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Oil.  Analysts and investors predict that an oil price recovery will not come until the second half of 2015, as producers cannot quickly cut back on drilling and consumers are unlikely to change their buying habits right away.  In fact, prices could fall even further as wintertime heating-oil demand recedes in the second quarter.  WSJ

Climate Change.  According to a Harvard political scientist, people who worry about human-caused climate change are willing to pay only up to 5 percent higher energy bills to stop it, i.e. about $5 extra on the average American energy bill.  His conclusion, based on a comprehensive survey of attitudes toward energy and climate conducted over the last 12 years, implies that policy makers do not have political support for measures that would incur higher costs, at least when climate change is offered as the benefit.  Forbes

Oil.  The reason U.S. oil prices feel especially affordable is that they are following the highest gas prices consumers have paid in three decades.  The national annual average for a gallon of regular unleaded gas hit a high of $3.77/gal in 2012 – the last time the average was so high was in the early 1980s.  WSJ

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Oil.  Major oil companies — many U.S.-based — are cutting up to 15% of the pay of thousands of self-employed oil and gas workers contracted on projects in regions like the UK North Sea.  While falling oil prices could prove a significant boon for the global economy, they present toughening market conditions for these companies, forcing them to respond by reexamining their investment plans and looking for ways to reduce costs.  FT

Oil.  According to Citigroup Inc., the Obama administration’s recent decision to allow exports of ultralight crude oil without government approval may encourage shale drilling and thwart Saudi Arabia’s strategy to curb U.S. output.  According to the bank, current U.S. export capacity is at about 200,000 barrels a day and could be expanded to 500,000 a day by the middle of 2015, further weakening crude oil markets.  Bloomberg

Natural Gas.  Natural gas prices slipped ahead of weekly inventory data today, which would typically indicate that demand for this heating fuel has been lackluster.  Natural gas is known for being a volatile market, and is set to close the year as one of the worst-performing commodities.  WSJ

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Energy Policy. The Obama administration’s Bureau of Industry and Security released guidance today regarding the types of petroleum that are allowed to be shipped under the current oil-export ban. By clarifying the specific processing methods required for the light-oil called condensate, the agency eliminated much uncertainty about the kind of petroleum that can be legally exported. Reuters

Energy Policy.  Long-term U.S. energy policies based on the assumption of high gas prices are proving less effective in persuading Americans to find alternatives amid the recent slump in the gasoline prices. Policies such as mandates for fuel-economy improvements and incentives for electric cars and hybrids have been most impacted by consumers’ recently weakened “appetite for alternatives”. WSJ

LNG. Reuters reports that construction on a planned liquefied natural gas (LNG) export terminal has been put on hold due to the recent slump in oil prices. The Texas project — which hoped to take advantage of soaring Asian demand for LNG amid high oil prices — was determined uncompetitive due to the Asian market-price linkage between oil and natural gas. Reuters

Oil.  Amrita Sen of the Financial Times argues that OPEC’s decision not to cut its oil production does not indicate that the oil giant has lost control of the market, but rather that it is choosing to let market forces “shake out” high-cost producers. Sen asserts that because more than one-third of global oil production is uneconomic at today’s prices, OPEC has taught the oil market to be more careful with high-cost projects based on the illusion of stable prices.  FT

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Oil.  Oil futures are down again after analysts determined that Libyan oil production outages will be limited in scope and have only a marginal impact on the world-wide supply glut.  While growing oil production in Libya is one of the key reasons for the current oversupply of oil, surging U.S. production has also been a big factor. WSJ

Energy Policy.  Matthew Wald of the New York Times discusses the EPA’s treatment of nuclear power in its proposed rule to reduce carbon emissions across the United States. The proposed rule uses a complex mathematical formula to set state-specific carbon emission reduction goals, and gives states a 5.8% “credit” toward these targets if financially at-risk nuclear plants are kept on-line. Many critics argue that this number is arbitrary and takes for granted current nuclear construction projects that may not be completed.  NY Times

Oil.  Tensions are growing between Canada and Latin America over limited capacity at heavy oil refineries along the Texas and Louisiana coasts – the primary location with the ability to process heavy oil. The lack of alternative markets suggests that these two regions will continue to fight to maintain their share of U.S. refinement for the foreseeable future.  Bloomberg

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Energy Policy. After years of debate over a method of extracting natural gas, Governor Andrew Cuomo announced on Wednesday that hydraulic fracturing will be banned in New York State. While fracking has been heavily promoted as a source of economic revival for the depressed communities along New York’s borders with Pennsylvania, this was ultimately outweighed by concerns over the health risks of fracking. NY Times

Oil. According to the Commerce Department’s quarterly report on travel and tourism spending released today, U.S. airfares have risen 5% between July and September, despite the 40% fall in international oil prices since mid-June. Although fuel is the airline industry’s biggest expense, companies have been slow to pass savings through to consumers because airlines lock in purchase prices far in advance through hedging arrangements designed to protect them from large fluctuations. WSJ

Oil. Oil prices resumed their months-long decline today after comments from Russia and OPEC leaders, and as progress was made toward resolving a Nigerian port strike that could bring more crude oil back to global markets. In particular, the U.S. benchmark contract was down 63 cents, or 1.1%, at $55.84 a barrel on the New York Mercantile Exchange. WSJ