The major Western oil companies are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand.

When countries adopted bad economic policies in decades past, only their own citizens paid a price. In today’s globalized economy, however, the burden falls more broadly.

The dollar’s rapid rebound set off an a plunge in commodity prices, with gold falling below $800 an ounce and oil briefly trading as low as $111 a barrel.

The dollar’s rapid rebound set off an a plunge in commodity prices, with gold falling below $800 an ounce and oil briefly trading as low as $111 a barrel.

A rebound in the dollar has led to an across-the-board plunge in commodity prices, with gold falling to a 10-month low and oil extending its decline. Stocks rose.

U.S. oil futures fell more than $3, dropping below $112 a barrel to a 15-week low as the dollar rallied broadly on growing concerns about sliding demand.

Oil prices pulled back as waning U.S. demand for energy overshadowed supply threats from the conflict in Georgia.

The British oil company said that a Russian court had barred Robert Dudley, the head of its troubled Russian joint venture, from office for two years.

Energy experts say that the hostilities between Russia and Georgia could threaten American plans to gain access to more of Central Asia’s energy resources.

As summer vacation season began, Americans got out of their cars, driving 12.2 billion fewer miles in June than in the same month a year ago.