Make Lawsuits, Not War, Over OPEC Oil

'We're reimbursing ourselves'

(NEWSER) - Donald Trump has an interesting concept of how the world’s oil markets work: In an interview with George Stephanopoulos on ABC , Trump opined that the reason oil was so high was because “We don’t have anybody in Washington that calls OPEC and says, ‘Fellas, it’s time. It’s over. You’re not going to do it anymore.’” When Stephanopoulos pressed him on how he’d back up that threat, Trump replied, “I’m going to look ‘em in the eye and say, ‘Fellas, you’ve had your fun. Your fun is over.’” 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.

Cable argues that kingdom can't pump enough crude to control prices

(NEWSER) - The world may be on the verge of an oil crisis, according to WikiLeaks cables released to the Guardian today. According to the cables, Sadad al-Husseini, the former head of Saudi Arabia’s state-run oil monopoly, warned diplomats that Saudi reserves were overstated by almost 40%, and that the country couldn’t reach the 12.5 million barrel-per-day production capacity needed to keep global oil prices in check. He predicted that the world would hit “peak oil” as early as 2012. More»

New justice will be key to defining prez limits

(NEWSER) - Most Supreme Court watchers say that Barack Obama's choice to succeed David Souter will change little, since the retiring justice was a reliable member of the court's liberal bloc. But on critical questions of presidential power, which Souter regularly sought to check, the new justice's vote could be crucial. Obama's top court candidates have widely differing views about the role of the executive, reports the New York Times . More»

(NEWSER) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member group. More»