oil giants

The major Western oil companies are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand.

"Chevron is interested in helping the Iraq government's objectives to develop its oil and gas industry"

Oil giants Chevron Corp. and Total have confirmed that they are in discussions with the Iraqi Oil Ministry to increase production in an important oil field in southern Iraq. via The Modesto Bee

House Democrats cited record oil prices and a surge in gasoline costs Wednesday as they pushed to impose $18 billion in new taxes on the largest oil companies.

Republicans argued the industry is being unfairly singled out for higher taxes.