oil – News Stories About oil - Page 11

MARKETS

May 16, 2008 3:27 PM CDT

Oil Surges; Markets Record Weekly Gains

Consumer confidence hits 28-year low

(Newser) - Stocks fell, then climbed back almost to opening levels today to wrap up a generally strong week. Yet another record oil price—almost $128 a barrel—drove early losses, and a report of the lowest consumer-confidence rating in 28 years did not help. The Dow closed down 5.86 at...

Congress Turns on Speculators in Oil Bubble

May 15, 2008 7:22 PM CDT

Congress Turns on Speculators in Oil Bubble

Legislators push regulation in effort to slow gushing prices

(Newser) - It’s not OPEC pulling oil prices to ever greater-heights—it’s speculators. That’s the theory behind the Consumer-First Energy Act, a bill sponsored by Senate Democrats aimed at clamping down on runaway oil futures trading. As stocks fall, investors are fleeing to commodities, especially oil. But even the...

Congress
Votes to Stop Stockpiling Oil

updated

May 13, 2008 9:44 PM CDT

Congress Votes to Stop Stockpiling Oil

House and Senate want no more sent to national reserve

(Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25....

'Super-Spike'
Could Drive
Oil to $200

May 7, 2008 8:35 AM CDT

'Super-Spike' Could Drive Oil to $200

Experts say $150 or more isn't out of the question as world demand grows.

(Newser) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the...

OPEC Head Warns Oil Could Hit $200 a Barrel

Apr 29, 2008 5:26 AM CDT

OPEC Head Warns Oil Could Hit $200 a Barrel

Supply trouble, weak buck, speculation will keep price climbing

(Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak...

BP Strike Shuts Down Top
UK Oil Refinery

Apr 27, 2008 1:27 PM CDT

BP Strike Shuts Down Top UK Oil Refinery

London urges drivers not to hoard gas as prices rise

(Newser) - Britain is facing an oil pinch after workers walked off a Scottish oil refinery today over pension issues, the AP reports. The 48-hour BP strike will halt 700,000 barrels of UK oil a day, nearly one-third of its North Sea supply. But 10 Downing St. is urging drivers not...

Should Bush Tap Strategic
Petroleum Reserve?

Apr 24, 2008 11:58 AM CDT

Should Bush Tap Strategic Petroleum Reserve?

Rainy day supply draws debate

(Newser) - The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum...

Feds Indict
Pilot in SF
Oil Spill

Mar 17, 2008 6:17 PM CDT

Feds Indict Pilot in SF Oil Spill

Attorney vows to battle misdemeanors, calling them premature

(Newser) - The pilot of a ship that dumped 53,000 gallons of oil in San Francisco Bay last year was indicted today, the San Francisco Chronicle reports. John Cota faces two federal misdemeanor charges, for releasing a pollutant and killing migratory birds; at least 2,000 birds died in the spill....

Wowie! Maui Gas Hits $4

Mar 14, 2008 9:45 AM CDT

Wowie! Maui Gas Hits $4

Hawaii is especially hard hit by rising oil prices

(Newser) - The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the...

Rice Snubs Argentina in
Trip South

Mar 13, 2008 2:19 PM CDT

Rice Snubs Argentina in Trip South

Relations grow icier as Kirchner drifts toward Chavez

(Newser) - Condoleezza Rice has embarked on a visit to Brazil and Chile, but the secretary of State won’t be stopping in neighboring Argentina, a sign of ever-frostier relations. “The United States is clearly snubbing Argentina,” one expert tells the New York Times. New Argentine president Cristina Fernández...

WWII Mines Block Egypt's Access to Oil

Mar 12, 2008 6:27 PM CDT

WWII Mines Block Egypt's Access to Oil

4.8B barrels of crude lie under 22M mines, shells in desert

(Newser) - Millions of land mines and unexploded artillery shells left over from World War II are hampering Egypt's efforts to get at a treasure trove of oil and gas beneath the desert, der Spiegel reports. The ordnance is an unwelcome reminder of the North African conflict between Brits and Erwin Rommel’...

$4 Gas Expected This Spring

Mar 12, 2008 4:40 AM CDT

$4 Gas Expected This Spring

Energy Department predicts gas prices to peak soon

(Newser) - Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and...

Dollar Hit
as Emerging Economies
Fight Inflation

Mar 11, 2008 7:32 AM CDT

Dollar Hit as Emerging Economies Fight Inflation

$108 oil pushes gas prices higher

(Newser) - A weak US dollar continued to fuel surging commodity prices today, keeping oil near $108 a barrel and moving a gallon of gas to $3.225, with analysts predicting near $4 prices by spring, the Wall Street Journal reports. Stress on the greenback is coming from not only major but...

Financials, $108 Oil Sink Stocks

MARKETS

Mar 10, 2008 3:49 PM CDT

Financials, $108 Oil Sink Stocks

Crude shatters record price; recession fears prevail

(Newser) - US stocks fell today for a third consecutive day as fears of recession continued to spread, MarketWatch reports. With Ambac’s revival uncertain and Countrywide facing a possible securities fraud probe, shares of both financial giants plummeted, pressuring the overall market downward. The Dow lost 153.54 to close at...

Oil-Rich Iraq Should Fund Reconstruction, Say Senators

Mar 9, 2008 2:34 PM CDT

Oil-Rich Iraq Should Fund Reconstruction, Say Senators

US taxpayers are footing bill instead

(Newser) - Why isn't an Iraq that's rolling in oil dollars funding its own reconstruction? senators Carl Levin of Michigan and John Warner of Virginia want to know. The Armed Services' Committee honchos wrote the Government Accountability Office saying Iraq is doing little to help itself despite a projected $100 billion in...

Oil Gushes to Record $105.96

Mar 6, 2008 8:32 AM CST

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

(Newser) - An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest...

Oil Hits $104; OPEC Won't Budge

UPDATED

Mar 5, 2008 3:57 PM CST

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices...

Oil Up, Dollar Down, Stocks Stall

MARKETS

Mar 3, 2008 3:55 PM CST

Oil Up, Dollar Down, Stocks Stall

Situation could be much worse, some experts say

(Newser) - Rising commodities prices partially offset bad news about manufacturing activity, the plunging dollar, and record crude oil prices to create a plateau on Wall Street today. The Dow ended down 7.49 at 12,258.90, the Nasdaq down 12.88 at 2,258.60, and the S&P 500...

Oil Flirts With Record-High $104

Mar 3, 2008 11:45 AM CST

Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

(Newser) - As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of...

8 Die in Armenia; US Urges Calm

Mar 2, 2008 7:02 PM CST

8 Die in Armenia; US Urges Calm

Opposition leader asks protesters to lie low until emergency rule ends

(Newser) - Troops patrolled quiet downtown Yerevan today after police fired back at thousands of protesters this weekend and killed eight, Reuters reports. Authorities have declared emergency rule and outlawed mass meetings for the next 3 weeks. "We won't give up, we will be fighting to the very end," said...