Analysts See Oil Bust Ahead

With crude under $40, investment dries up, nations lose revenue

(NEWSER) - Oil surged 13% yesterday in New York trading—and still closed at less than $40 a barrel, reports the Washington Post. Cheap oil has been a boon for consumers in the recession, but the collapse in crude prices has contributed to further havoc in international markets from Canada to Kuwait. While OPEC is expected to cut supplies again next month, the organization is having trouble keeping pace with the world's shrinking demand for fuel. More»

Power shifts as global economies change

(NEWSER) - The surging price of oil from $10 a barrel a decade ago to a record $100 today is remaking the global economy and altering the balance of power across the world, according to the Wall Street Journal. If oil prices continue to climb, as many experts predict, US political power will decline as the economic clout of oil producers increases exponentially. The price of oil was holding near $100 today, driven by concerns about US fuel supplies and the dollar, Reuters reports. More»

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»

But warns there's no 'quick fix' to rising gas prices

(NEWSER) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices are up 12 cents this week, and indeed shot up 3.5 cents overnight to a national average of $3.65, CNN reports. Geithner attributed that to improved growth expectations in the US, "and also Iran is doing a little saber rattling." More»

Can't afford a vacation? Don't worry about skipping these locales

(NEWSER) - Sure, you could read one of the many lists of destinations you should visit this year—but in this economic climate, wouldn’t it be more useful to check out a list of places not to visit? Hailey Eber thinks so, and gives her top 10 in BlackBook :

• Oymyakon, Russia: In this Siberian village on record as the coldest town on Earth, the temperature must drop to -62 degrees Fahrenheit before schools close.
• Paula Deen Cruise to the Caribbean: You usually put on a few pounds while on vacation…and a few more if that vacation is the neverending buffet of a cruise ship. Add Paula Deen’s butter-filled recipes into the mix, and you’ll soon be “too ashamed to waddle around the lido deck in your bikini.”
• Pakistan: “Violent extremists, Al-Qaida, and Taliban elements do not a vacation make. But, you probably knew that already.”