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December 2, 2008 10:20:42 PM CST

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oil crisis

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8 Stories

 Finish My 
 Fight With 
 Big 3: Gore 
 to Obama 

We need urgent action, Gore warns

Newsweek Newsweek Nov 30, 08 6:34 PM CST
(Newser) - Al Gore doesn't want a White House job, but he does have advice for Barack Obama: Use the bailout plan to transform the Big Three automakers. As vice-president, Gore rolled out a billion-dollar program to pay for fuel-efficient Detroit vehicles—"but as soon as they felt they were off the hook, they pulled the plug and walked away," Gore tells Newsweek . Now Obama can transform Michigan into a hybrid electric car hub, he says. More »

More about:  China • President Obama • environment • India • auto industry • oil • Al Gore • hybrid car • oil crisis • clean coal

ANALYSIS

India's Effort to Boost Biofuel Encounters Growing Pains

Country aims to feed boom with hardier crops, though it's a tough sell

Economist Economist Sep 22, 08 12:36 PM CDT
(Newser) - Just months after India’s finance minister called converting food crops to biofuels “a crime against humanity,” the government has launched a program that aims to get 20% of India’s diesel from plants by 2017, relying heavily on hardy plants that won’t keep rob needed land. But the biofuel crops take years longer to yield much of value, making it a tough sell, the Economist reports. More »

More about:  India • biofuel • fossil fuel • alternative fuels • biodiesel • oil crisis

ANALYSIS

Palin All for Drilling—and Has Been Tough on Big Oil

Positions put McCain's running mate in good stead with more than just conservatives

Salon Salon Aug 29, 08 4:50 PM CDT
(Newser) - Gov. Sarah Palin wants the US to drill for oil, offshore or in the Arctic National Wildlife Refuge in her home state. Not only does recent drilling convert John McCain get backup, Andrew Leonard writes in Salon, but Dems will have a hard time branding Palin a pawn of Big Oil: She’s had a history of taxing oil companies and badmouthing lobbyists. More »

More about:  Election 2008 • John McCain • Sarah Palin • Alaska • oil drilling • offshore oil • oil crisis

Saudis May Boost Oil Supply Even Higher

But OPEC blames speculators and credit crisis for high prices

Bloomberg Bloomberg Jun 22, 08 4:11 PM CDT
(Newser) - A hastily organized summit meeting in Saudi Arabia today offered little relief to oil consumers, Bloomberg reports. The Saudis did vow to increase production if needed, but OPEC blamed speculators and the credit crisis, not markets, for surging oil prices. "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day," a Saudi minister said. More »

More about:  oil price • oil • Saudi Arabia • OPEC • oil production • oil companies • oil crisis • foreign oil • oil industry

Oil Expected to Stay
Above $100 This Year

Fed agency ups forecast as world laps up Texas tea

Wall Street Journal Wall Street Journal Apr 9, 08 6:43 AM CDT
(Newser) - A barrel of crude could end up averaging more than $100 this year, federal handicappers are predicting, just weeks after the triple-digit mark seemed like a troublesome anomaly. OPEC’s parsimony with its reserves, spiking demand worldwide and a dwindling supply outside the Middle East are conspiring to squeeze rates—and last month’s record close of $110.33 might not be the worst of it. More »

More about:  energy • crude oil • OPEC • oil companies • oil crisis • Energy Information Administration

Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

New York Times New York Times Mar 3, 08 11:45 AM CST
(Newser) - As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of $39.50 a barrel, or $103.76 adjusted for inflation. More »

$100 a Barrel Oil Triggers Crisis

New energy shock caused by runaway demand

New York Times New York Times Nov 9, 07 11:11 AM CST
(Newser) - The planet is headed for the third major energy crisis in a generation, but this one may be more serious and last longer than the others, the Times reports. Energy crises in the '70s and '80s were triggered by interruptions in supply from the Middle East. This time around, the trigger is massive growth in global demand, particularly in developing countries. More »

More about:  China • India • oil price • solar energy • $100 a barrel oil • oil crisis • Energy crisis • Royal Dutch Shell

Supply Worries Send Oil Near $80 a Barrel

US inventory drops, and OPEC production boost won't cover shortfall

Bloomberg Bloomberg Sep 12, 07 3:38 PM CDT
(Newser) - Crude oil hit nearly $80 a barrel today—its highest price ever—thanks to dwindling supply. US inventories fell by 7M barrels last week, much more than the 2.7M analysts predicted. OPEC announced a production increase of only 500K barrels, which Bloomberg reports will not meet seasonal demand increases. Storms in the Gulf of Mexico also contributed to rising prices. More »

More about:  credit crisis • United States • oil price • crude oil • OPEC • oil supply • oil crisis

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