Brazil'sCongress has a short list of priorities for legislation during the rest of this year, with the most pressing being approval of a law changing the distribution of royalties from oil production.

The goal is to give more money from new wells to nonoil-producing states. Producing states oppose cuts in their share, saying they face more environmental risk and, therefore, deserve more money. Read more »

Global oil prices fell Wednesday October 24, 2012, with New York crude hitting the lowest level since July, as surging US crude stocks and weak European economic data sparked fresh demand concerns, analysts said.

New York's main contract, light sweet crude for December, sank as low as $85.22 -- the lowest point since July 12. It later stood at $85.42, which marked a large drop of $1.25 from Tuesday's closing level.

Brent North Sea crude for delivery in December dropped 68 cents to $107.57 per barrel in late afternoon London deals. Read more »

Devon Energy's consolidation of jobs at its towering Oklahoma City headquarters has "no impact" on employment in the Barnett Shale, a  company spokesman says. Devon on Thursday announced it would close its Houston office and relocate exploration and development personnel from South Texas, East Texas and Louisiana. The company is the largest producer in the Barnett Shale and employs more than 400 people in the field, centered around its Bridgeport processing plant and offices.
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There's been plenty of debate over the Marcellus Shale natural gas field, but new research adds a twist that could impact political and environmental battles. Two independent financial firms say the Marcellus isn't just the biggest natural gas field in the country — it's the cheapest place for energy companies to drill. Read more »