Western Standard Energy (WSEG) is an exploration-stage oil firm focused on extracting crude oil and natural gas from the Bakken Formation that runs through Montana, North Dakota and Canada. The area is believed to hold some of the largest reserves of crude oil in the North America, after Alaska’s Prudhoe Bay and the oilfields of West Texas.

Ecosphere Technologies, Inc. (OTCBB: ESPH) announced a partnership with Newfield Exploration Mid-Continent to reclaim otherwise potentially troublesome water. Newfield will continue its exploration for crude oil and natural gas but will work with Ecosphere to explain to state agencies what the water recycling program does and work through the permitting process.

Independent oil and gas producer, Pinnacle Energy Corp. (OTCBB: PENC), formerly Gas Salvage Corp., today announced the acquisition of working interests in six wells in Pawnee County, Okla. for $1 million. The news sent shares of Pinnacle Energy soaring nearly 33 percent, to 98 cents.

The Rocky Mountain region of the United States has an estimated 34 million barrels of original oil. After this oil is recovered by traditional means, approximately 23 billion barrels of oil will be left behind. Ameriwest Energy Corp.

China North East Petroleum Holdings Limited, a rapidly growing oil producer in Northern China, today announced preliminary crude oil production figures for the second quarter. Crude oil production increased 119% to 135,193 barrels, compared to 61,732 barrels for the same period in 2007. This also represents an 18% sequential increase over 1Q 2008.

I hate to perpetuate the media hype, but it is what is driving the markets right now. In early morning trading we have already seen oil prices surg past $143 a barrel for the first time ever, and the price for a gallon of gas hit an all-time high in the United States.

Oil prices hit a new trading high today, as much as $129.46, on supply concerns.

Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC's president was quoted as saying his organization won't increase its output before its next meeting in September.

Wall Street is rallying today, led by strong first-quarter results from JPMorgan, Coca-Cola and Intel that all topped projections. This is a wild reversal from last weeks earnings reports, giving the market a 150+ bps increase in afternoon trading.

Just a little oil news. Doesn't seem to be following any logic here. Expect a turnaround and to see the prices go up.

Oil futures extended their declines Thursday, sliding below $100 a barrel at times as concerns about the economy and demand for oil grew and the dollar strengthened.

In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people!