Oil Prices Approach All-Time High

It's not us, it's those stingy refiners

(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. More»

But low cost fuel isn't getting more people on the road

(NEWSER) - As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly, writes the Wall Street Journal, debate in Washington has shifted from whether the government should give drivers a tax break to whether Congress should hike taxes. More»

Less obesity, traffic, and accidents, for starters

(NEWSER) - The rest of the world may have thought it would never happen, but energy prices are beginning to change Americans' behavior. Time notes some positive aspects:

1. Jobs lost to globalization return, because energy costs make international shipping unattractive.
2. Suburban sprawl is slowing as people choose to live closer to cities.
3. Many firms are switching to four-day workweeks—the practice saved Florida's Brevard College $268,000 over a summer session.
4. Less pollution as motorists drive less …
5. …and more frugally, both in how they drive and what they drive.

Experts say $150 or more isn't out of the question as world demand grows.

(NEWSER) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the Wall Street Journal. Crude sold for a record $121.84 yesterday, up 96% from a year ago. More»

Hawaii is especially hard hit by rising oil prices

(NEWSER) - The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the verge of becoming the first part of the country to average that price, the AP notes. More»