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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 →

U.S. oil consumption keeps on dropping, ExxonMobil execs admit Sebastian Blanco

If you know what the acronym VMT stands for, then this story probably won't come as much of a surprise. VMT stands for vehicle-miles traveled, and Americans drove their VMT numbers way, way down last ...

The days of $1/gallon of gas may be coming back in the US. Or not Sebastian Blanco

It's hard to predict the future. Well, it's actually quite easy to make a prediction - it's just hard to predict what will actually happen. Take gas prices. With the recent announcement that OPEC ...

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 1 year ago on Autoblog Green

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 reason, with speculation of an improving economy due to the Bush administration's hopeful ability to ...

Video: Oil addiction and biofuel dangers simplified 1 year ago on Autoblog Green

There's a new video from Good Magazine that explains the viewpoint of those who believe that using crops for biofuels isn't good for the environment with simple and clear language. The short clip references articles from newspapers such as the LA Times and the NY Times, as well as official ...

NozzleRage 1 year ago on Autoblog Green

Who's to blame for the current spike in oil prices and who exactly is benefiting? It seems everyone has an answer to these questions lately. Regardless of whether one believes that we should drill the ANWR region, end oil speculation, boost refinery capability, or pressure automakers to deliver ...

At Witz' End - Gas Prices: Alternatives and Oil Supply 1 year ago on Autoblog Green

Part of the problem is speculation: individual and institutional investors betting on higher future oil prices. Another big factor is the very weak U.S. dollar. But the bulk of the reason oil and gas prices have climbed so high is that age-old Economics 101 supply/demand equation. Global demand, ...

Vanpool usage rises with gas prices 1 year ago on Autoblog Green

As high fuel prices make it more expensive for people to run their cars, services that specialize in replacing those cars, full-time or part-time, are seeing their businesses grow along with the pump price. Earlier, we told you about Zipcar's improved performance of late, and now we can tell you ...

OPEC: Oil prices could continue to rise 1 year ago on Autoblog Green

OPEC president Chakib Khelil believes that the already staggering price for a barrel of oil could continue to rise. Citing the low value of the U.S. dollar, Khelil says that investors are likely to continue to place their bets on oil, a necessary commodity. With current prices hovering around $120 ...

Oil prices fall over $4 after hitting new record highs 1 year ago on Autoblog Green

Oil hit a new record high price of $111.80 yesterday morning, but settled at $105.68 later, a drop of $4.42 for the day. While we're not yet ready to suggest that an end has come to the daily rise in oil prices, seeing the price for a barrel of crude drop, if only for a day, is probably a bit of a ...

Expensive gas worries GM purchasing chief 1 year ago on Autoblog Green

It's no secret that the auto industry's most profitable vehicles are also the hardest hit when gasoline prices climb past consumers' comfort levels. Bo Andersson, the man behind GM's purchasing decisions, says that the tipping point currently hovers around $3.30 a gallon. At that price, sales start ...

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 ...

Oil prices set for highest annual gain this decade 1 year ago on Autoblog Green

Well, it's not like we need to tell you that $3 gas is pretty much the new black. While the price of a barrel of oil hasn't broken the $100 barrier yet, it is sitting pretty at around $96 these days and the AP is saying that the high prices mean that the price of oil is set "for its biggest annual ...

Time for Another ABG Economics Lesson 2 years ago on Autoblog Green

Dear ABG Readers: I have seen your comments and know some have nearly had their fill of posts about economics. I was going to lay off for a while BUT this (subs req'd) Paul Krugman NYTimes column was too good to pass up. Being green means holding onto your green, so please bear with me. It all ...

Cheap oil means cheaper gas means fewer green cars? 3 years ago on Autoblog Green

It might be the auto and energy question of the decade: what effect do gas prices have on green car habits and green car technology? Automakers are investing billions in gas-free propulsion sources and sales figures show that consumers are more than eager to go along with these advanced powertrains. ...

High gas prices here to stay, says IMF managing director 3 years ago on Autoblog Green

The managing director for the International Monetary Fund, Rodrigo Rato, said Sunday that high gas prices around the world are here to stay. In an interview with the Spanish newspaper El Mundo that focused on the European market with an eye toward the global situation, Rato said, "In Europe there is ...


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