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Today, Sen. John McCain (R-AZ) is touring an oil rig off the coast of Louisiana in order "to highlight his support for increased domestic offshore drilling." Although he will not join McCain today, Louisiana Gov. Bobby Jindal (R) promoted McCain's oil rig visit in an appearance on Fox and Friends this morning.

An Iraqi plan to award six no-bid contracts to Western oil companies, which came under sharp criticism from several United States senators this summer, has been withdrawn, participants in the negotiations said on Wednesday. Iraq's oil minister, Hussain al-Shahristani, told reporters at an OPEC summit meeting in Vienna on Tuesday that talks with Exxon Mobil, Chevron, Shell, Total, BP and several smaller companies for one-year deals, which were announced in June and subsequently delayed, had dragged on for so long that the companies could not now fulfill the work within that time frame. The companies confirmed on Wednesday that the deals had been canceled.

Rising fears of a global economic downturn are sinking crude oil prices and driving down the share prices of major oil companies despite the industry's record profits of the last two years. Exxon Mobil Corp., the largest U.S. company and largest Western oil company by market capitalization, has lost 17% of its share price since January, its worst showing since 1981. Its smaller peers are doing worse. The stock prices of Chevron Corp., BP PLC, Royal Dutch ShellPLC, Total SA and ConocoPhillips, the largest western oil companies, all hit new 52-week lows during the day on Monday.

The agency said personnel have been evacuated from a total of 223 production platforms, equivalent to 31.1% of the 717 manned platforms in the Gulf of Mexico. Most of the major producers, including the two largest - Royal Dutch Shell PLC (RDSA) and BP PLC (BP) have announced a total halt to offshore operations ahead of Gustav's arrival in the region. Others, including Chevron Corp. (CVX), have partially cut production linked to platforms shut down by other producers.

Under fire for high gas prices, the industry is spending record amounts on influence in Washington. Plus: How it's playing in the presidential race. Top oil lobbyists Company spending so far in 2008 Company Amount in millions 1. Exxon Mobil $8.1 2. Chevron $6.1 3. BP $5.2 4. ConocoPhillips $4.4 5. Koch $3.8 6. Marathon $3.6 7. API $2.2 8. Occidental $1.4 9. Williams $1.2 10. Shell $1.2 Source:Center for Responsive Politics Top industries Spending on lobbying so far in 2008 Industry Amount in millions 1. Drugs $113 2. Insurance $76 3. Electric utilities $65 4. Computers $60 5. Oil and gas $55 6. Education $51 7. Air transport $50 8. Health Care $48 9. Manufacturing $48 10. Entertainment $48 Source:Center for Responsive Politics NEW YORK (CNNMoney.com) -- As angry voters spark a barrage of energy bills in Congress, the oil industry is spending record amounts of money protecting its interests. In what may be surprising to some, the most recent figures from the Center for Responsive Politics show that the oil industry gives a relatively small sum to individual political campaigns - it's 16th on a list of top 50 industries.

Constellation Energy: Nuclear Operators Although it is too dangerous, too expensive and too centralized to make sense as an energy source, nuclear power won't go away, thanks to equipment makers and utilities that find ways to make the public pay and pay. Case in point: Constellation Energy Group, the operator of the Calvert Cliffs nuclear plant in Maryland. When Maryland deregulated its electricity market in 1999, Constellation - like other energy generators in other states - was able to cut a deal to recover its "stranded costs" and nuclear decommissioning fees. The idea was that competition would bring multiple suppliers into the market, and these new competitors would have an unfair advantage over old-time monopoly suppliers. Those former monopolists, the argument went, had built expensive nuclear reactors with the approval of state regulators, and it would be unfair if they could not charge consumers to recover their costs. It would also be unfair, according to this line of reasoning, if the former monopolists were unable to recover the costs of decommissioning nuclear facilities. In Maryland, the "stranded cost" deal gave Constellation (through its affiliate Baltimore Gas & Electric, BGE) the right to charge ratepayers $975 million in 1993 dollars (almost $1.5 billion in present dollars). Deregulation meant that Constellation's energy generating assets - including its nuclear facility at Calvert Cliffs - were free from price regulation. As a result, instead of costing Constellation, Calvert Cliffs' market value increased.

Just two months ago, spiking petroleum prices were emboldening confrontational oil exporters such as Venezuela, Russia and Iran, fueling inflation anxiety at the Federal Reserve, raising expectations at American biofuel producers, and crimping the budgets of airlines and ordinary households alike.