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The U.S. House of Representatives Subcommittee on Energy and Power held a hearing in which it considered H.R. 702, a bill to eliminate a 40-year old ban on crude oil exports. Energy and Commerce Subcommittee Chair Fred Upton (R-MI) stated that "America's energy landscape has changed dramatically since 1975 and there's widespread support for oil exports." He also noted that "the President's agreement with Iran now allows Iran to export oil as well."

The U.S. House Committee on Agriculture held a hearing titled "Energy and the Rural Economy: the Economic Impact of Exporting Crude Oil." The following witnesses testified: The Honorable David J. Porter, Chairman, Texas Railroad Commission (written testimony); Mr. Harold Hamm, Founder, Chairman and Chief Executive Officer, Continental Energy (written testimony); Mr. Terrence A. Duffy, Executive Chairman and President, CME Group (written testimony); Ms. Kari Bjerke Cutting, Vice President, North Dakota Petroleum Council (written testimony); Mr. Jamie Webster, Senior Director, IHS (written

FERC issued a notice requesting comments on its proposed five-year review of the index level used to determine annual changes to oil pipeline rate ceilings. FERC proposed an index level between the Producer Price Index for Finished Goods ("PPI-FG") plus 2.0 percent and PPI-FG plus 2.4 percent for the five-year period commencing on July 1, 2016. FERC is requesting comments regarding its proposal and any alternative methodologies for calculating the index level.

The Federal Energy Regulatory Commission ("FERC") proposed revisions to its regulations regarding when to commence assessing annual charges to hydropower licensees and exemptees. The proposed revisions concern licenses and exemptions authorizing unconstructed projects and new capacity. They do not apply to state or municipal entities. Specifically, the FERC proposed to commence assessing annual charges two years from the effective date of a project's license, exemption or amendment authorizing new capacity, rather than on the date on which that project's construction starts. The proposed

The Federal Energy Regulatory Commission ("FERC") proposed a new reliability standard that addresses the vulnerability of electric transmission systems to geomagnetic disturbances ("GMD"). The purpose of the new standard is to support the continued reliable operation of the Bulk-Power System. Specifically, the rulemaking would adopt the proposed standard of the North American Electric Reliability Corporation ("NERC") that sets requirements for transmission planners and owners to assess the vulnerability of their systems to a "benchmark GMD event," which NERC described as a "one-in-100-year"