Gas Prices Expected to ... Drop

If you aren't already paying that now, you likely will

(USER SUBMITTED) - The price at the pump edged up 3.9 cents in the last two weeks to an average of $2.91 per gallon, according to the latest Lundberg Survey, which sampled gas prices at 2,500 filling stations across the US. That's 28 cents higher than it was last December. At this rate, says the survey's publisher, "We may easily pay three dollars per gallon or more by Christmas." More»

(NEWSER) - OPEC has approved a cut in output of 2.2 million barrels of crude a day, the largest reduction ever, MSNBC reports. The consortium believes that stabilizing prices now by decreasing supply will guard against a price spike when consumer confidence increases. OPEC’s monthly report predicts that demand will have fallen 700,000 barrels in 2008, and will decline by twice that amount in 2009. More»

OPEC expected to slash production to push up prices

(NEWSER) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and some predict prices may dip as low as $25 a barrel. OPEC will announce a cut in output at its next meeting Dec. 17, according to a spokesman. More»

Slowing demand drops crude to $108

(AP) - Oil prices dipped to just above $108 a barrel today after Hurricane Gustav left oil installations in the Gulf of Mexico largely undamaged. By midday in Europe, light, sweet crude for October delivery was down $1.50 on the New York Mercantile Exchange as the dollar continued to strengthen and attention shifted to slowing global demand for crude. At one point yesterday, it fell as low as $105.46, its lowest level since April. More»

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise

(NEWSER) - Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq 11.89 to 2,243.87 and the S&P 11.88 to 1,308.77. More»