Dec. 1 was the last time crude oil was over $50 a barrel, but the fundamentals of the marketplace suggest that crude should be $30 a barrel, maybe even $25.
The European Commission alleges that Eni illegally prohibited rivals from using its natural gas pipelines.
Peabody Energy signed long-term deals of up to 17 years in length with two Midwestern power generators. The contracts are expected to produce $6 billion in revenue.
Royal Dutch Shell announced that its total reserves at the end of 2008 were 11.9 billion barrels of oil equivalent, unchanged from the prior year.
Platts officially launched its Americas Sour Marker on Monday in a bid to create a better crude pricing mechanism than the existing West Texas crude futures contract currently maintained by the Nymex.
West Texas crude futures on the New York Mercantile Exchange were recently falling $1.64 at $44.61 a barrel in pre-session trading.
That range is $35 to $50, says one expert.
Petrochemical Industries surprised Dow last December when it backed out of their joint venture because of the global economic downturn.
The Americas Sour Marker is looking to supplant West Texas Intermediate crude as the trading standard.
ConocoPhillips says it expects total hydrocarbon production to remain unchanged compared to last year even though its capital spending will fall 37%.