Speculators to Blame for Soaring Oil: Soros

Speculation is driving oil up, and that's a concern for consumers, economists

(NEWSER) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per barrel oil gushed to yesterday is attributed to cuts in production and fears that OPEC may trim output further at its meeting next month More»

Charles Lane points out a surprising trend: Americans are driving less

(NEWSER) - When gas prices spiked in April, Americans reacted in a logical, yet surprising way: They drove less. It's a sign, writes Charles Lane of the Washington Post , that America's love affair with the car is on the rocks. Getting a license, for instance, isn't the "rite of passage" it used to be; only 28.7% of 16-year-olds got their licenses in 2010, down from 44.7% in 1988. Lane blames cell phones, which make "it easier for youngsters to stay in touch without actually, er, touching." More»

Sure, policy affects things ... eventually

(NEWSER) - As gas prices rise, President Obama's approval rating falls , which makes sense, because those painful numbers at the pump are all his fault, right? Wrong, say oil experts and economists. The Washington Post breaks down their arguments:

• Policy: It definitely affects things, but it takes a long time for that to happen. Cars can take a decade to turn over, for instance, so tightening fuel efficiency rules doesn't kick in immediately. One expert notes that legislation George W. Bush signed in 2007 is helping stop the "current situation from getting worse."

Recent posturing has already sent price up 20%

(NEWSER) - Going to war with Iran would be an expensive proposition for America's drivers. Tensions over the country's nuclear ambitions have already pushed crude oil prices up 20% to a record winter high, energy experts tell the New York Times . That's translated to an average $3.73 per gallon at pumps nationwide, with prices well over $4 in California. Summer usually pushes prices around 20 cents higher, but tensions with Iran could tack on an extra 50 cents or more. More»

Gas, airfare up 20% from a year ago

(NEWSER) - Tens of millions of Americans are now on the move for Thanksgiving, but the soaring cost of travel is keeping many others at home. Some 42.5 million Americans are expected to drive, fly, or ride trains over the holiday, and gas prices are up almost 20% from last year, according to AAA, as is the cost of a round-trip plane ticket on the top 40 US routes. Most Amtrak fares are also up from a year ago, but only by 2% to 5%. More»