Latest Headlines
As the U.S. Senate voted 51-47 against a bill that would remove billions of dollars in oil company tax breaks, members of the Senate Committee on Energy and Natural Resources pressed a panel of experts on the nation's rising gas prices.
Hurricane Gustav's rampage through the Gulf of Mexico was a stark reminder that U.S. oil supplies are vulnerable to major storms, analysts said.
Increased violence has caused Nigerian oil output to decline by 650,000 barrels per day, according to the West African country's vice president.
India and China have decided to help Nigeria build new refineries rather that continue to buy crude oil for export from the petroleum-rich West African nation.
With the plummeting dollar, geopolitical uncertainty and investor speculation all being blamed for soaring oil prices, it is unclear whether U.S. Vice President Dick Cheney's efforts to persuade Saudi Arabia to increase oil production will result in cheaper oil.
As oil prices skyrocket, some policymakers want to halt efforts to increase the nation's emergency oil reserve, but the administration says energy security depends on the stockpile's size.
Nigerian Vice President Jonathan Goodluck shocked his colleagues and countrymen this week when he referred to his country's oil wealth as an economic curse to his country over the last 50 years.
A few months after the release of a prominent energy report, some experts say its recommendations possess minimal potential for solving the world's energy woes, while others wish Congress would adopt its comprehensive approach.
The Energy Department is opting to fill the strategic oil reserve with oil pumped from U.S. reserves instead of collecting royalties on the oil sales.
Energy security relies not on independence, but a variety of domestic and international cooperative initiatives, a report from the National Petroleum Council sa
Quotes
United Press International
United Press International
United Press International
United Press International
United Press International
