Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.
Canada-based oil sands company Syncrude acknowledged that 1,600 birds -- 1,100 more than initially estimated -- drowned after landing on its settling basin in Aurora a year ago.
Remember "drill, baby drill"? In its last weeks in office, the Bush administration is starting to make it happen by quietly starting the process of exploration and drilling off the coast of Virginia.
Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
A day after declaring war in Nigeria's oil-rich delta region, the country's main rebel group said Monday it was continuing its "destructive sweep" against oil facilities in Rivers State.
Oil prices fell to a 5 1/2 month low Thursday, testing the $100-a-barrel mark, as the market remained focused on slumping demand and the stronger dollar while watching the threat Hurricane Ike poses to the Texas Gulf Coast.
Oil prices gave up more than $3 in gains Monday as a strengthening dollar and slumping global demand countered Hurricane Ike's threat to Gulf production.
Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.
Canada-based oil sands company Syncrude acknowledged that 1,600 birds -- 1,100 more than initially estimated -- drowned after landing on its settling basin in Aurora a year ago.
Remember "drill, baby drill"? In its last weeks in office, the Bush administration is starting to make it happen by quietly starting the process of exploration and drilling off the coast of Virginia.
Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
A day after declaring war in Nigeria's oil-rich delta region, the country's main rebel group said Monday it was continuing its "destructive sweep" against oil facilities in Rivers State.
Oil prices fell to a 5 1/2 month low Thursday, testing the $100-a-barrel mark, as the market remained focused on slumping demand and the stronger dollar while watching the threat Hurricane Ike poses to the Texas Gulf Coast.
Oil prices gave up more than $3 in gains Monday as a strengthening dollar and slumping global demand countered Hurricane Ike's threat to Gulf production.
Lawmakers return to Capitol Hill on Monday to resume their fight over legislation allowing more offshore oil drilling, in a bid to help relieve sky-high gasoline prices that are hurting the economy and infuriating voters.
Lawmakers return to Capitol Hill Monday to pick up where they left off in their bitter fight over energy legislation -- whether to allow more off-shore oil drilling to help relieve the sky-high price of gasoline that is hurting the economy and infuriating voters.
As oil companies sent crews back to their rigs to perform in-depth safety checks some operations see production beginning to come online as early as Wednesday.
Oil production remained shut down in the Gulf region Tuesday, as oil companies inspected their rigs and refineries for damage, but some operations could restart as early as Wednesday.
Hurricane Gustav has shut down nearly all crude oil production and 82% of natural gas production in the Gulf region, according to a Department of Energy report issued Monday.
As officials evacuated New Orleans, the oil industry shut down rigs and pulled back personnel as Hurricane Gustav bore down on the Gulf Coast over the Labor Day holiday weekend.
The Gulf of Mexico is home to 4,000 drilling platforms and 33,000 miles of pipeline, which send 1.3 million barrels a day to the Gulf Coast's 56 refineries. But a hurricane threatens to deal a powerful blow to the oil-rich region.
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
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.
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.
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.
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.
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.
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."
Even by the rarified standards of London society, it was an extraordinary event. To introduce his Open Russia Foundation, Mikhail Khodorkovsky, then the 38-year-old chairman and principal owner of ...
The CEO and principal owner of Yukos, Russia's most profitable oil company, was sitting in his Moscow home on the evening of Sept. 11, thinking he was watching a disaster flick. "It took me a littl...
Richard Rainwater was trying to kick back and retire in 1996--really he was. The Texas investor and dealmaker, then 51, was not trying to make his next $400 million, or burnish his reputation as a ...
Does your wallet run on empty after you've filled up the tank on your minivan? Recapture some of that green by investing in top energy stocks. With prices up 20% for crude oil and 48% for natural g...
EVER SINCE crude was discovered at Titusville, Pennsylvania, 134 years ago, U.S. oil producers have been a source and symbol of American industrial prowess. Five of the great Seven Sisters were Ame...
THE OLD SOVIET UNION is still a potential superpower -- in oil. The independent republics, particularly Russia, may well have up to a quarter of the world's undiscovered oil, about equal to what's ...
After the last bombs have fallen and the shooting stops, the sounds of war in Kuwait will be replaced by the happier din of construction crews, belching tractors, and rumbling cement trucks. Milita...
THE ARCTIC National Wildlife Refuge is almost as big as Indiana. It begins as a phalanx of magnificent rocky peaks high in the Brooks Range in Alaska's northeast corner, from there tumbling down a ...
A YEAR OF Texas-size swings in the price of crude has turned the oil patch into the trenches. Like the survivors of Verdun after the shelling stopped, the U.S. petroleum industry is spooked. True, ...
The page you requested cannot be found. The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.
Please try the following:
• If you typed the page address in the Address bar, make sure that it is spelled correctly.
• Open the www.cnn.com home page and look for links to the information you want.
• Use the navigation bar above to find the link you are looking for.
• Click the Back button to try another link.
• Enter a term in the search form below to look for information on CNN sites or the Internet.
Video
