Maybe those people who gave the green light to invade Iraq really did have a crystal ball. Maybe five years ago they could have foreseen record energy prices and a frenzy about oil supply and demand.
Because amidst all the panic about dwindling supply, one country has actually increased production. Iraq has raised oil exports to [...]

President Susilo Bambang Yudhoyono of Indonesia has said that his country was considering quitting OPEC because it was no longer a net oil exporter.
“Our wells are drying,” he said in a nationally televised speech, adding that the country needed to concentrate on increasing domestic production, which has dropped to less than a million barrels a day [...]

ExxonMobil may have record a whopping $11 billion profit yesterday, but its share still fell nearly 4 per cent as analysts warned that the company might fail to grow at all in the next five years.
The bottom line is the world’s biggest energy group’s oil production fell almost 10 per cent in the first three [...]

A group of US senators is pressing President Bush to halt billions of dollars in sophisticated arms sales to Saudi Arabia and several other Gulf oil producers unless they agree to pump more oil.
The senators said if Saudi Arabia does not increase production, they would seek a resolution that would block the arms deals. But [...]

Oil prices are going up, food prices too. And so are the number of oil wells being drilled in the US. According to the American Petroleum Institute, more than 17,000 new oil wells were tapped in 2007, the most active pace since 1990.
Reuters has reported one such case that signifies changing times.  What is of [...]