The pace of the economic recovery is the slowest in the past 50 years, and if the government raises taxes, the economy "could fall off a ledge." Those were the statements of three economists who briefed reporters on the economic recovery today at API. They included (left to right) Dave Crowe of the National Association of Home Builders (NAHB), John Felmy of API and David Huether of the National Association of Manufacturers (NAM). Each represents an essential economic sector.

NAHB's Dave Crowe said, "Part of the reason the economy isn't growing is because housing isn't growing." Despite lower housing prices and mortgage interest rates, consumers aren't buying new homes due to low consumer confidence. Crowe added that the supply of new homes is at a 42-year low, with only 400,000 new units a... more »

Changes are planned for heating oil in the Northeast. In the region of the country where the preponderance of heating oil customers are located, several states are reducing the amount of sulfur allowed in the fuel.

• New Jersey announced recently that it will lower sulfur from 2,000-3,000 parts per million (ppm) to a maximum of 500 ppm on July 1,2014, and then down to 15 ppm on July 1, 2016.
• New York has passed legislation reducing the sulfur content from a maximum of 10,000 ppm to 15 ppm in 2012.
• Maine's regulation, signed into law in April, will reduce sulfur to a maximum of 50 ppm by January 1, 2016 and to 15 ppm by January 1, 2018.
• Connecticut has chosen to follow the lead of three other states. It will reduce heating oil sulfur to 50 ppm in July 2011 and down again to 15 ppm in 2014 o... more »

Sen. Mary Landrieu, a Democrat from Louisiana, has taken the unusual step of blocking the confirmation of a Democratic administration's appointee. She says she will not allow a vote on Jack Lew, President Obama's choice for OMB director, until the offshore drilling moratorium is lifted.

In a letter to Senate Majority Leader Harry Reid, she writes, "I do not take this step lightly. But the fact is that the Administration's moratorium on new energy exploration is profoundly impacting the economy of the Gulf coast, while doing nothing to improve safety or environmental performance."

Landrieu also asserts that the administration doesn't understand the effect of the moratorium on Gulf Coast families. She says both deepwater and shallow-water drilling have "been brought to a standstill," hurting... more »

Here's a classic case of putting the cart before the horse, or in this case approving a new fuel before it's adequately tested.

The Office of Management and Budget (OMB) is reviewing a proposal to affix new E15 labels on gasoline pumps. The problem is that until scientific studies on E15 are completed, no one knows what the labels should say. The labels are part of an Environmental Protection Agency (EPA) plan that could increase the amount of ethanol sold in gasoline.

As we've explained previously, at present gasoline may contain up to 10 percent ethanol (E10). But Growth Energy, which represents ethanol producers, has filed a petition asking EPA to approve fuel containing up to 15 percent ethanol (E15).

A Growth Energy spokesperson calls OMB's review of the labeling proposal "definitely... more »

The numbers are mind-boggling. The Environmental Protection Agency's (EPA) proposal to tighten ozone standards could result in the loss of 7.3 million U.S. jobs by 2020, add $1 trillion in new regulatory costs per year between 2020 and 2030, and sharply reduce the nation's productivity. Gross Domestic Product (GDP) would be reduced by $676.8 billion in 2020, accounting for 3.6 percent of U.S. productivity.

Those are the findings of a new study conducted by the Manufacturers Alliance/MAPI, which also found that states with significant manufacturing and refining activity would receive the brunt of the new regulations. The states with the largest job losses would include Texas, Louisiana, California, Illinois and Pennsylvania, some of which already are feeling the negative impact of the de fa... more »