Proponents of the peak-oil theory can muster studies and statistics backing their claim that declining global oil output is nigh. Critics point to new technologies and unconventional oil fields as saviors. Either way, a return to the days of $1.50-a-gallon gasoline isn't going to happen.
Unless there's a breakthrough in battery technology, gasoline will remain the primary auto fuel in the U.S. for years. But our dependence on imported oil comes with a major risk of supply disruption. And the U.S. has a domestic alternative that's ready and reliable: natural gas.
Even though no reports of supply disruptions have surface, Brent crude hit $100 a barrel in London trading, while U.S. prices hovered near $90. Europe is more vulnerable because much of its crude flows through the Suez Canal and adjacent pipelines.
Oil prices, up more than 25% since August, are testing the $90 per barrel level and appear to be headed higher -- into what the International Energy Agency calls 'a dangerous zone' for the global economy.
Consumer sentiment unexpectedly fell 1.8 points to 72.7 in January. A Bloomberg survey had forecast an increase to 75. Americans sense that the economy has improved, but they also know rising energy prices are capable of hurting their budgets and businesses'.
The U.S. started 2011 with the highest gas prices ever for January. That doesn't bode well for the coming months, but the sky isn't falling. Here's what you can do about those higher fuel costs, including how to make investments that will profit from them.
During the height of the bad publicity from the BP oil spill, there was much speculation about whether independent gas station owners would ditch the beleaguered oil company's brand. By and large, though, that didn't happen, and in the months since the disaster, business at many BP stations has rebounded.
It may be the happiest season of the year, but higher oil prices that have translated into gasoline prices topping $3 a gallon have many motorists frowning.
Lower U.S. petroleum inventory and higher demand pushed oil prices past the $90-a-barrel mark Wednesday.
The U.S. has never had $3-a-gallon gas at Christmastime, reflecting the fact that gas prices typically get lower as the days grow shorter. This year may be quite different, thanks to events from Canada to China. And some analysts think prices will really heat up in spring.
Light crude oil prices have been climbing in the last few days, closing the week at $88.94 per barrel on the NYMEX.
Strikers in France shut down refineries that ship gasoline to U.S. East Coast, and the proportion of corn-based ethanol the government will allow in gasoline is rising from 10% to 15%
The average price of gasoline rose by just over a nickel in the last two weeks, as rising crude prices hit consumers. The average price of self-serve regular gasoline was $2.82 a gallon on Friday, according to the latest Lundberg Survey. That%u2019s 5.23 cents higher than two weeks earlier.
At 10.5 cents per gallon, Jersey has the third-lowest gas tax in America. No governor has dared push to raise it, and Chris Christie isn't about to change that. Problem is: The state's trust fund that uses gas taxes is running dry -- at the worst time.
Amtrak set an annual ridership record of 28.7 million passengers for the fiscal year ended September 30. That%u2019s 5.7% more than in fiscal 2009. Ticket revenue rose 9% to $1.74 billion, Amtrak said in a statement.
The average price of regular gasoline jumped 8.23 cents in the last two weeks. The latest Lundberg Survey said that the price of a gallon of regular gasoline is now $2.77, The Associated Press reported.
Penske Automotive Group, a chain of car dealerships, reached an agreement with Japan%u2019s Nissan Motor Co. (NSANY) to sell a Nissan-made small car in the U.S. market under the Smart brand name. Penske hopes that adding the Nissan-made car, a four-door hatchback, to the Smart line will boost sales, The Wall Street Journal reported. The company already sells a two-passenger minicar made by Daimler AG.
Consumer prices posted a small rise in August, but outside of a big jump in volatile gasoline prices inflation was essentially flat.
The price per gallon for gasoline is at the second-lowest level in five years, and some economists predict it could drop much further soon. The reason: More-than-ample inventories of crude oil and refined petroleum products.
The mid-Atlantic region, hard hit last winter, will catch a break from the weather next time, says the Farmer's Almanac, but much of the rest of the U.S. will be colder than normal, New England in particular. For those who heat their homes with oil, however, lower prices should ease the season.
Gasoline prices fell by just over 7 cents a gallon in the U.S. in the past two weeks, and are likely to stay steady. The Lundberg Survey, carried out on Aug. 27, found the average price of regular self-serve gasoline at $2.70 per gallon - a decrease of 7.54 cents from two weeks earlier, according to CNN.
Business News You Need Today: Aug. 24, 2010
There's some good news for people who wait to vacation until after Labor Day weekend: at least one industry expert expects gasoline prices to go...
U.S. gasoline prices rose about 4 cents per gallon in the last three weeks, according to the latest price survey. The latest Lundberg Survey, conducted on Friday in 38 markets, shows the average price of self-serve regular was $2.77 per gallon, an increase of about 3.9 cents from the last survey on July 23.
Investors may get some relief from strong gasoline and auto sales, which helped lift retail overall and should ease some fears of a double-dip recession. Excluding gas and autos, most segments showed good year-over-year gains and small but as-expected month-over-month rises.
Gas prices are continuing to drop -- 20 cents a gallon cheaper than in the beginning of May -- but what we're getting at the pump is in question in...
Americans traveling by car this Memorial Day weekend may do a double-take when they look at the gas pump: prices are falling as the summer driving season approaches -- something that rarely occurs in the U.S.
Gasoline prices, which almost always rise during the summer driving season, could fall substantially this year, thanks to the European debt crisis, which has propelled a 20% plunge in crude oil prices in recent weeks.
Oil demand is still soft following the recession, but prices remain high. Why? Investors' use of oil as an alternative investment and a hedge against a declining dollar are as much to blame as OPEC's manipulations.