Oil prices fall below $118 on stronger dollar

Oil prices slipped back below $118 a barrel Friday, a day after a huge rally, as a stronger dollar outweighed worries of possible global supply cuts amid tensions with Russia.
 

90 Billion Barrels of Oil and 1,670 Trillion Cubic Feet of Natural Gas Assessed in the Arctic

The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 billion barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum.
 

The Inexorable Comeback of Nuclear Energy

Oil prices are sky high. Greenhouse gases are driving up temperatures around the world. And many are now looking to nuclear power as the possible solution. Dozens of new reactors are under construction, but in Germany the subject remains taboo for now.
 

Pawlenty Derides Obama''s ''Minimalist'' Energy Plan

Pawlenty said Democratic Sen. Barack Obama would slam the door shut on additional nuclear power and offshore drilling if elected president because of his conditional support for those options.
 

New oil network may handle 18% imported oil

Pipeline system and ocean platform to be built by 2010 will be one of the largest oil terminals in the world.
 

Oil Falls on Speculation U.S. Consumption Decline Will Spread

Crude oil fell on speculation that fuelconsumption declines in the U.S. will spread to other countries as their economies slow.
 

Georgia Says Russian Missiles Struck BP Pipeline

A BP Plcoperated oil pipeline that passes through Georgia to the Black Sea port of Supsa was struck by Russian missiles yesterday, the Georgian government said.
 

Iran visit to Turkey may prove unproductive

Iran''s President Mahmoud Ahmadinejad is accompanied by his Turkish counterpart Abdullah Gul at the Ciragan Palace in Istanbul, August 14, 2008. Ahmadinejad''s visit to Turkey may not yield the expected oil and gas deals following new demands from the Iranian side, a source from the Turkish prime minister''s office said on Thursday.
 

Ecuador wants to jointly explore, extract gas

Ecuador''s oil and mining minister says the country wants to work with Venezuela and Chile to explore for natural gas in the Gulf of Guayaquil.
 

Brazil''s Petrobras reports 29 percent increase in secondquarter net income

Brazil''s governmentrun oil company Petrobras said Monday the second quarter of 2008 was its most profitable ever, thanks to higher oil prices, increased production and reduced operating costs.
 

Gasoline costs, energy rivet candidates' attention

To understand why Barack Obama and John McCain are emphasizing solutions to the country's energy woes and have scrambled to change their positions, look no further than the voters' distress over $4-a-gallon gasoline and its wide ripple effect.
 

High oil prices spur demand for low energy electronics

These days when customers walk into electronics stores, the first question they ask is how much electricity the fridge, washing machine or laptop computer they are contemplating buying consumes.
 

Army Officers Seize Power in Mauritania

A group of senior military officers in Mauritania arrested the country’s president and prime minister on Wednesday in a bloodless coup against the first freely elected government there in more than 20 years.

Home Energy Prices Are Expected to Soar

In a season of roller-coaster energy costs, the drop in oil and natural gas prices in recent days was greeted as good news. But they remain so high that experts are predicting that heating bills this winter will far exceed those of last year.
 

South Africa Strike Hits Mining and Factories

South Africa's giant mining companies were badly hit by a strike on Wednesday over rising power, food and fuel prices that threatened to bring the continent's biggest economy to a standstill.
 

In Pa., McCain urges Congress to return to work

Speaking in Montgomery County, Republican presidential candidate John McCain yesterday called on Congress to return from its summer recess to deal with the nation's energy crisis.
 

Obama backs some drilling, tapping oil stockpile

Barack Obama put forward a broad energy plan Monday designed to end U.S. reliance on imported oil within 10 years and shore up his standing amid a tightening White House race and high anxiety over gas prices.
 

Mexico energy reform debate

Latest developments as Mexico's ruling conservatives court opposition lawmakers to approve an energy reform to allow more private investment in the state-controlled oil industry in hopes of bolstering falling output.
 

Chavez, Fernandez Cancel Bolivia Trip After Violence

Venezuelan President Hugo Chavez and Argentina's Cristina Fernandez de Kirchner canceled a joint trip to southern Bolivia Tuesday after anti-government protests in different regions of the country led to two deaths.
 

Lula Calls for Closer Ties Between Brazil, Argentina

Brazilian President Luiz Inancio Lula da Silva called for deeper integration with neighboring Argentina, saying stronger ties between the two countries would help boost all South American economies.
 

'WTO Failure Reflects Changing Global Power Relations'

The WTO efforts to strike a new global trade pact ended in failure on Tuesday, after the US resisted what is saw as protectionism from China and India. German papers on Wednesday are gloomy about the impact on the global economy.
 

Israel Concerned over Germany-Iran Deal

Berlin's decision to allow a German firm to export high-tech gas plants to Iran has come in for fierce criticism in Israel. Germany says the plants do not violate UN sanctions but Israel is unhappy.
 

Chevron Announces First Oil Production from Agbami Field

The offshore Nigeria field is expected to reach 250,000 barrels per day production by the end of next year.
 

Big Prices for Oil, Record 2Q Profits at Shell

Royal Dutch Shell Reports Record 2Q Profit of $11.6 Billion on Unprecedented Oil-Price Spike
 

Dana Gas, Crescent Petroleum form JV for Kurdistan Gas City

Gas Cities LLC, a joint venture between Dana Gas PJSC and its partner Crescent Petroleum, announced yesterday that the 461 million square foot site for the Kurdistan Gas City has been officially assigned by the Kurdistan Regional Government (KRG).