Posts Categorized: News

Oil at $100 Loss Warning Rejected by Norges Bank: Nordic Credit

Oeystein Olsen, Norway’s central bank governor, rejected industry warnings that oil at about $100 a barrel is too cheap to support growth in western Europe’s biggest crude exporter.

“We have been quite lucky and we have benefited from relatively high oil prices, $100 per barrel or just above,” Olsen said in a Feb. 28 interview after a press conference in Oslo. “Given other developments all over the world, we should be relatively content if this level remains.”

Statoil ASA (STL), Norway’s biggest crude producer, said last month it would cut planned investments by 8 percent over the next three years as the stagnant price of oil weighs on cash flow. The decision triggered a warning from the government, which owns 67 percent of Statoil, and has said that planned projects must go ahead and that it may seek to attract more competitors.

While the central bank bases its gross domestic product forecasts on economic output adjusted for oil and gas income, Norway’s energy industry feeds through to all areas of its economy. Olsen has said that the government needs to cut its fiscal spending rule, which sets limits on how much of the $840 billion wealth fund can be used, to 3 percent from 4 percent.

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Weights & Measures Enforcement Guidelines Effective July 1, 2013

The Texas Legislature, under Chapter 13 of the Texas Agriculture Code (Code), has given the Texas Department of Agriculture (the department) the authority and responsibility to monitor and regulate weighing and measuring devices and metrological standards in this state. The department’s regulatory goals are to provide consumers and businesses with a fair and efficient trade environment, to encourage business development, and to inspire consumer confidence. To achieve these goals, the department enforces a variety of weights and measures standards, specifications, prohibitions, or other requirements through routine and risk-based inspection programs, complaint investigations, and other regulatory activities involving owners and operators (users) of weighing and measuring devices and metrological standards.

Texas Department of Agriculture – License Suspension and Revocation Guideline

The Texas Department of Agriculture (the department) publishes these internal guidelines for license suspension and revocation, which have not been previously communicated in writing, in order to provide greater transparency for licensees and other interested stakeholders. The guidelines were developed and are being published to encourage consistency in the department’s internal enforcement processes as well as adequate enforcement responses to instances of egregious noncompliance. Although monetary penalties will remain the department’s primary and first-choice method of deterrence, license suspensions and revocations are an important tool for dealing with recalcitrant or egregious violators who are not deterred by such penalties.

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