Discontent has now spread to Iran, as continued unrest in the Middle East pushed crude oil up to $114 per barrel. This is the first time in almost three years that oil has seen such levels.

Unruly civilians have now infected Iran and taken some of the attention off Libya. This has caused oil to increase in price by almost 2.5% in the last two days. As Iran deals with anti-government protesters, the US has cautioned Muammar Gaddafhi of Libya to step down or possibly deal with a civil war within his country’s borders. Read more »

The western coast of Australia was battered earlier this week by cyclone Carlos. The coast is home to multiple oil and gas operations, including US-based Chevron and Apache.

Torrential rainfall resulted in the flooding of a Chevron oil field at Barrow Island. The flooding also caused the suspension of construction of the $43 billion Gorgon liquefied natural gas project. The construction period is seventeen months deep into a five year period. Construction was interrupted on Monday. Read more »

Oil soared to its highest point in more than twenty four months as chaos continues to blanket the Libyan landscape. Concerns are growing that unrest in the region will increase the likelihood of shipping problems for crude oil.

Goldman Sachs is predicting Brent trading as high as between $105 and $110 per barrel if the mayhem continues into the coming weeks. A range which has not been seen since the year 2008. While London traded Brent sees new highs, New York futures for April delivery have risen almost 10% since the close of Feb. 18. Read more »

The US Energy Information Administration has released a prediction regarding the cost of a gallon of gasoline for the near future. They believe by the end of this year a price of $3.15 per gallon will be the average across the country, 37 cents higher than last year’s average. Many analysts believe the higher average is due to the US oil supply’s infrastructure and continued reliance on foreign sources. Read more »

Just when other parts of the economy start to show signs of life, high gas prices are rearing their ugly heads. The summer vacation session is quickly approaching as well. The fact that we still don’t have a solid domestic supply of oil to tap from, and ultimately enable us as a country to keep gas prices lower, is troubling. The average American can’t afford any extra at the pump right now, let alone at a $4.00 per gallon level. Read more »

A recently released paper sheds new light on the actual amount of gas which spewed into the Gulf of Mexico last year in the wake of the explosion on BP’s Deepwater Horizon. The true number reported totaled 75,000 times the normal background amount. An oceanographer from the University of Georgia, Samantha Joye, authored the latest findings.

She suggests that close to 500,000 tons of gas was deposited into the ocean combined with the analysts’ estimate of 200 million gallons of crude which leaked into the deep Gulf waters. Read more »

ExxonMobil Corp. used last year to boost oil and gas reserve volumes, due primarily to the acquisition of XTO Energy. The company reports the additions were double its production. This has put a smile on the faces of investors, as recent years have proven to be challenging with regard to having accessibility to new supplies. Read more »

The unrest in Egypt is easing ever since Hosni Mubarak has decided to officially step down, although not officially leave the country he has reigned over for 30 years. Oil and gas companies are breathing a little easier since he made the announcement, and realize the chance of the Suez Canal seeing transport issues has lessened. Though many analysts in the industry saw volatility ramp up each day, companies with operations there saw little chance of production actually stopping with the ousting of Mubarak. Read more »

General Electric has agreed to acquire the well support division of John Wood Group Plc. The agreed upon price is almost $3 billion, and increases the diversity of its oil and gas production ability to include submersible pumps.

GE announced the transaction may close by as early as the end of this year. That is of course, with the approval of John Wood Group shareholders. Read more »