Despite facing significant unknowns, Ernst & Young forecasts several bright spots for the energy industry during the 3Q. 

Bob Dudley: "I am honored to be given the job of rebuilding BP's strengths and reputation, but sad at the circumstances."

Karr Ingham: “Since June of 2009, oil patch employment has grown nearly 8%, the rig count is up more than 29%, and drilling permit applications are up more than 55%."

Rather than pushing a “greenhouse” bill, Senate Majority Leader Harry Reid instead will introduce a bill that “only responds to the Gulf of Mexico oil spill and contains other more popular energy items.”

A new report indicates that by 2010, exclusion of the independents from the GOM would eliminate 300,000 jobs and result in a loss of $147B in taxes from the region..

Charging full-steam ahead, China remains a bright spot for future growth on the energy front due to a low level of per-capita consumption, according to the IEA.

Bentek based its forecast on fundamental market changes that are expected to take place during the next five years.

Apache will advance $5 billion of the purchase price to BP on July 30 ahead of the anticipated closing.

President Obama: "We've still got a big job to do. There's still a lot of oil out there."

Macondo is no longer flowing oil into the Gulf of Mexico for the first time since April.