OPEC said it will leave its official production ceiling unchanged, dashing hopes for an official increase that could have sent crude prices lower.
BP Capital Management chairman T. Boone Pickens says it's not appropriate to place blame on one person for gas prices.
The average price for a gallon of regular U.S. gasoline slipped almost 7 cents over the past two weeks, chasing a drop in crude oil prices, according to a nationwide survey published Sunday.
The president outlines his plan for protecting the oil market from speculators and manipulators.
This week, President Obama announced policy measures to enhance the surveillance of oil futures markets. The president stressed that the new measures would not bring down gasoline prices overnight, but implied that they would lower gas prices in the long run because more oversight would deter market manipulation.
Sen. Mitch McConnell (R) Minority Leader on why gas prices are so high, the 2012 elections and Obama's policies.
U.S. gas prices showed their smallest increase since early January -- and may be nearing or past their peak if the price of crude oil holds steady, according to a national survey published Sunday.
U.S. gas prices jumped more than 11 cents per gallon over the past two weeks, but may be peaking as the price of crude oil holds steady, according to the latest Lundberg Survey.
CNN's Richard Quest talks to Stephen King, Chief Economist at HSBC, about the future of the oil market and Greece.
Saudi Arabia is taking steps to cool the overheating global energy market, boosting its exports to the US and re-opening old oilfields to expand production, as the world's largest oil producer tries to prevent damage to the global economic recovery.
CNN's Eunice Yoon reports on how China's demand for oil is boosting global prices.
Oil prices spiked to their highest levels since 2008 on fears that tensions with Iran have the potential to disrupt supplies through the Strait of Hormuz.
A combination of trouble with Iran, a recovering global economy, investor interest and a potential problem at refineries are all responsible for the recent spike in gasoline prices, experts say.
Prices for Brent crude oil rose to their highest level since April 2011 Wednesday on fears that Iran might halt shipments of oil to Europe.
Despite the uptick in oil prices thanks to Iran's threats last week, experts don't foresee a major oil price spike even as evidence mounts that tougher oil sanctions against the country are beginning to bite.
The head of OPEC said Wednesday that speculators are at least partly to blame for high oil prices -- not any lack of supply on world markets.
A perpetual deadlock in Congress has resulted in eight extensions of the national transportation bill, causing roads to crumble, bridges to fall, and transit to break down.
Oil market speculation will cost U.S. households more than ever in 2011, a consumer group predicts, and the drain on household incomes will increase unless government rules to curb it are imposed.
U.S. gas prices have edged up 6 cents over the past two weeks, but don't fret that a steady climb is on the horizon, the publisher of a new survey said Sunday.
Brent crude oil prices are easing but don't expect that to to translate into sharply lower U.S. gas prices anytime soon.
Oil prices jumped Thursday, inching closer to $100 a barrel on signs of stronger economic growth and a bullish outlook on commodities from two big investment banks.
Oil prices have surged in the last few days and are now less than a dollar from where they were when President Obama made the controversial decision to tap the nation's strategic reserve last Thursday.
Four reasons are emerging for President Obama's surprise decision Thursday to release 30 million barrels of oil from the nation's strategic reserve -- economic stimulus; a looming supply shortage; a wake up call to OPEC; and a warning shot to speculators in the oil market.
Boosting the nation's oil supply could lower gas prices as much as 50 cents a gallon, but relief at the pump is still weeks away.
Saudi Arabian Prince Alwaleed bin Talal explains why his country wants oil prices to stay below $100.
Federal regulators charged five oil speculators Tuesday with manipulating the price of crude and making a $50 million profit from the scheme.
The recent surge in gas prices showed some signs of cracking Friday, but economists say consumers shouldn't get their hopes up yet.
Gasoline prices have been rising for months and are within striking distance of their 2008 all-time high of $4.11 a gallon. But while oil prices are above $100 a barrel, they're still 24% below their 2008 all-time high.
In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit.
Just as major airlines have started getting their balance sheets back in order, they're bracing for the impact of skyrocketing oil prices.
Crude oil prices moved above $106 a barrel again Thursday before retreating, as a confluence of war, natural disasters and Japan's nuclear problems unnerved investors.
Oil prices moved higher Tuesday as investors focused their attention on the conflict in Libya and escalating tensions in Yemen.
Oil prices had been on a tear before Friday. But then the earthquake and tsunami slammed Japan, throwing the oil industry's bullish momentum for a loop.
