Oil | featured news

Exxon Mobil and Royal Dutch Shell Plc reported big jumps in first quarter earnings and beat forecasts, thanks to high oil prices and healthy refining margins.

In the year since the Gulf oil spill, officials along the coast have gone on a spending spree with BP money, dropping tens of millions of dollars on gadgets, vehicles and gear - much of which had little to do with the cleanup, an Associated Press investigation shows....

Brent crude rose towards $120 a barrel and U.S. crude hit a 2-1/2-year high above $108 on Monday as unrest in the Middle East and North Africa kept the focus on oil supplies as economic growth bolstered demand for fuel.

Linking economic growth and energy independence, President Barack Obama says shifting the country away from imported oil and toward cleaner forms of energy will help continue a trend that has led to 1.8 million new jobs in the past 13 months.

After seeing oil prices skyrocket from days of turmoil in Libya, investors now must grapple with political protests in the world's top oil exporter, Saudi Arabia, and the impact of Japan's biggest earthquake on record.

Oil prices tumbled 3 percent Thursday, as economists warned that the recent surge in fuel prices will eventually hurt the fragile economic recovery....

Rising fuel prices have forced Southwest Airlines to raise ticket prices, but the Dallas-based carrier is also focusing on efficiency measures to lower its fuel consumption, president and CEO Gary Kelly said Monday.

Thursday rally a distant memory as crude surges over $104 and Dow hits session lows.

The price of gas is going up so fast that even government reports can't keep up with it. A few days after the federal Energy Information Administration said in its weekly report that the average price of regular gas in the U.S. is $3.19 per gallon -- marking the highest average February price since the government started keeping track in 1990 -- the AAA fuel gauge report on Thursday put the national average at $3.22. The price rose three cents per gallon in a day.

Oil prices turned lower on Monday as reassurances from Saudi Arabia that extra supply needs had been met soothed market fears over the spread of protests to oil-producer Oman.