US Senate approves waterways infrastructure bill
The US Senate today unanimously approved a waterways infrastructure bill authorizing river navigation improvements, setting the stage for negotiations later in the year with the US House of Representatives, which has passed its own legislation.
This is "crucial bipartisan legislation to invest in our nation's water infrastructure, protect our communities and support good-paying jobs," said senator Tom Carper (D-Delaware), chairman of the Senate Environment and Public Works Committee. Carper introduced the biennial bill earlier this year.
The bill would authorize US Army Corps of Engineers (Corps) projects focused on navigation, flood control and ecosystem restoration. In all, the Senate bill measure would authorize 83 feasibility studies and 13 new and modified projects.
The bill regularly draws bipartisan support because its projects and programs impact all 50 states. "By passing this legislation, the Senate took a significant step toward strengthening our water infrastructure, supporting our national economy, better protecting communities from flood risks, and helping the Corps carry out its mission now and in the future," senator Shelley Moore Capito (R-West Virginia).
The House approved a companion but somewhat different bill on 22 July. Lawmakers now will have to hammer out difference between the two versions in a conference committee, unless one chamber opts to pass the other house's language.
But no action is expected before September at the earlier.
The Senate adjourned today for its August recess and is not expected to reconvene until 9 September. The House left town last week.
Passage of a final bill could be further complicated by election year politics.
Related news posts
Australia’s Newcastle coal ship queue eases
Australia’s Newcastle coal ship queue eases
Sydney, 10 September (Argus) — The shipping queue outside the key Australian coal port of Newcastle shrunk to 22 on 9 September from a two-year high of 41 vessels on 5 August, as throughput at the Port Waratah Coal Service (PWCS) terminals hit a seven-month high in August. The PWCS terminals' shipments rose to 9.09mn t in August from 8.61mn t in July and from 7.6mn t in August 2023, according to PWCS data. This is the most shipped in a calendar month since January. The average vessel turnaround time in August at PWCS eased to 6.95 days from 7.38 days in July but was up from 2.17 days in August 2023. There was a major rail maintenance programme over 3-6 August with none planned for September and the next during 1-4 October. Newcastle Coal Infrastructure (NCIG) does not release data for its terminal at Newcastle, while the Port Authority of New South Wales has not yet released overall data for August. Newcastle shipped 11.96mn t in July, down from 12.28mn t in June. This implies that NCIG shipped 3.35mn t in August, which is the least it has shipped since August 2024 when it also shipped 3.35mn t. Newcastle shipped 85.16mn t during January-July, up from 81.34mn t for January-July 2023, according to port data. By Jo Clarke PWCS coal loading data Aug '24 Jul '24 Aug '23 Jan-Jul '24* Jan- Jul '23* PWCS loadings (mn t) 9.09 8.61 7.60 65.48 60.52 PWCS stocks (mn t) 1.28 2.25 1.39 1.54 1.45 PWCS turnaround time (days) 6.95 7.38 2.17 4.95 2.26 Newcastle ship queue (vessels) 22 41 14 23 11 Source: PWCS * PWCS loadings is a total YTD, all others are average per month YTD Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Export demand lifts Australian beef export values
Export demand lifts Australian beef export values
Dalby, 10 September (Argus) — The Australian Bureau of Agricultural and Resource Economics and Sciences (Abares) has projected record-breaking exports valued at A$14bn ($9.3bn) for beef, veal and live cattle in the 2024-25 fiscal year ending 30 June, fuelled by increasing global demand. Reduced global beef supplies are anticipated as major exporters, mainly the US and Brazil, undergo destocking phases because of prolonged droughts. This is coupled with a robust Australian cattle herd size, which is expected to bolster domestic slaughter rates. Beef and veal export values are forecast by Abares to rise by 4pc from a year earlier to A$12.9bn in 2024-25, driven primarily by rising demand from the US where domestic production is falling. Australian beef exports to the US have increased by 69pc during January-August compared with the same period last year to 96,265t, according to Australia's Department of Agriculture, Forestry and Fisheries (DAFF). Live cattle export values are also projected by Abares