The power of social media has revealed itself today in the form of fluctuation in fuel prices based on a false tweet.

According to The Wall Street Journal, a Twitter account claiming to be Russian Interior Minister Vladamir Kolokoltsv tweeted that Syrian president Bashar al-Assad had been injured or killed. That tweet which occurred at 9:59 AM EST, was followed by two more tweets alleging the confirmation of al-Assad's death.

In the hour following that tweet, light, sweet crude prices rose from $90.82 to $91.99, and the jump took place in between 10:15 and 10:45. According to the Reuters report, the Russian ministry denies firing off the tweets and denies any connection to the account.

Price Futures Group analyst Phil Flynn pointed out "a well-placed story can move the market, and that looks like what happened." Though Syria itself is not a major oil producer, it is feared that Iran would react to the news because of their connection to and support of Assad

In the wake of sanctions imposed due to their continued participation in a nuclear weapons program, Iran has threatened to close off the Straight of Hormuz, a major throughway for ships carrying crude oil to the rest of the world.

Because of the hypersensitivity of the international tensions in the Middle East, and those trading in oils who follow the area closely, the rumor of Assad's demised spread like wildfire. The combination of Mideast unrest, and the spread of information through texts and tweets means it's unlikely this is the last time something like this will happen.

Rising fuel prices got you down? Blame Twitter originally appeared on Autoblog on Tue, 07 Aug 2012 17:30:00 EST. Please see our terms for use of feeds.

John McElroy is host of the TV program "Autoline Detroit" and daily web video "Autoline Daily". Every week he brings his unique insights as a Detroit insider to Autoblog readers.

Continue reading What if it turns out there's plenty of oil? [w/video]

What if it turns out there's plenty of oil? [w/video] originally appeared on Autoblog on Tue, 19 Jul 2011 19:01:00 EST. Please see our terms for use of feeds.

Wikileaks: U.S. believes Saudi Arabia is running out of oil originally appeared on Autoblog on Wed, 09 Feb 2011 15:24:00 EST. Please see our terms for use of feeds.

Report: Americans using 8% less gasoline than 2006 peak, will never go up again originally appeared on Autoblog on Wed, 22 Dec 2010 15:31:00 EST. Please see our terms for use of feeds.

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 conclusions on actual rates of production, says that oil production has declined since 2006 and will continue to do so -- by 2030, oil production could be half of what it is today.

The situation we're headed for -- and that some predict as soon as next year -- is called "peak oil." That means that although plenty of oil is still being pumped and sold, there isn't enough of it to go around. And that means the possibility of "widespread blackouts, the virtual collapse of transportation infrastructure in industrialized countries and a shortage of petroleum-based chemical fertilizers necessary to grow most of our food." And that means war, famine, pestilence, and hunger. A situation that is otherwise known as "deep doo-doo."

Of course, the caveat to all of this is that no really knows how this is going to play out. Long-range predictions have a way of being false as often as they're true (paperless office anyone?). We aren't suggesting that EWG is wrong, and we aren't saying that we don't need to be a lot smarter about our resources... but a lot is going to change between now and 2030. Who knows -- if a $30,000 Volt arrives in 2010, we could get another hundred years out of our oil supplies. Nevertheless, in case a Road Warrior future is in store, you might want to start practicing your lines now. Say it with us: You can run, but you can't hide!

[Source: Green Daily]

Will peak oil trigger Mad Max society? originally appeared on Autoblog on Wed, 13 Feb 2008 08:31:00 EST. Please see our terms for use of feeds.

Thomas Friedman recently disqualified himself for any future runs at heading up the General Motors fan club, but now he's going to host a new Discovery Times documentary called "Addicted to Oil". The topics that will be discussed during this documentary, such as the "true" price of gasoline (Friedman doesn't feel that the cost of securing oil or cleaning up the environment is reflected in what we pay at the pump) and the role of petrodollars in the War on Terror, are likely old hat for anyone who's been keeping up on the debate over the last few years. However, we suspect that there might be a few eyes opened among the general TV-watching audience, at least to the extent that this audience watches the Discovery Channel.

Friedman boasts that green energy technology will be the growth industry of the 21st century, and he says the real question is whether America will lead the way, or if a new economic leader will be born elsewhere in the world.

Interestingly enough, Friedman states that he has nothing against SUVs, and he seems to agree with GM's claim that the automaker makes a lot of large SUVs (such as the Hummer H2) because they sell well. That free-market explanation is a somewhat different take than what has been presented on the pages of the New York Times recently.

[Source: The Discovery Times]

Discovery Times to air "Addicted to Oil" documentary originally appeared on Autoblog on Wed, 21 Jun 2006 13:02:00 EST. Please see our terms for use of feeds.