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1. OIL AND GAS:

Obama's energy trust doesn't include expanded drilling

President Obama's proposed energy trust aimed at weaning the U.S. auto fleet from oil won't require expanded drilling, a White House aide said today. That is likely to come as a relief for conservationists who have opposed drilling in the Arctic National Wildlife Refuge and along the Atlantic and Pacific coasts, but it will disappoint some lawmakers and energy groups that argue new access is needed to increase revenues.

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