Italy will speed up drilling for new sources of domestic gas in a bid to lower energy prices for its industries, reversing a decade of restrictions on new exploration. The plan is part of the new Prime Minister Giorgia Meloni’s first budget law, and the government is pledging €30 billion of additional energy aid. The government estimated about 15 billion ...

Britons are paying more than £2 billion ($2.28 billion) to help people heat the country’s biggest houses because of the government’s decision to cap energy bills for everyone rather than target the aid. Subsidising the gas and electricity for homes with at least five bedrooms will cost approximately £1.62 billion between October 2022 and March 2023, according to Bloomberg calculations. ...

Shares of Brazil’s state-controlled oil producer Petrobras erased their gains for the year as fears of increased political intervention with Luiz Inacio Lula da Silva as president are driving investors to dump the stock. Petroleo Brasileiro SA’s shares closed down 5.5% to 28.30 reais in Sao Paulo, and have shed over $20 billion in market value since their October peak. ...