NORA Extended for Ten Years
Written on: December 21, 2018 by ICM
The National Oilheat Research Alliance (NORA) is pleased to announce that President Trump, on December 20, 2018, signed a ten-year extension for NORA allowing NORA activities to run uninterrupted for the first time ever.
As a component of the Agriculture Improvement Act of 2018 (popularly known as the “Farm Bill”),
NORA is authorized to extend its activities until February 6, 2029. This was a great victory for the industry, as all previous extensions were limited to five years. NORA president John Huber praised the efforts within the industry as well from other partners.
“NORA offers special thanks to the organizations and individuals in the heating oil industry that worked so hard and effectively to see this through. The Petroleum Marketers Association of America’s (PMMA) family of associations was particularly effective. We had strong support in the Senate from Jeanne Shaheen (NH), Patrick Leahy (VT), and Susan Collins (ME) who shepherded this through.
“A number of House members instrumental throughout the process, including Paul Tonko (NY) and Peter Welch (VT), did outstanding work. Additionally, House Representatives and Senators from oilheat territory throughout the country also pitched in. Also of importance were the strong relationships that the Fuel Merchants Association of New Jersey brought. Of course, the team in Washington of PMAA, New England Fuel Institute and Squire Patton Boggs worked hard and smart throughout.”
As anticipated, the Congressional Budget Office (the budget scoring agency for Congress) has determined that NORA’s collections impact federal revenues and increase the federal deficit. As a remedy, NORA has been amended and will place 25% of its income in escrow for ten years. These funds are not lost to the industry and will become available on October 1, 2028.
Tom Santa, NORA’s Chairman, expressed his thanks to the industry and Congress. He noted that NORA provides industry empowerment and that being able to support the lab in NY is critical. NORA’s passage is essential to the vitality of our industry.
Charlie Uglietto, NORA’s incoming Chairman, stated that the passage of the bill provides the longest time frame for NORA yet. For the first time, NORA can look to a long-term horizon and not be planning to ramp up activities while planning for cessation of activities at the same time.
“Now we are in a steady state of activity, and can focus solely on improving execution of all of our functions,” stated Uglietto.