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REPORT: Kuwaiti Oil Minister says OPEC won't increase production until prices hit $100/barrel

America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the Kuwaiti Oil Minister Sheikh Ahmed al-Abdullah al-Sabah to reporters yesterday probably won't help decrease domestic gasoline prices any time soon. OPEC's al-Sabah said that the organization will not consider increasing production until the price of a barrel of oil reaches $100. Currently, the price is around $70 a barrel – up almost 60% this year, but way, way down compared to the highs of 2008. Oh, and when the ... Read more →

CO2 vehicle standards could reduce the price of oil Sebastian Blanco

Explaining the ups and downs of the price of oil requires either a PhD and/or an ability to craft a good story. The French institute Enerdata has found another factor that anyone who wants to tell ...

BREAKING: OPEC issues largest-ever cut in oil production Jeremy Korzeniewski

Getting used to cheap gas prices? Experts have been warning that they are not going to last and the Organization of Petroleum Exporting Countries (OPEC) is doing its part to prop 'em back up. Today, ...

Party like it's August 2007: oil falls to 14-month low Sebastian Blanco

Photo by Michael (mx5tx). Licensed under Creative Commons license 2.0. The bad news continues for fuel efficient vehicle technologies. The AP is reporting that yesterday's oil barrel price of $74.54 ...

Breaking: Oil prices rise nearly 16-percent in one day of trading Jeremy Korzeniewski

The price for a barrel of Crude for October delivery rose $16.37, or 15.7%, to close at $120.92 by the end of today's trading in New York. Why? There doesn't actually appear to be any one particular ...

U.K. drivers being overcharged for fuel? 1 year ago on Autoblog Green

Nobody wants to pay more for fuel than they need to. This may especially be true in the UK where, due in large part to heavy taxes, both gas and diesel are much more expensive than they are in the States. Regardless of how much it's taxed, though, as the price for a barrel of crude goes down, so ...

Your daily update on record oil prices: $110 per barrel 1 year ago on Autoblog Green

Lately, record oil prices have been a daily topic here on AutoblogGreen because every day the old record, set the previous day, is being beaten out by the day's closing price. Guess what? We're back at it today. That's right, a barrel of oil passed the $110 plateau for the first time ever. This ...


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