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"A massive fire erupted on an oil rig that has been leaking into the Timor Sea and Australia's government on Monday promised an investigation, the latest drama in a 10-week saga to plug the hole.

Rig operator PTTEP Australasia said no one was injured and nonessential workers were evacuated after the fire broke out on the West Atlas rig and Montara wellhead platform on Sunday.

The blaze started when workers began pumping heavy mud into a leaking well casing. An estimated 400 barrels of oil a day have escaped from the hole since Aug. 21."

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"A massive oil and gas leak off Australia's northwest coast was killing seabirds and threatening thousands of marine animals, conservationists warned Friday.

Oil company PTTEP Australasia is preparing to make a fourth attempt at plugging the leaking Montara wellhead, which has been spewing oil, gas and condensate into the Timor Sea since August 21.

The spill is reportedly Australia's worst since offshore drilling began more than 40 years ago."

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oil oil spill australia pttep australasia seabirds marine animals montara wellhead pollution greenmonktv

"The British oil trader Trafigura has offered to pay out in a historic damages claim from 31,000 Africans injured by the dumping of toxic waste in one of the worst pollution disasters in recent history, the Guardian can reveal.

The compensation deal for the victims of toxic oil waste dumping in west Africa – likely to be confirmed imminently – means the full extent of attempts to cover up what really happened can be spelled out for the first time."

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The head of oil giant Total has told the BBC the world could face a shortage of oil because of underinvestment.

Chief executive Christophe de Margerie warned that too little has been spent trying to tap into new oil reserves because of the economic crisis.

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Oil production figures underpinning Sudan’s peace agreement don’t add up, warns Global Witness

The 2005 peace agreement, which brought to an end to the conflict between north and south Sudan, one of Africa’s longest-running and most bloody wars, was based on an agreement to share oil revenues. However, new evidence uncovered by Global Witness raises serious questions about whether the revenues are being shared fairly. ”If the oil figures published by the Khartoum government aren’t right, the division of the money from that oil between north and south Sudan won’t be right,” said Global Witness [1] campaigner Rosie Sharpe.

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World oil demand is set to grow next year for the first time since 2007 and is expected to reach pre-recession levels by 2012, IHS Cambridge Energy Research Associates said in its quarterly World Oil Watch report.

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What’s really interesting about BP’s “giant” Tiber discovery in the Gulf of Mexico is how it provides ammunition for both people optimistic about the future of the oil business and those that are a lot gloomier.

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BP PLC said Wednesday that it had made a "giant" oil discovery in the Gulf of Mexico but had not yet determined the size and commercial potential of the find.

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bp oil giant giant oil discovery gulf of mexico

Oil companies, electric utilities and the coal industry have poured more than $250,000 this year into the coffers of the National Republican Congressional Committee, the party’s House fundraising arm that has played a lead role in attacking Democrats who supported climate legislation.

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Peru's government has given the green light to an Anglo-French company to drill for oil in the Amazon, just thirteen days after more than 30 people died in protests against the exploitation of the rainforest.

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China, the world’s third-biggest economy, processed a record volume of crude oil in May as increased factory output, agriculture and a jump in car sales boosted demand for fuel.

Refineries turned 31.2 million metric tons, or about 7.4 million barrels a day, of crude oil into fuels including gasoline and diesel, China Mainland Marketing Research Co., which compiles data for the government, said in a statement today. The increase in fuel consumption lifted net crude imports to a 14-month high in May, customs data yesterday showed.

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In its first action to overturn Bush administration policies on energy, the Obama administration on Wednesday said it will cancel oil drilling leases on more than 130,000 acres near two national parks and other protected areas in Utah.

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February crude oil futures sunk below $33 Tuesday ahead of the contract’s expiration, and thanks to a strengthening dollar, Bloomberg reports. Economist-turned-prophet Nouriel Roubini calls oil between $30 and $40 for the rest of the year, also in Bloomberg.

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New climate change scenarios quantify the idea that oil is only a small component of the total global warming problem — the real problem is coal.

If the world replaced all of its oil usage with carbon-neutral energy sources, ecologist Kenneth Caldeira of Stanford University calculated that it would only buy us about 10 years before coal emissions warmed the planet to what many scientists consider dangerous levels.

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Looks like oil isn't going to go away any time soon without a fight!

The huge run-up in oil prices over the last several years, reaching a peak of close to US $150 per barrel this past summer, has given energy companies a big incentive to find new ways of harvesting unconventional oil, especially in North America.

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According to recent statistics, U.S. motorists have responded to record-high prices at the pump by driving less. Any hope that this cutback will significantly restrain global oil prices is misplaced, however: fundamental factors of supply and demand in the world economy will keep oil costly for years to come.

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Oil tycoon T. Boone Pickens spoke at the National Press Club in Washington Monday and called on both presidential candidates to come up with a plan to reduce U.S. dependence on foreign oil.

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Google has outlined a comprehensive plan to accomplish what the U.S. government and private business has thus far been unable to do -- eliminate U.S. dependence on foreign oil and non-renewable energy sources.

Google CEO Eric Schmidt outlined the new plan at the Corporate EcoForum which featured executives from Coca-Cola, Motorola, Clorox, Microsoft, and other top industry players.

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google foreign oil oil energy independence

Oil giant Shell is accused of influencing–editing–an environmental report on the impact of the Sakhalin II oil project, which threatens the habitat of the western grey whale.

The Sakhalin project will “also release 1.6m tonnes of carbon dioxide, three times the UK’s annual carbon footprint.

Identifying the wider impacts of Shell’s activities in this way is an important contribution to revealing the externalised/hidden costs (generally environmental ones) in the production of consumable resources.

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shell oil carbon footprint sakhalin gazprom

The truth is, oil, not presidents, control America's foreign policy. That has been the case for a very long time. For all the good it has done, oil has perverted US' relationship with other nations, tempted US into behaviors not worthy of their ideals, and cost US enormous loss of life and treasure.

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