Although the nationwide average price for gas fell by a penny over the weekend, the debate returned to Capitol Hill today. Two senators discuss current and future legislation in Congress to stop rising gas prices.

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The Movement for the Emancipation of the Niger Delta, or MEND, first emerged as an armed militia group in January 2006 when it launched coordinated attacks on oil installations.

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More than 193,000 barrels of oil -- some 7 million gallons -- spilled along the Louisiana coastline in August 2005 when Hurricane Katrina hit.

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Energy Secretary Samuel Bodman said Wednesday that the administration will release oil from the federal petroleum reserves to help refiners affected by Hurricane Katrina.

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Chinese oil company CNOOC withdrew its $18.5 billion bid for U.S. oil and gas producer Unocal on Tuesday, surrendering to political opposition and leaving American oil company Chevron poised to take over Unocal for about $17.3 billion.

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U.S. light crude oil prices reached a new high by surpassing $57 per barrel Thursday after OPEC's decision to increase production failed to assure traders concerned about tight supplies.

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Insurgents bombed a key oil pipeline in Iraq Wednesday, crippling the country's 1.6 million-barrel-a-day oil industry and halting all of the country's crude oil exports through the Persian Gulf.

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Striking workers on an oil rig off the coast of Nigeria's Niger Delta agreed Friday to release 100 foreign hostages held captive since April 19.

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