The NBA finals aren't the only big news in Oklahoma City.
This morning, shareholders of Chesapeake Energy, the natural gas driller at the center of the nation's hydraulic fracturing controversies, are meeting in Oklahoma City, where the company is headquartered. But the buzz at this gathering won't be about fracking or basketball. It will be about Aubrey McClendon, Chesapeake's controversial CEO.
In Texas recently there was a grand opening for what is now the largest refinery in the U.S. Shell and Saudi Arabia's national oil company, Saudi Aramco, have more than doubled the capacity of their Port Arthur refinery.
The refinery business has been going through a tough period in recent years. Americans are buying less gasoline and other petroleum products — about 10 percent less than in 2005, according to the U.S. Energy Information Administration.
Indonesia, the country with the world's largest number of active volcanoes, is betting that all the hot rocks will provide a clean and reliable energy source for the future.
The country is believed have 40 percent of the world's geothermal energy resources. But making geothermal energy economically feasible will require adjusting the country's heavily subsidized energy prices. And that issue is a political hot potato.
Gregory B. Jaczko, the chairman of the Nuclear Regulatory Commission, announced he would resign as soon as his replacement is confirmed.
"After an incredibly productive three years as Chairman, I have decided this is the appropriate time to continue my efforts to ensure public safety in a different forum," Jaczko said in a statement today. "This is the right time to pass along the public safety torch to a new chairman..."
For years, Cushing, Okla., has been on the receiving end of a 500-mile pipeline funneling oil from the Gulf of Mexico to the American heartland.
Starting this weekend, that pipeline will start moving crude in the other direction. That flow reversal could soon have implications at gas pumps around the country.
"For 40 years, crude oil flowed north," says Philip Verleger, a visiting fellow at the Peterson Institute for International Economics. "Today, oil flows south. It's as if we turned the world upside down."