ExxonMobil has complained that Russia's subsoil law, which curtails foreigners' access to oil fields, is the main hindrance in its attempts to develop further in Russia.  TNK-BP is considering additional investment this year, although less than the $400 million that was decided at its previous board meeting.  Good news for Russian resources - apparently the Barents Sea shelf may contain up to 76 billion barrels of oil equivalent, most of which is to be found in the Russian part of the zone.  'Underinvestment now means that future supplies are in jeopardy - at the same time as demand will be soaring'; an article in the Telegraph examines the factors behind a possible oil spike.  The US may consider limiting specualtion on energy markets as a way to stabilize the financial system.  Lukoil has denied recent media ...

Lukoil is apparently contemplating a joint refinery investment with ConocoPhillips on the East Coast of the US.  ConocoPhillips says it has no plans to build a new US refinery.  Russian gas exports to countries other than ex-Soviet bloc fell 50% year on year in January to May.  As the Ukraine-Russia gas problem rumbles on, the EU has been attempting to put together a loan for Kiev as it hits another payment deadline for its gas debt to Russia.  Ukraine's state firm Naftogaz could secure up to $4 billion in financing with the help of Russian investment bank Troika.  The world's biggest buyer of liquefied natural gas, Korea Gas Corp., and Mitsubishi Corp. have agreed to jointly consider the possibility of developing gas reserves in Venezuela and purchasing stakes in liquefied natural gas plants in Australia and ...

The so-called Waxman-Markey bill snaking its way through the greasy halls of Congress looks likes the most expensive thing to hit the economy since the financial crisis began. Even the normally mild-mannered Wall Street Journal called it “one of the most ambitious efforts to re-engineer American social and economic behavior in decades, presenting risks and opportunities for a wide array of businesses from Silicon Valley to the coal fields of the Appalachians.”

First off, the stated objective of cutting carbon emissions by 83% by 2050 will go down in history as outrageous – akin to when Who drummer Keith Moon drove his Lincoln Continental into the pool at the Holiday Inn. I think members of Congress must be smoking the same thing Moon was.

To show you how patently ridiculous such a goal is, I turn to Questar’s CEO – a man with the unfortunate name of Keith Rattie. Questar (NYSE:STR)

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OPEC may consider new 1 million bpd cut in March-source… Reuters poll shows OPEC makes 67 pct of pledged cut… Nigeria oil union threatens strike from Feb. 9…  U.S. crude stocks seen up for sixth straight time…

Oil prices climbed towards $41 a barrel on Tuesday after OPEC signaled it might deepen its record output cuts to help boost prices and drain bloated stockpiles.

OPEC’s president told Reuters the group could take more action when it meets on March 15. Later, an OPEC source said the group may discuss a 1 million barrel-per-day cut in addition to the 4.2 million in reductions agreed since September.

U.S. light crude for March delivery rose 73 cents to $40.81 by 1730 GMT, having fallen to $39.83 on Monday, the first time below $40 a barrel in three weeks. London Brent rose 53 cents to $44.35.

“Prices do seem

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