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How High Will Oil Go?

Started by Imperator; Last updated May 15, 08 8:12 PM CDT by P Spain | View history

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How High Will Oil Go?

When George W. Bush became president the price of oil was around $29 a barrel. It is now about 4x higher. Pretty good job for a guy who started life as an "awl man."

Stories

Stories 1 - 20 of 66

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July 2008
- Why $8 Gas Would Be Awesome
  
  newser | Los Angeles Times | Jul 11, 08 11:17 AM CDT
  
  Gas, as you may have heard, has topped $4 a gallon, and Joel Stein of the LA Times loves it. "Cheap gas is unfair," he argues, tongue mostly in cheek. Heck, why not make it $8 or even $10 a gallon, as in Europe, "where they have fewer road deaths even though they drive like complete idiots"? More »
- Gas Use Hits Record Low, Prices Still Sky High
  
  newser | Wall Street Journal | Jul 10, 08 2:21 AM CDT
  
  Soaring gas prices are changing Americans driving habits, cutting consumption to the lowest levels in five years, reports the Wall Street Journal. Gas consumption dropped by 3.3% to 9.3 million barrels a day compared with last year's Fourth of July holiday. Some 62% of Americans are changing summer plans because of rising gas prices, and 15% have canceled vacations altogether. More »
- $6 Gas Possible by Year's End
  
  newser | Wall Street Journal | Jul 7, 08 7:38 AM CDT
  
  As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward pressure on crude prices, the Wall Street Journal reports. More »
- Oil Gushes Past $145
  
  newser | Associated Press | Jul 3, 08 7:07 AM CDT
  
  The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP . A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even higher. Crude has risen more than 50% since the end of 2007. More »
June 2008
- Mixed Results Cap Ugly June
  
  newser | CNNMoney | Jun 30, 08 3:39 PM CDT
  
  Stocks ended mixed today—the last day of the second quarter—and couldn't prevent the Dow and S&P from their worst June since the Great Depression, CNNMoney reports. The Dow ended up 3.50 today, to 11,350.01; the Nasdaq was down 22.65 to 2,292.98, and the S&P up 1.62 to 1,280.00. Each of the major indices was down at least 8.6% for the month. More »
- What if Oil Hits $200?
  
  newser | Los Angeles Times | Jun 28, 08 3:35 PM CDT
  
  Wall Street has predicted $200-per-barrel oil for months, but what if it really happens? Not only drivers would be hurt by such a spike, the Los Angeles Times reports: Inflation would skyrocket as oil-derived products turn pricey and "the purchasing power of the American people would be kicked in the teeth so darned hard that they won't have the ability to buy much of anything,” one energy expert predicted. More »
- Oil Breaks Record, Climbs Above $141
  
  newser | Associated Press | Jun 27, 08 7:27 AM CDT
  
  Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production. More »
- Saudis May Boost Oil Supply Even Higher
  
  newser | Bloomberg | Jun 22, 08 4:11 PM CDT
  
  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 »
- Nigerian Youths Blow Up Oil Pipeline
  
  newser | Reuters | Jun 22, 08 3:19 PM CDT
  
  A youth gang blew up a Chevron pipeline in Nigeria yesterday, reducing output from the world's eighth-largest oil producer by 120,000 barrels a day. Such attacks are common in Nigeria, Reuters reports: Sparked by poverty and hatred of foreign companies, militants have cut oil production there by one-fifth over the past 2 years. More »
- Oil-Addicted Bush Must Kick the Habit
  
  newser | New York Times | Jun 22, 08 6:32 AM CDT
  
  The American thirst for oil is like a drug addiction, and George Bush wants another hit, writes Thomas Friedman in the New York Times . Bush’s irresponsible energy plan involves getting a little more oil from Saudi Arabia to keep prices low, and then drilling in Alaska—simply prolonging our addiction instead of allowing high fuel prices to push us toward better sources of energy, adds Friedman. More »
- Goodbye, RV: Hello, Real Travel
  
  newser | Chicago Tribune | Jun 20, 08 7:59 PM CDT
  
  With gas prices up and on the rise, your Winnebago may soon be stuck in park—but the fall of car culture's ugliest offender will force us to reconnect with better pastimes, writes Garrison Keillor in the Chicago Tribune . “Banjo sales will pick up,” Keillor writes. “The screened porch will come back in style. And the art of storytelling will burgeon along with it.” More »
- Dow Plummets to Below 12,000
  
  newser | MarketWatch | Jun 20, 08 3:34 PM CDT
  
  The markets tumbled today to lows not seen since the Bear Stearns fiasco in March, MarketWatch reports. Oil surged back over $135 a barrel, erasing yesterday’s meager gains, and bad news continued to depress financials. The Dow fell 220.40 to 11,842.69, the Nasdaq 55.87 to 2,406.09, and the S&P 500 24.90 to 1,317.93. More »
- McCain Pander on Drilling Disappoints
  
