Pakistan's government will cancel inactive licenses; Britain lectures Nigeria on oil deals; China National Petroleum Co. and Sinopec bid for Petro-Tech Peruana.

WASHINGTON, May 30 (UPI) -- As U.S. consumers bemoan the imminent appearance of $4 a gallon gas, factors largely beyond Washington's control are now driving prices. A perfect storm of tapped-out capacity, lack of significant new developments coming online, speculation, inclement weather and terrorism, however, have combined to cause the record high prices, which are unlikely to fall anytime soon.

PORT HARCOURT, Nigeria, Nov. 28 (UPI) -- Nigeria should keep a close eye on its multibillion-dollar oil industry if it wants to preserve its increasing, albeit still fragile, economic growth, according to the International Monetary Fund.

PORT HARCOURT, Nigeria, Nov. 21 (UPI) -- The Nigerian government is denying speculation that the large sum of the 2008 budget earmarked for "security" in the Niger Delta will go towards arms for the military in their ongoing battle against militant groups and gangs.

PORT HARCOURT, Nigeria, Nov. 21 (UPI) -- Nigeria will invest $75 billion over the next five years to improve the oil and gas sectors with the help of foreign investors, the country's Ministry of Petroleum announced.

Nigeria is keen on creating a state-owned petroleum firm modeled after Saudi Arabia’s Aramco, according to the country’s energy minister who acknowledged Nigeria is a long way away from rivaling the Middle East oil giant.