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No suitable approach exists for managing risks and dangers associated with deepwater drilling, the National Academy of Engineering and National Research Council joint committee has concluded. The committee based its conclusion on its investigation of BP PLC's runaway oil well Macondo in the Gulf of Mexico. It also said the company lacks checks and balances for critical decisions.

Former United States Department of the Interior secretary J. Robinson West said the government's offshore oil and gas safety programs must be continuous. He also said a static regulatory system cannot keep up with a dynamic environment. West has also recommended active collaboration among operators, contractors, employees and regulators.

Experts have told the United States government's commission on the Gulf of Mexico oil spill and offshore drilling that more science is required in offshore oil and gas planning. Some witnesses have claimed that the former US Minerals Management Service lacked scientific guidance. The use of experts from US agencies has been recommended.

The United States House of Representatives has passed legislation in response to the oils spill in the Gulf of Mexico. The bill would extend whistleblower protection to workers at offshore oil and gas rigs. Comments from officials are also presented.

The United States Department of the Interior has implemented new safety rules for offshore oil and gas activities upon US president Barack Obama's orders. The rules include a six-month deep drilling moratorium in the Gulf of Mexico. The agency is planning to form working groups to develop more recommendations.

The US Senate remained divided over the proposed increase of the oil spill liability limit under the 1990 Oil Pollution Act from $75 million to $10 billion. The Department of the Interior and the Department of Homeland Security asked BP PLC over its plans to use money from the oil spill liability fund.

United States senators have grilled BP America Inc., Trancocean Ltd. and Halliburton Co. executives over the oil spill off Louisiana. BP president LaMar McKay said the company is investigating why the oil well's blowout preventer did not work. The senators have demanded that BP pay all clean-up costs.

The increase in North American shale gas production is seen to impact world supply. The technology behind shale gas production could change gas supply patterns overseas. United States shale gas development is also forecasted to respond to market demand.

Independent oil producers have joined forces to protest tax reform proposals removing so-called tax loopholes. They contend that such proposals will harm their ability to stay in business.

United States oil and gas executives' views on regulations imposed by the US president Barack Obama are presented. American Petroleum Institute president Jack N. Gerard said the oil sector will focus on the industry as a job creator. National Gas Association of America president Donald F. Santa said climate change legislation could impact gas pipelines transport.

Independent oil and gas companies are wary over the United States government's proposed tax increases. The industry is already feeling the pressure from lower commodity prices. States' revenues from oil and gas taxes have dropped owing to reduced drilling activities.

The United States House Natural Gas Resources Committee is studying a proposal to change federal oil and gas leasing. The proposal would consolidate the US Bureau of Land Management and US Minerals Management Service. It will also shorten lease periods from 10 years to five years.

A proposed cap-and-trade legislation will adversely affect oil refiners in the United States, ConocoPhillips executive Red Cavaney said. The sector will pay $68 billion annually in carbon tax. Comments from lawmakers are also presented.

The United States Bureau of Land Management and Minerals Management Service should clarify oil and gas lease policies, US Department of Interior inspector general Mary L. Kendall said. Producers who hold federal leases have little obligation to actually produce oil and gas. The agencies also do not inquire about oil companies' production strategies.

U.S. governors brought a wide range of energy ideas to the 2009 winter meeting of the National Governors Association in Washington. Some governors continued to support the development of alternative and renewable resources, while others mentioned falling revenues in the oil industry. Information about unconventional gas production is also provided.

US President Barack Obama mentioned energy as a key area to the nation's economic future during the State of the Union Address on 24 February 2009. He called for the implementation of a market-based cap on carbon emissions and increased renewable energy research.

US Secretary of the Interior Ken Salazar implemented an ethics reform program to examine the conduct of employees in the US Minerals Management Service. The program will also consider restructuring of the oil and gas royalty program of the agency, as well as the ethics regulations and policies of the Department of the Interior.

The oil and gas industries are seen to undergo many changes with United States president-elect Barack Obama's assumption of office. Obama's campaign platform has focused on the promotion of alternative and renewable sources of energy. Comments from industry executives are also presented.

Natural gas producers and state regulators in Pennsylvania, New York, and West Virginia are working together to address problems in natural gas extraction from the Marcellus shale. Challenges include different regulatory environments, climate, water availability and use, and hydrological fracturing.

United States lawmakers said stronger oil market regulations are needed following the discovery of the role of speculative investments' in the oil price increases. Institutional investors' investment of $60 billion in major commodity indexes has also affected oil prices. Supply and demand are also seen as a factor in the rise in oil prices.

The United States petroleum and gas industries are recovering from the damage caused by Hurricane Ike. Twenty-eight offshore oil and gas production platform have been reported destroyed by the hurricane. Comments from industry analysts are also presented.

Bipartisan groups in the United States Senate and House of Representatives have unveiled a new oil proposal to break the deadlock in Congress over the issue. The proposal combines responsible, targeted increases in domestic oil and gas production. Funding of the conversion of vehicles to nonpetroleum sources is provided for in the bill.

US President George W. Bush lifted a presidential ban on oil and gas leasing on the Outer Continental Shelf (OCS) on 14 July 2008 and called on the US Congress to lift moratoriums on oil and gas leasing on the OCS. Republican members of the US Congress approved of the action while Democrats condemned it.

