Gas Gets Pumped Up

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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 »
- Oil Rockets to $135 on Surprise Supply Decline
  
  Bloomberg | May 22, 08 6:11 AM CDT
  
  (Newser) - A surprise 5.32 million barrel decline in US crude oil stockpiles prompted oil prices to surge past a record $135 a barrel in after-hours New York trading this morning, extending oil's runup to 19% this month, reports Bloomberg. The Energy Department also said yesterday that gasoline stockpiles had declined some 755,000 barrels, while analysts had expected an increase in reserves. More »
- Americans Reducing Mileage on Cars, Not Stomachs
  
  Reuters | May 21, 08 5:33 PM CDT
  
  (Newser) - Many Americans are cutting back on gas due to spiking prices, but few are eating less in response to similarly soaring food costs, a poll finds. Nearly half of respondents said they were driving less, but only 8% said they were eating less. "People have more control over gasoline. They are driving less and driving smarter," pollster John Zogby tells Reuters. More »
- American Cuts Flights, Will Charge $15 for First Bag
  
  Wall Street Journal | May 21, 08 11:01 AM CDT
  
  (Newser) - American Airlines is cutting flights, jobs, and carrying capacity in its effort to withstand skyrocketing oil prices, the company announced today—and it's adding a $15 fee for some customers' first checked bag. US capacity could fall 12% as up to 85 planes are retired, the Wall Street Journal reports. The announcement sent airline stocks plummeting. More »
- Oil Tops $130
  
  Associated Press | May 21, 08 8:30 AM CDT
  
  (Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled over the past year. More »
- What Europe Can Teach Us About Gas
  
  New York Times | May 19, 08 2:04 PM CDT
  
  (Newser) - Gas costs more than $8 a gallon in Germany—a sum that might cause riots in the US but hardly ruffles most Europeans. Their secret is simple, Paul Krugman writes in the New York Times : They drive fuel-efficient cars, and they don’t drive very often. America can easily imitate the first part, but the second part will be tough. More »
- Bush, Stop Begging the Saudis
  
  Wall Street Journal | May 17, 08 1:23 PM CDT
  
  (Newser) - Whichev

Stories

Sharp Decline Seen in Future Oil Supplies

Oil Rockets to $135 on Surprise Supply Decline

Americans Reducing Mileage on Cars, Not Stomachs

American Cuts Flights, Will Charge $15 for First Bag

Oil Tops $130

What Europe Can Teach Us About Gas

Bush, Stop Begging the Saudis