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ICE Brent futures were trading 55 cents/barrel lower at $71.48/b Tuesday during morning European trade, but volumes were on the low side and trading was mostly quiet ahead of the expiry of the NYMEX November light, sweet crude contract. NYMEX November crude futures were trading 51 cents/b lower at $73.74/b at 10:05 GMT. "November WTI expires today and given the distortion of the previous expiry we would expect many market participants to stay on the sidelines fearing the repeat of the firework display seen a month ago," Olivier Jakob, Petromatrix analyst, said in a report. Signs of recovery in the...

As gasoline prices remain high, consumers are wondering what they can do to improve their gas mileage. Although there are practical steps you can take to increase gas mileage, the Better Business Bureau warns consumers to be wary of gas-saving claims that empty your wallet, instead of saving you fuel. Many Web sites make unbelievable claims for various aftermarket automotive devices (fuel-line magnets, air bleed devices and retrofit gadgets) and oil and gasoline additives that supposedly increase gas mileage for automobiles. The Federal Trade Commission found many of these claims to be either false or overly exaggerated.

"America has no shortage of oil... Washington, DC has a shortage of the political will required to let American workers go get it." -- Rep. Richard Pombo (R-CA) With oil prices reaching record levels, the left is up to its old tricks, blaming the President and calling for lots of expensive big government “solutions”. As part of this push, they argue that we're running out of oil. But clearly, this argument is not new -- and it's dead wrong. In 1874, Pennsylvania's state geologist fretted that America had only a four-year supply of oil left. He was wrong. In 1914,...

DAKAR, Senegal — The West African nation of Gabon isn't one of the world's more high-profile countries. So why a state visit by China's leader? That's easy: oil. Burning fuel at a record pace to run an economy in overdrive, China, since late last year, has claimed the No. 2 spot in world oil imports, second only to the United States. And jostling with the world's other oil gulpers, China's leaders are looking far afield for a secure oil supply, locking down tough-term deals with easy-term cash. China, the United States, Japan, Europe and, increasingly, India — all leery of...