Global Demand for Oil Expected to Plummet

And stocks could 'soar': David Kotok

(NEWSER) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million barrels. In that scenario, oil prices will fall worldwide as oil futures climb, and the US and other economies will get a big boost, explains Kotok, because "the oil price acts like a sales tax on consumption." More»

Oil giant credits strong demand

(AP) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with revenue jumping 35.2% to $5.94 billion. More»

Investors had been expecting a rise

(NEWSER) - Crude prices are headed north this morning, after OPEC surprised the market by keeping production flat instead of ramping it up, the Wall Street Journal reports. Nymex crude is currently up almost 2%, above $100 a barrel, after being down ahead of the announcement. OPEC's secretary-general told reporters that the countries were "unable to reach consensus to raise production," according to the AP . More»

'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.