TV News LIES

On August 28, 1928, in the Scottish highlands, began the secret story of oil. Three men had an appointment at Achnacarry Castle - a Dutchman, an American and an Englishman.

The Dutchman was Henry Deterding, a man nicknamed the Napoleon of Oil, having exploited a find in Sumatra. He joined forces with a rich ship owner and painted Shell salesman and together the two men founded Royal Dutch Shell.

The American was Walter C. Teagle and he represents the Standard Oil Company, founded by John D. Rockefeller at the age of 31 - the future Exxon. Oil wells, transport, refining and distribution of oil - everything is controlled by Standard oil.

Ten years after the United States invaded and occupied Iraq, the country’s oil industry is poised to boom and make the troubled nation the No.2 oil exporter in the world. But the nation that’s moving to take advantage of Iraq’s riches isn’t the United States. It’s China.

America, with its own homegrown energy bonanza, isn’t going after the petroleum that lies beneath Iraq’s sands nearly as aggressively as is China, a country hungry to fuel its rise as an economic power.

An obscure federal regulator of electricity markets has emerged as a tough cop on the beat, taking on Wall Street banks and big energy firms alike for market manipulation. That aggressive approach stands out when it’s compared with that of the regulator in charge of looking for manipulation in the oil and gasoline markets.

Whether manipulation accounts for volatile oil and gasoline prices in recent years is a hotly debated topic since prices began their steep climb in late 2005. Last year’s West Coast price spikes amid ample supplies added to the urgency in determining whether excessive financial speculation is driving price volatility.

The Israeli government awarded a local subsidiary of U.S.-based Genie Energy the rights to explore for oil and natural gas in about 150 square miles of the southern section of the Golan Heights. The United Nations last year extended the mandate for the region's U.N. Disengagement Observer Force mission, one of the oldest peacekeeping missions, for another six months.

U.N. Secretary-General Ban Ki-moon said keeping Blue Helmets stationed in the area was essential to peace given the potential for conflict spilling out of the Syrian civil war. Genie Energy said there may be a significant amount of oil and natural gas in the license area. When Israel set its sights on offshore natural gas, Hezbollah warned that Israel shouldn't encroach on Lebanese territory.

An unmanned mobile oil drilling rig owned by Royal Dutch Shell is adrift -- again -- south of Kodiak Island after it lost towlines Sunday afternoon from two vessels trying to hold it in place against what have been pummeling winds and high seas, according to incident management leaders.

A team of 250 people from the Coast Guard, the state of Alaska, Shell, and one of its contractors was hunkered down Sunday, mainly in Midtown Anchorage's Frontier Building, trying to resolve the ongoing crisis with Shell's drilling rig, the Kulluk.

The International Energy Agency (IEA) says that coal will catch up with oil as the world's leading energy source by 2022. In a report, the Agency says that increased demand from India and China are fuelling the push.

Natural gas offers the best hope of reducing carbon emissions in the short term the report concludes. It comes as the European Union acknowledged that it has been unable to fund a single project to capture and store CO2.