Massachusetts Oilheat Council
Legislative & Regulatory NewsletterJanuary 7, 2009
Citizens Energy Program Update
Citizens Energy Program Back On
MOC reported in a Legislative & Regulatory Update yesterday on an announcement made by former Congressman Joe Kennedy on the indefinite suspension of this years Citizens Energy Oilheat Program. The announcement was spurred by Kennedy's concern over the possible loss of oil donations from Venezuelan government-owned CITGO.
Today, however, CITGO and Citizens Energy announced that the program would continue as planned despite major budget concerns for Venezuelan President Hugo Chavez. Chavez relies on oil revenue to fund the country's numerous social spending programs, and concern over funding these programs was mounting as a result of major oil revenue losses suffered since prices began their free fall following record highs this past July.
At MOC we strive to keep you up-to-date on the issues that directly affect your business. The following is the latest legislative and regulatory news concerning the Massachusetts Oilheat industry and its consumers.
In the statement made today by CITGO Chief Executive Alejandro Granado it was explained that, despite a funding crunch, donations to the Citizens Energy Oilheat Program would not be rescinded. The decision to continue the program "is the result of a strong commitment and a big effort on the part of Citgo and our shareholders in light of the current global financial crisis and its impact on the oil industry in general" said Granado.
The announcement came as a great relief to Joe Kennedy, employees of the Citizens Energy Program, low income advocates and low income residents alike. MOC played a major role in the creation of the Citizens Energy Oilheat program and is pleased that it will continue uninterrupted this season. The program is set to begin January 19th, 2009.
Click here to read Joe Kennedy's official statement.
Click here to read the Boston Globe story.
Legislative & Regulatory NewsletterJanuary 7, 2009
Citizens Energy Program Update
Citizens Energy Program Back On
MOC reported in a Legislative & Regulatory Update yesterday on an announcement made by former Congressman Joe Kennedy on the indefinite suspension of this years Citizens Energy Oilheat Program. The announcement was spurred by Kennedy's concern over the possible loss of oil donations from Venezuelan government-owned CITGO.
Today, however, CITGO and Citizens Energy announced that the program would continue as planned despite major budget concerns for Venezuelan President Hugo Chavez. Chavez relies on oil revenue to fund the country's numerous social spending programs, and concern over funding these programs was mounting as a result of major oil revenue losses suffered since prices began their free fall following record highs this past July.
At MOC we strive to keep you up-to-date on the issues that directly affect your business. The following is the latest legislative and regulatory news concerning the Massachusetts Oilheat industry and its consumers.
In the statement made today by CITGO Chief Executive Alejandro Granado it was explained that, despite a funding crunch, donations to the Citizens Energy Oilheat Program would not be rescinded. The decision to continue the program "is the result of a strong commitment and a big effort on the part of Citgo and our shareholders in light of the current global financial crisis and its impact on the oil industry in general" said Granado.
The announcement came as a great relief to Joe Kennedy, employees of the Citizens Energy Program, low income advocates and low income residents alike. MOC played a major role in the creation of the Citizens Energy Oilheat program and is pleased that it will continue uninterrupted this season. The program is set to begin January 19th, 2009.
Click here to read Joe Kennedy's official statement.
Click here to read the Boston Globe story.
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