Oil, Gas Prices Continue Slide

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.

Average national price climbs, even though driving is down

(NEWSER) - Remember the good old days when gas was over $3? Well, get ready for some déjà vu. The average national price of a gallon climbed 4.7 cents last week alone, to $2.702, continuing a trend that saw it rise 76.8 cents over the past year, while crude oil prices nearly doubled. Now, thanks to the recent storms, it’s safe to assume they’ll be above $3 headed into the spring, argues Matthew Scott of Daily Finance . More»

(NEWSER) - It doesn't pay to drill, baby, drill anymore. Falling world prices have brought an end to the boom in domestic drilling for oil and natural gas, the New York Times reports. Last summer, 2,400 gas and oil rigs were deployed in the hunt for energy. Today, that figure is 1,200 and still dropping. “The big bonanza is over,” said one Texas driller whose company has gone from 35 rigs to 8. “Everyone is really shocked how fast everything has turned.” More»

(NEWSER) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a market which has been oversupplied for some time,” OPEC said in a statement. More»

High energy, motor vehicle costs pushing inflation; Fed may be forced to boost rates

(AP) - Wholesale prices jumped 1.2% in July—more than twice the rate economists expected and the fastest pace in 27 years, according to government data released today, the AP reports. Core prices, which exclude food and energy, rose 0.7%, the biggest since November 2006; new home construction in July fell to the lowest pace in more than 17 years. More»