Gas Gets Pumped Up

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January 2008
- $200 Oil on Horizon: Economists
  
  Der Spiegel | Jan 3, 08 3:13 PM CST
  
  (Newser) - The price of oil could surge to $150 in five years and $200 in 10 years, a prominent German economic institute reports. "Oil supplies are becoming increasingly scarce and that will continue to drive up prices," said one energy expert. Oil prices hit $100 yesterday for the first time, and continue to hover near the triple-digit mark in today's trading. More »
November 2007
- Oil Tops $99 as Dollar Sinks
  
  Reuters | Nov 21, 07 4:05 AM CST
  
  (Newser) - The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil prices could hit the $100- a-barrel milestone as early as today. The continued drop in the dollar against other currencies is helping fuel the rise. More »
- Oil Drops to $91 as Rush to $100 Stalls
  
  Wall Street Journal | Nov 14, 07 7:37 AM CST
  
  (Newser) - After gushing toward $100 a barrel, oil traded as low as $90.13 yesterday, closing at $91.17. Analysts said the downward pressure could continue as demand for oil slows and OPEC increases production, reports the Wall Street Journal. Saudi Arabia's oil minister, meanwhile, told the Globe and Mail that prices have been jacked up by speculation and should be near $60. More »
- Oil Touches Record $97 a Barrel
  
  MarketWatch | Nov 6, 07 2:24 PM CST
  
  (Newser) - Crude oil hit $97 a barrel today on the New York Mercantile Exchange, helped along by a weak dollar and an expected drop in supply—an especially impressive jump considering the 2% price drop yesterday. "What a difference a day makes," one analyst told MarketWatch. "This volatility is enough to give you vertigo." More »
- $3 Gas Fuels Retail Worries
  
  USA Today | Nov 6, 07 8:02 AM CST
  
  (Newser) - Gasoline prices topped $3 a gallon for the first time since mid-July, prompting worries about a consumer pullback as the US heads into the holiday shopping season and cold weather increases energy demands, reports USA Today . It’s the first time gas prices, up 80 cents from a year ago and 24 cents in a month, have reached $3 in November. More »
- Exxon Mobil Profits Plunge
  
  Bloomberg | Nov 1, 07 9:08 AM CDT
  
  (Newser) - Exxon Mobil profits plunged in the third quarter by the most since the first three months of 2004, when oil was $35 a barrel. The behemoth's quarterly report, released today, sent Exxon shares diving. The drop was caused by equipment and power failures, as well as a narrowing profit margin due to falling retail gas prices and rising crude prices, reports Bloomberg. More »
September 2007
- Oil Prices Approach All-Time High
  
  Financial Times (UK) | Sep 7, 07 3:16 AM CDT
  
  (Newser) - The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very well balanced,” according to the Financial Times . More »
- US Gas Supplies Hit 2-Year Low
  
  Reuters | Sep 6, 07 6:00 PM CDT
  
  (Newser) - The nation's gas inventory slipped last week to its lowest level since Hurricane Katrina decimated stockpiles 2 years ago, but officials aren't worried. "We're at the end of the summer and demand should start declining over the next several weeks," one analyst told Reuters. The current supply is enough to fuel the US for 19.83 days. More »
July 2007
- Ethanol More Mean Than Green
  
  Rolling Stone | Jul 31, 07 2:54 PM CDT
  
  (Newser) - Far from the solution to America’s energy crisis, corn ethanol is “one if the great political boondoggles of our time,” Rolling Stone says in a scathing broadside. The “dangerous” and “delusional” hype over the corn biofuel raises the price of food for the needy because it puts corn to work powering SUVs. And on top of that, ethanol isn’t even environmentally efficient. More »
June 2007
- Exxon, Conoco Pull Out of Venezuela
  
  Reuters | Jun 26, 07 8:04 AM CDT
  
  (Newser) - ExxonMobil and ConocoPhillips are bolting from lucrative operations in Venezuela in the wake of Hugo Chavez's demand that his state-run oil company receive at least a 60% share in projects. Talks over compensation fell apart hours before today's deadline to determine the future of four projects that produce as much as a quarter of the country's daily output. More »
- Senate Passes Energy Bill
  
