Stories related to: oil prices

As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options the possibility of increasing output as a way to ensure market stability,” Libya's top oil official said. More »

Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the Nasdaq dropped 5.72 to settle at 2,445.52. More »

Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe. More »

A majority of economists think the upswing in food and energy prices is due to fundamental issues of supply and demand—and not driven by speculation, a Wall Street Journal survey finds; 51% pegged demand from China and India as the chief cause of the oil boom. More »

The markets achieved solid gains today as better-than-expected sales from big-box discount retailers encouraged investors worried over oil prices still in record territory, the Wall Street Journal reports. The Dow gained 52.43 to close at 12,866.78, while the Nasdaq rose 12.75 to 2,451.24. The S&P 500 rose 5.11, settling at 1,397.68. More »

It’s common knowledge that driving a little slower makes more efficient use of gas. And with fuel prices sky-high, some drivers are actually throttling back in hopes of feeling less pain at the pump, the AP reports. Vacation drivers and truckers alike are heeding experts’ advice that cars are most efficient between 30 and 60 mph, and become increasingly inefficient over 65 mph. More »

A "democratic recession" is threatening to roll back freedom around the globe, Thomas Friedman writes today in the New York Times. The high price of oil—which facilitates authoritarian rule—combined with the loss of US ability to effectively promote democracy means dictators have freer reign and freedom suffers, Friedman writes. More »

A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the Wall Street Journal. Crude sold for a record $121.84 yesterday, up 96% from a year ago. More »

Stocks rallied and recorded modest gains today after initially falling on on bad news from Fannie Mae. But analysts cautioned against excessive optimism. "The fact that we're not imploding doesn't me that we're OK," a strategist told the Wall Street Journal . The Dow ended up 51.29 at 13,020.83, the Nasdaq 19.19 at 2,483.31, and the S&P 500 10.77 at 1,418.26. More »

Stocks fell today as Yahoo shares plummeted 16% and crude prices jumped past $120 a barrel. "People have gotten in, but they don't want to be in a big way," a investment officer told the Wall Street Journal . The Dow fell 88.66 at 12,969.54, the Nasdaq 12.87 to 2,464.12, and the S&P 500 6.41 at 1,407.49. More »

Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63% gains respectively. “Exxon is having trouble raising production, and that's not a good sign,” said one money manager. More »

US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of its reconstruction costs. But the White House has warned that slashing aid could prolong the war. More »

Truckers led a convoy of vehicles around the National Mall today in Washington to protest high fuel prices, the AP reports. Drivers from the group Truckers and Citizens United converged on DC for an afternoon rally to try to influence Congress to end oil-company subsidies, supplement supply with oil from the strategic reserves, and end Alaskan petroleum exports. More »

Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch. More »

The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum Reserve—and Hillary Clinton wants to release some of it. But President Bush maintains that the reserve is untouchable. More »

European countries facing record prices for oil and natural gas are turning to coal to fuel their energy needs, deeply worrying environmentalists, the New York Times reports. During the next five years, about 50 new coal-fired power plants will open across Europe. Many electricity companies say they have no other choice. More »

Crude oil hit a new record high in trading today—$113.66 a barrel—as weary investors attempted to hedge against a tumbling dollar and oil shipments were disrupted around the world. Though the dollar is the main concern, supply problems, including OPEC's decision not to change its 2008 outlook and the closure of a top Mexican export terminal, didn't help, the AFP reports. More »

Delta Air Lines has reached a deal with its 7,000 pilots that is expected to allow a long-delayed merger with Northwest Airlines to take off, Bloomberg reports. The airlines plan to announce the merger next week, sources said. The new airline would carry the Delta name and jet past American Airlines to become the world's largest carrier. More »

Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13. More »

Concern about potential supply disruptions in Iraq and American gasoline reserves pushed oil prices up for the second day in a row, despite expected news from the Energy Department that crude supplies in the US had rebounded, reports the Associated Press. The US dollar’s continued depreciation against a slew of currencies also helped inflate the price. More »