Energy companies placed $487.3 million in winning bids for the right to drill in the western Gulf of Mexico, knowing they may get a chance later to explore in other areas that have been off-limits for decades.
Energy companies placed $487.3 million in winning bids for the right to drill in the western Gulf of Mexico, knowing they may get a chance later to explore in other areas that have been off limits for decades
Democrats' stance against offshore drilling has shifted more, with House Speaker Nancy Pelosi signaling on Saturday her willingness to consider opening up more coastal areas to oil and gas exploration
Democrats' stance against offshore drilling shifted more Saturday, with House Speaker Nancy Pelosi signaling she was willing to consider opening up more areas off the nation's coastlines to oil and gas exploration.
He led Republicans into government shutdowns in the 1990s, and now, former House Speaker Newt Gingrich indicates his party is seriously considering another shutdown threat to force a vote on offshore oil drilling in September.
Congress adjourned Friday for a five-week summer recess with little-to-nothing to show on lowering high energy prices for consumers. This comes despite a vow by legislators following its last long break to deliver some relief to outraged constituents.
Energy companies placed $487.3 million in winning bids for the right to drill in the western Gulf of Mexico, knowing they may get a chance later to explore in other areas that have been off-limits for decades.
Energy companies placed $487.3 million in winning bids for the right to drill in the western Gulf of Mexico, knowing they may get a chance later to explore in other areas that have been off limits for decades
Democrats' stance against offshore drilling has shifted more, with House Speaker Nancy Pelosi signaling on Saturday her willingness to consider opening up more coastal areas to oil and gas exploration
Democrats' stance against offshore drilling shifted more Saturday, with House Speaker Nancy Pelosi signaling she was willing to consider opening up more areas off the nation's coastlines to oil and gas exploration.
He led Republicans into government shutdowns in the 1990s, and now, former House Speaker Newt Gingrich indicates his party is seriously considering another shutdown threat to force a vote on offshore oil drilling in September.
Congress adjourned Friday for a five-week summer recess with little-to-nothing to show on lowering high energy prices for consumers. This comes despite a vow by legislators following its last long break to deliver some relief to outraged constituents.
BP PLC reported a 28% rise in second-quarter profit on Tuesday, exceeding analyst expectations, as crude oil soared to record levels and natural gas also made big gains.
Oil prices were virtually unchanged Monday as a plan to aid the major U.S. mortgage finance firms was countered by continuing concerns about supply, particularly after Brazilian oil workers began a 5-day strike.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Iraq's oil minister Monday opened international bidding on six oil fields that could increase the country's oil production by 1.5 million barrels per day.
Oil companies and many lawmakers are pressing to open up more U.S. areas for drilling. But the industry is drilling on just a fraction of areas it already has access to.
We rely on it to power our everyday lives, and it drives the economy worldwide, but oil faces an uncertain future in the 21st century. Black gold is increasingly expensive, environmentally damaging and, in the view of some experts, increasingly scarce.
Oil prices edged higher Tuesday as traders remained wary of potential supply disruptions in Nigeria and held back ahead of an upcoming inventory report.
Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production from 9 million barrels to 9.7 million in the near future to counter the sharp rise in international oil prices.
Days after both men reversed course on major issues, the presidential campaigns of Sen. Barack Obama and Sen. John McCain spent much of Sunday's talk-show circuit working to ensure accusations of "flip-flopping" don't stick.
The reason for record-high oil prices, which are putting the squeeze on the United States and others worldwide, is that oil production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman said Saturday.
Oil production was shut down at an offshore Nigerian facility after an armed attack Thursday by a powerful militant group from the Delta region, Shell said.
In a nearly $5 swing from its lows, crude prices ended sharply higher Wednesday following a report that Nigerian oil workers are threatening to go on strike.
The United States can no longer afford to put off serious energy reform, presumptive Republican presidential candidate John McCain said Wednesday, advocating such moves as building nuclear plants and increased offshore oil drilling.
On a futuristic battlefield littered with broken oil wells, burnt-out electric cars and dilapidated wind turbines, you are leading crack military unit on a mission to secure the world's last remaining oil supplies.
Oil is selling for nearly $100 a barrel. Gasoline is near $3 a gallon. Oil companies are swimming in cash. But these record-high prices are both a boom and a burden for Big Oil.
While officials from some of the world's biggest oil producers holed up in private meetings in Vienna Monday night, to decide whether to increase Opec's oil production, Iraq's Oil Minister Hussain Al-Shahristani retreated to his hotel suite, and watched television instead. Specifically, he tuned into the broadcast of Gen. Petraeus's testimony in Washington about the war.
Transocean Inc., the world's largest offshore driller, said Monday it would buy GlobalSantaFe Corp. for nearly $18 billion, adding shallow-water drilling rigs to its deepwater fleet.
Oil rose Monday as a string of U.S. refining outages again sparked concerns of a supply shortfall in the midst of the top consumer's peak driving season.
Despite falling oil prices that hobbled the competition, Exxon Mobil posted higher first-quarter profit Thursday that topped Wall Street estimates, relying on robust refining and chemical earnings to make even more money on lower revenue.
An interconnected set of domestic and international factors have pushed gas prices steadily higher over the past few years, and an almost unquenchable global demand for energy may keep them there for at least the short term, industry observers say.
Two security guards who helped thwart Friday's attempted bombings at a Saudi Arabian oil-processing complex died at a hospital, the Interior Ministry said Saturday, confirming reports from the previous day.
Two major refineries reported damage from Hurricane Rita Saturday, but Texas Gov. Rick Perry said overall damage to oil facilities appeared to be modest.
Prosecutors and regulators are investigating several U.S.-based companies for their dealings with Iraq under the U.N.-administered oil-for-food program.
Although oil prices have retreated from their record highs of October, a terrorist attack on oil installations in Saudi Arabia could send them soaring to new highs, according to a leading industry analyst.
Though oil prices have retreated from their record highs of October, a terrorist attack on oil installations in Saudi Arabia could send them soaring to new heights, according to a leading industry analyst.
Crude oil prices breached the $54 mark Tuesday to reach a new all-time high, fueled by continuing worries over supply in Nigeria and reduced output in the hurricane-hobbled Gulf of Mexico.
Oil prices have soared to new heights following an attack on an Iraqi pipeline and a warning from OPEC that there is little it can do to ease the supply crunch.
Oil prices have slipped below $40 a barrels after OPEC decided Thursday to raise its output limits to stem the surge in prices that followed terror attacks in Saudi Arabia, the world biggest oil producer.
Saudi security forces killed two militants and wounded two others Tuesday as they pursued three terrorists who killed 22 people in an attack on an oil workers' compound in Khobar over the weekend, Saudi sources said.
Going against the opinion of some oil analysts, the U.S. government's Energy Information Administration says that the Saudi offer to increase crude oil production "should lower prices."
The world's richest economies - the Group of Seven -- have called on oil producers to pump enough oil to support the world's current rapid economic growth pace.
Iraq's oil production has reached 2.53 million barrels per day, the highest output since the war began last March, a senior Coalition Provisional Authority (CPA) official says.
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