A series of recent Arctic drilling setbacks have reignited a debate over drilling for Alaskan oil. Shell says Arctic drilling would be an energy boon, but opponents doubt the feasibility of operating in such harsh conditions.
Transocean, Ltd., agreed Thursday to a $1.4 billion settlement with the US Department of Justice for its role in the 2010 Deepwater Horizon disaster. Compared to BP's $4.5 billion fine, Transocean may have avoided the brunt of the blame.
From the fracking revolution to the CAFE standards to India's record blackout, 2012 had plenty of energy stories. Vote for your pick of top energy story for the year.
BP reached a settlement with the US government Thursday to pay $4.5 billion in criminal fines and penalties for the 2010 oil spill in the Gulf of Mexico. Critics calls the BP settlement a slap on the wrist.
One hard truth: The era of cheap oil is over. Even the recent glut of US oil and gas was driven by high prices, which gave industry the incentive to use expensive, risky drilling technology.