  newser | New York Times | Jun 20, 08 8:30 AM CDT
  
  It's nothing new for the Bush administration to blame environmentalists for energy shortages, writes Paul Krugman in the New York Times . As early as 2001, Dick Cheney blamed green laws rather than rapacious energy companies for the California electricity shortage. But it's disappointing that John McCain has joined the bandwagon—especially as he, unlike Barack Obama, voted against Bush's "really terrible, special-interest-driven" 2005 energy bill. More »
- China Jacks Up Energy Prices
  
  newser | Wall Street Journal | Jun 19, 08 1:13 PM CDT
  
  China will raise domestic energy prices starting tomorrow, the Wall Street Journal reports, with gas and diesel costs jumping 18%. China’s heavily subsidized fuel is still cheaper than international rates, and the move may be an attempt to appease foreign governments, who blame Beijing's intervention for letting demand rise unchecked in the world's second-largest oil consumer. More »
- When Good Pandering Goes Bad
  
  newser | New York Times | Jun 19, 08 7:32 AM CDT
  
  The offshore drilling ban has been in place since 1981, but George W. Bush—who is still the president, Gail Collins reminds us in the New York Times —wants it overturned in two weeks. Watching his speech in the Rose Garden, where he said Democrats would be to blame for high gas prices if drilling in heretofore verboten places was not immediately authorized, the columnist wonders why the president waited until now to call the Dems' bluff, and how unfortunate it is for John McCain. More »
- Let's Not Kid Ourselves: Oil's Going Higher
  
  newser | Washington Post | Jun 18, 08 12:09 PM CDT
  
  Yes, $4 a gallon seems steep, but the worst is surely yet to come, Robert J. Samuelson writes in the Washington Post . Gas is on pace to rise to $7 a gallon by 2012, with oil rising to $225 a barrel, according to one economist. Oil-rich nations are acting as though we’ve already hit “peak oil,” and fast-growing nations in Asia and elsewhere are keeping demand steady. More »
- Offshore Drilling Issue May Backfire on McCain
  
  newser | Politico | Jun 18, 08 3:46 AM CDT
  
  John McCain is making a risky bet with his call to end a ban on offshore drilling, Charles Mahtesian and David Mark write in Politico. Polls show a clear majority of Americans are in favor of lifting the ban—but the candidate risks tapping a geyser of resentment in California and Florida, states strongly opposed to drilling that would be among the most affected by a change in policy. More »
- Saudis Bumping Oil Flow 2% to Slow Soaring Prices
  
  newser | Associated Press | Jun 16, 08 7:02 AM CDT
  
  Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes. More »
- Saudis to Boost Oil Output to Record Level
  
  newser | New York Times | Jun 14, 08 6:14 AM CDT
  
  Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the long term by cutting economic growth and making alternative fuels more viable. More »
- As Prices Soar, Congress Aims at Speculators
  
  newser | New York Times | Jun 13, 08 8:30 AM CDT
  
  Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe Lieberman has even introduced a bill to ban institutional investors from commodity markets. More »

Stories 1 - 20 of 66

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Images (6)
Videos (1)

Chart shows crude oil prices; 1c x 2 7/8 inches; 46.5 mm x 73 mm (Associated Press)

Oil storage tanks in Linden, N.J. are shown in this aerial photo of Wednesday, Aug. 29, 2007. Oil prices extended their rise above $78 a barrel Wednesday, Sept. 12, 2007 after finishing at a record close... (Associated Press)

An oil rig stands 11 June 2007 Big Valley, Alberta, Canada. ... (Getty Images)

An offshore oil installation is seen in the gulf of Mexico near the coast of Campeche, Mexico. Crude oil prices are expected to break $100 a barrel this week.(AP Photo/Pemex) (Associated Press)

The price of a barrel of crude oil soared to a record $105.96. (Getty Images)

A U.S. one dollar note is seen among other foreign currencies at Foreign Currency Express in downtown Los Angeles. The value of the dollar continues to shrink. (Associated Press)

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Related Threads

The Prize: Oil • Gas Gets Pumped Up • Energy • Will the Wells Run Dry? • The Markets • China • Saudi Arabia • Is It Recession? • Not-So-Almighty Dollar • McCain 2008

Background

Organization of Petroleum Exporting Countries
The Columbia Encyclopedia, Sixth Edition

Organization of Petroleum Exporting Countries (OPEC), multinational organization (est. 1960, formally constituted 1961) that coordinates petroleum policies and economic aid among oil-producing nations. Its Board of Governors and board chairperson are elected by member nations; OPEC's headquarters ...

» Read more about Organization of Petroleum Exporting Countries at Encyclopedia.com

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