Oil prices ended little changed Monday, recovering from earlier losses, as investors grappled with the potential fallout from the Japan earthquake and ongoing political unrest in the Middle East.
In the grasslands of western North Dakota, one of the country's richest oil men is using a controversial gas drilling technology to develop what could be the biggest domestic oil discovery in the last 40 years.
Oil prices dug in around the $104-a-barrel level Wednesday as investors remained focused on geopolitical concerns.
Oil prices eased Tuesday following reports that key producers are discussing the possibility of increasing output.
U.S. stocks were set for a mixed open Tuesday, following a broad retreat in the previous session, as oil prices eased.
U.S. markets fell sharply Friday as oil prices jumped to more than $104 a barrel. Still, stocks managed to eke out gains for the week.
Gas prices continue to rise for the eighth day in a row, as the effect of high oil prices trickles down to the pump.
Oil prices climbed Tuesday as the volatile situation in Libya continued to fuel worries about wider unrest across the Middle East.
Fresh off a 27-cent jump last month, gas prices were up slightly in a daily survey by motorist group AAA, as the price of crude oil backed off recent highs.
Gas prices have increased 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil.
U.S. stocks closed solidly higher on Friday, but fears about Libya and the oil markets translated into the worst week for stocks since November.
Oil prices have had a wild ride this week, surging more than 9% since last Friday as investors reacted to the changing political dynamic across North Africa and the Middle East.
Gas prices jumped 6 cents overnight, as the recent spike in oil prices begins to hit filling stations across America.
Oil prices took a slight step back Thursday, but crude has seen a large runup this week as the political upheaval in Libya curtails production from the North African country.
Gas prices are up nearly 6 cents this week and analysts say this is just the beginning, as oil prices soar on political strife in North Africa and the Middle East.
Markets around the world are wondering if oil-rich Saudi Arabia is serious about boosting its production to calm surging prices in the wake of continued upheaval in Libya.
U.S. oil prices remain relatively low compared to the rest of the world, but that doesn't mean American motorists are getting a break at the gas station.
Crude oil prices spiked Friday as anti-government protests in Egypt sparked concerns over regional stability.
U.S. gasoline prices rose slightly in the past two weeks as a glut of gasoline offset a small increase in crude oil prices, according to a national survey out Sunday.
John Hofmeister, former president of Shell Oil, predicts we'll be paying $5 a gallon by 2012 because of global demand.
Drivers may be bracing for more pain at the pump in 2011 as gas prices continue to head higher.
If we have learned anything from the failed energy policies of every president since Richard Nixon, it is this: Reducing America's heavy oil import dependence is easier said than done. However, if America truly wants to return to its full potential economic growth rate, we must significantly reduce that oil import dependence.
Oil prices continued to slide Wednesday, and posted the first quarterly decline since the fourth quarter of 2008, after a weaker-than-expected report on crude inventories.
Oil prices spiked more than 3% Friday, as investors worried that storm in the Caribbean could intensify and enter into the Gulf of Mexico over the weekend and ultimately disturb oil production.
Oil prices dropped Monday in tandem with global stock markets, extending deep losses sustained late last week.
After surging 4% the day before, oil prices climbed again Thursday after Chinese officials denied reports that they're reconsidering the country's holdings in European bonds.
Crude prices fell to a three-month low in electronic trading Friday amid a stronger dollar, higher supply and an approaching expiration for the June futures contract.
Oil prices slipped Wednesday after a weekly supply report from the government's energy agency showed an increase in oil stockpiles.
Oil prices churned Tuesday as investors teetered between skepticism and optimism over Europe's rescue package.
CNNMoney: Oil prices turn lowerupdated: Fri May 07 2010 15:26:00
Oil prices fell for the fourth straight day, following U.S. stocks, as investors remained bearish about Europe's prospects.
Oil prices fell sharply Thursday, a day after sinking to their lowest levels in over six weeks, as the U.S. dollar continued to strengthen and stocks plummeted, amid the fallout from Greece's debt crisis.
CNNMoney: Oil prices rise againupdated: Fri Apr 30 2010 15:02:00
Oil prices jumped Friday for the third straight day as optimism about the economic recovery and a weaker dollar boosted the appeal of crude.
Oil prices rose for the second straight day Thursday, after upbeat jobs data and the dollar weakened against the euro, boosting the attractiveness of crude.
