Tax would be on “excess profits.” Senator Ron Wyden of Oregon is introducing the Taxing Big Oil Profits Act, which he says will accentuate the tax burden of…
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Inflation Eased Slightly in July
The costs of energy and gasoline declined. The Labor Department issued its Consumer Price Index measure for July on Wednesday that showed the pace of price increases slowing…
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DOE Announces $165 Million for Geothermal Development
Funding will support the creation of solutions for gaps in technology. Last week, the Department of Energy (DOE) announced that the Geothermal Energy from Oil and Gas Demonstrated…
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Treasury Finds Gas Prices Improved with SPR Releases
Officials estimate fuel releases kept prices 20 to 40 cents lower. The Department of the Treasury released calculations this past week that estimate tapping into the Strategic Petroleum…
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House Votes to Sell Reserve Oil to China
Strategic Petroleum Reserve is at its lowest since 1985. While average gas prices at the pump have decreased from their $5 peak, gasoline is still significantly more expensive…
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President Traveling to the Middle East This Week
Israel and Saudi Arabia are on the itinerary. President Joe Biden will travel to the Middle East for a brief visit beginning Wednesday. Among other things, his trip…
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President Biden to Visit Saudi Arabia This Month
He will stop in Israel first. President Biden will travel to Saudi Arabia later in July to participate in the summit of Gulf nations. World leaders, journalists, and…
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Tanker Stopped by U.S. in Transit from Russia to New Orleans
Ship was chartered by a commodities trader. United States authorities have stopped a ship traveling from Russia to the Port of New Orleans, Louisiana, with a cargo of…
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Energy Secretary Supports Use of Defense Production Act on Gas
She also urges states to implement gas tax holidays. Secretary of Energy Jennifer Granholm said the Defense Production Act is a “tool” the president’s administration can use to…
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Secretary Yellen Says Gas Tax Holiday Worth Considering
National average price per gallon exceeds $5. Treasury Secretary Janet Yellen said a federal gas tax holiday to ameliorate the burden of rising gas prices across the country…
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