   The Washington Post reviews the advent of “Smart Meters”, a new technology that allows consumers to more closely monitor power use at home so that they can change their habits, thereby reducing electricity costs. While the new technology has been installed in 43 percent of homes nationwide, behavioral changes among consumers have yet to take hold — behavioral research indicates that better user-interfaces and real-time pricing information would likely increase the technology’s success.  WP

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Energy Policy.  The National Transportation Safety Board issued more than 24 safety recommendations yesterday, reporting that there are “systemic weaknesses” in the way natural gas providers maintain the largest pipelines in their networks.  The agency said that since tighter rules were issued at the federal level in 2003, state-regulated pipelines have experienced a 27% higher incident rate than federally regulated pipelines.  NY Times

Natural Gas. After rising briefly in November, natural gas prices dropped to their lowest levels since September 2012 in recent weeks. Amid growth in production and increasing inventories, the Energy Information Administration has projected that prices will remain low for most of 2015 and 2016. EIA

Oil.  Bloomberg Business notes that as the world’s largest oil producers prepare to release their annual earnings reports in the coming weeks, investors will mine the fourth-quarter data for signs indicating the duration of the current slump and the health of industry corporations. Company cash flows are extremely sensitive to price fluctuations; however, analysts predict that companies will likely protect stock dividends rather than investing in new oil fields or repurchasing shares until the market recovers.  Bloomberg

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Energy Policy.  The Obama administration is set to open new areas of federally owned waters to oil and natural gas drilling, including areas along the Atlantic Coast.  Although it is expected to come under scrutiny in light of recent low oil prices and the President’s aggressive climate-change agenda, the Interior Department will likely propose a plan in coming days to identify which leases the federal government will offer from 2017 to 2022.  WSJ

Energy Policy.  The Senate — unable to amass the 60 votes needed to end debate on the Keystone XL pipeline  — rejected a procedural motion yesterday to advance the Keystone XL pipeline bill.  The Senate is expected to continue working on the bill this week — and more amendment votes are expected before a final passage early next week, at the earliest.  WSJ

Natural Gas.  In the most comprehensive study of hydraulic fracturing ever conducted, the Pennsylvania Department of Environmental Protection found that there is little potential harm for workers or the public from radiation exposure due to fracking for oil or gas.  Given that Pennsylvania has some of the most radioactive source rocks in the country, these study results likely apply to all fracking and drilling activities across the U.S.  Forbes

Oil.  Michael Patton asserts that low oil prices could send the economy into recession, as the reversal of the oil boom and strengthening U.S. dollar may render U.S. exporters less competitive in the global marketplace.  He argues that any benefits of lower oil prices to U.S. consumers will be offset by the stronger dollar, loss of jobs in the U.S. oil industry, and slowing global economy.  Forbes