The Santa Barbara County Planning and Development Department endorsed the proposal, which lets Exxon Mobil run up to 30 truck trips a day for as long as six months to move the marooned crude.
The Houston region and Texas overall averaged $1.58 a gallon on Monday — it’s lowest point since January 2009 — and $1.79 a gallon nationally, according to GasBuddy’s daily survey data. The price fell by 2.4 cents in the last week in Houston and by about 2.6 cents in the U.S. overall. The national average is down 20 cents just in the last month.
The Legislature’s record-high $14.4 billion budget for the two years that began July 1 was built on oil prices and economic assumptions that have fallen “much greater than anyone would have predicted,” the governor said.
The Houston-based power line and electric distribution company also said it is considering converting all or part of its utility businesses into a real estate investment trust, or REIT, business model that’s rare for the energy sector.
The government will study whether the practice is safe for the environment.
The Houston petrochemical company made the offer public as part of a hostile takeover effort to woo Axiall’s shareholders.
The deal will allow CenterPoint, which is known primarily as the power line and transmission company for most of the Houston region, to serve more residential and commercial customers outside of Texas.
Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
“It’s a scenario of total stress,” CEO Aldemir Bendine said. “The company has to adapt.”
In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.