Oil prices retreat from last week's record close near US$126 a barrel

                   
iht.com     May 12, 2008            

Oil has retreated from last week's record close near US$126 a barrel. ... as dollar strengthens : Oil prices retreated Monday in Asia from last week's record close near US$126 a barrel as the dollar strengthened against the euro and yen. Investors often buy commodities... [read full story]                

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If We All Started Driving Priuses, We'd Consume More Energy Than Ever Before

alternet.org     May 10, 2008          

While energy efficiency is laudable, history shows that it leads to people consuming more energy. ... It first appeared in the Texas Observer From 1859, when Colonel Drake discovered oil in Pennsylvania, through 1973, the U.S. was the dominant player in the global energy...                

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Oil Peak and the Renewable Abiotic Petroleum

softpedia.com     May 10, 2008          

We are living in a civilization based on oil. It is an issue that makes us extremely vulnerable. That's because of the global "Peak Oil." The oil production follows a bell curve. Its peak is the moment when oil has been 50% depleted. After the peak, oil production decreases while its price starts...                

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U.S. Chamber: Raising Taxes on Energy Companies Will Boost Gas Prices, Threaten Supplies

freerepublic.com     May 10, 2008          

The FINANCIAL -- The U.S. Chamber of Commerce raised alarm over legislation introduced by Senator Harry Reid to repeal tax incentives for oil exploration, impose a 25% windfall tax on oil companies, and allow consumers to sue nations that supply oil to the U.S. "Higher taxes and more lawsuits...                

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Plan To Ease Gas Prices

keloland.com     May 10, 2008          

US Senator Tim Johnson has co-sponsored a bill that he says will help reduce gasoline prices. ... The measure would increase federal oversight of the oil and gas industry in an effort to prevent market speculation that Johnson says is helping drive up fuel costs. The...                

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Taxing oil profits: Proceed with caution (Oil prices not high enough apparently)

freerepublic.com     May 10, 2008          

NEW YORK (CNNMoney.com) -- Politicians are eyeing oil profits like a fat juicy glazed ham. With all the money Big Oil is making - the top five publicly traded firms pocketed over $120 billion in 2007 alone - and with an election on the horizon, it's easy to see why. The leading Democratic...                

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Oil, gas prices hit new high on Venezuela concerns

clarionledger.com     May 10, 2008          

Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon.                

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A peek behind the price at the U.S. gas pump

iht.com     May 11, 2008          

Federal gas taxes are only one part of the prices at the pump and a harder-to-control factor is emerging as a main reason behind the increase in energy costs: the sinking dollar. ... From Capitol Hill to Wall Street to the campaign trail, the recent surge in oil prices is...                

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As U.S. politicians search for a solution to high oil prices, answers evade them

iht.com     May 11, 2008          

The oil market is largely immune to Washington's machinations, and prices have more than quadrupled over the last six years for reasons that are increasingly disconnected from what happens in the United States. ... And those prices reflect the fact that global supplies...                

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Most Energy Execs See Oil Below $100 This Year

msn.com     May 11, 2008          

Even as oil prices ascended to new highs of more than $124 a barrel this week, many oil and gas industry executives say they expect the price to fall significantly by year's end, a new survey shows. ... Fifty-five percent of 372 petroleum industry executives surveyed by...                

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Editorial: Seeking real solutions to higher oil prices

burlingtonfreepress.com     May 11, 2008          

While the steep rise in prices this year certainly has been painful, $3.60 a gallon hardly seems like an emergency that requires the federal government to step in. ... What will Washington do next year as prices keep rising? It makes sense to dedicate tax revenue from...                

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