Will the Wells Run Dry?

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June 2008
- Bush to Congress: Lift Offshore Drilling Ban
  
  CNN | Jun 18, 08 11:08 AM CDT
  
  (Newser) - Bush formally asked Congress today to allow drilling for oil in the deep water off America's coasts, as well as repeating his demand that Alaska's Arctic National Wildlife Refuge be opened for drilling, CNN reports. "In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," Bush said. More »
- McCain Pays Price of Soaring Gas
  
  Politico | Jun 10, 08 2:13 PM CDT
  
  (Newser) - The party in power always suffers during an election year in which the economy is poor, and high gas prices are often the biggest barb. John McCain is suffering the most from high prices at the pump, a Politico analysis of Gallup polls show, with voters putting him behind the GOP at large on the question of who will give “greater priority” to energy. More »
- Analysts See Oil Bust Ahead
  
  Wall Street Journal | Jun 4, 08 12:56 PM CDT
  
  (Newser) - The oil price surge is just like the dot-com boom, analysts at Lehman Brothers tell the Wall Street Journal , and costs will sharply decline once the US dollar strengthens and demand dips in certain countries. Lehman claims oil is experiencing the "classic ingredients of an asset bubble," and points to the "herd" instinct of financial investors in rising prices. More »
May 2008
- Sharp Decline Seen in Future Oil Supplies
  
  Wall Street Journal | May 22, 08 11:50 AM CDT
  
  (Newser) - The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—growth, is revising that sharply downward, the Journal says, though the report won't be out until November. More »
- Military at War With Rising Fuel Costs
  
  Wall Street Journal | May 21, 08 10:12 AM CDT
  
  (Newser) - Fuel costs are hitting the US military harder than most, the Wall Street Journal reports, and it's moving forward with efforts to switch to synthetic, and greener, alternatives. Chugging 340,000 barrels of oil per day, the military is the nation's largest consumer; synthetic fuels and massive solar arrays are already in use, and the military is considering nuclear plants on some remote bases. More »
- Bush, Stop Begging the Saudis
  
  Wall Street Journal | May 17, 08 1:23 PM CDT
  
  (Newser) - Whichever adviser sent President Bush to plead with the Saudi king to help bring down oil prices should be canned, the Wall Street Journal opines. Bush had the same request turned down during a visit in January, and the rebuff is even more humiliating the second time around. If Bush wants to go begging, he'd be better off turning to Fed chief Ben Bernanke, "creator of our current commodity-price spike." More »
- Saudis Won't Budge on Oil
  
  Associated Press | May 16, 08 6:26 PM CDT
  
  (Newser) - Saudi Arabia's leaders today denied a request from visiting President Bush that they boost oil production to help ease rising gas prices, the AP reports. "Supply and demand are in balance today," the kingdom's oil minister said, with the commodity pushing $128 per barrel. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?" More »
- Congress Votes to Stop Stockpiling Oil
  
  New York Times | May 13, 08 9:44 PM CDT
  
  (Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25. It is expected to be sent to Bush within days. More »
- 'Super-Spike' Could Drive Oil to $200
  
  Wall Street Journal | May 7, 08 8:35 AM CDT
  
  (Newser) - 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 »
April 2008
- OPEC Head Warns Oil Could Hit $200 a Barrel
  
  Daily Telegraph (UK) | Apr 29, 08 5:26 AM CDT
  
  (Newser) - The president of the oil-producing cartel OPEC has warned that the price of the black gold could spike as high as $200 a barrel. As crude hovered just below the $120 barrier, Chakib Khelil told an Algerian newspaper that disruptions in production in Britain and Nigeria, coupled with a weak dollar and investor speculation, will keep prices rising. More »
- $7 Gas? Analyst Sees It by 2012
  
  MarketWatch | Apr 25, 08 4:54 PM CDT
  
  (Newser) - 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 »
- Should Bush Tap Strategic Petroleum Reserve?
  
  Christian Science Monitor | Apr 24, 08 11:58 AM CDT
  
  (Newser) - 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 »
- Oil Tops Record High $113
  
  AFP | Apr 15, 08 6:44 AM CDT
  
  (Newser) - 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 »
- Agency Cuts Oil-Demand Forecast
  
  Wall Street Journal | Apr 11, 08 10:21 AM CDT
  
  (Newser) - The projected growth in the demand for oil worldwide is at its lowest level since the Sept. 11 terrorist attacks, but don't expect any any price relief, reports the Wall Street Journal . The IEA pegs projected growth at 1.3 million barrels a day, down 35% from its projection in January. But even though the US and Europe will use less, booming nations such as India and China need more, which means OPEC can hold prices steady. More »
- Oil Expected to Stay Above $100 This Year
  
  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 »
February 2008
- Bush Urges Congress to Pass Surveillance Bill
  
  CNN | Feb 28, 08 9:29 AM CST
  
  (Newser) - President Bush urged Congress this morning to pass an update to the terrorist surveillance bill that expired more than a week ago, CNN reports. Bush said the delay poses "a risk of opening a gap in our intelligence gathering." The bill stalled in the House over a provision granting immunity for telecommunications companies that might have turned over phone records illegally. More »