The Labor Department said falling costs for gasoline and natural gas kept producer prices flat last month, but very slight increases elsewhere could inspire Federal Reserve action to maintain inflation, Reuters reports.
The price of domestic oil has steadily risen this year to about the same as that of imports. Yet the price of a gallon of gas has stayed well below the record of $4.11 a gallon set in the summer of 2008.
Why? U.S. pump prices tend to rise and fall based on the world spot price, reflected in the North Sea Brent crude benchmark set in London. The good news for consumers has come because Brent prices have been held in check by stronger U.S. output and better transportation to refiners, according to the Energy Department.
The European Union moved to suspend talks with Russia on plans to move ahead with completion of the South Stream natural gas pipeline and a plan to boost supplies flowing through the Nord Stream pipeline, Reuters reports.
A group of 26 Senate Democrats including Majority Leader Harry Reid, D-Nev., this evening will kick off an all-night talkathon to boost climate change urgency, with plans to keep speeches going until 9 a.m. Tuesday, The New York Times reports.
FuelCell Energy, Plug Power Inc. and Ballard Power, all manufacturers of fuel cells, posted significant gains on the Nasdaq today ahead of earnings reports expected to show the companies on the way to profitability, Bloomberg reports.
Energy Secretary Ernest Moniz is in India today in an effort to soothe tensions from a diplomatic issue and trade dispute over solar panels, and to renew coordination on climate change and energy policy, E&E reports.
The Senate Foreign Relations Committee led by Chairman Robert Menendez, D-N.J., will hold a hearing on the Keystone XL pipeline Thursday, but no Obama administration witnesses are set to testify, National Journal reports.
A coalition of environmental groups is looking to sway Secretary of State John Kerry against the Keystone XL pipeline through praise, with some touting him as a leader on environmental issues and climate change, Bloomberg reports.
As part of a set of proposals outlining his plan for economic growth, Sen. Marco Rubio, R-Fla., called for lifting the nation's decades-old ban on crude oil exports and streamlining the review process for new natural gas pipelines, The Wall Street Journal reports.
A white paper released by the Western Values Project argues the federal government must increase royalties for drilling on public land if it lifts the 39-year ban on crude oil exports, FuelFix reports.