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NEWS ABOUT: oil price

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Iran Blockade Could Send Oil Up 50%

But international forces would win the ensuing conflict

(Newser) - If Iran ever really closed off the Strait of Hormuz—as it threatened to last week —oil prices could spike more than 50% in a matter of days, analysts tell the New York Times , with even a partial closure likely resulting in a $50-per-barrel increase. “You would get... More »

Trump: Let's Just Seize Iraq's 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... More »

Halliburton More Than Doubles Its Profits in Q1

North American drilling, high oil prices help

(Newser) - Despite challenges arising from political unrest in the Arab world, Halliburton's net income has more than doubled during the first quarter of 2011. The oil-field services company credits the soaring earnings to an increase in unconventional North American oil and natural-gas drilling; the AP reports that North American revenue... More »

New Oil Peddlers: Libya Rebels

Qatar is first reported buyer

(Newser) - Now that they’ve taken control of some critical oil fields and terminals, eastern Libya’s rebels are getting into the oil business. Qatar is rumored to be the first buyer, with a deal in place to buy the oil and ship it in leased tankers, the New York Times... More »

Gas Prices Are Insane —Everywhere Else

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
... More »

Stop Panicking About Gas Prices

We survived three years ago, and we'll survive now: 'Chicago Tribune'

(Newser) - Everyone is freaking out about $5 gas , but the Chicago Tribune has an idea: Take a chill pill, it asserts in an editorial. "All those bad memories of oil soaring to $147 a barrel three years ago tend to crowd out the vague recollection that, oh yeah, prices came... More »

Libya Unrest Could Push Gas to $5

BP, Statoil have pulled out of country

(Newser) - Trips to the gas station could get a whole lot more painful soon, now that the unrest sweeping the Middle East has hit an oil-producing nation. Crude prices shot up 7% yesterday, and were still rising this morning, after BP and Norway’s Statoil evacuated workers from Libya, USA Today... More »

Oil Volatility Doubles, Price Hits $105 a Barrel

Middle East unrest sends prices soaring

(Newser) - Oil futures are bubbling upward thanks to the unrest in the Middle East, sending crude’s 20-day volatility rating skyrocketing to 29.4—more than double the all-time-low of 12.6 it set at the end of December, Bloomberg reports. In London, Brent crude sold for more than $105 a... More »

'Peak Oil' Looms: Saudi Supply Overstated

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... More »

Iran Seizes 5 British Yacht Crew Members

Vessel nabbed en route from Bahrain to race in Dubai

(AP) - Iran is holding five British sailors after stopping their racing yacht in the Persian Gulf, the British government said today. The yacht, owned by Sail Bahrain, was stopped on its way from the tiny island country to Dubai on Wednesday when it "may have strayed inadvertently into Iranian waters,... More »

Dow Up 56 on Oil, Gold

Energy firms rise as oil adds $3.08

(Newser) - Stocks posted solid gains today as commodity prices rose, the Wall Street Journal reports. Oil jumped $3.08 to $71.28 a barrel and gold crossed the $1,000-an-ounce mark. Commodity-producing stocks Exxon, Chevron, and Alcoa all saw gains as a result. The Dow added 56 points to close at... More »

Rogue Trader Shocks Oil Market

Crude hits highest level in a year on unauthorized trades

(Newser) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had... More »

Wallop Iran Where It Hurts: Oil Revenues

Two 'green' revolutions could bring down regime: Friedman

(Newser) - Pundits and politicians are wasting their time telling Barack Obama what he should be saying about the growing "green revolution" in Iran, writes Thomas L. Friedman. The country's reformers and protesters don't need American encouragement; they need a weakened theocracy—which will only happen when oil prices go into... More »

Exxon, Chevron Scramble to Protect $40B Cash Booty

(Newser) - In times like these, everyone’s got problems. Exxon and Chevron? Finding safe places to stash $40 billion they stockpiled while oil prices were stratospheric last summer. “The biggest challenge we’ve had is making sure all the cash is there every morning,” Exxon’s CEO tells Bloomberg,... More »

Airlines Panic as Recession Grounds Passengers

Falling price of oil fails to make up for slump in demand

(Newser) - A steep slide in passengers has airline execs reaching for the panic button, reports the Wall Street Journal. Airlines had banked on the drastic drop in oil prices more than making up for falling demand caused by the recession, but the decline—especially in first and business class—has been... More »

Cheap Oil Keeps World Economy Off Balance

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.... More »

Talk of Oil-Supply Cut Sends Prices Higher

(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... More »

Venezuela Yanks Free Fuel for Poor Americans

Plunging price of oil forces Chavez to freeze fuel aid program

(Newser) - Venezuela has halted its gifts of free fuel to America's poor, the New York Times reports. The controversial foreign aid project supplied heating oil to 200,000 low-income households in 23 states and on Indian reservations, but the plunge in the price of oil has hit Venezuela hard and President... More »

Oil Tops $40 on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold

(Newser) - The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100 a barrel since July. The... More »

Oil Prices Reverse Monthlong Decline

Crude reaches nearly $37 after UAE's cuts

(Newser) - Oil prices rose today—after dropping more than 30% this month alone—as the United Arab Emirates joined Saudi Arabia in curbing crude supplies, reports Reuters. Crude oil rose as much as $1.55 a barrel, or 4.4%, to $36.90 in New York this morning. The UAE cut... More »

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