A major refinery for Chevron caught fire in California last night. The fire in Richmond, outside of San Francisco, has been extinguished, but the fire could be bad news for drivers across the West, because one less refinery online is likely to mean higher gas prices.

The British oil company BP is reporting a sharp drop in profits. The company made just $238 million last quarter, compared with more than $5 billion a year ago.

Schlumberger and Baker Hughes help big oil drill. But their business is softening as some drillers pull back due to the economic slowdown.

Iranian oil producers may find other ways to sell their product, but with few options to insure their ships, a lot of oil will be sitting in the harbor.