"Peak Oil," which is when the supply and production of oil peaks and then drops off slowly, has already been reached, according to two International Energy Agency (IEA) whistleblowers. These two spoke to the Guardian on condition of anonymity, with some alarming information.

BP announced a massive oil discovery on Wednesday, in deepwater Gulf of Mexico. The company said it drilled to a total depth of approximately 35,055 feet and found oil.

A leaked memo obtained by Greenpeace reveals the American Petroleum Institute (API) is asking oil companies to recruit employees, retirees and contractors to take part in rallies against climate change legislation.

The cost for crude oil rose above $71 a barrel today for the first time in a month as increasing industrial activity bolstered consumer and business optimism that fuel demand will rebound. As a result, expect to shortly be paying more at the gas pump.

Chevron Corp., the nation's second-largest oil company after Exxon-Mobil, saw its biggest decline in profit since 2002 in its latest financial results. The culprit is the recession, which has spurred a record drop in crude prices.

Gasoline prices continued to rise on Wednesday, as many analysts expressed concerns that a continued rise could derail a recovery from the recession. This is the longest continued upsurge in records dating to 1996, although benchmark crude fell for the fourth straight day.

OPEC decided to hold output unchanged at its meeting in Vienna amid signs that the global economy is near a bottom and demand may stabilize. The decision comes as no surprise to analysts since crude prices have rebounded to $65 per barrel, and the dark clouds that had been hanging over oil-producing nations have lifted.

Despite a huge drop in oil prices because of the global recession, Exxon Mobile is now tops on the Fortune 500, toppling Wal-Mart in the 2009 Fortune 500 list. Wal-Mart had held the top spot for 7 straight years.

On Tuesday, the Interior Department set aside a Bush-era draft plan would have allowed drilling off the Atlantic and Pacific coasts.

One look at current economic data would send most people into fits. But there's one piece of information that is actually good news: oil and gas prices continue to plummet, with gas now well into the sub-$2 range.

Rather than continue to fight to get some sort of different offshore drilling bill through both the House and Senate, and past a promised Presidential veto, the House has decided to let a more-than-25-year-old ban on offshore drilling expire next week. The measure had required renewal, and this will effectively end the ban on Oct. 1st.

Titanium, a protean element with applications from pigments to aerospace alloys, could get a new role as an environmentally friendly additive for automotive oil, thanks to work by materials scientists from Afton Chemical Corporation (Richmond, Va.) and the National Institute of Standards and Technology (NIST).