oil reserves

Is U.S. One Step Closer to Tapping Oil Reserves?

President Obama on Wednesday appeared to raise the possibility that the administration would release oil from the nation's strategic petroleum reserve to provide relieve to Americans grappling with high gas prices.

Brent Crude Oil Nears $110 on Mideast Turmoil

Brent crude traded at $107.68 today as West Texas crude prices moved to $94.24. Oil prices don't immediately transfer to gasoline pump prices, but they surely have an impact as crude moves through refineries into finished products. AAA data showed gas prices hit an average of $3.171 last week across the U.S.

Leaping Oil Prices May Call for Emergency Measures

Worried about the sharp shock political unrest is giving to crude oil prices, international officials said oil-consuming nations have emergency reserves they can use to stabilize markets in case the violence in Libya and the wider Middle East escalates and crimps production.

Is Oil Output Peaking or Not? Either Way, Cheap Oil Is Gone

Proponents of the peak-oil theory can muster studies and statistics backing their claim that declining global oil output is nigh. Critics point to new technologies and unconventional oil fields as saviors. Either way, a return to the days of $1.50-a-gallon gasoline isn't going to happen.

Iraq Raises Proven Oil Reserves 24%

Iraq raised its level of proven oil reserves by 24% in the first revision since Saddam Hussein was toppled from power. The country has 143.1 billion barrels of known and extractible oil, compared with 115 billion barrels at the end of Saddam Hussein%u2019s reign, BBC News reported