Oil prices fell to the $122 level, after the Energy Department said fuel inventories rose more than expected, indicating slowing demand.
Light, sweet crude for July delivery fell $2.01 to settle at $122.30 barrel on the New York Mercantile Exchange. Earlier it dropped as low as $121.84. It was oil’s lowest settlement since May 6. July [...]

Crude-oil inventories dropped last week for the third straight period, down by 4.8 million barrels to 306.8 million barrels — 11.8 percent below year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected a gain of 2.7 million barrels, according to a survey by Platts, the energy research arm of McGraw-Hill [...]

Oil prices fell sharply, even though the Energy Department reported unexpected declines in crude oil supplies last week. A stronger dollar and concerns about gas demand also weighed on prices.
Light, sweet crude for July delivery fell $4.41 to settle at $126.62 a barrel on the New York Mercantile Exchange, its lowest settlement in two weeks [...]

Crude-oil inventories fell unexpectedly last week for the second straight period. But government data suggests it is probably not because demand has risen, and that helped push crude prices down.
For the week ended May 23, crude-oil inventories shrank by 8.8 million barrels, down 2.7 percent from the previous week, to 311.6 million barrels, the Energy [...]

Opening the Arctic National Wildlife Refuge in Alaska to oil and gas production would increase U.S. crude oil production by an additional 780,000 barrels per day by 2027, according to a government study.
The report, prepared by the Energy Department’s Energy Information Administration for Sen. Ted Stevens, R-Alaska, says petroleum from the area would cut U.S. [...]

The Energy Department’s Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states rose by 85 billion cubic feet to more than 1.61 trillion cubic feet for the week ending May 16.
The inventory level was slightly below the five-year average of nearly 1.62 trillion [...]

Runaway oil prices blew past $130 a barrel for the first time Wednesday and kept going, while gasoline prices persisted in their own relentless climb, rising above $3.80 a gallon.
Wednesday’s rally was fed in part by a report from the Energy Department’s Energy Information Administration, which said crude inventories fell last week, when analysts expected [...]

Crude-oil inventories fell unexpectedly last week after four straight weeks of gains.
For the week ended May 16, crude-oil inventories dropped by 5.4 million barrels to 320.4 million barrels, which is 6.5 percent below year-ago levels, the Energy Department’s Energy Information Administration (EIA) said in its weekly report.
Analysts expected a gain of 900,000 barrels, according to [...]

The Energy Department’s Energy Information Administration says carbon dioxide emissions in the U.S. increased last year, compared with emission levels in 2006.
EIA says 5.98 million tons of carbon dioxide went into the air in 2007, a 1.6 percent increase from the year before. EIA blames greater demand for heating and cooling, as well as “higher [...]

Petronas Carigali Overseas Sdn Bhd, the state oil and gas company of Malaysia, withdrew its 80 percent participation from an exploration contract area in offshore Mindoro island.
PNOC Exploration Corp., a unit of state-owned Philippine National Oil Co., confirmed the decision of Petronas.
Petronas decided to transfer its entire interest in service contract 47 to PNOC [...]