Crude oil is heading for its biggest weekly gain in almost two months as Gustav approaches the Gulf of Mexico.

According to Bloomberg: “Gustav is expected to reach Louisiana next week, passing through a region home to a quarter of U.S. oil output and 14% of natural gas production.”

Hurricanes pass. But over the long term, says energy and oil expert Byron King, we are facing a “profound change” in the future availability of oil. That’s because Western oil companies are being kept away from resources by uncooperative states…

Really, could the Demos & Repubs have nominated two more energy-illiterate candidates?

The US is finally doing something about its addiction to foreign oil, according to a report from the Department of Energy.

The report says America’s foreign oil dependency is expected to fall from 60%, to 50% in 2015. The projected reduction is due to high crude oil prices, more efficient cars, and the use of ethanol, which have cut imports of oil to the US for the first time since 1977.

The trend is likely to have significant implications for US national and foreign policies, reports the Financial Times

Where is ANWAR? This is what thousands of investors are searching the internet for following President Bush’s attempt to persuade Americans that high oil prices are due to the fact that Congress has “repeatedly blocked environmentally safe exploration” there.

For those confused by Bush’s statements today, ANWR (the correct spelling) stands for Arctic National Wildlife Refuge. Bush claimed today that Congress’s refusal to open the reserve for exploration is a major contributor to sky-high oil prices.