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Investors with an appetite for wildcat oil exploration plays can now thank - of all people - former Iraqi dictator Saddam Hussein. Because of his decades-long suppression of Kurds in northern Iraq, the region’s extensive petroleum reserves have gone untapped.
Prices are not driven by speculation and the short-term target is still $150 a barrel, Boone Pickens told CNBC. But they could dip to $100 over 2 years.
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The state of Florida has reluctantly agreed to pay Warren Buffett's Berkshire Hathaway $224 million now, in exchange for a promise it will be able to borrow $4 billion from Berkshire later, if the state gets severely slammed by hurricanes this year.
There is "no shortage" in the oil market and OPEC member countries and would prefer a lower price than the current highs, OPEC Secretary General Abdalla El-Badri told CNBC on Tuesday.
Energy prices have doubled over the past year, and to better understand why, CNBC asked prominent executives, politicians and analysts for their insight.
The flooding in Iowa has spread its economic stress to more than just rising corn prices. Many Iowa-based companies are also feeling the strain, causing production to stop and stocks to move.
Record floods have devastated Iowa farmers, The New York Times reports.
Saudi Arabia's pledge to boost oil production by 500,000 barrels per day may not be achievable, a source close to the Saudi oil industry told CNBC.com.
The start of hurricane and driving season in the U.S., coupled with instability in Nigeria and fuel stockpiling for winter will likely keep the crude price from falling, analysts told CNBC on Wednesday.
Saudi Arabia's oil output increase by almost 500,000 barrels a day this quarter, to 9.54 million barrels, CNBC has learned from sources in the Saudi Oil Ministry.
With the country in the grips of near-hysteria over soaring gasoline prices, Congress begins debate Monday on landmark climate legislation that critics say will substantially increase energy costs – and not produce any of the intended environmental benefits.
The 2008 hurricane season officially begins on Sunday, and active season could have serious implications for energy prices.
The unprecedented run-up in oil prices may finally have reached a peak as the dollar stabilizes, Saudi Arabia boosts production slightly and demand slows, analysts say.
Slightly less than 40 percent of shareholders voted at the oil company's annual meeting Wednesday to create an independent chairman.
The roads of the ravaged Irrawaddy Delta are lined these days with people hoping to be fed. After lifetimes living off the land, poor farmers have abandoned their ruined rice paddies, setting up makeshift bamboo shelters, waiting for carloads of Burmese civilians who have taken it on themselves to feed those who lost everything to Cyclone Nargis.
The 68 blue tents are lined up in a row, with a brand-new water purifier and boxes of relief supplies, stacked neatly but as yet undelivered and not even opened. But for the majority of Cyclone Nargis survivors, aid is something they've had no access to.
Its price has become one of the most widely discussed, debated and feared topics on Wall Street and on Main Street. But what's next? Will it continue to climb toward a "super spike" or have we seen the top for oil prices?
Tell Us: Who's to Blame for America's Oil Crisis?
Friday may be national Bike-to-Work Day, but more and more commuters are doing it on a daily basis, driven by ever-higher gasoline prices.