  CNN | Jun 22, 07 5:00 AM CDT
  
  (Newser) - The Senate gave a green light to an energy plan that would pump total fuel-economy standards to 35 mpg by 2020, and require vehicles to run on 85% ethanol by 2015. Democrats say the bill will reduce America's reliance on foreign oil, help control gas prices and counteract the effects of global warming, while analysts say it's a blow to Detroit. More »
- Scientists Sweeten on Fruit Fuel
  
  BBC | Jun 21, 07 4:48 AM CDT
  
  (Newser) - Simple sugars found in fruits like apples and oranges can be converted into a new type of bio-based car fuel that provides more energy than ethanol, the current hip gas alternative. US researchers say the dimethylfuran can store 40 percent more energy and is less volatile than its corn-based cousin, but its environmental impact is still unknown. More »
- CPI Registers Spring Spike
  
  MarketWatch | Jun 15, 07 11:06 AM CDT
  
  (Newser) - The consumer price index jumped 0.7% in May, riding high energy prices to its second-biggest spike in 16 years. But the volatile food and energy sectors appeared not to disrupt the rest of the economy, MarketWatch reports. The core CPI, which excludes food and gas prices, rose only 0.15%, just enough below 0.2% forecasts to calm inflationary fears. More »
- Detroit Resists MPG Rules
  
  Wall Street Journal | Jun 7, 07 5:10 AM CDT
  
  (Newser) - The Big Three car makers are trying to put the breaks on Congressional plans to toughen fuel economy standards to an average of 35 mpg over the next 15 years. The Wall Street Journal predicts a political struggle that will test how much clout Ford, Chrysler and GM still have on Capitol Hill, despite their crippling losses and declining market share. More »
- OPEC Members May Seek More Foreign Funding
  
  Wall Street Journal | Jun 6, 07 10:23 AM CDT
  
  (Newser) - OPEC's new secretary-general says cartel members may be forced to attract more foreign investment to meet the world's expanding oil needs, the Wall Street Journal reports, a reversal of some countries' traditional opposition to cooperation with major Western producers. Oil-rich nations, currently riding high, may find themselves at a disadvantage when it comes to technology. More »
May 2007
- Nothing We Can Do About Those Prices, Says OPEC
  
  Wall Street Journal | May 25, 07 8:47 AM CDT
  
  (Newser) - Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases stem from a tight refining industry. More »
- Biofuels Bump Pump Prices
  
  New York Times | May 24, 07 11:51 AM CDT
  
  (Newser) - Four-dollar gas? Blame biofuels, the oil industry says. Construction of new refinery capacity is on hold thanks to government regulations that will soon require oil companies to produce biofuels such as ethanol. Uncertain standards for biofuels, which may render new refineries useless, have led oil companies to rethink expansion plans—and that's contributing to the recent spike in prices. More »
- Gas Spikes to All-Time Record
  
  CNN | May 21, 07 12:01 PM CDT
  
  (Newser) - Gas hit a record high of $3.18 yesterday, soaring past the previous all-time high, the inflation-adjusted 1981 price of $3.15 per gallon. A spate of fires and power outages have crippled the nation's refineries, sending prices soaring even as crude oil costs drop. That's turning consumers away from non-essential purchases like clothing and big-ticket items, CNNMoney reports. More »
September 2004
- Surging oil prices top $50 a barrel
  
  The Record | Sep 29, 04
  
  Crude oil surpassed $50 a barrel for the first time, and analysts said Tuesday that prices could keep rising because of a sharp increase in global demand, tight supplies, and threats to output in petroleum-producing nations such as Iraq and Nigeria. Homeowners and energy-intensive industries could feel the sting from high oil prices worsen as seasonal demand picks up this winter, and there is already evidence that the supply disruptions caused by Hurricane Ivan are making it more costly to drive.
July 1931
- Index
  
  Time | Jul 20, 31
  
  Crude Oil seeped down to new price levels, selling as low as 10¢ a barrel, with top prices at 22¢.