House energy chief's (Pombo) loss opens door for energy policy shift

[jpak]

http://www.marketwatch.com/news/story/story.aspx?siteid=mktw&guid=%7BD9CFA89F-6287-43EC-8CE9-62FEBC20360E%7D

WASHINGTON (MarketWatch) -- With the ouster by California voters of U.S. House Resources Committee Chairman Richard Pombo, R-Calif., energy policy changes are expected next year when Democrats control the House of Representatives.

Analysts are already predicting that a Democrat-controlled House will put energy companies on the defensive as lawmakers seek to tax oil companies' profits while boosting renewable energy, climate change and energy efficiency policies. Large energy company stocks, particularly Big Oil, appeared unaffected, however.

Shares of Exxon Mobil Corp. (XOM), the largest U.S. oil producer, were trading 83 cents higher Wednesday at $73.36. ConocoPhillips (COP) shares were up $1.38 at $62.36, while Chevron Corp. (CVX) shares were 40 cents higher at $69.31, as of 1:15 p.m. EST.

Pombo's loss of California's 11th District is symbolic of an expected shift in energy policy. The staunch oil drilling proponent will be replaced by Democratic wind energy expert Jerry McNerney. McNerney heads a start-up wind turbine manufacturing company and has pledged to make clean energy his signature issue on Capitol Hill. He has worked as an energy consultant for San Francisco-based utility holding company PG&E Corp. (PCG) and the Electric Power Supply Association, a nonprofit research center.

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[displacedtexan]

1. File that under "News From The Land Of DUH"

Excellent news, though! Thanks for posting!

[applegrove]

2. LOVE IT. LOVE THAT POLICY!

"Analysts are already predicting that a Democrat-controlled House will put energy companies on the defensive as lawmakers seek to tax oil companies' profits while boosting renewable energy, climate change and energy efficiency policies"