2008 Wheeling and Dealing

Mergers and acquisitions ran high in the energy sector last year, but deals waned later in the year as the recession took hold.
An Ernst & Young report unveiled Monday says turmoil in financial markets, oil price volatility and the weakening economy affected the number of deals as well as their value.
When oil prices surpassed $140 a barrel in the first half of 2008, 670 deals worth $90 billion were announced, the report says. Another 424 emerged in the second half of the year, for a total value of $179 billion in 2008.
The total deal volume fell 29 percent compared to 2007, a record year.