It sure doesn’t seem like it today, with red ink running in the Street like blood, but check this out …
Amid bluster over energy, Senate cuts a deal
Over the summer a group of five GOP and five Democratic senators, dubbed the Gang of 10, hammered out a comprehensive energy proposal. And now, after taking withering heat from both left and right, the idea is gaining support.
The proposal contains some items on the Republican wish list, such as opening areas of the Outer Continental Shelf to drilling and boosting nuclear power. The Democrats get incentives for wind, solar, and other renewables along with energy efficiency measures — and pay for much of the projected $84 billion cost by eliminating tax breaks on the oil and gas industry.
In other news today …
OPEC consensus building for supply cut
Consensus is building within OPEC on the need to reduce oil output to prevent a supply overhang and prop up prices, analyst PFC Energy said in a report.
The focus of debate among OPEC ministers gathering next week in Vienna will not be whether there is a need to cut crude oil production, but rather when,” analyst David Kirsch wrote in a note, dated Wednesday, for the Washington-based firm.
“Though Riyadh will not be ‘bullied’ into agreeing to a production cut, the near-consensus within the group that some reduction in volumes is needed — either through a formal target cut or just a reduction in ‘over-production’ — raises the distinct possibility that the final communique in Vienna will announce an output reduction.”
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