The United States Commodity Futures Trading Commission is set to hold an inquiry on the local crude oil market and derivatives. The probe also involves international surveillance of crude oil trading. The move is aimed at ensuring that the energy futures markets operate free from manipulation and abuse.

Members of the US Senate Energy and Natural Resources Committee voiced concerns about the impact of speculation on oil prices. The plan of Representative John B. Larson to introduce a bill requiring investors to take deliveries of petroleum and petroleum products is opposed by oil companies.

High gasoline prices are being caused by crude oil prices and not refinery turnarounds, according to officials from the American Petroleum Institute. Maintenance of oil refineries is proceeding according to seasonal patterns, according to these officials.

Representative Edward J. Markey urged major oil companies to divert about 10% of their profits to research on alternative energy. He also called on them to support HR 5351, which would allocate $18 billion to renewable energy research.

Oil and gas industry associations expect bigger legislative struggles in the Democrat-controlled US Congress. Global climate change is expected to remain on top of the agenda, while industry association executives expressed willingness to negotiate with legislators and government officials.

The US Senate voted 86-8 in favor of a bill mandating an increase in motor vehicle efficiency to 35 miles per gallon by 2020. Provisions taxing oil and gas producers to invest in renewable energy and setting a renewable portfolio standard for electric utilities were removed.

Oil and Gas activity in the Rocky Mountains is threatening public and the environment especially hydraulic fracturing fluids according to several witnesses who addressed the House Ov ersight and Government Affairs Committee. State and federal regulators argue that available evidence show no evidence of conclusive health or environmental effects from these activities.

The strategies adopted by American petroleum and gas industries for avoiding any kind violation to United States Corrupt Practices Act during foreign deals are discussed.

Increasing political activity in the United States and its effects on the country's petroleum industry in 2007 is discussed.

The issues regarding the energy supply are expected to play major role in United States elections. The growth of liquefied natural gas market has made big difference in reducing gas supply problem.

The latest reports released by United States Federal Trade Commission revealed no instances of illegal manipulations to increase gasoline prices following Hurricane Katrina.

Senators belonging to the state of New Jersey have asked George Bush to complain against the Organization of Petroleum Exporting Countries (OPEC) through the World Trade Organization (WTO) in response to the rising gasoline prices. The senators are of the opinion that OPEC has prohibited WTO's export quotas rules.

United States oil industry is expecting that political turbulence will continue to affect the industry in 2006, views expressed by several trade association presidents in this context are presented.

United States Congress has warned the current global petroleum markets, of limits to gasoline prices relief. The impact of Hurricane Katrina on the oil and gas production in the Gulf of Mexico and some Gulf Coast refineries is discussed.

A few natural gas producers and utility executives still may admit--very privately--that they didn't see a need for more liquefied natural gas (LNG) coming to the U.S. Sempra Energy LNG [...]

Significantly higher natural gas prices have made alternatives such as gasification attractive again. The technology is even more appealing when refiners recognize that it can generate more value from asphalt, [...]

The volumetric production payment (VPP) option of financing acquisitions is still an appealing choice for producers who want to raise money and investors seeking good, reliable returns. It's also clear [...]

A decade can make a big difference. In 2003, the climate generally has been cold for just about any initial public offering of common stock. Ten years ago, it was [...]

Investors are increasingly critical of excessive salaries, bonuses, stock options, and other incentives given to top managers. It was found that most of the more than 90 publicly traded U.S. energy companies surveyed follow predictable executive compensation patterns in 2002.

Signs of an impending increase in demand for oilfield services--from the drilling of wells to supplying specialized services and equipment to stimulate and maintain production--have been in place for several [...]

When Tulsa oilman Randy Foutch sold Lariat Petroleum to Newfield Exploration Co. in early 2001, he decided almost immediately that he didn't want to continue working for a larger company. [...]

2001 was a good year for U.S. independent producers. Despite a fairly steady drop in oil and, especially, North American natural gas prices through the final months, many exploration and [...]

In the oil and gas world immediately before September 11, domestic issues had pushed international interests into the background. Producers' previously robust cash flows turned anemic as North American natural [...]

Independent oil producers can face significant challenges when working with a private capital source. Most independents cannot consider public debt and equity offerings at present, but there are opportunities for arranging deals with private capital sources.

Investment in the oil business by Boston area financial companies is discussed.

Public equity and debt financing for the oil exploration and production industry is slowly being opened up but firms that add attractive assets and improve their financial position have the advantage. In addition to improving profitability, proactive oil firms have significantly lowered their debt-to-cap ratio. Thus, firms that have successfully managed their debts and improved their overall profitability are not only prime candidates for financing, but will also have higher stock prices because of added value to their properties.

Exxon Corp again registered the highest full-year profits of any firm on the Fortune 500 magazine with $8.46 bil of earnings in 1997. Exxon posted the fourth highest market value at over $158.78 bil and ranked 30th in total assets at almost $96.1 bil. Nonetheless, General Motors Corp and Ford Motor Co posted higher 1997 revenues than Exxon. Meanwhile, diversified energy suppliers moved up higher on the Fortune 500.