With lower than anticipated revenues for much of state government in budget year 2008, the Office of School and Public Lands reported a record year of income within its oil, gas and minerals division.

Oil industry experts and some leading public officials believe the answer to the high cost of gas lies in the enormous oil reserves off the Long Island and New Jersey shores and along the entire East Coast. Others aren't so sure.

As oil and gas prices break records, the energy industry is flush with cash, but a shortage of skilled workers threatens to slow the growth.

HOUSTON (AP) - The number of rigs actively exploring for oil and natural gas in the United States rose by six this week to 1,928.

Responding to Americans' anger over gas prices and the housing bust, President Bush is stepping up pressure on Congress to open up offshore oil exploration and work to restore confidence in the housing finance industry.

Wind energy, oil and gas production and one of the best cotton crops in history are the factors driving up property values across the Big Country.

Oil companies once viewed drilling in the deep waters off Florida as cost-prohibitive. Politicians feared even the slightest sign of support would be career suicide.

NEW YORK -- The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped?

You may have heard that oil prices are way down, but if you filled up your tank today, you know that gas prices are as brutal as they ever were. CBS 2's Susan Carlson reports on if and when that might change.

Ruias-controlled Essar Oil is close to acquiring two oil and gas blocks in Australia. The company has emerged as the preferred bidder for developing the blocks amidst international competition. The ruias will hold 100 per cent equity in the blocks.