India’s fuel subsidies are forcing domestic oil marketing companies to sell fuel below cost, costing three domestic retailers $76.6 million per day. “India imports more than 80% of the crude oil it requires, and with the rupee falling and crude prices rising, the cost of subsidized fuel is now threatening India’s efforts to rein in trade and budget deficits.” [Quartz]

And in news that makes matters worse for India, the US Federal Reserve surprised markets today by announcing that it would keep its monetary stimulus program intact, and oil prices rose. “Both Brent and U.S. oil posted their largest daily gains in three weeks.” [Reuters]

Congressional Republicans are seeking to tie Keystone XL approval to a bill to raise the debt ceiling. “The Keystone XL provision could seek to force approval of or speed up a final decision on the controversial pipeline that would transport oil sands crude from Alberta, Canada to the Gulf Coast.” [Fuel Fix]

President Obama had this to say about debt ceiling negotiations yesterday in remarks to the business roundtable:

“It is going to be important for all of you I think over the next several weeks to understand what’s at stake and to make sure that you are using your influence in whatever way you can to get back to what used to be called regular order around here — doing things in a way that reflect the genuine, messy negotiations of democracy but do not promise apocalypse every three months.”

“I’m tired of it, and I suspect you’re tired of it, too, because it’s pretty hard to plan your businesses when these kinds of things are looming at any given moment.”