Energy industry seems ripe for merger wave

Another wave of mergers may be building in the energy industry as persistent high oil prices, stockpiles of cash and a shortage of inexpensive places to drill are driving companies to eye their competitors.

Two factors brought energy mergers to the forefront on Thursday: a report that ChevronTexaco may be testing the waters with Unocal Corp., and oil and gasoline flirting with record high prices yet again.