oil fields

Last week, the Paris-based International Energy Agency released its World Energy Outlook 2008 - a 578-page book full of future supply, demand, and price estimates which this year also included an eagerly-awaited study of 800 of the world's largest oil fields.

Oil fields aren't new in Los Angeles. But with the price of crude beyond $100 a barrel, it is cost-effective to start drilling there again, in both old and new wells.

And that has made some residents very unhappy. Last year, Los Angeles County had 3,400 wells in operation.

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Iraq's oil ministry has just opened the doors to several major western oil companies. It's been more than 36 years since companies like Exxon have had access to Iraq's oil fields.

And down the road, Iraq's reserves could dramatically increase the world's oil supply.

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