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Exxon Mobil agreed to pay out 75 percent of a $507.5 million (276 million pounds) damages ruling to settle the 1989 Exxon Valdez oil spill off Alaska, the Anchorage Daily News reported on Tuesday. Citing both Exxon and the plaintiff's lawyer, the Anchorage Daily News said the oil giant will release about $383 million for distribution to the nearly 33,000 commercial fishermen and others who sued Exxon after the worst tanker crash in U.S. history.

In four years, U.S. gas prices have doubled to more than $3.70 a gallon, and crude oil has tripled to around $125 a barrel. Allowing for inflation, that's higher than prices were during the 1978-83 oil shock that triggered a recession and sky-high interest rates. But . . .

The UK government's renewables consultation called for a green revolution in energy. In doing so, it created a perfect tabloid rod for its own back. The proposed cost-to-consumer calculated by the Department of Business were based on the vanishingly unlikely prospect of an oil price as low as $70 a barrel in 2020. Expected additions to UK energy bills, at that oil price, would be 10-13% for electricity and 18-37% for gas, the government said.

T. Boone Pickens is a billionaire oil man and a career corporate raider who loves George Bush so much he donated $250,000 to his 2004 inaugural ball. He was, and still is, fully behind the invasion and occupation of Iraq and makes no bones about it. So why is he now pushing for the use of alternative energy sources like wind and solar in his Pickens Plan?

ANSWER TO NATIONAL DEBT AND JOBS QUITE SIMPLE

More than 90% of the UK's oil production occurs offshore within the central and northern sections of the North Sea, regions which could soon fall under Scottish control if the country votes yes to Independance. Offshore-technology.com profiles the ten biggest oil producing fields in the UK sector of the North Sea based on production during the year ending in October 2013.

What started as a low-profile trip by the PM to Shetland to announce a household energy policy and pat a pony has become an under the radar inspection of an oil field with the potential to tear apart the union. Are the UK government and BP in cahoots or is it just 'utter nonsense'?

Flyndre and Cawdor offshore oil fields are located 293km south-east of Aberdeen in blocks 30/13 and 30/14 of the UK North Sea, and block 1/5 of the North Sea in Norway. Maersk oil UK owns 59.96% and 60.6% interest respectively in the Flyndre and Cawdor fields, and also operates the fields.

"As fossil fuel prices rise, as oil insecurity deepens, and as concerns about climate change cast a shadow over the future of coal, a new energy economy is emerging in the United States,"� says Lester R. Brown, President of the Earth Policy Institute, in a recent release, "New Energy Economy Emerging in the United States"� . "The old energy economy, fueled by oil, coal, and natural gas, is being replaced by one powered by wind, solar, and geothermal energy. The transition is moving at a pace and on a scale that we could not have imagined even a year ago."�

Read It News is your source for in-depth news and outdoor and entertainment information for Prescott, Arizona and surrounding areas. We tell stories that emphasize sustainability and community.

As fossil fuel prices rise, as oil insecurity deepens, and as concerns about climate change cast a shadow over the future of coal, a new energy economy is emerging in the United States. The old energy economy, fueled by oil, coal, and natural gas, is being replaced by one powered by wind, solar, and geothermal energy. The transition is moving at a pace and on a scale that we could not have imagined even a year ago.

Researchers developing alternatives to fossil fuels are working with everything from algae to babassu oil to corn, but a California company says it can recycle carbon dioxide into fuel. Carbon Sciences claims it has developed a way of using the CO2 emitted during the combustion of coal, oil and other hydrocarbons to create transportation fuels like gasoline and jet fuel. Should Carbon Sciences - or any of the other firms working on similar projects - accomplish this on a large scale, it could bring a reduction in CO2 emissions as well as an abundant supply of renewable fuel.

I must admit that I have been a bit nonplussed to see that the peak oil community seems to share the oil industry's dismissal of wind power as irrelevant and useless in the face of the currently energy challenge (maybe I am unfairly judging from a few individuals' comments, but it's definitely an existing undercurrent in the community). So, in reaction, let me put up here a few arguments that suggest that wind could play a major role in solving our current energy woes - not a silver bullet, but rather more than a side show. First, the "wind is too small to make a difference" argument: well, so was nuclear, until it got big enough. Wind is following the exact same growth trajectory [as shown below].

The cost of oil peaked above $140 a barrel this summer, nearly double the price a year earlier and 40% higher than worst-case scenarios discussed just months earlier. Gas prices followed suit, peaking well above $4 a gallon during peak driving season and sending drivers, carmakers and politicians all into fits. Heating oil prices started climbing to record levels months before heating season.

In this small region of Nigeria known as the "south-south," something huge is happening. The adverse effects of oil exploration have been unfolding in the Niger Delta for the past 50 years. Now, the people have had enough. From environmental activism to peaceful protest to stakeholder dialogs, nothing has worked. A new brand of militancy has emerged in a different kind of attempt to call attention to the desperate poverty and injustice.

Use the right energy for the right use. That concept lies at the core of a U.S. domestic energy plan unveiled Tuesday by legendary oilman T. Boone Pickens. The United States uses close to $700 billion in foreign energy supplies, primarily oil, Pickens pointed out on CNBC's "Squawk Box." It will be impossible for one energy source to totally replace that supply, he noted.

JUST three years ago, with oil trading at a seemingly frothy $66 a barrel, David J. O'Reilly made what many experts considered a risky bet. Outmaneuvering Chinese bidders and ignoring critics who said he overpaid, Mr. O'Reilly, the chief executive of Chevron, forked over $18 billion to buy Unocal, a giant whose riches date back to oil fields made famous in the film "There Will Be Blood."

Billionaire T. Boone Pickens brought is traveling energy road show to the Salt Palace Convention Center on Thursday, and hundreds of Utahns came to hear what he had to say. The oil tycoon and mega-successful hedge-fund manager promoted his strategies for alternative fuel development. The Pickens Plan urges Americans to break their reliance on foreign oil by using clean alternatives, including natural gas, wind, solar and nuclear power.