Photo by Michael (mx5tx). Licensed under Creative Commons license 2.0.
OPEC president Chakib Khelil believes that the already staggering price for a barrel of oil could continue to rise. Citing the low value of the U.S. dollar, Khelil says that investors are likely to continue to place their bets on oil, a necessary commodity. With current prices hovering around $120 per barrel of dino-juice, the sixty percent increase mentioned by OPEC's leading man would place the going-rate darn near $200 a barrel.
Photo by Jurek D. Licensed under Creative Commons license 2.0.
The San Francisco Bay Area always leads in cultural trends, technology, and gas prices. It may be mocked and marginalized as unrepresentative, but eventually the country catches up. As tourists stroll up the Panhandle toward the entrance to Golden Gate Park admiring the quaint Victorians of the past, the future interrupts at the corner of Masonic and Fell Streets. Self-serve unleaded regular has reached $4.18 a gallon.
Oil hit a new record high price of $111.80 yesterday morning, but settled at $105.68 later, a drop of $4.42 for the day. While we're not yet ready to suggest that an end has come to the daily rise in oil prices, seeing the price for a barrel of crude drop, if only for a day, is probably a bit of a relief to some. Before yesterday's drop in prices, many analysts were suggesting that the falling value of the dollar was the largest cause for the recent upward trend in oil prices. Another contributi
It's no secret that the auto industry's most profitable vehicles are also the hardest hit when gasoline prices climb past consumers' comfort levels. Bo Andersson, the man behind GM's purchasing decisions, says that the tipping point currently hovers around $3.30 a gallon. At that price, sales start to slow, causing a world of hurt for GM and the other automakers. But, he pointed out another rising cost which hurts the industry: shipping. As the auto market shifts towards sourcing parts from all
Lately, record oil prices have been a daily topic here on AutoblogGreen because every day the old record, set the previous day, is being beaten out by the day's closing price. Guess what? We're back at it today. That's right, a barrel of oil passed the $110 plateau for the first time ever. This latest price increase comes despite there being a surplus of oil available, which caused a brief dip in oil trading prices early in the day, and the fact that the demand for gasoline has remained mostly f
Over the past several months financial "experts" and politicians on all sides have been bickering about whether the U.S. economy is in a recession. Unfortunately for most people, the declaration of yes or no is a meaningless semantic argument. The way a recession is officially "defined" - two consecutive quarters of a shrinking gross domestic product - means that it can only be named after it has already happened. By that time, a lot of damage is already done to regular people. Unfortunately, pr
Photo by ^riza^. Licensed under Creative Commons license 2.0.
We told you there are concerns Tata Motor's Nano will drive up oil prices. What does Tata chairman Ratan Tata think about this? In the first video below the fold, Ratan laughs it off. We told you Sir Mark Moody-Stuart, former Shell chairman said low MPG cars should be banned. Want to see Mark say that in his Prius? Check out the second video below the fold. We told Mitt Romney said he supported the Governator's right to get a waiver ... then Mitt took it back. Want to see Mitt's first position o
Well, with the $100 price limit on a barrel of oil broken last week (if only for a minute and then most likely by one guy with an inferiority complex), this is as good a time as any to prepare Americans for the possibility of $4 gallons of gas come springtime. That's what Atlanta Journal-Constitution writer Michael Kanell has done with this article, and he breaks down the reasons why - even though the $100 price was only briefly reached - gas prices don't look to be coming down any time soon. Re
Even though this week's $100-a-barrel oil prices were a bit of a false alarm, expensive oil is not a joke. In response to the record rate, the Ethanol Promotion and Information Council (EPIC) released a statement that calls ethanol one of the "realistic solutions to our dependence on a dwindling supply of energy" and says that "he ethanol industry will rise to the challenge and continue to provide a renewable, efficient, economy boosting product for Americans. Without ethanol, the cost of our oi
Well, the big news from yesterday that the price of a barrel of oil went over the $100 mark for the first time ever. The big news from today is that we have one guy to blame for this incident. According to the Daily Mail, a single trader who was "seeking his moment of fame" decided that being the first to pay more than $100 for a barrel of oil was the best way to make the papers. Man, how sad and lonely is that guy?