The hydraulic fracturing and horizontal drilling used to extract oil from shale deposits is supposed to glut the world with oil and drive down the price. The record so far is not compelling, Cobb writes, and talk of an American energy renaissance is essentially baseless.
Stronger natural gas prices are good news for some and bad news for others, Rapier writes. Given their heavy investments in natural gas, ExxonMobil and ConocoPhillips, along with Chesapeake, stand to benefit from the recovery in natural gas prices.
The oil industry is under fire from congressional Democrats for reaping big tax breaks even while amassing huge profits. Executives from major oil companies testified Thursday on Capitol Hill.
Five oil CEOs testified Thursday that a Senate bill to shrink their companies' tax breaks would mean less domestic oil production and higher gasoline prices. Democrats cite firms' big profits.
Oil surges to its highest level since September 2008. Natural gas prices rise, too.
At Tuesday's congressional hearing, legislators criticized four Big Oil companies for being no more prepared for a large spill than BP.
Global health leaders are urging the Obama administration to make up a deepening shortfall.