OilPrices


Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel

America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100. Currently, the price is around $70 a barrel – up almost 60% this year – but way, way down compared to the highs of 2008. Oh, and ... Read more →

Interactive map reveals our global oil useage by barrel, money Jonathon Ramsey

The Rocky Mountain Institute has created a nifty interactive map that shows you where the U.S. gets its oil from, along with how much - and who - the U.S. pays for its oil. Based on the thickness of ...

The NYT chimes in: time for a gas tax Jonathon Ramsey

Can you hear that? Those are the war drums, and more and more of them are beating the same tune: bring on the gas tax. An editorial in The Gray Lady is the latest and arguably the weightiest to join ...

Gas too cheap: OPEC approves largest output cut ever Jonathon Ramsey

You didn't really think OPEC was going to pack up its supercar fleet and shut down the holiday mansions while $1.55 gasoline -- and that's in California -- ruled the day, did you? Oh no. OPEC hasn't ...

Obama talks oil addiction in first post-election TV interview Frank Filipponio

President-Elect Barack Obama thinks we have an oil addiction and he wants to do something about it. That something is developing a plan for energy independence. While that might have seemed easier to ...

Gas prices pleasant as economy tanks 1 year ago on Autoblog

The US, and in fact the entire civilized world, is knee deep in a financial meltdown. However, crashing stock markets and crumbling banking institutions have led to one pleasant side effect. The price of gas is dropping faster than the NASDAQ. A quick trip through south-east Michigan shows that gas ...

Oil back below $88 on Monday 1 year ago on Autoblog

Simply put, the U.S. economy is in the crapper. Stocks are yoyoing and our mortgages are a fraction of what they were even a year ago. For all that's fiscally wrong here in the States, there is one pleasant side effect: the price of a barrel of oil is dropping faster than Kimbo Slice against a two ...

Crude oil plummets to below $100/barrel 1 year ago on Autoblog

The price of crude oil dropped below $100-a-barrel yesterday (its lowest level since February) as the slowing economy -- bringing with it a reduced demand for oil -- raised concerns. Interestingly enough, the drop in crude didn't affect the price of gasoline as it rose 16 cents per gallon due to ...

Is it over yet? Oil prices drop like a rock 1 year ago on Autoblog

There's been a lot of head-scratching about the exact cause of the meteoric rise in price for a barrel of oil. Are speculators driving it to turn a quick buck? Is it the weakening value of the U.S. dollar? How about increaded worldwide demand? Chances are, all those forces are playing a part in the ...

G8 nations ask for more oil, pledge to use less 1 year ago on Autoblog

It's a complex issue, this business of oil. With stock markets and unemployment numbers taking their lumps, civilian unrest at oil and food prices, and politicians weighing in with all manner of cures and pronouncements, the Group of Eight nations got together to try and figure something out. The ...

Oil independence possible according to DoE scientist 1 year ago on Autoblog

A scientist in the U.S. Department of Energy's science and energy research unit has said "Energy independence is a realistic goal for the United State of America," by 2030. There are, of course, a few caveats to that. First is that by the word "independence," he doesn't mean not using any oil ...

Hurricane season may bring $6-a-gallon gas 1 year ago on Autoblog

Don't like the weather? Just wait, it'll change. Don't like gas prices? Just wait, they'll change, too. But if the weather brings a hurricane, some experts say gas prices could hit as high as $6 a gallon. NOAA has predicted as many as nine named storms this season, with five of those possibly ...

Is $200/barrel oil around the corner? 1 year ago on Autoblog

After months of outrageous oil price spikes, we realize that the shock value of $100 to $105/barrel is fading fast, so we're going to skip ahead to $200/barrel. The finance wizards at Goldman Sachs have raised their outlook for 2008-2012 oil prices by $15 to a high end of $135 per barrel, but a ...

Will peak oil trigger Mad Max society? 1 year ago on Autoblog

According to a study by the Energy Watch Group (EWG), all of you Mad Max fans out there might get the chance to live the movie if oil production continues to decline. The oil industry believes Earth's oil reserves can last about another 42 years at current pumping rates. Energy Watch, basing its ...

National gas price average to hit $3.50? Wanna bet? 2 years ago on Autoblog

var digg_url = 'http://digg.com/business_finance/Wanna_bet_gas_will_hit_4_gallon_You_can'; Someone was asking the other day if trading their gas-hungry Mustang for a hybrid Civic was a good idea. Essentially what they wanted to do was wager gas prices were not going down any time soon and could ...

We can't all make $39.4 billion: Chevron earns only $3.77 billion last quarter 2 years ago on Autoblog

The nation's No. 2 oil producer Chevron had a "disappointing" 4th quarter, earning only $3.77 billion dollars in the closing months of 2006. You may be thinking that $3.77 billion can't be all that bad, but No. 1 oil producer ExxonMobil ended the same quarter with $10.25 billion in profits, nearly ...

How gas prices work 3 years ago on Autoblog

We're certain that we're not the only ones that shake our heads in disgust when we roll by a gas station (and bow our heads in shame when we actually have to fill up). With the price of gas starting to come down, we certainly all are a little puzzled about what influences fuel prices. ...

BREAKING! BP shuts down pipeline, gas prices on the way up 3 years ago on Autoblog

An already fragile U.S. oil supply was dealt a severe blow on Sunday, when BP Plc commenced shutting down the biggest oilfield in the U.S., Alaska's Prudhoe Bay, which produces 400,000 barrels a day. The shutdown was driven by discoveries of severe corrosion in oil pipelines servicing the BP ...

States to drop gas taxes? 3 years ago on Autoblog

With gas prices rising politicians in states like Maryland, South Caroloina, Connecticut, Georgia, New York and Nevada are considering reducing or even eliminating their state's gas taxes to ease the burden on the average citizen. This seems to us like a shortsighted solution designed more to curry ...

"Hold the anchovies": Rising gas prices increasing costs for service industries 3 years ago on Autoblog

Every driver  is feeling the pinch at the pump these days, but the skyrocketing cost of gasoline is affecting more than just your commuting habits. Ordering out for pizza? You might want to reconsider the pepperoni. Having flowers delivered to your sweetie? Might want to switch the roses for ...

Oil tops $75/bbl to conclude week of record prices 3 years ago on Autoblog

The usual suspects were all present this week - fear and uncertainty over the possibility of military action in Iran, civil unrest in Nigeria, and the seemingly inelastic and insatiable demand for energy 'round the world - and oil ended up setting record highs nearly every day this week. Friday's ...






Autoblog Podcast #153: With Phil Berg

Phil Berg puts his reputation on the line and hangs with the podcast crew.

 
 

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