Small Cadre of Speculators Control Oil

Qatar is first reported buyer

(NEWSER) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times reports. Though there are sanctions on Libya, the US says it won’t block rebel oil sales, provided none of the money goes to the Libyan government. More»

Low year-over-year pump prices, oil demand drive revenue down

(AP) - Exxon Mobil’s first-quarter profit fell 58% from the previous year to $4.6 billion—its lowest profit in more than 5 years—as the world's largest publicly traded oil company, along with the rest of the industry, saw gas prices deflate dramatically. This time last year crude was in the triple digits, in the midst of a historic run-up to almost $150 a barrel. But prices spent the rest of the year retreating and have hovered around $50 a barrel since March. More»

(AP) - Sarah Palin's first two years as Alaska's governor were a time of milk, honey, and crude, with sky-high oil prices pumping wealth into the state. The second half of her term isn't looking so rosy. The rapid decline of oil prices has left the state with a looming budget shortfall of up to $1.5 billion. That could have political repercussions for the former Republican vice presidential hopeful, who must stay visible in the Lower 48 if she's to have a hope in a 2012 presidential bid. 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»

Demand and recession drive price down

(NEWSER) - 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»