As oil-price fever gripped Congress this week, both political parties have said they are ready to revoke oil and gas incentives that were passed as recently as eight months ago.

George W. Bush, who proclaimed America’s “oil addiction,” in his January State of the Union address, exhibited a classic symptom of addiction Tuesday: denial.
As the price of a gallon of gas heads for (and beyond) three dollars, Mr. Bush proposed a truly meaningless agenda, asking oil companies to invest some of their outrageous profits in [...]

There are apparently three things we can be sure of in life: death, taxes, and that when the oil industry gets in trouble, environmentalists will get blamed and more money will be thrown at Big Oil.

Twenty years after Chernobyl the nuclear industry is enjoying a renaissance it could only have dreamed of a few years ago. The twin issues of climate change and energy security have driven it up the political agenda both in Europe and in the US.

BP’s CEO, John Browne, has warned that fear was driving the price of crude to artificially high levels, with “untold consequences” for the global economy. He argued that turbulence in Iran, Iraq and Nigeria was leading to continual speculation about oil shortages and there were “all sorts of things that suggest it is getting worse”.