to increase, with an expected rise of 25pc from 2023-24 to A$1.1bn. This growth is attributed to a higher volume of cattle being offered for feeder, slaughter and breeder exports. Australia during January-August exported 512,700 head of cattle to key markets, such as Indonesia and Vietnam, a significant increase from the 413,681 exported during the same period last year, according to DAFF data. The Australian dollar is expected to average $0.67 against the US dollar in 2024–25, slightly up from $0.66 in 2023–24 but 5pc below the previous five-year average, according to Abares. This slight increase in the exchange rate is likely to enhance the competitiveness of Australian exports in international markets. Input costs for the beef supply chain are also anticipated to ease. Labour shortages, which have been a significant issue for processors in recent years, are expected to improve with an increase in overseas workers and a weaker economy, Abares said. Global freight prices are also projected to fall heading into 2025, driven by weaker global demand and increased shipping capacity, which should help reduce container freight costs. By Amy Phillips Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Paraguay River's record low slows fuel imports
Paraguay River's record low slows fuel imports
Sao Paulo, 9 September (Argus) — Water levels in the Paraguay River reached an all-time low in the capital of Asuncion today, hindering fuel imports. River depth at the Asuncion port was 89cm (35 inches) below normal levels for the first time in 120 years of measurement, according to Paraguay's meteorology and hydrology department DMH. Fuel imports into Paraguay largely depend on 3,000m³-capacity (18,990 bl) barges that carry product from the 171km (106-mile) mark of the Parana Guacu River, in the Parana River's delta in Argentina. As a result, barges are being loaded to about 80pc of capacity, or 2,500m³ each. One of the three docks belonging to state-owned oil company Petropar is inoperative because of the low river level in Villa Elisa, in Asuncion's metropolitan region. Another Petropar dock has a stationary barge serving as a bridge to access another barge. Still, freight tariffs have not increased yet, market participants said. The river's low levels are the result of scarce rainfall amid a persistent drought for the last few years, DMH said. DMH forecasts below-average rains in most of the region and especially in the Paraguay River basin for the next months. By Flavia Alemi Paraguay river draft in Asunción m Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Gulf producers curb operations before storm: Update
US Gulf producers curb operations before storm: Update
Adds latest NOAA forecast data, BP update. New York, 9 September (Argus) — Oil companies started to evacuate workers and halt some operations in the US Gulf of Mexico ahead of an expected hurricane later this week. Tropical storm Francine, which is forecast to strengthen to hurricane status as it moves north toward the Texas and Louisiana coasts by mid-week, threatens an offshore region that accounts for about 15pc of US crude output and 5pc of US natural gas production. Shell said it paused some drilling operations at the Perdido and Whale platforms, located about 190 miles south of Houston, and is withdrawing non-essential workers from its Enchilada/Salsa and Auger facilities. ExxonMobil said all staff had been transported off the Hoover platform, located about 200 miles south of Houston, and operations shut-in. And Chevron said it is evacuating non-essential workers from its Anchor, Big Foot, Jack/St. Malo and Tahiti facilities, though production from company-operated assets remains at normal levels. Those facilities are located about 280 miles south of New Orleans. "We continue to supply our customers at our onshore facilities, where we are following our storm preparedness procedures and paying close attention to the forecast and track of the storm," Chevron said. So far no major problems are reported for BP's offshore facilities in the region. Francine is forecast to approach the Louisiana and upper Texas coast on Wednesday, according to the National Hurricane Center. In a 2pm ET NHC advisory, the storm was about 450 miles south-southwest of Cameron, Louisiana, with maximum sustained winds of 60 mph. Strengthening is expected over the next day and Francine is forecast to be a Category 1 hurricane, with winds of 85mph, on Wednesday evening, when it is expected to make landfall along the Louisiana coast. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more