Driving the Day: 11/20/12

Nov 20, 2012

Need to know…

  • Some States Set Aside Energy Revenue to Future Generations. Non-traditional drilling techniques, such as hydraulic fracturing, are bringing unexpected oil and gas wealth to places in the United States that have little experience in managing such good fortune. In response, some states are setting aside the nation’s new oil and gas riches for future generations. North Dakota voters created a Legacy Fund in 2010 and the state expects to have  $1.3 billion tucked away by June 30. Utah voters approved a constitutional amendment Nov. 6 to require up to half of new energy revenue to be set aside in the future, while West Virginia legislators are considering a Future Fund to divert energy revenue into a trust fund. The idea has been raised in Kentucky, Ohio, Pennsylvania, and South Dakota.
  • Small Business Owners Feeling More Holiday Cheer This Year. A survey of 501 bosses who each manage fewer than 100 employees found that 35% will give bonuses, up from 29% last year. The American Express Co. poll also found that 4 in 10 will throw a holiday party, up from 35% in 2011, although they will be cutting back on celebration costs. More than half the bosses will give clients and customers gifts, but only 19% said they will offer discounts or other deals to boost holiday sales.
  • Oklahoma is Latest State to Reject State-Based Health Exchange. Governor Mary Fallin yesterday added Oklahoma to the list of Republican-led states that won’t implement a state-based health exchange, the key feature of President Obama's health care law. The federal government will now run Oklahoma’s exchange, as it will in the other GOP-led states that have rejected their own exchanges. Fallin also said the state will not participate in the health care law’s Medicaid expansion.

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