Senate Democrats Pass Climate Bill

Chinese authorities plan to launch a new round of tax probes on private refiners, the so-called teapots, sources in the refining industry told Reuters on Monday, in what could slow down further the crude processing rates at the world’s top crude oil importer. The independent refiners in China, mostly located in the eastern province of Shandong, account for around a fifth of all Chinese crude imports.

The new tax investigations, expected to begin later in August per Reuters’ sources, could further put downward pressure on fuel output…