Senate hearings on climate bill

The U.S. Senate Environment and Public Works Committee chaired by Democrat Barbara Boxer held two separate hearings on climate change legislation today to adress economic opportunities for agriculture, forestry communities and others, and the role of transportation in climate change.

Crude stockpiles fell, API

Crude oil inventories in the U.S. fell by 1.16 million barrels last week, gasoline stockpiles fell about 70,000 barrels and distillates including diesel and heating oil jumped almost 660,000 barrels, according to a report from the American Petroleum Institute late Tuesday. Refinery use increased 0.8 percentage point to 86 percent of capacity, the report said.

Exxon makes $600 million investment in algae-based biofuel

Oil giant Exxon Mobil Corporation announced Tuesday it will invest more than $600 million and partner with biotech firm Synthetic Genomics Inc. to develop biofuels from photosynthetic algae at a large scale.