Offshore Nambia is quickly becoming one of the world’s greatest frontier oil provinces.

In late January, Exxon Mobil Corp. (NYSE: XOM), the world’s most ubiquitous oil giant, capped off a whipsaw year in the global oil markets by reporting net income of $45.2 billion, an all-time record for corporate profits that shattered the former record it had set a year before.

Madoff Gets 150 Years; Pipeline Operators to Combine; Jobs Returns to Work at Apple; GM, Toyota Cut Ties on Auto Plant; U.S. Moves Closer to Solar Energy; Oil Rises to More Than $71; China Stops Stockpiling Metal

In the energy market on Thursday, crude for August delivery was higher, closing at $70.23/barrel, up $1.56. July reformulated gasoline rose 5.58 cents, to $1.8983/gallon.

In the energy market on Monday, crude for July delivery plummeted on its last day as the front-month contract, closing at $66.93/barrel, down $2.62. July reformulated gasoline dropped 6.47 cents, to $1.8597/gallon.

Brazil is making a national commitment to develop energy resources located far offshore in the South Atlantic. Indeed, no nation has ever advanced such an ambitious plan for long-term comprehensive offshore development. And it’s being bankrolled by China.

The U.S. news media has convinced many investors that oil consumption is falling because of the global recession. While that may be true, it’s a disservice to millions of investors because production is declining at a pace that’s actually three times faster.

We are in a transition between the old profligate energy economy and the new economy of relative scarcity, says James Howard Kunstler. He is not convinced the President-elect Obama is fully aware of the dramatic changes that lie ahead for America. Even if he were, says James, he’d probably be crucified for daring to talk about it.

Government mulls mortgage price-control plan… who needs the free market anyway? Dan Denning on the true meaning behind the recent bull market in bonds. Stocks rally on Beige Book release… did the Fed send us the wrong copy? Bill Gross on stock evaluation for the Brave New World of tomorrow. Byron King with anecdotal evidence that oil is well oversold.