News bites: G-7 seeks oil boost amid Isaac, Iran tensions

Reuters reports that oil prices fell Wednesday as Hurricane Isaac spared Gulf Coast oil production facilities from significant damage.

"Oil prices are slightly down this morning because it is expected that oil production in the Gulf of Mexico will quickly return to normal," an analyst tells the news service.

Big economic powerhouses want more oil on world markets as prices remain elevated, The Wall Street Journal reports.

The Group of Seven leading industrialized economies on Tuesday "appealed to the world's major oil producers to boost output" as concerns about Isaac and tensions with Iran pressured markets.

"The G-7 nations — the U.S., Canada, Japan, U.K., Germany, France and Italy — stopped short of coordinating a release of emergency oil stockpiles despite mounting worries about the damage from rising fuel costs on already weak economies," the paper reports.

The Washington Post’s Wonkblog explains why record-low Arctic sea ice matters.

The Associated Press reports that the federal government wants more information about tax breaks that might benefit private equity funds that control the failed solar company Solyndra.

Bloomberg looks at financial headwinds facing coal companies.