oil prices

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Soaring Prices Lure Oilmen Back to Oil City

Rural Pa. sees rush to claim scraps from played-out fields

(Newser) - The world’s first commercial oil well was in Oil City, Pa., which saw its fortunes fall along with the crude supply. Now that prices are at historic highs, Oil City is part of a renaissance. The easy crude is long gone, but a motley assortment of would-be barons is...

Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

(Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an...

United to Charge Fee for Second Bag

Other carriers may follow suit as airline tacks on $25 for extra suitcase

(Newser) - Many United Airlines travelers planning to check in more than one piece of luggage are going to have to pay for it, beginning this spring. Passengers buying nonrefundable economy tickets will have to fork over $25 for a second bag as the airline seeks to offset soaring fuel costs without...

OPEC Holds Oil Production Steady
OPEC Holds
Oil Production Steady
Feb 1, 2008 1:00 PM CST

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

(Newser) - OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world...

Bush Begs Saudi King for Oil
Bush Begs Saudi King for Oil
Jan 16, 2008 2:31 PM CST

Bush Begs Saudi King for Oil

Public plea rejected, Bush entreats Abdullah personally

(Newser) - After his public request for increased oil production and the resulting price drop was rejected yesterday, President Bush made a personal appeal to Saudi Arabia's King Abdullah to be more generous with his wells, ABC News reports. Only an hour after Bush’s public plea, the Saudi oil minister announced...

Traders Gamble on $200 Oil
Traders Gamble on $200 Oil
Jan 8, 2008 6:24 AM CST

Traders Gamble on $200 Oil

Did you think $100 was high?

(Newser) - You thought $100 a barrel was high. Options to buy oil for $200 a barrel have grown tenfold on the Nymex exchange in recent weeks, Bloomberg reports. Speculators use oil futures to bet on expected price hikes. While $200-a-barrel options remain only a small proportion of the total, the number...

Bush Cops to Economic Uncertainty
Bush Cops
to Economic Uncertainty
Jan 8, 2008 6:00 AM CST

Bush Cops to Economic Uncertainty

Without uttering the 'R word,' prez allows, 'Americans are anxious'

(Newser) - Rising oil prices, a crashing job market, and a tenacious mortgage crisis have created “economic challenges” for the US, President Bush said in Chicago yesterday, a shift from his insistence that the economy is fundamentally strong. While acknowledging “Americans are anxious about the economy,” Bush stopped short...

$200 Oil on Horizon: Economists
$200 Oil on Horizon: Economists
Jan 3, 2008 3:13 PM CST

$200 Oil on Horizon: Economists

Decreasing supply will mean increasing prices

(Newser) - The price of oil could surge to $150 in five years and $200 in 10 years, a prominent German economic institute reports. "Oil supplies are becoming increasingly scarce and that will continue to drive up prices," said one energy expert. Oil prices hit $100 yesterday for the first...

Sky-High Oil Will Reshape World Power, Dent US Clout

Power shifts as global economies change

(Newser) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power...

Oil Hits Record $100 a Barrel
Oil Hits Record $100 a Barrel
Jan 2, 2008 11:11 AM CST

Oil Hits Record $100 a Barrel

Disruptions in Nigeria, Mexico stoke supply concerns

(Newser) - Crude oil prices jumped $4.02 today to push past $100 a barrel for the first time as Nigerian violence, disrupted Mexican exports, and the specter of dipping US stockpiles stoked supply fears in the face of ever-rising energy demands, CNNMoney reports. The previous record was $99.29, set November...

2008 Forecast: Oil Prices Dip as Supply Rises, Economy Slows

$80-$85 a barrel would aid consumers

(Newser) - A slowing US economy and rising oil production will lower the price of crude to between $80 and $85 a barrel in 2008, predicts the Christian Science Monitor. While still higher than the $71 average for 2007, it’s a drop from current prices near $93. Lower prices could ease...

Consumer Prices Jump Most in 2 Years

CPI surge on rising energy costs sparks inflation worries

(Newser) - November’s consumer price index spiked 0.8%—the biggest rise since September 2005—as soaring energy costs pushed up prices on an array of  goods and services. The increase, higher than the 0.6% anticipated, reignites inflation worries, causing experts to predict that further Fed rate cuts are unlikely,...

Oil Slips Under $88 as US Economy Fuels Concern

Dropping prices come as Fed set to meet Tuesday

(Newser) - Weaker than anticipated US job growth reported Friday helped extend a decline in crude oil prices today, with futures dipping below $88 on Asian markets, reports the AP. Fears of a slowing economy and reduced demand are driving the decline. Investors had bet better employment figures would prompt the Fed...

In '08, It's Really the Economy, Stupid

Worried over job, credit, health woes, voters put Iraq on back burner

(Newser) - With gas prices stratospheric, the housing market tanking, and recession looking likely, voters aren't too worried about Iraq, reports the Wall Street Journal. Job concerns have transformed illegal immigration and health care into major issues. “You have to have a health plan even in the Republican primary,” says...

Oil-Price Surge Fuels Global Investing Binge

Producers' deep pockets evident in Abu Dhabi's Citigroup outlay

(Newser) - Petrodollars have fueled an investing binge in companies ranging from chipmaker AMD to private-equity giant Carlyle Group to Citigroup. And, with nearly $5 billion in oil revenue gushing weekly into Persian Gulf nations, the spree won’t likely slow, the New York Times reports. “The oil-producing countries simply cannot...

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up...

Oil Tops $99 as Dollar Sinks
Oil Tops $99 as Dollar Sinks
Nov 21, 2007 4:05 AM CST

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

(Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil...

Greenback Assaulted at OPEC meeting
Greenback Assaulted at
OPEC meeting
Nov 18, 2007 9:52 PM CST

Greenback Assaulted at OPEC meeting

Dollar a 'worthless piece of paper,' Iran's president says

(Newser) - Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members,...

Chavez Warns of $200 Oil if US Strikes Iran

But call to make OPEC 'geopolitical agent' rejected by Saudis

(Newser) - Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical...

Thanksgiving Travel to Increase
Thanksgiving Travel to Increase
Nov 15, 2007 3:51 PM CST

Thanksgiving Travel to Increase

Gas prices 90 cents higher than a year ago aren't expected to keep Americans home for the holiday

(Newser) - Some 38.7 million Americans are expected to travel 50 miles or more from home this Thanksgiving, despite a spike in gas prices of 90 cents over last year, travel group AAA announced today. Of those hitting the road to visit friends and family, 31.2 million will drive, a...

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