How High Will Oil Go?

When Good Pandering Goes Bad

New York Times  |  Jun 19, 08 7:32 AM CDT

(Newser) - 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 »

Oil, Earnings Woes Key Retreat

MarketWatch  |  Jun 18, 08 3:34 PM CDT

(Newser) - The markets retreated today, battered by the familiar convergence of high oil prices and poor business performance, MarketWatch reports. Amid signs of broader malaise, financials dropped, and crude again topped $135 per barrel. The Dow fell 131.24 to close at 12,029.06. The Nasdaq lost 28.02 to 2,429.71, and the S&P 500 lost 13.12, settling at 1,337.81. More »

Let's Not Kid Ourselves: Oil's Going Higher

Washington Post  |  Jun 18, 08 12:09 PM CDT

(Newser) - 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

Politico  |  Jun 18, 08 3:46 AM CDT

(Newser) - 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 »

Stocks Mixed as Oil Pulls Back

Wall Street Journal  |  Jun 16, 08 3:22 PM CDT

(Newser) - Stocks ended mixed today as oil prices pulled back after hitting a high of nearly $140 a barrel. Investors are still concerned about economic instability, but many have already abandoned financials, reports the Wall Street Journal . The Dow ended down 38.27 at 12,269.08, the Nasdaq up 20.28 at 2,474.78, and the S&P 500 barely changed, rising 0.11 to 1,360.14 . More »

Saudis Bumping Oil Flow 2% to Slow Soaring Prices

Associated Press  |  Jun 16, 08 7:02 AM CDT

(Newser) - 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

New York Times  |  Jun 14, 08 6:14 AM CDT

(Newser) - 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