The theory was straightforward and seemed to hold with common sense: One day soon, the Earth would hit its halfway point of global oil production -- its "peak" -- and thereafter, it would see a steady decline. Those behind the concept called it "peak oil."

Following Tuesday's death of Hugo Chavez, Venezuela faces near-term political uncertainty that could bring further turmoil to its oil industry.

Prices of renewable fuel credits, needed by refiners to comply with the nation's Renewable Fuel Standard, have skyrocketed over the past few months, an indication to some that the dreaded "blend wall" is close.

Jason Bordoff's swan song as a senior energy aide to President Obama came right before last year's election, when he found himself stuck on the Upper West Side of Manhattan during the worst of Superstorm Sandy.