January 29, 2011 |
Oil prices surged Friday as concerns mounted that anti-government protests in Tunisia, Egypt, Lebanon and Yemen could affect Middle East oil production. If that happens, analysts said, oil prices could quickly rise to $130 a barrel. The protests sent crude oil futures for March delivery up $3.70, or 4.3%, to close at $89.34 a barrel on the New York Mercantile Exchange. Analysts said traders were buying up oil in case the anti-government sentiment spreads and disrupts oil output.
October 27, 2009 |
Gasoline prices slowed their decline in California and jumped by 10 cents nationwide, as oil companies continued to reduce the amount of fuel they are refining. The average price of a gallon of regular gasoline in California fell by just 0.3 cents to $2.985. It was the sixth straight week of declines in the state, but also the smallest drop since the record high for 2009 was reached Sept. 14. Nationally, prices rose 10 cents to an average of $2.674 a gallon. Oil industry analyst Patrick DeHaan said refineries around the nation have cut way back in an effort to raise prices at a time when they say their profit margins are low. Refiners typically cut back production in the fall, said DeHaan, senior petroleum analyst for gasbuddy.
November 13, 2012 |
Step back, Saudi Arabia and Russia. The U.S. will become the world's top producer of oil by 2020, a net exporter of oil around 2030 and nearly self-sufficient in energy by 2035, according to a new report from the International Energy Agency. It's a bold set of predictions for a nation that currently imports some 20% of its energy needs. Recently, however, an "energy renaissance" has begun in the U.S., marked by a boost in oil, shale gas and bioenergy production made possible by new technologies such as hydraulic fracturing, or fracking, and horizontal drilling, said the report by the Paris agency, which acts as an energy watchdog for industrialized nations.
May 20, 2008 |
Gasoline averaging more than $4 a gallon has arrived in more cities in the U.S. The average price for a gallon of self-serve regular was over the $4-a-gallon mark in 15 metropolitan areas Monday, according to a survey of 100,000 service stations around the country released by AAA. Chicago and Long Island, N.Y., were the new members of the club, and Bridgeport, Conn., headed the list, with the average gallon selling for $4.10. In California, Santa Barbara was No. 1 at $4.061, up from $3.588 a year earlier.
September 3, 2008 |
The biggest repercussions from Hurricane Gustav's brush with the Gulf Coast oil complex played out in energy markets Tuesday instead of at refineries and oil rigs, as reports trickled in that damage to key facilities was mostly minor and oil prices plunged below $110 a barrel in response. Teams of oil industry and government employees fanned out across the region, inspecting shut-down refineries responsible for more than 10% of the nation's gasoline production and boarding helicopters and planes to fly over oil platforms that account for 25% of U.S. oil output.
March 3, 2011 |
Buyers shifting their shopping to small, fuel-efficient vehicles because of high gas prices run the danger of making a long-term decision on a short-term price spike and finding themselves driving a car they don't want, some analysts warn. "It is like people who look out the window, see that it is raining and then think it is going to rain for the next four years," said Jack Nerad, an analyst with auto information company Kelley Blue Book. Though most oil watchers believe the cost of petroleum is on an ever-upward curve, the steepness of the climb is likely to be uneven, and it's not clear whether prices will remain high if political turmoil in Arab oil-producing nations recedes.