In the wake of revelations about its nuclear program, many Western powers have discussed sanctioning Iran's petroleum exports. On Tuesday, Iran stepped up its saber-rattling, warning that if an American aircraft carrier returned to its base via the Strait of Hormuz, it would face the "full force" of the Iranian navy. Roughly one fifth of the world's oil travels through the strait, and it is also where Iran recently tested two long-range missiles during a naval exercise. However, a spokesman for the Department of Defense stated, "the deployment of U.S. military assets in the Persian Gulf region will continue as it has for decades."

Despite high gas prices, the U.S. is set to become a net fuel exporter for the first time in 62 years. While the U.S. is still importing 8 to 9 million barrels of crude oil a day, it is exporting a greater amount of refined fuel and petroleum products. The spike in exports is primarily driven by an increased demand for fuel worldwide combined with declining consumption here at home. But is the nation's newfound role as fuel exporter a blip on the map or a sustainable trend?

Alaskan waters remain off-limits to drilling, much to many oil companies' dismay. But Exxon has decided to hop over the Bering Strait, and make a deal with Russia to explore for oil in the Arctic Ocean in their territory. This deal may show how lucrative climate change has become to the oil business, since more oil is becoming available as Arctic ice recedes.

Before the uprisings began in Libya in February, the nation produced 1.6 million barrels of oil per day, and was responsible for two percent of the world's oil supplies. Six months ago, shipments stopped at the rebellion grew there. The loss of Libyan oil drove up the price of Brent crude, which is sold to refineries on the United States' east coast.

Later today, President Obama plans to announce a major agreement between the White House and the nation’s top automakers. By 2025, cars sold domestically will have to drive 54.5 miles to the gallon. The president hopes this move will dramatically decrease the country’s need for foreign oil,  but this agreement  may also dramatically change the face of the American highway as we know it.

The Obama administration is is releasing 30 million barrels of oil from the U.S. Strategic Petroluem Reserve as part of a broader international effort to increase the amount of oil—to 60 million barrels—into the world market over the next month, in the hopes of replacing some of the oil production lost due to the conflict in Libya and reducing energy prices for businesses and consumers. 

Only July 9, southern Sudan will secede from Northern Sudan, in compliance with the South's vote for independence in January. Oil accounts for nearly all of southern Sudan's income, but Sudanese President Omar al-Bashir has threatened to shut pipelines carrying southern Sudan's oil, if the two sides of the northeastern African country cannot reach an agreement on oil by the July separation.

All summer long we’re celebrating the season of relaxing and reading with our book club here at The Takeaway. Some of the novels we'll talk about this summer are escapist in a fantastical way. They’re easy to read and enjoy. Other books are escapist because they are deeply engrossing. They draw us in to a difficult story, making it impossible to look away from the problems the book brings to the surface. Today's book club pick does just that. It’s called "Oil On Water" by Helon Habila. "Oil On Water" tells the story of two journalists who are in pursuit of a scoop in the oil-rich, poverty-stricken Niger Delta.

As memorial day approaches, Americans are topping off their gas tanks and getting ready for a long weekend away from home. But with gas prices creeping up across the country, American travel patterns are beginning to shift accordingly. For just over a week now, The Takeaway has been asking listeners to text us the price at their local pump. We’ve collated the information on an interactive map. In this conversation we discuss some of our findings with Andrea Bernstein, Director of the Transportation Nation project and senior correspondent for our flagship station WNYC.

Commodity prices tanked on Thursday, as oil fell 8.6 percent and silver dropped 8 percent. This comes after disappointing economic reports showing that consumers are spending less due to rising food and energy prices, and business are hiring at a slower pace. We talk with The New York Times Wall Street and finance reporter Louise Story about the volatility of the commodities market.

Wednesday is the one-year anniversary of the explosion of the Deepwater Horizon oil rig in the Gulf of Mexico. All week long on The Takeaway, we'll be speaking to residents of the Gulf region whose lives, businesses and communities were profoundly impacted by the oil gusher that followed the explosion.

On day six of the United Nations-backed, U.S.-led Operation Odyssey Dawn operation in Libya, the outcome of the crisis is still unclear. But the future of the country doesn't just depend on which side comes out on top of the military conflict. It may come down to whether a leader is able to keep the petroleum and gas export-fueled economy going long enough to make real reforms, and keep the country fed in the process. However, at this point there are still a lot of unknowns regarding the situation.

Oil prices are solidly back over the $100 dollar per barrel. Political unrest in the Middle East has kept oil rising for the past months followed by concerns that Japan, the world's third largest economy and a nation that imports 60 percent of its fuel, would be reducing its oil usage, knocked oil futures back down briefly last week. But Monday, oil futures for April rose by more than $1 hitting $102.96 a barrel in trading on Wall Street.

The average price of gasoline reached just over $3.50 per gallon on Monday — a number that made the financial markets shudder. While gas prices vary widely from state to state, the upward trend, driven in part by the nearly two weeks of civil unrest in Libya, shows no sign of retreat. Daniel Singer, President of Robison Oil in Westchester New York knows that there's more to the story for the average consumer than the pump price.

Whether or not to enforce a no-fly zone over Libya is becoming a hot issue in Washington. Many lawmakers like Senator John McCain (R-Ariz.) and Senator John Kerry (D-Mass.), are calling for a no-fly zone, as rebels in Libya face rough times against the better equiped Libyan armed forces. Callie Crossley, host of The Callie Crossley Show on WGBH in Boston, looks at what we can expect next in the Libyan crisis this week.

As prices at the pump go up, the government is considering tapping into our strategic oil reserves. Coming up on The Takaway, oil expert Lisa Margonelli says what makes sense in the short term is not a solution for the long term.

The government is on the verge of a shutdown Friday, as Democrats and Republicans try and come up with some kind of resolution on the budget. Chrystia Freeland, global editor-at-large of Reuters, and Charlie Herman, economics editor for The Takeaway and WNYC Radio, will look into their chrystal balls and see if any resolution is in sight. While Washington makes attempts at a budget resolution, Secretary of State Hillary Clinton is heading to Switzherland to come up with a resolution on dealing with Col. Moammar el-Gadhafi and Libya. Are Gadhafi's days numbered? 

Twenty years ago, the Amazon River in Ecuador was heavily contaminated after chemical-laden wastewater was dumped into it. The effects on the surrounding population were devastating: illness, death, and economic loss. Chevron Corp., the U.S.'s second largest oil company, is the alleged culprits, and the company may have to pay at least $8 billion to repair damages after a ruling yesterday. In a statement, Chevron reacted, saying "The Ecuadorian court's jumdgment is illegitimate and unenforceable. It is the product of fraud and is contrary to the legitimate scientific evidence. Chevron will appeal this decision in Ecuador and intends to see that justice prevails."

Oil prices have been floating around $90 a barrel for weeks, but now, the turmoil in Egypt has pushed the price up. Crude oil jumped close to 4% on Friday and then 3.2% yesterday to settle at $92.19 a barrel. However, the output of crude hasn’t changed in the region, so what exactly explains the sharp rise in prices?

Back in 2008, the price of a barrel of oil rose to $133, and prices at the pump topped $4 per gallon. As the economy slowed, and demand for oil dropped, the price did as well. However, the cost of oil has risen to just over $90 a barrel, as confidence in the economic recovery grows stronger and the price of filling up your car is expected to keep rising throughout 2011. What will happen to our economic recovery if we hit the psychological benchmark of $100 per barrel or higher this year?