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The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years. Read More

A House Republican began a broad investigation on Wednesday of an Interior Department program that is expected to give billions of dollars in benefits over the next five years to companies that pump oil and gas on federal territory. Read More

U.S. hostage Macon Hawkins and five other foreign oil workers kidnapped last month by Nigerian militants were freed today. Read More

The oil executives were sworn in. This formality created the very kind of picture - six of the most powerful American executives lined up with their right hands up in the air - that they had sought to avoid. Otherwise, much of the theatrics were the same, and so were the arguments from the oil executives. Read More

Last month, the Bush administration confirmed that it expected the government to waive about $7 billion in royalties over the next five years, even though the industry incentive was expressly conceived of for times when energy prices were low. And that number could quadruple to more than $28 billion if a lawsuit filed last week challenging one of the program's remaining restrictions proves successful. Read More

Venezuela has taken control of two oil fields operated by French firm Total and Italy's Eni. Read More

Skyrocketing energy prices propelled ExxonMobil (XOM) to the top of the 2006 Fortune 500 list, and consigned Wal-Mart (WMT) to the No. 2 spot on the magazine's annual ranking of the nation's largest publicly traded companies. Read More

Chad on Monday softened threats to stop sheltering Sudanese refugees and halt oil production following rebel attacks as the United States offered to broker a solution to a dispute with the World Bank. Read More

The presidents of Argentina, Bolivia, Brazil and Venezuela confirmed their interest in moving together towards regional energy integration, in a summit held Thursday in the northeastern Argentine province of Misiones to discuss the impact of the Bolivian government's decision to reassert state control over the country's energy resources. Read More