Oil, Energy | featured news

Chevron Corp, the second-largest U.S. oil company, reported a slightly higher-than-expected quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.

Exxon Mobil Corp. earned less money in the first quarter as costs rose and the Irving oil giant produced less oil and natural gas. Net income dropped to $9.45 billion, or $2 a share, from $10.65 billion, or $2.14 a share, a year ago. Still, revenue rose to $124.05 billion from $114 billion last year.

Global food prices are rising again, pushed higher by costlier oil, strong demand from Asia and bad weather in parts of Europe, South America and the United States, the World Bank said on Wednesday.

South Sudan to pull out of border oil town, president says, easing military crisis with Sudan.

President Obama on Tuesday urged Congress to help strengthen federal supervision of international oil markets, amid pressure from U.S. voters to take action on rising gasoline prices. The president wants Congress to increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

WASHINGTON (Reuters) - Consumer prices rose modestly in March amid signs a spike in gasoline costs was ebbing, but inflation still outpaced workers' earnings and threatened to undermine consumer spending.

Several factors are behind the relative complacency now compared with the price surge of 2008, analysts say. Gas prices have soared about 15% in the last six months, hitting $3.94 a gallon on average nationwide, and $4.29 in California.

For the majority of the country, $4 gas isn’t going to doom us or our economy. Here’s why.

President Obama's re-election team is already waging a campaign against Mitt Romney, including an ad linking him to big oil companies.

"... over two decades, more than 45 people have died, BP has faced three criminal convictions ..."