Oil

Ethnic and sectarian divisions are complicating matters as international companies bid on Iraqi oil contracts. Reese Erlich reports the autonomous region of Kurdistan has already made its own deals with foreign oil companies.

Oil prices were dropping until a major militant group in Nigeria said it attacked a Royal Dutch Shell oil platform. Gretchen Wilson reports there are questions about whether Nigeria's government can quell the violence.

Iraq will soon begin auctioning off new contracts for its old fields. The country has one of the largest oil reserves in the world. But there are risks. Jeff Tyler reports.

Sales statistics in China and other factors are contributing to a rise in oil prices. Some analysts say that speculative momentum could drive the price of oil to $80 a barrel within a week. Stephen Beard reports.

House Republicans plan to unveil a new energy plan they're calling the "all of the above" solution for energy independence. The proposal calls for domestic energy production, aka "Drill, baby, drill." Sam Eaton reports.

Gas prices are starting to move up again, raising some fears about their impact on the economic recovery. Should we be worried? Bob Moon reports.

The oil drilling technique known as hydraulic fracturing, or "fracking," is under federal scrutiny this week. The oil industry says reversing the process could add big fees and hinder exploration. Sam Eaton reports.

The average price of a gallon of gas has shot up by about a dollar since January. But a new Saudi Arabian oil field is just one big reason consumers won't see prices climb any higher this season. Steve Henn reports.

Oil minister Ali Naimi says that global demand for crude is picking up, but analysts say we're not seeing much higher consumption, just higher storage. Stephen Beard reports prices could drop if world oil storage runs out.

The U.S. has been vocal about oil lately with the prices recently rising. Steve Chiotakis talks to Carola Hoyos, chief financial correspondent for The Financial Times, about the effort to keep gas prices low so an economic recovery can take hold.