Oil prices surged to a new trading record above $129 a barrel Tuesday amid continuing concern about global supply.
U.S. light crude for June delivery reached $129.58 a barrel in electronic trading, surpassing the previous intraday mark of $127.82 hit Friday as it smashed through the $128 barrier in a matter of minutes. At 11 a.m. [...]

President Bush still thinks a bill forcing his administration to temporarily stop buying oil for the country’s Strategic Petroleum Reserve is a bad idea, but he’ll sign it anyway.
“The president is not going to stand in their way on this bill,” said deputy press secretary Scott Stanzel.
The Senate last week voted 97-1 and the House [...]

Oil futures ended a whipsaw session slightly lower, as the expiration of options played havoc with prices, driving crude near record high levels at times and down by more than $3 a barrel at others. Retail gas prices, meanwhile, advanced past $3.77 a gallon.
Options let investors bet oil prices will rise or fall in the [...]

The U.S. Senate Tuesday rejected an attempt to expand offshore oil and gas drilling to allow the states to generate revenue.
The Republican-backed proposal would have allowed states to drill off their coasts and share revenues with the federal government, the (Newport News, Va.) Daily Press reported.
The amendment would have amended a federal ban prohibiting offshore [...]

Gasoline pump prices soared above $3.75 a gallon and oil prices fell as an Energy Department report painted a mixed picture of the nation’s petroleum reserves.
Light, sweet crude for June delivery fell $1.58 to settle at $124.22 a barrel on the New York Mercantile Exchange.
At the pump, the average national price of a gallon of [...]

Oil prices rose to a new settlement high after a bumpy day of trading, and gas prices at the pump climbed nearly 3 cents overnight to a new national record.
Light, sweet crude for June delivery rose 16 cents to reach a settlement record of $123.69 a barrel on the New York Mercantile Exchange after trading [...]

Oil prices hit a new record near $124 a barrel after the U.S. Energy Department said diesel and heating oil supplies unexpectedly fell last week.
Light, sweet crude for June delivery hit a new high of $123.80 on the New York Mercantile Exchange before retreating slightly to settle up $1.69 at a record $123.53 a barrel.
The [...]

Paris-based International Energy Agency has put coal in the future energy mix.
Due to strong demand, record oil and gas prices, concerns over energy security and a reluctance to fully bring back nuclear energy, coal has seen a resurgence in the European energy market.
It’s a trend that has been seen in the United States and Asia [...]

UBS Investment Research raised its forecast for the price of natural gas to $9 per 1,000 cubic feet from $7.25 per 1,000 cubic feet.
“We believe improved domestic natural gas demand trends, soaring coal prices and likely increases in the cost of electricity generation, and increased competition for LNG (liquefied natural gas) from the Asian Pacific [...]

Exxon Mobil Corp.’s first-quarter profit climbed 17 percent to $10.9 billion. That is the second-biggest U.S. quarterly corporate profit ever. Only Exxon Mobil’s fourth-quarter profit last year was bigger at $11.7 billion.
Earnings for the first three months of the year came to $2.03 per share, up from $9.3 billion, or $1.62 per share, a year [...]