The US Senate passed a broad energy bill late yesterday that will require the first big increase in fuel mileage requirements for passenger cars in American in more than two decades.
The vote, 65 to 27, was a major defeat for car manufacturers, which had fought for a much smaller increase in fuel economy standards and […]

Campaigners from “Hands Off Iraqi Oil” held a demonstration outside the Shell AGM in London yesterday highlighting the key role Shell has “played in preparing the ground for the rip off of Iraqi oil”.
They were joined by a ‘Hands On Iraqi Oil’ executive who read a statement including: “From our offices in London, Washington, […]

As US gasoline prices hit a near-record $3.05 a gallon, Democrats in Congress are promoting legislation taking aim at Big Oil - although industry experts say that the efforts aren’t likely to have any effect at all.
Sen. Charles Schumer, D-N.Y, has said Congress should look into breaking up the giant companies. Sen. Maria Cantwell, […]

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 […]

BP’s slide from grace continues.
Profits, production and prices all fell in BP’s first quarter, as the UK-based energy group said that profit before interest and tax dropped 17 per cent to some $7bn, with net replacement cost profits also down 17 per cent at $4.36bn.