Democrat lawmakers have introduced a bill seeking to impose higher taxes on oil companies for what they claim are “windfall” profits made from “cartel pricing” strategies, even as the Biden administration keeps enforcing policies which negatively affect the sector. The “Big Oil Windfall Profits Tax Act” was introduced in the Senate by Sen. Edward J….
Democrats Propose ‘Windfall Profits Tax’ on Oil Firms, Accuse Companies of War Profiteering and Price Gouging
February 16, 2023
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Business & MarketsDemocratseconomyenergyoil companiesPolicies & ImpactsPoliticsprice-gougingtaxUSwar profiteeringwindfall profits
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Report: Biden’s Energy Plan Is a ‘Dangerous Delusion’
February 16, 2023
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In his State of the Union address last week, President Joe Biden declared that he would “finish the job” of what he calls the “incredible transition” from fossil fuels to wind and solar energy. “The Inflation Reduction Act is the most significant investment ever to tackle the climate crisis,” Biden said, referring to $370 billion…
Oil Slips on US Stock Build, Trading in Narrow Range
February 16, 2023
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LONDON—Oil prices edged lower on Thursday after a large build in U.S. crude inventories but continued to trade in a narrow range as hopes for a Chinese demand recovery remained in focus. Brent crude futures fell 36 cents, or 0.42 percent, to $85.02 a barrel by 1042 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Stocks Shrug Off Rate Risks as Data Tempers Recession Worries
February 16, 2023
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Stocks rose on Thursday as economic data from around the world fed hopes that the global economy might not face as hard a landing as feared a few months ago, even as interest rates threaten to remain higher for longer than expected. The pan-European STOXX 600 index rose 0.5 percent, while London’s FTSE 100 continued…
Europe’s New Petrol Car Ban to Force Australian Motorists to Adopt Electric Vehicles
A new European law will likely force Australian drivers to adopt electric vehicles (EV) in the next decade, whether they want to or not. On Feb. 14, the European Union (EU) approved a law that requires carmakers to cut CO2 emissions from new cars and vans sold by 100 percent by 2035. With 340 votes…
Gas Drilling to Be Banned Along Entire NSW Coastline If Government Wins Election
February 15, 2023
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AustraliaBusiness & Marketseconomic policiesenergygas drillingInternationalLyle SheltonMatt Keannet zeroNew South Walesoffshore gas reservesWorld
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The New South Wales (NSW) government will override a court order to open up gas drilling along the state’s coastline if it wins the upcoming March election. Energy Minister and Treasurer Matt Kean described the move as standing “up for the environment.” The announcement comes after the Federal Court of Australia quashed a decision by…
EPA’s $27 Billion ‘Clean Energy’ Plan Triggers Fraud Concerns, Creating ‘Taxpayer-Funded Slush Fund’
February 15, 2023
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Business & Marketsclean energy planclimate change agendaeconomyenergyEPA - U.S. Environmental Protection AgencyGreen Energy ActnonprofitsPolicies & ImpactsSlush FundSocial IssuesUSUS News
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The Environmental Protection Agency (EPA) has released initial guidance on the Greenhouse Gas Reduction Fund (GGRF) program that commits $27 billion for “clean energy and clean air” projects, but concerns are being raised as to whether the funds are at high risk of fraud. The GGRF was proposed as part of the $739 billion Inflation…
Oil Drops on US Interest Rate Worries
February 15, 2023
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LONDON—Oil dropped for a second day on Wednesday as expectations of further interest rate hikes sparked concern over fuel demand and the economic outlook. Brent crude futures fell 46 cents, or 0.5 percent, to $85.12 a barrel by 1130 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 60 cents, or 0.8 percent, to $78.46….
Global Stocks Mixed After US Inflation Feeds Rate Hike Fears
February 15, 2023
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BEIJING—Asian stocks fell and European markets opened mixed Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed. London, Tokyo, and Shanghai declined. Frankfurt advanced. Oil prices fell by more than $1 per barrel. Wall Street futures were lower after official data Tuesday…
Court Finds Morrison Pep-11 Veto Broke Natural Justice
February 14, 2023
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Scott Morrison’s vocal opposition to a controversial offshore gas drilling project meant his later decision to formally block it was tainted by apprehended bias, a court has found. And the vocal opposition of Prime Minister Anthony Albanese is leading to accusations any decision under his government will also be tainted. The Federal Court on Tuesday…
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