Oil prices turned higher Wednesday after the Fed announced it would keep rates low, overshadowing Greek woes and a mixed inventory report.
Crude oil prices rose after a late bump-up in equities overshadowed a mix of bearish news.
Oil prices rose Tuesday for the first time in three days as strong corporate earnings reports dampened worries over the Goldman fraud case.
Oil prices tumbled on Monday for the third straight trading day as investors reacted to the fraud charges against Goldman Sachs and the strength of the dollar.
CNNMoney: Oil prices plummetupdated: Fri Apr 16 2010 15:13:00
Oil prices retreated Friday as fraud charges against Goldman Sachs shook the markets and concerns about the Greek bailout plan sent the dollar higher against the euro.
CNNMoney: Oil prices pare gainsupdated: Thu Apr 15 2010 15:31:00
Oil prices fell Thursday amid choppy trading, as investors sought direction after the government's disappointing initial jobless claims report and the dollar strengthened.
Oil prices rose for the first time in more than a week Wednesday after a government report showing a decline in crude oil supplies fueled hopes that demand may finally be catching up to the economic recovery.
Oil prices fell amid choppy trading on Friday, as investors bearish about crude demand shrugged dollar weakness and won out over bullish ones.
Oil prices slipped Wednesday as a jump in crude oil supplies dimmed hopes that the economic recovery will spur energy demand.
Oil prices posted a 17-month high, nearing $84 a barrel Wednesday after President Obama announced his plans to open new areas to offshore drilling.
Oil prices soared Monday as Europe inched closer to a solution for Greece's debt crisis, sending the dollar down against the euro.
Oil fell Wednesday after a report showed increased oil stockpiles and instability in Europe sparked worries that energy demand and economic recovery may be slower to materialize.
Oil fell Friday as fresh worries over Greece's debt crisis pushed the dollar higher against the euro.
Oil fell amid a strengthening dollar and continued rise in the stock market.
Oil prices jumped Wednesday, after the weekly government energy inventory report showed supplies of crude fell more than analysts had expected.
Oil fell on Monday, on renewed uncertainty over the debt crisis and the dollar strengthened against major currencies.
Oil prices fell Tuesday as a stronger dollar overshadowed a modest advance on Wall Street.
Oil prices rose Friday following a better than expected employment report from the government, boosting optimism about recovering fuel demand.
Oil prices rebounded Friday on supply concern following strikes at French refineries, and after a report showed a dip in U.S. inflation.
A desire to bring Iran to the bargaining table over its nuclear program could keep oil prices low worldwide for the next several months.
Because oil prices have always been directly related to the strength of the economy, a recovery might have seen headlines like these:
Oil rose modestly Wednesday, responding to a 15-month low in the dollar and robust Chinese demand growth and factory output.
The IEA rejects suggestions the body has exaggerated global oil supplies, as it releases its 2009 World Energy Outlook.
Oil prices are back around $80 a barrel for the first time in nearly a year. But is that good news or bad news for the economy? Let the debate begin.
Oil prices have vaulted above $78 a barrel this week as investors continue to fret about a weak dollar and the pace of the economic recovery.
CNNMoney: Oil prices top $70updated: Mon Oct 05 2009 15:24:00
Oil topped $70 a barrel Monday, tracking an advance on Wall Street.
Oil prices fell slightly Thursday as stocks slipped, after gaining more than 5% earlier this week.
Oil prices rose for the second session straight Wednesday after a government report showed crude inventories fell more than expected, and the dollar continued to weaken.
Oil prices settled more than $1 higher Thursday, reversing directions several times toward the end of a volatile trading week.
Oil prices have surged more than 50% from the start of the year, but don't expect a return to triple digits anytime soon -- worries about the pace of an economic recovery will continue to drive near-term volatility.
Gasoline prices, which have surged 19 cents in the past 20 days, are not far from the highest level industry analysts expect this summer, but they remain well below last year's record.
CNNMoney: Oil plunges 6%updated: Wed Jul 29 2009 15:56:00
Oil prices plunged 6% Wednesday after the government reported a surprise increase in oil stockpiles, U.S. and Asian stock markets fell, and a report on durable goods came in much weaker than expected.
Gasoline prices fell more than 7 cents a gallon over the past two weeks, despite a rise in crude oil prices, according to a survey published Sunday.
One year ago, on July 3, 2008, oil prices settled at a record high -- a once-unthinkable $145.29 a barrel
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|