WASHINGTON, March 26 (Reuters) – Legislation repealing tax
breaks for major oil companies passed its first hurdle i n the
Senate on Mo nday, but is unlikely to become law, as Republicans
and Democrats seek to score political points over rising
gasoline prices.

The Senate voted 92 to 4 to proceed with consideration on
the bill that would eliminate billions of dollars in tax breaks
for the “big five” oil companies: Exxon Mobil Corp, BP
Plc, ConocoPhillips, Chevron Corp and
Royal Dutch Shell Plc.

WASHINGTON, March 21 (Reuters) – Ramping up pressure on U.S.
commodities regulators, a group of U.S. senators on Wednesday
unveiled legislation aimed at lowering skyrocketing fuel prices
by reining in excessive speculation in oil markets.

The bill would require the Commodity Futures Trading
Commission to use its emergency powers to impose position limits
in oil futures markets within 14 days of the measure becoming
law.

WASHINGTON (Reuters) – The U.S. Strategic Petroleum Reserve is not quite as strategic as it used to be.

As President Barack Obama moves closer to an unprecedented second release of the U.S. emergency oil stockpile in a bid to bring down near-record fuel prices, experts say dramatic logistical upheavals in the U.S. oil market over the past year may now make such a move slower and more complicated.

WASHINGTON (Reuters) – The Strategic Petroleum Reserve is not quite as strategic as it used to be.

As President Barack Obama moves closer to an unprecedented second release of the emergency oil stockpile in a bid to bring down near-record fuel prices, experts say dramatic logistical upheavals in the oil market over the past year may now make such a move slower and more complicated.

WASHINGTON, March 16 (Reuters) – The U.S. Strategic
Petroleum Reserve is not quite as strategic as it used to be.

As President Barack Obama moves closer to an unprecedented
second release of the U.S. emergency oil stockpile in a bid to
bring down near-record fuel prices, experts say dramatic
logistical upheavals in the U.S. oil market over the past year
may now make such a move slower and more complicated.

WASHINGTON (Reuters) – The U.S. Strategic Petroleum Reserve isn’t quite as strategic as it used to be.

As President Barack Obama moves closer to an unprecedented second release of the U.S. emergency oil stockpile in a bid to bring down near-record fuel prices, experts say dramatic logistical upheavals in the U.S. oil market over the past year may now make such a move slower and more complicated.

WASHINGTON, March 1 (Reuters) – The U.S. Energy
Department will not attempt to control natural gas prices by
revoking approvals granted for gas export terminals, a
department official said, as lawmakers and green groups stepped
up their attacks on attempts to send U.S. gas abroad.

The department has argued that federal law gives it the
authority to revisit liquefied natural gas export applications
it has approved, but Deputy Assistant Secretary Christopher
Smith said the department would be hesitant to use this power.

WASHINGTON, Feb 27 (Reuters) – U.S. drivers paid 13
cents more at the pump in the past week, the government said
on Monday, reporting the biggest weekly spike in
nearly a year at a time of raging debate about energy policy in
a presidential election year.

U.S. gasoline prices have climbed nearly 20 cents in the
past two weeks, up 33.8 cents from a year ago, the U.S. Energy
Information Administration said in its weekly survey of service
stations.

NEW YORK/WASHINGTON, Feb 27 (Reuters) – The U.S.
Northeast should expect price spikes in gasoline and ultra-low
sulfur diesel if Sunoco Inc’s Philadelphia refinery
shuts down this summer, The U.S. Energy Information
Administration said on Monday.

Expanding on its earlier report on potential impacts of
refinery activities in the Northeast, the EIA said it expects a
160,000 barrel per day gap in gasoline supply on the East Coast
in 2012 if the Philadelphia refinery shuts down.

WASHINGTON (Reuters) – Three Democratic lawmakers on Wednesday urged the White House to signal it is ready to tap the nation’s oil stockpiles to combat surging fuel prices, arguing an “aggressive” strategy could tamp down speculation.

Oil prices hit their highest level in nine months on Tuesday as tensions with Iran continue to rattle crude markets. The skyrocketing oil costs have turned U.S. gasoline prices into a key issue for the 2012 presidential election season.