Oil dropped nearly 2 percent Friday August 5, 2011 as investors shrugged off U.S. job gains and focused on lingering concerns about the global economy.

Benchmark West Texas Intermediate crude for September delivery fell $1.70 to $84.93 per barrel on the New York Mercantile Exchange.

Prices pulled back from an early surge. A government report on Friday morning showed employers added 117,000 jobs in July. Unemployment fell slightly, to 9.1 percent. The news helped push crude as high as $88.32 before it tapped off. Read more »

Securing America's Future Energy (SAFE) issued original analysis today examining the drivers and impacts of the recent surge in U.S. oil production. The report finds that high oil prices and innovative development techniques are combining to place substantial new resources on the table in the United States, with potentially game-changing consequences for economic and national security. The report makes a series of recommendations designed to safely expand the production of domestic oil resources, including a series of regulatory reforms. Read more »

Whenever oil or gas production begins, the landowner is entitled to part of the total production. A royalty is agreed upon as a percentage of the lease, minus what was reasonably used in the Lessee's production costs. The royalty is paid by the Lessee to the owner of the mineral rights, the Lessor in the Lease. It is based on a percentage of the gross production from the property and is free and clear of all costs, except for taxes. Read more »

Oil fell, headed for the first weekly decline in five, on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world’s biggest crude consumer. Read more »