A huge oil spill of the the U.S. Gulf of Mexico is costing BP almost 8 billion. March 3, 2012- A $7.8 billion deal was reached by BP to settle claims by thousands of fishermen and other people affected by the April 2010 oil spill in the Gulf of Mexico. A trial is set to start that outcome is not affected by this settlement. Experts believe the trial will produce billions of dollars worth of fines from the government of the U.S. and states and cities along the Gulf coast that were impacted by the... 

Gas prices continue to surge in the U.S. January 21, 2012- A recent survey shows that the average price of a gallon of gasoline increased nearly 3.5 cents to $3.39 in the United States. The increase covers the period between January 6 and January 20 and is based on the prices of over 2,500 filling stations throughout the country. The current average price is 28 cents above the price from a year ago at this same time. Survey officials have said gasoline retailers have increased the prices as they... 

Exxon has won a lawsuit against the Venezuelan government. January 2, 2012- Exxon Mobil was awarded $900 million by an international arbitration board. The panel ruled that Venezuela has to pay the oil conglomerate. Exxon Mobil has been in a long battle with the Venezuelan government over the nationalization of its assets by the Venezuelan government. Not including the Middle East, the Orinoco Belt where the oil reserves are located, is one of the worlds most coveted. When Hugo Chavez, President... 

OPEC is desperately trying to maintain a steady flow of oil. December 14, 2011- OPEC ministers were close to making a decision to maintain oil production at the steady rate it currently is producing. They were also trying to mend the vast differences between Iran and Saudi Arabia that led to the previous meetings collapsing last June. De facto leader of OPEC and Saudi oil minister Ali Naimi said before Wednesday’s meeting that, “There will be an agreement made.” OPEC has been outputting over...