The tax credits – often referred to as subsidies – that help support US wind power development could be on the congressional chopping block. The US wind industry continually faced boom and bust cycles as the Production Tax Credit was renewed and allowed to expire several times in the past. A much hyped New York Times article last week highlighted wind’s cost competitiveness with fossil fuels in some parts of the US, although the Times also pointed out that competitiveness is bolstered by the PTC. If the tax credit finally expires for good the US wind industry will go head to head with coal and natural gas without its controversial “subsidy” crutch. [Cleantechnica]

US benchmark WTI crude oil futures prices were supported yesterday by a surprise announcement that inventories decreased by 3.69 million barrels last week. “Crude inventories in the U.S., the world’s biggest oil consumer, slid to 379.3 million barrels in the week ended Nov. 28, the EIA data showed. Inventories at the nation’s largest storage hub in Cushing, Oklahoma, declined for the first time in four weeks. Stockpiles at Cushing, the delivery point for New York futures contracts, decreased by 694,000 barrels to 23.9 million.” [Bloomberg via Fuel Fix]

Ernst & Young finds 25% of oil and gas company executives “expect to pursue” acquisitions in the next 12 months. “Two or three years ago, growth led the strategic agenda for oil and gas companies. Now it’s much more about optimizing the portfolio, managing the cost base and managing the risk profile. Altogether this means more oil and gas assets on the market now than in many past years, but in the buyer’s market, deals are taking longer to close.” [Ernst & Young]