British Gas has pledged to donate 10 percent of its profits to help people struggling with rising energy bills. The firm said it will contribute the money to the British Gas Energy Support Fund for the duration of the energy crisis, backdated to the start of 2022, to “help the most financially vulnerable customers.” British…
British Gas Pledges to Donate 10 Percent of Profit to Struggling Customers
August 25, 2022
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UK Labour Leader Pledges to Freeze Energy Bills by Extending Windfall Tax
Britain’s main opposition Labour Party has announced plans to freeze household energy bills, which it said would be paid for in part by an extension of a windfall tax on oil and gas companies. Labour leader Sir Keir Starmer said the plan would freeze the energy price cap at its current level of £1,971 ($2,377),…
Inflation Won’t Go Away Soon
August 12, 2022
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Commentary The latest inflation news looks remarkably good, at least on the surface. The Labor Department reported that overall the consumer price index (CPI) for July showed no inflation. After months of horrific news and no small amount of fear, this seemingly happy result arrived entirely from a 4.6 percent drop in energy prices. The…
UK Energy Regulator to Revise Price Cap More Often, With Another Rise to Be Announced This Month
British homes will see their energy bills swell further this winter as the UK’s energy regulator Ofgem said on Thursday that it will announce another increase in the price cap later this month. Ofgem also said it will revise the price cap—the maximum price suppliers can charge for a unit of energy—every three months instead of…
UK Gas Prices Rose by 31 Percent in Last Week of July
August 4, 2022
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Gas prices in the UK shot up nearly a third in the last week of July to reach the highest average cost since mid-March, according to newly released official data. The gas price increased by 31 percent in the week to July 31, the Office for National Statistics (ONS) said on Thursday. Also on Thursday,…
BP Boosts Dividend After Profit Hits 14-Year High
LONDON—BP’s second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production. The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices…
Capitol Report (July 29): House Passes Bill to Ban Semi-Automatic Guns; Pelosi Heads to Asia
July 29, 2022
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The Democrat-controlled House pushed a bill to ban certain guns. Democrats say it’s needed to stop gun violence, while Republicans say it targets law-abiding citizens. The Biden administration seems to be acquiescing to calls to secure the southern border. Without walking back any of President Joe Biden’s campaign promises, the Biden administration released a quiet…
In Senate, a Clash on What’s Causing Energy Prices to Spike
July 13, 2022
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Senators on the Energy and Natural Resources Committee’s Energy Subcommittee heard testimony July 13 on the drivers of high energy prices, a key issue for Americans across the country as inflation rages and November midterms loom closer. In May of this year, Rasmussen Reports found that 82 percent of likely voters in the United States…
Senate Finance GOPers See Double-Digit Inflation Ahead If Biden Won’t Change Course
July 13, 2022
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Sen. Rob Portman (R-Ohio) predicted on July 13 that inflation will soon hit double-digit figures if President Joe Biden and congressional Democrats move forward with their plans to hike taxes on most Americans. “We just got the numbers this morning for Ohio—$8,300 bucks a year in additional spending on energy, on food, on utility bills…
Energy Prices Rising Faster Than Predicted, UK Regulator Warns
Energy prices have been rising faster this year than previously predicted, the chief executive of Britain’s energy regulator Ofgem has said. Speaking to the Public Accounts Committee in the House of Commons on July 11, Jonathan Brearley said that energy prices appear higher than when Ofgem made its estimate. He told MPs, “It’s clear given…
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