Oil

In a prime-time press conference, President Obama defends the cost of his proposed budget, saying trillions of dollars in deficit spending will be required to grow the economy.

Today marks the 20-year anniversary of the Exxon Valdez oil tanker accident, and the oil industry has ramped up safety measures since then. But a proposal to drill in the Arctic has some experts worried. Caitlan Carroll reports.

OPEC will meet this weekend to discuss whether to raise oil prices and cut production. But OPEC's strategy could possibly drop demand for oil even further. Sam Eaton reports.

The U.S. trade imbalance is at a six-year low, and many people wonder how low foreign oil demand can go. Bill Radke talks to Financial Times correspondent Carola Hoyos about whether OPEC members will once again cut production.

Renew Energy, one of the nation's largest ethanol plants, just filed for bankruptcy. More ethanol producers are expected to follow in its footsteps. But as Sam Eaton reports, don't write ethanol off just yet.

Exxon Mobil's fourth-quarter earnings fell 33% from a year ago, but it still reported a record profit for 2008. What's it doing that other companies aren't? Sam Eaton reports.

Shell posted a huge drop in quarterly earnings, coming down from last year, where the company made the biggest corporate profit in European history. Stephen Beard reports the dwindling price of oil is bad news for the company.

Short on diesel, Bolivian farmers want to use soybean biofuel to keep running. Using food to produce fuel is illegal in Bolivia right now, but that hasn't stopped them from banding together. Annie Murphy reports.

Russia began pumping natural gas again, ending a two-week streak where 20 countries in the continent lost supplies. A contract with Ukraine helped patch up the issue, but not bruised reputations. Stephen Beard reports.

The average price of a gallon of gas has jumped about 17 cents in the past month. The main factor in the price hike is a cut in refiners' supply. But Dan Grech reports the gas price hike could just be temporary.