A "build" and a "Twist" knocked oil prices to the floor on Wednesday July 20, 2012.

In the morning, the government announced a surprise increase, or build, in U.S. oil supplies. That told investors that America has a bounty of crude and less need to import more from foreign countries. Then the Federal Reserve extended an interest-rate reduction program known as Operation Twist, but declined to take more aggressive steps to boost the economy.

Together, they sent the price of oil to a nine-month low. Read more »

The town of Summit will lease its mineral rights to an oil company that is looking to drill in the area.

The city council this week agreed to lease 16.8 acres to Shreveport, La.-based PAR Minerals Exploration LLC.

The lease is for three years at $150 an acre. The town also will receive a 3/16 share of royalties from oil taken from town property.

PAR's Nicki Boland presented $2,520 check to the town on Tuesday July 12, 2012. Read more »

Economists say exploration and production in the Fayetteville Shale have produced $4 billion and 16,000 jobs for the state in a four year time span.

"The natural gas industry came in at a time when the nation was facing a recession and provide jobs, particularly manufacturing at a tough time," said Kathy Deck, director of the Center for Business and Economic Research.

Her research even points out the trickle down effect. When the industry profits, so do the local stores, restaurants and schools. Read more »

Oil prices slipped on Friday June 8, 2012 as the euro zone's debt crisis and dimming hopes for U.S. monetary stimulus reinforced concern about petroleum demand, but disappointing talks between Iran and the U.N.'s nuclear agency limited losses.

The intraday recovery allowed both Brent and U.S. crude to post weekly gains, snapping a string of five straight weekly losses. Read more »