Oil prices are surging today on Wall Street. After trading within the narrow range of $65 to $75 per barrel for the last ten weeks, oil prices are on the move. Currently oil is trading above $77 per barrel, up almost $2 on the day, and at its high level for the year.

The largest U.S subsidies to fossil fuels are attributed to tax breaks that aid foreign oil production, according to research to be released on Friday by the Environmental Law Institute (ELI) in partnership with the Woodrow Wilson International Center for Scholars. The study, which reviewed fossil fuel and energy subsidies for Fiscal Years 2002-2008, reveals that the lion's share of energy subsidies supported energy sources that emit high levels of greenhouse gases.

The 152nd OPEC Meeting convened in Vienna, Austria, on 15th March 2009, under the Chairmanship of its President, HE Eng. José Maria Botelho de Vasconcelos, Minister of Petroleum of Angola. OPEC meeting refrained from cutting the oil output. OPEC will meet again on May 28 of 2009 to discuss the oil prices and the output.

China’s escalating energy consumption places increasing stress on the world’s energy prices, leading to mounting global pressures to seek potential energy supplies through technology and exploration.

Oil prices are now more than 60 percent off their record highs in July. Although the oil price still remains above $50 a barrel, in Asia, consumers and governments are benefitting from the decline. VOA's Kate Pound Dawson in Bangkok takes a look at what cheaper oil means for the region.

International oil prices sank on Thursday as investors worried that a looming global recession will lower demand for crude oil.

It appears our turbulent economic situation has just spilled over into the oil market. The dollar, obviously driven down by our current economic mess, is losing value fast. So people are trading their dollars in for oil and gold. As a result, crude closed around $120 a barrel today.

Oil prices dropped more than U.S. Dollar in Asian trade on Tuesday after the collapse of US investment bank Lehman Brothers accentuated fears for global economic health.

In a great twist of irony, Hurricane Gustav did more for lowering the nation's gas bills than any of our congressmen could muster. Forget about "evil speculators."

Oil prices held around USD 120 a barrel in Asian trade on Friday on jitters sparked by the disruption of a pipeline carrying crude from Central Asia to the West, dealers said.

Exxon Mobil doesn't say its earnings are the biggest every, but says rather in a more modest way. It's the calculators and the analysts are the once who said that Exxon made the biggest quarterly profit ever made by any U.S. company. I thought it was earlier said that the Oil companies do not benefit and don't like the rising oil prices...

Economists have ignored in the name of free trade the unfortunate consequences of the trade deficits which are rapidly converting us into a second-rate power and turning our enemies and potential enemies into industrial powers. Imports of oil are responsible for nearly half of the trade deficit so far this year.