"The Senate on Tuesday blocked a Democratic proposal to strip the five leading oil companies of tax breaks that backers of the measure said were unfairly padding industry profits while consumers were struggling with high gas prices."
Economy & Business
"U.S. Attorney General Eric Holder on Friday directed a special task force to look into whether gasoline prices are falling in the wake of the drop in oil prices and if not, whether it was because of fraud or market manipulation."
"Denmark earns the biggest share of its national revenue from producing windmills and other clean technologies, the United States is rapidly expanding its clean-tech sector, but no country can match China's pace of growth, according to a new report obtained by The Associated Press."
"For the first time in more than 30 years, the construction of new nuclear power plants is under way in the United States despite the ongoing nuclear crisis at Fukushima in Japan." That's according to Standard & Poor's, the profit-driven credit rating agency that painted a rosy picture of Wall St. financial institutions as they were melting down in 2008.
The Trade Representative had denied a Freedom of Information Act request by the Center for International Environmental Law for documents related to the Chile-US Free Trade Agreement. It claimed some documents should remain secret on the grounds of "national security."
In response to deep cuts in its budget, EIA announced that it would not be able to compile and publish products like its ongoing estimates of US oil reserves. In fact, EIA will not even be able to continue its investigation of whether speculators are driving up oil prices.
"The oil giants — BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell—recently released their first quarter reports. Together, the big five's profits were 38 percent higher in the first quarter of 2011 than the same period last year."
"BP Exploration (Alaska) Inc. has agreed to pay a $25 million civil fine to settle a federal lawsuit over the largest-ever oil spill on Alaska's North Slope, according to a proposal filed in U.S. District Court in Anchorage on Tuesday."
"Bolstered by soaring crude oil prices, BP reported a 17 percent increase in first quarter profit to $7.1 billion and sought to convince investors that it was coping with the costs of the massive oil spill in the Gulf of Mexico last year."
New tools provide limited information on substances used in specific wells during the oil and natural gas extraction process called hydraulic fracturing. From 2005-2009, 780 million gallons of 750 substances were injected underground — a starting point for your coverage of this angle.