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Oil price surges to record high above $127 (AFP)

                   
yahoo.com
May 16, 2008
        
Story Timeline:  201 days

LONDON (AFP) - The price of oil rocketed to a record high point of 127.43 dollars per barrel on Friday, as US President George W. Bush prepared to urge Saudi Arabia to pump more crude, analysts said. New York's main oil futures contract, light sweet crude for June delivery, beat the previous... [read full story]                    

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Latest article on this story:

OPEC won't hike crude output

 indiatimes.com May 17, 2008
First article on this story:

OPEC Cuts '08 Oil Demand Growth; Upbeat on Econ Outlook

 rigzone.com May 15, 2008
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OPEC won't hike crude output

indiatimes.com
May 17, 2008
        

TEHRAN: Iran on Saturday dismissed Saudi Arabia’s decision to boost oil output as a ‘political move’ and said OPEC production hike would lead to an increase in reserves. Oil Minister Gholamhossein Nozari was speaking a day after OPEC kingpin Saudi Arabia, a key US ally in the Middle East,...

                   

Want Cheaper Gas and Oil? End the Damned Wars!

reddit.com
May 17, 2008
        

Americans are in a panic over rising gas and heating oil prices, and with reason. Analysts keep getting trotted out on TV and in print, attributing the dramatic price rise to everything from “peak oil” — the idea that producing countries have reached their peak of productive capacity, and that...

                   

OPEC won’t hike crude output

indiatimes.com
May 17, 2008
        

TEHRAN: Iran on Saturday dismissed Saudi Arabia’s decision to boost oil output as a ‘political move’ and said OPEC production hike would lead to an increase in reserves. Oil Minister Gholamhossein Nozari was speaking a day after OPEC kingpin Saudi Arabia, a key US ally in the Middle East,...

                   

Oil on new high, Saudi hike fails to stem rally

indiatimes.com
May 17, 2008
        

NEW YORK: Oil shot to a record high near $128 a barrel on Friday as a bullish price forecast from investment bank Goldman Sachs drowned out an offer of more supply from OPEC kingpin Saudi Arabia. Oil prices have risen six-fold since 2002 and doubled since last year as rising demand from China and...

                   

Iran says OPEC will not boost output

signonsandiego.com
May 17, 2008
        

TEHRAN – Iran's oil minister rejected on Saturday any idea of OPEC raising production, saying it would fail to ease record prices as the market was already “saturated” with oil. Gholamhossein Nozari also dismissed as a “political move” Saudi Arabia's announcement on Friday of a modest hike in...

                   

Oil mkt balanced, no need for emergency OPEC meet

indiatimes.com
May 17, 2008
        

DUBAI: Oil markets are balanced and there is no need for an emergency OPEC meeting before September despite record oil prices, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said on Saturday. "The oil market is balanced... There is no threat to or crisis in supply," he told Al Arabiya TV by...

Congressional Pressure Prevails as U.S. Halts Filling of Oil Reserve

freerepublic.com
May 17, 2008
        

Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nation’s strategic oil stocks. But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil...

                   

Want Cheaper Gas and Oil? End the Damned Wars!

atlanticfreepress.com
May 17, 2008
        

by Dave Lindorff Americans are in a panic over rising gas and heating oil prices, and with reason. For months, the price of a barrel of crude oil has been rising steadily, hitting a record $127 yesterday. Analysts keep getting trotted out on TV and in print, attributing the dramatic price rise to...

OPEC output hike would not affect prices: Iran

yahoo.com
May 17, 2008
        

TEHRAN (AFP) - Major crude oil producer Iran said on Saturday that any output hike by the Organisation of Petroleum Exporting Countries as requested by the United States would not affect skyrocketing prices. "This would only increase inventories," Oil Minister Gholam Hossein Nozari told reporters...

Head in the sand over oil shortage

unison.ie
May 17, 2008
        

The optimistic forecasts for the economy just published by the ESRI assume a business-as-usual scenario globally. However, this appears to take no account of several gloomy developments which have occurred in the past year or so. In particular the skyrocketing price of oil, if it continues, must...

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