The rig sank two days later, setting off an oil leak that has since released around 85, 000 barrels of oil into the Gulf.
In the UK, the Callaghan government of the 1970s flirted with the idea of setting up an oil fund, but in a time of mounting economic crisis it was too tempting just to grab the money.
The usual summertime correction in oil prices is now setting up risk-controlled buying opportunities for several strong oil-services stocks and a primary sector ETF.
Speculators do play an important role in setting the price of oil and other raw materials.
Mr Allawi is tightening his hold on government, setting up committees for oil, security and media policy to ensure the key portfolios remain in his, not his ministers', hands.
Of course, there is more than just geology that is setting us up for Peak Oil.
The reason is not just the cost of setting up the electric plants but also the drop in oil prices that brought down its profits from the LPG business.
Another problem is that the RSPO has struggled to create any effective action on setting standards for greenhouse-gas emissions associated with palm-oil plantations.
Now, in the face of high oil prices and a softening car market, Goodyear is setting sales records.
Republicans planned to offer an alternative bill that included lifting the Obama administration's blanket moratorium on deepwater drilling, setting up a bipartisan commission with subpoena power to investigate the Gulf oil disaster and propose reforms, and allowing for revenue sharing for states that permit offshore drilling.
Odum, president of Shell Oil, argued that new drilling technology and industry standard-setting would allay these concerns.
Then there's oil, and after the wild fluctuations in 2008, the setting of the price per barrel also came under scrutiny.
Oil giant BP has posted a fall in full-year profits after setting aside money to cover liabilities for the Deepwater Horizon disaster.
Indeed the collapse of oil prices, one of the few reasons around for economic cheer, may be setting the stage for another spike.
ECONOMIST: Oil prices have plunged. Another spike may be on its way
The UK's former Ambassador to Libya, Sir Richard Dalton, told the BBC that Libya faced many challenges, including agreeing a constitution, setting up new ministries, integrating the militias and diversifying an economy that has been heavily reliant on oil exports.
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