Oil, Energy | featured news

The global economy has stepped back from the brink of danger and signs of stabilization are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said on Sunday.

The United States is pressing Saudi Arabia to boost oil output to fill a likely supply gap arising from sanctions on Iran, Gulf oil officials said, adding that an increase in production is unlikely to be needed before July.

Against the backdrop of gasoline prices rising at the pump in an election year, a new Obama administration report cites “significant progress” in reducing foreign oil imports and increasing domestic oil and gas production.

Following GOP strategy, Fox News is again blaming the Obama Administration for rising gas prices -- a claim that has been repeatedly debunked by energy analysts. But back in the summer of 2008 when the average U.S. gasoline price hit a record high of $4.11, Fox said that "no President has the power to increase or to lower gas prices" and the only way to reduce our vulnerability to gas price spikes is to use less oil.

WASHINGTON (Reuters) - The Obama administration is weighing the circumstances that could warrant tapping the nation's strategic oil reserve, aware that supply disruptions from Iran could harm the global economy, Treasury Secretary Timothy Geithner said on Friday.

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday.

European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said on Wednesday, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.

Hackers are bombarding the world's computer controlled energy sector, conducting industrial espionage and threatening potential global havoc through oil supply disruption.

Republican presidential candidate Jon Huntsman says federal officials must investigate what he calls a monopoly in the oil industry....