The recession may get worse before it gets better: the world is is running out of oil much faster that once thought, according to Dr. Fatih Briol of the International Energy Agency. (via Boing Boing)

Mexican police announced the arrest of a gang that allegedly stole oil from state-owned pipelines and sold it to U.S. refineries. According to prosecutors, the gang "paid large sums of money" to the Gulf drug cartel for protection.

México has approved a bill that will allow private investment in the state-controlled oil company Pemex.

Venezuelan President Hugo Chávez says he will cut off oil supplies to the U.S. if a dispute between his government, Exxon Mobil, the U.S. and Great Britain worsens. Chávez made a similar threat two years ago. The U.S. imports at least 1.3 million barrels a day from Venezuela, making it the South American country's biggest oil customer.

Brazil has announced that it has discovered oil reserves that could rival those of Venezuela and Saudi Arabia.

Brazil will spend $36 million to look for oil in the Amazon rainforest.

Hugo Chavez pledges to nationalize Venezuela's oil operations by May 1.

President Bush presented his State of the Union address, calling for cooperation between Republicans and Democrats and pledging to cut petroleum use by 20 percent.

President Bush presents a plan to send over 20,000 additional troops to Iraq.

Investment booms as analysts predict that liquefied coal may replace oil as the dominant source of transportation fuel.