Feds Think Bad Data May Feed Oil Spikes

Barron's projects those averages for next spring

(NEWSER) - Enjoy the relative lull in gas prices while it lasts: Barron's cover story projects $4.50 a gallon "will become the norm" by next spring. "That will put a huge dent in consumer wallets, while ramping up the desirability of fuel-efficient cars," writes Gene Epstein. He projects that oil prices will begin rising in the fall and eventually settle at $150 a barrel. This "oil shock" will put an obvious crimp in the economy recovery "but not kill it," he writes, adding that oil will remain at the $150 level for several months before easing. More»

It's oil giant's best quarter since 2008

(NEWSER) - Gas prices are soaring, and so are Exxon Mobil's profits. The oil giant raked in $10.65 billion in profits in the first quarter of 2011, its best performance since the gas price spike of 2008. The $2.14-per-share profit well exceeded analysts' $2.04 estimates, the AP reports. The company seems to be expecting a blowback, because it posted a blog post yesterday offering a preemptive response to "the inevitable headlines and sound bites about high gasoline prices." More»

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»

As US drivers complain, those overseas think we're lucky

(NEWSER) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :

• US: $3.53
• Norway: $9.28
• Europe: Between $7.50 and $8 for most, including Britain, Ireland, Italy, France, and Germany.

We survived three years ago, and we'll survive now: 'Chicago Tribune'

(NEWSER) - Everyone is freaking out about $5 gas , but the Chicago Tribune has an idea: Take a chill pill, it asserts in an editorial. "All those bad memories of oil soaring to $147 a barrel three years ago tend to crowd out the vague recollection that, oh yeah, prices came tumbling down just as fast." Fear, not supply and demand, is mostly to blame for the rise in oil prices as we worry that the unrest in the Middle East could "threaten the oil production of Saudi Arabia and other nations that pump far more crude than war-torn Libya." We need to squash the impulse to overreact. More»