Tagged: Oil and Gas

World oil prices have been falling recently — and that's good news for oil consumers such as the U.S., Europe and China, and a potential challenge for the big exporters like Saudi Arabia and Russia.

The oil market is notoriously volatile, and the factors driving prices down are temporary. But some energy industry analysts are posing a much larger question: Is the world, and the U.S. in particular, entering a new phase of expanding energy supplies and more moderate prices?

After two years in second place, Exxon Mobil is back on top of the Fortune 500.

With 2011 revenues of $452.9 billion, the oil and energy giant edged out Wal-Mart Stores, which brought in $447 billion, Fortune magazine just reported.

Wal-Mart took the top spot from Exxon Mobil two years ago and held on to it again last year. Soaring oil prices are a major factor in Exxon's move back to No. 1.

Transcript

STEVE INSKEEP, HOST:

Tax revenue coming from shale, oil, and gas development has many states very happy, but the boom is also putting a strain on regulators. There are not enough of them to inspect all the drilling sites. Colorado, for example, has 17 inspectors for more the 47,000 active oil and gas wells. Kirk Siegler reports from member station KUNC.

KIRK SIEGLER, BYLINE: Each day, Jim Precobb(ph) of the Colorado Oil and Gas Conservation Commission logs about 400 miles in his state-owned truck.

JIM PRECOBB: It is absolutely staggering.