Oil Drilling | featured news

The federal agency charged with regulating the oil industry has allowed the industry largely to police itself, records show.

Sarah Palin, who popularized the "drill, baby, drill" slogan, continues to support drilling but targets blame for the massive Gulf of Mexico oil spill at foreign companies.

BP Plc will clean up an oil spill from one of its wells in the Gulf of Mexico and compensate those affected, its chief executive said, accepting that the disaster could hit plans to open new areas off the U.S. coast to drilling.

Twelve people were missing and seven critically injured after an explosion and fire at an oil-drilling rig in the Gulf of Mexico.

In a reversal of a long-standing ban on most offshore drilling, President Obama is allowing oil drilling 50 miles off Virginia's shore.