New Oil Peddlers: Libya Rebels

And stocks could 'soar': David Kotok

(NEWSER) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million barrels. In that scenario, oil prices will fall worldwide as oil futures climb, and the US and other economies will get a big boost, explains Kotok, because "the oil price acts like a sales tax on consumption." More»

BP, Statoil have pulled out of country

(NEWSER) - Trips to the gas station could get a whole lot more painful soon, now that the unrest sweeping the Middle East has hit an oil-producing nation. Crude prices shot up 7% yesterday, and were still rising this morning, after BP and Norway’s Statoil evacuated workers from Libya, USA Today reports. “If this thing escalates, and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” one senior energy analyst says. More»

Price oil halves in 3 months as demand takes a dive

(NEWSER) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that budgeted for $100-plus oil find themselves with extra cash. More»

Shukri Ghanem's body shows no signs of violence: police

(NEWSER) - Libya's former oil minister, who defected during the height of his country's uprising, was found floating dead down the Danube river in Austria today. Shukri Ghanem's body showed no signs of violence, although "there would be no signs of violence if someone pushed him in," said a police spokesman. "But it's also possible that he became ill and fell into the water." The 69-year-old former prime minister was working for a Vienna-based company as a consultant, the BBC reports. More»

Sure, policy affects things ... eventually

(NEWSER) - As gas prices rise, President Obama's approval rating falls , which makes sense, because those painful numbers at the pump are all his fault, right? Wrong, say oil experts and economists. The Washington Post breaks down their arguments:

• Policy: It definitely affects things, but it takes a long time for that to happen. Cars can take a decade to turn over, for instance, so tightening fuel efficiency rules doesn't kick in immediately. One expert notes that legislation George W. Bush signed in 2007 is helping stop the "current situation from getting worse."