NEW YORK (AP) — The U.S. is increasing its oil production faster than ever, and American drivers are guzzling less gas. But you'd never know it from the price at the pump.
A report commissioned by the American Petroleum Institute that predicted the Renewable Fuel Standard would lead to higher fuel prices and $770 billion in lost GDP drew a quick reaction from ethanol producers who said the study's aim was to attack federal efforts to cut fossil fuel use, FuelFix reports.
WASHINGTON (AP) — A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest.
Taking on anew an oil industry that boasts it has created significant job gains, President Barack Obama on Friday pledged a long-term commitment to move the U.S. auto fleet away from oil in a bid to end consumer pain at the pump.
"The only way to really break this cycle of spiking gas prices, the only way to break that cycle for good, is to shift our cars entirely, our cars and trucks, off oil," he said during a 19-minute energy policy speech at Argonne National Laboratory near Chicago.
The House Energy and Commerce and Senate Energy and Natural Resources committees are making separate moves to analyze the links between ethanol credits and rising gasoline prices, The Wall Street Journal reports.
WASHINGTON (AP) — A measure of U.S. wholesale prices rose in February by the most in five months, pushed higher by more expensive gas and pharmaceuticals. But outside those increases, inflation was mild.
Senate Energy and Natural Resources Chairman Ron Wyden, D-Ore., called on the Energy Information Administration to release data on gasoline prices to explain the recent surge in prices, The Hill reports.
Senate Energy and Natural Resources Committee Chairman Ron Wyden said he would hold a hearing on rising gasoline prices, contending there is "no reasonable explanation" for the recent surge, The Hill reports.
The planned Cape Wind offshore project in Massachusetts won a $200 million commitment from Denmark's public pension fund, The Wall Street Journal reports.
Sen. Lamar Alexander, R-Tenn., pledged to push a vote to complete the Yucca Mountain nuclear waste facility in Nevada if Senate Majority Leader Harry Reid, D-Nev., moves to limit filibusters, Roll Call reports.
The Army Corps of Engineers said it would not conduct a cumulative environmental review of three coal export terminals or consider overseas climate change impact in its reviews, E&E reports.
Legal experts say U.S. natural gas companies could file lawsuits against the Energy Department to speed decisions on liquefied natural gas exports, Reuters reports.
House Appropriations Committee Democrats criticized Republicans for cutting Energy Department spending on renewable energy by 50 percent, The Hill reports.
A communique released at the close of the G8 summit expresses leaders' concerns over climate change and pledges support for a new international climate change treaty in 2015, Business Green reports.
The Senate Energy and Natural Resources Committee advanced a bill to open parts of Alaska's Tongass National Forest to timber development, KTOO reports.
