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Oil roars to record over $112 on U.S. inventory drop
NEW YORK - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.
U.S. crude settled up $2.37 at $110.87 a barrel after peaking at $112.21 and eclipsing the previous record of $111.80 hit March 17. London [...]
Updates on PRICE of CRUDE
The editors of PRICE of CRUDE have opted to selectively post new oil “price records”. Volatility in the markets would have us posting new price records every other day. We’re just not going to water down our site with records data. On occasion, we will post records that we see as milestones.
Thanks,
-Steven Biars
Summer gasoline use to drop for the first time since 1991
WASHINGTON (Reuters) - Record-high gasoline prices will reduce U.S. demand for the fuel this summer by 85,000 barrels per day compared with last summer, the first drop in summer motor fuel consumption since 1991, the government’s top energy forecaster said on Monday.
“We see a slowdown in gasoline demand,” Guy Caruso, head of the federal Energy [...]
Mexico Braces for an Oil War
Angelic children stare at rolling waves as a deep voice booms out the wonders of petroleum. “Mexico has a great treasure, a treasure hidden below the bottom of the sea,” the narrator says soothingly above joyous music. “But the world now confronts a new reality.” Suddenly, the watcher is bombarded with graphics explaining deep sea [...]
With gas costly, drivers finally cut back
New York - For the first time since 1980, when long lines sprouted at gasoline stations, Americans are beginning to cut down on their driving.
The slight decline in total miles driven – apparent first in December – may indicate that the twin forces of high gasoline prices and a struggling economy are starting to affect [...]
Gas stations look in stores for profits
NEW YORK - Gas prices may be sitting near record levels, but the owner of your local gas station quite likely is struggling.
Profit margins on gasoline sales are razor thin. Indeed, some gas stations are losing money on credit card sales, once the fees are factored in.
How do they stay in business? More and more [...]
Iran to OPEC: Stop Oil Sales in Dollars
Iranian President Urges OPEC to Form Joint Bank, Stop Pricing Oil Trades in US Dollars
TEHRAN, Iran (AP) — Iranian President Mahmoud Ahmadinejad is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars.
According to the Iranian government’s Web site, Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel [...]
New ’super-spike’ might mean $200 per barrel oil
NEW YORK (MarketWatch) — With $100-a-barrel here for now, Goldman Sachs says $200 a barrel could be a reality in the not-too-distant future in the case of a “major disruption.”
Goldman on Friday also boosted by $10 the low end of its 2008-2012 projected range for crude to $60 a barrel — significantly lower than current [...]
Oil prices gush to new highs
NEW YORK (AFP) - Oil prices struck double-barreled highs on Monday on concerns about dollar weakness and tight supplies as speculators bet on the market rally to go higher, traders said.
Both the New York and London benchmark contracts smashed intraday and closing records as US President George W. Bush’s administration signaled that Vice President Dick [...]
GAO asked to audit Iraqi oil revenue
WASHINGTON - The Democratic chairman and Republican former chairman of the Senate Armed Services Committee have asked government auditors to determine what Iraq is doing with the billions of dollars in oil revenue it generates.
“We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite [...]
