Skip to: Content
Skip to: Site Navigation
Skip to: Search

November 20, 2008 6:57:48 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

Nothing We Can Do About Those Prices, Says OPEC

Posted May 25, 07 8:47 AM CDT in US,  Business 

(Newser) – Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases stem from a tight refining industry.

OPEC members complain that US refining margins have soared in recent years, until they're three times higher than mark-ups other markets; while crude-oil prices have risen 5.1% this year, gas prices have surged 47%. Refiners counter that a cut in oil output by OPEC last fall hasresulted in the higher prices at the pump.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Cheaper Oil Likely to Stay Awhile

    Nov 18, 08 4:02 PM CST
    Cheaper Oil Likely to Stay Awhile Oil prices are down, and they’re likely to stay that way for now, writes Ronald Bailey for Reason. Not only did the recent spike in gas prices drive down demand in the US; it also heightened the effect of domestic and local production. Government mandates, made in response to the surge in oil prices, are likely to curb demand in the US for years. More »

  • OPEC Slashes 1.5M Barrels a Day to Boost Oil Prices

    Oct 24, 08 7:14 AM CDT
    OPEC Slashes 1.5M Barrels a Day to Boost Oil Prices OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a market which has been oversupplied for some time,” OPEC said in a statement.
    More »

  • OPEC Panics as Oil Plunges

    Oct 22, 08 8:33 AM CDT
    OPEC Panics as Oil Plunges Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the New York Times reports, a global fall in demand could have major repercussions for nations that have profited from the black gold.
    More »

  • Gas Prices Plunge in Biggest Drop Ever

    Oct 13, 08 2:20 AM CDT
    The Dow isn't the only thing plummeting. Amid falling demand, the average price of a gallon of gasoline has dropped over 35 cents in the last two weeks. The nationwide Lundberg Survey of 5,000 gas stations shows the cost of gas has slid more than 80 cents since March—the biggest drop ever recorded.
    More »

  • Oil Sinks to $83 on Global Panic

    Oct 10, 08 7:44 AM CDT
    Oil Sinks to $83 on Global Panic Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear." More »

Using real horse power to get around, an Amish buggy makes its way through Middlefield, Ohio, unconcerned about the rising gas prices on Tuesday, May 22, 2007. Oil prices fell Wednesday, May 23, 2007...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow

Threads (
1
 of 2)

Tags

gas prices • oil • gas • OPEC • fuel


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Home Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »