Meanwhile, Darrell Issa, who is head of the powerful new house committee on oversight and government reform, has been reaching out to oil company executives, business lobbyists, and conservative thinktanks asking which government regulations they find the most irksome. Most of the companies on Issa's list have been heavy contributors to the Republican party and several reportedly supported overturning environmental regulations. … [Read more...] about Republicans attempt to stifle action on climate change
Calumet oil refinery
Domestic PCs that have been compromised by Trojans can be put to other uses too. For example, they can covertly monitor their user's keystrokes when logging into banking and other sites, thereby stealing passwords and credit card details. At a recent presentation by officers from Soca (Serious Organised Crime Agency), I was struck by a slide that showed how highly developed the online market in stolen credit card data had become. It showed a marketplace for "USA 100% APPROVED TRACK2 DUMPS" in which Visa debit card details were going for $8 and American Express details were $10. On another such marketplace, American MasterCard details cost $15 while European credit card details were going for $40 a pop. "Buying large quantities," it said, "prices are negotiable for every customers." (Grammar and spelling are not a speciality in this particular netherworld.) … [Read more...] about The cyberplague that threatens an internet Armageddon
Separately today, prospects for further oil drilling in the North Sea were dealt a blow after a high court judge said he would hear a legal challenge from Greenpeace over deep-water licences for drilling off the Scottish coast. Campaigners said the challenge could see many projects blocked and existing licences quashed.The cost of oil hit an all-time high of $147 (both Brent and US crude) in July 2008, but then fell back as the recession in most western countries reduced demand for crude. Commodity analysts at Japanese bank Nomura have warned that prices could perhaps hit $220 a barrel if the crisis in the Middle East continues. They compared the current situation to the 1990-1991 Gulf war, saying if Libya and Algeria were to halt oil production, prices could peak above $220 a barrel. Others have predicted that oil could rise above $150 a barrel if the turmoil spreads. … [Read more...] about Saudis hold talks with refiners amid warnings of oil crisis and rationing
The lawsuit claims that Petrobras executives accepted bribes for inflating the value of construction contracts and “used the money to bribe politicians through intermediaries to guarantee they would vote in line with the ruling party while enriching themselves”. … [Read more...] about Brazil oil giant faces $98bn shareholder lawsuit in US over corruption scheme
The Conservative government, led by Ted Heath, was already struggling to cope with high food prices caused by global shortages. This fed into an inflation rate which, under Harold Wilson's Labour government, hit more than 24% (by comparison, inflation in January 2011 was at 4%, double the Bank of England's current target of a 2% inflation rate). … [Read more...] about Background: What caused the 1970s oil price shock?