A group of eight “freshman” Democratic senators have introduced legislation that would impose a windfall profits tax on oil companies as well as revoking some government subsidies.
The legislation, proposed by Senator Robert Casey, D-Pa., would impose a 50 percent tax on profits after oil prices rise above $50 a barrel. It also repeals tax “loopholes [...]

Divisions over climate change threaten to derail next week’s set piece EU-US summit.
The meeting, which will be hosted by George Bush and attended by Germany’s Chancellor, Angela Merkel, was seen as an opportunity for Europe and the US to align their positions on climate change before a G8 meeting in June.

Nigeria’s president-elect, Umaru Yar’Adua, intends to tackle violence in the Niger Delta by initiating dialogue with “militants” when he assumes office.
Yar’Adua, who won the disputed election, said he would get to work immediately on solving the crisis in the Delta. “You can expect a clear plan to be developed for the solution of the problem [...]

An investigation by the Financial Times has found that the millions of dollars being spent on “carbon credit” projects yield few if any environmental benefits.
In some cases, companies are paying emission reductions do not even take place. In others the clean-up would have been made anyway.

The United Nations Environment Programme (UNEP) is preparing for a massive clean up operation of oil spills in the Niger Delta, including in Ogoni.
UNEP’s Country Director, Turhan Saleh said the clean up work would be the most challenging task the organization has undertaken in recent years.