A legal challenge by environmental and indigenous Alaskan groups may dampen Shell Oil’s chances of drilling for billions of barrels of oil in the U.S. portion of the Arctic’s Chukchi Sea. It’s feared the controversial plan could spell disaster for endangered species as well as increase global warming.
A new assessment by the U.S. Geological Survey says that Venezuela’s oil reserves could be double those of Saudi Arabia, a finding that could significantly alter the world’s geopolitical stage and crude oil market.
Corporate profiteering—not increased crude oil prices, not ethanol switch-overs—is responsible for recent gas price increases in California, according to an independent watchdog group. Sounds like Enron all over again.