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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 →

Gassed Up: Exxon Mobil posts record $45.2 billion profit in 2008 Jeremy Korzeniewski

Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 ...

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 ...

G8 nations ask for more oil, pledge to use less Jonathon Ramsey

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 ...

Is $200/barrel oil around the corner? Chris Shunk

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 ...

Oil closes at record high of $104.52/barrel, surges higher today 1 year ago on Autoblog

Yesterday, two pieces of news conspired to push the price of crude oil to new heights. The first is that U.S. oil inventories aren't as robust as everyone thought, and the second is that OPEC, the Organization of the Petroleum Exporting Countries, decided not to increase production of their black ...

OPEC keeping cost of gas low to discourage alternatives like E85 3 years ago on Autoblog

OPEC wants gas prices at the sweet spot which looks a little like this: "high enough to justify its investment in future production capacity but low enough to allow economic growth and deter a flood of alternative fuels," or roughly $2.25 a gallon, according to Fox News. Good business sense or a ...

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. ...






Autoblog Podcast #157: Mike Levine trucks along with us.

Mike Levine from PickupTrucks.com joins Chris, Sam, and Dan this week and gets a chance to talk about cars, too! 

 
 

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