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Wall Street Journal
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Nov 26, 07 4:18 AM CST
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With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up output by as much as 720,000 barrels a day.
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Reuters
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Nov 21, 07 4:05 AM CST
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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.
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Wall Street Journal
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Nov 19, 07 10:07 AM CST
(Newser) -
Production limits, not supply, could prompt an oil crisis in less than a decade as efforts to reduce demand and introduce alternative fuels trail growth in the world’s oil needs, the Journal reports. Oil companies currently produce 85 million barrels daily; some experts say they'll hit a wall at 100 million barrels—far below projected world demands, and a recipe for shortages and skyrocketing prices.
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Associated Press
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Nov 18, 07 9:52 PM CST
(Newser) -
Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members, the AP reports.
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BBC
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Nov 17, 07 6:48 PM CST
(Newser) -
Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical agent.” Saudi Arabia’s King Abdullah countered, saying “Oil shouldn’t be a tool for conflict, [but for] development.”
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Wall Street Journal
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Nov 13, 07 4:41 PM CST
(Newser) -
Gas prices will go up at least another 20 cents in December, and they could climb further after that if OPEC doesn't increase production, says a top Energy Department forecaster. Gas prices will keep rising even if crude prices fall, says Guy Caruso, because the refiners haven't fully passed along their rising costs to the consumer yet.
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Reuters
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Nov 12, 07 7:52 AM CST
(Newser) -
Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96 this morning. North Sea crude rose slightly after a militant attack on Nigerian facilities and storm-related production issues.
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San Francisco Chronicle
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Nov 11, 07 6:44 AM CST
(Newser) -
As cleanup of the San Francisco oil spill intensifies, so does the frustration of volunteers blocked from pitching in. At least one organizer ended up in handcuffs when his group ignored a park ranger's order to get off a beach and instead scooped up globs of oil. Hundreds of residents who arrived for what they thought were training sessions were told to go home because oil is "hazardous," reports the San Francisco Chronicle.
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New York Times
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Nov 9, 07 11:11 AM CST
(Newser) -
The planet is headed for the third major energy crisis in a generation, but this one may be more serious and last longer than the others, the Times reports. Energy crises in the '70s and '80s were triggered by interruptions in supply from the Middle East. This time around, the trigger is massive growth in global demand, particularly in developing countries.
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Associated Press
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Nov 9, 07 10:05 AM CST
(Newser) -
A huge offshore oil field found off the coast of Rio de Janeiro has the potential to make Brazil one of the world's top oil exporters, the AP reports. The Tupi field could hold 8 billion barrels, but it's very deep and will be difficult and expensive to drill. The state oil company Petrobras says full-scale extraction is unlikely to begin until 2013.
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San Francisco Chronicle
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Nov 9, 07 8:17 AM CST
(Newser) -
As Bay Area residents braved noxious oil to rescue oil-covered seabirds, officials asked why the emergency response to Wednesday's spill had been "unusually slow." The oil slick spread dozens of miles along the San Francisco and Marin coastlines, contaminating beaches and coating marine life, in the hours before the Coast Guard disclosed the scope of the spill, the San Francisco Chronicle reports.
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Wall Street Journal
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Nov 8, 07 2:18 PM CST
(Newser) -
US industries are at each other’s throats over energy policy as each sector tries to protect its own interests. A prime example came last year, when Dow Chemical's push for tougher automobile fuel-economy standards—which would help keep a lid on Dow's oil expenditures—ran afoul of automakers, who stand to suffer from such legislation and are huge Dow clients.
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San Francisco Chronicle
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Nov 8, 07 9:46 AM CST
(Newser) -
A massive container ship traveling in dense fog crashed into the San Francisco’s Bay Bridge yesterday, spilling 58,000 gallons of noxious oil lethal to marine life. It was unclear whether mechanical or human error was at fault, but a spill cleaner said the bunker fuel oil is “the nastiest stuff around” and breaks down particularly slowly, the Chronicle reports.
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New York Times
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Nov 7, 07 6:51 PM CST
(Newser) -
With oil prices inching toward the $100-a-barrel mark, the New York Times looks at how soaring prices are redrawing the world's power grid: from oil-rich nations swimming in cash to oil-importing nations "clawing at each other to lock up scarce supplies." In Venezuela, oil is funding a socialist revolution; in Russia and Norway, it's fueling mammoth new investment funds that could have huge impact on world markets.
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Associated Press
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Nov 7, 07 4:11 AM CST
(Newser) -
Oil prices continue to break records, busting beyond $98 a barrel before settling at $97.98 in Singapore today, reports AP. Short-term effects like Monday’s attack on a Yemen pipeline contributed to the hike. Last week’s storms reduced Mexican exports to the US, and traders expected this winter’s demand to remain strong.
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Bloomberg
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Nov 6, 07 3:37 PM CST