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The Truth About Oil, by Jon Birger, page 102
High prices at the gas pump have plenty of Americans annoyed. Chances are, though, they are angry about the wrong things. FORTUNE looks at five myths about today's oil pinch-and tells the real story. The five myths are: 1) Gas stations are gouging consumers; 2) Hedge funds are inflating the price of oil; 3) We're running out of oil; 4) The U.S. is running out of refining capacity; 5) The government must intervene to bring down energy prices.

The Soul of a Moneymaking Machine, by Janet Guyon, page 113
Oil refiner Valero is at the center not just of Hurricane Katrina but of the roiling storm over oil that continues to whip through the economy. Not long ago refining was considered a humdrum business, sneered at by Wall Street for its overcapacity and lousy margins, taken for granted by energy consumers drunk on low gas prices. Janet Guyon shows how CEO Bill Greehey saw things differently, building Valero into the country's largest player—while instilling an old-school corporate culture that has given the company a distinctive edge.

Oil's New Mr. Big, by Nelson D. Schwartz, page 123
Venezuela is now the key to satisfying America's oil habit; by some measures, this volatile Latin American nation has leap-frogged Canada and Saudi Arabia to become America's leading foreign source of crude. And that's helping the country's president, the fiery socialist Hugo Chavez challenge Big Oil. Nelson Schwartz looks at what is behind the country's rising power in the oil world. Also, in a rare interview with FORTUNE, Chavez discusses why oil could keep getting more expensive—and why America is the real threat.

The Dark Magic of Oil Sands, by Abrahm Lustgarten, page 136
Unlike the smooth crude oil that spurts from wells in Kuwait and Texas, oil sands are essentially black mud. Though production costs run seven times higher than for the cheapest conventional crude, Canadian companies have been mining Alberta's oils sands for nearly 40 years—but the frenzy didn't really get going until oil prices spiked, and the race to lock up these riches has begun in earnest. Though only a small part of America's energy puzzle, says Abrahm Lustgarten, it's an important one—and the U.S. is anxious to protect its backyard supply lines.

DEPARTMENTS
In FIRST: Win a Date With Jamie Dimon J.P. Morgan Chase's president has the urge to merge. Which lucky bank will catch his eye? At Long Last, Out of the Woods The amazing story of the FDIC's $72 million timberland hatchet job. By the Numbers Want to pay for Katrina? Slash legislative pork. The Net's New Odd Couple Why eBay is buying Skype. Founders to the Rescue! California Pizza's kitchen finds its sizzle. Do Hybrid Motors Have Fahrvergnügen? Toyota-envy among the world's carmakers. Question Authority Saudi Prince Alwaleed on oil, News Corp., and AOL. You Do What? Digging Deep. In COLUMNISTS: Politics saner health care. This Just In The Grapes of Wrath. Bing Addicted to eBay. In WALL STREET: The Money Game For years Harvard and Yale have had dueling geniuses running their endowments. Now Yale's man is seeing the spotlight, while Harvard's heads for the exit. In BUSINESS LIFE: Gadgets Motorola's ROKR is a STINKR. Careers Disaster-proofing your career. Also: Trapped in middle management.

For further information please contact:
Susan Brown Williams
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susan_williams@timeinc.com

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