Some believe reinstating a national speed limit would help drive down the price of gas. CNN's Rusty Dornin reports.
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.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices.
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.
Saudi oil summit
updated: Sat Jun 21 2008 15:58:00
Can this Sunday's meeting in Saudi Arabia bring down the price of oil? CNN's Jim Boulden reports.
Oil prices are hitting record highs because production has not kept pace with increasing demands, U.S. Energy Secretary Samuel Bodman said Saturday.
As the world spends more to meet growing energy needs, nations seeking cleaner alternatives to fuel their expanding economies will have to spend much more.
The location of a $1.8 billion pollution-free coal plant research project is to be announced on Tuesday
Oil prices sank more than $1 Wednesday after a government report said supplies of crude and gasoline jumped more than Wall Street had expected.
Two big investment banks sent mixed signals about the profitability of ethanol Wednesday, with one citing potential for solid demand growth and easing corn prices, but the other less convinced.
The head of the U.S. nuclear security agency has been forced to resign over management and security issues, Secretary of Energy Samuel Bodman said Thursday.
The summer heat has left Americans cranking up their air conditioners, leaving power companies scrambling to keep up with the surging demand for electricity.
American drivers are being socked with skyrocketing gasoline prices and could even see shortages this summer as refineries struggle to switch additives that make cleaner burning fuel.
Energy Secretary Samuel Bodman said consumers can expect to see at least six months of high gasoline and heating fuel prices until energy production recovers from hurricane damage.
Energy Secretary Samuel Bodman said Friday that an international oil agency will make 60 million barrels of oil and gasoline available to the marketplace.
Secretary of Energy Samuel W. Bodman announced Thursday that the Department of Energy has approved two requests for a loan of crude oil from the Strategic Petroleum Reserve (SPR).
Energy Secretary Samuel Bodman said Wednesday that the White House plans on tapping the nation's Strategic Petroleum Reserve to help refiners hurt by Hurricane Katrina.
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