Oil Touches Record $97 a Barrel

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 $39.50 a barrel, or $103.76 adjusted for inflation. More»

Pipeline attack in Yemen and weak dollar contribute to prices

(NEWSER) - Oil prices continue to break records, busting beyond $98 a barrel before settling at $97.98 in Singapore today, reports AP. Short-term effects like Monday’s attack on a Yemen pipeline contributed to the hike. Last week’s storms reduced Mexican exports to the US, and traders expected this winter’s demand to remain strong. More»

(NEWSER) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member group. More»

Price will rebound with economy, likely to hit $200 a barrel in 2030

(NEWSER) - If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at a steep natural rate of 9% while demand grows nearly unabated, the Financial Times explains. More»

Critics say fence design ignores environment

(NEWSER) - Environmentalists say the US border-security fence is to blame for water backups in southwestern Arizona and Mexico, where steel-mesh panels meant to keep illegal immigrants out are getting clogged with flood debris, the AP reports. Critics are focusing their attacks on Homeland Defense Secretary Michael Chertoff, who waived environmental laws three times to meet the year-end deadline for the 670-mile fence. More»