Pickens Drills Into McCain Campaign

North American drilling, high oil prices help

(NEWSER) - Despite challenges arising from political unrest in the Arab world, Halliburton's net income has more than doubled during the first quarter of 2011. The oil-field services company credits the soaring earnings to an increase in unconventional North American oil and natural-gas drilling; the AP reports that North American revenue jumped 75%, while revenue from international operations was up 11%. The Wall Street Journal notes that high oil prices also helped. Halliburton's first-quarter profit was $511 million, up from $206 million a year prior. More»

Cable argues that kingdom can't pump enough crude to control prices

(NEWSER) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country couldn’t reach the 12.5 million barrel-per-day production capacity needed to keep global oil prices in check. He predicted that the world would hit “peak oil” as early as 2012. More»

Former VP's alliance issues statement critical of plan

(NEWSER) - President Obama's decision to allow offshore drilling in the Atlantic has resulted in his first public disagreement with Al Gore. The former vice president's environmental group issued a statement critical of the policy, asserting that we "cannot simply drill our way to energy security." In the past, Gore and his group have either been enthusiastic boosters of Obama policies or have remained silent , notes the Hill . More»

(NEWSER) - Once considered a win-win for the environment and energy independence, America’s biofuel industry is sputtering to a halt, the Wall Street Journal reports. Thanks to the recession, lower oil prices, and government delays, two-thirds of American biodiesel refineries—dozens of plants—are idle, and companies across the country are shutting down. The crisis could scare investors away from newer technologies more promising than much-maligned corn-based ethanol. More»

Firms are delaying projects; millions of barrels a day face 'risk'

(NEWSER) - A tough economy and falling prices have hit oil firms hard, forcing them to cut back capital spending and delay projects. So when demand again increases, supply could be short, the Wall Street Journal reports, driving prices back up. Slowing investment could hamper future supply growth by some 8 million barrels a day in the next few years, a new study says. More»