Staff Favorites, Peak Oil

In contrast to a widely discussed theory that world oil production will soon reach a peak and go into sharp decline, a new analysis of the subject by Cambridge Energy Research Associates (CERA) finds that the remaining global oil resource base is actually 3.74 trillion barrels -- three times as large as the 1.2 trillion barrels estimated by the theory’s proponents

Democrats, in taking back the House from Republicans, promised to tilt the nation's energy policy away from oil drilling and toward efficiency and cleaner sources of energy. This week their pledge will be put to the test

As the industry extends its reach, the quest is becoming more arduous. The cost of producing new oil and gas is rising fast, and companies are plagued by worsening delays. Drilling rigs are scarce. Engineers, geologists, and petroleum specialists are in critically short supply. And the politics of oil and gas are getting trickier

Due to increasing oil prices, OPEC has increased its oil output quota. However, Iran does not believe that the price increase is due to the quota, but rather to high summer demand, so it has refused to follow suit.

Oil hit a record high of nearly $79 a barrel on Wednesday, after a modest increase in oil supply announced by the Organization of Petroleum Exporting Countries failed to allay concerns about oil stocks for winter.