Supply And Demand | featured news

U.S. oil production is up, so why are gas prices so high?

America's soaring pump prices seem to defy the laws of supply and demand, except for one fact: It's increasingly not just about us.


Oil demand high as prices surge

Oil demand high as prices surge

Oil consumption rose by its fastest rate since 2004 last year, according to the latest statistics from BP. The news came as members of the Opec oil cartel failed to agree on increasing oil production as a way of lowering prices. Analysts had expected the Vienna meeting to raise output. As a result, oil prices jumped again on fears of limited supply. The value of a barrel of Brent crude rose back above $118 a barrel.


ExxonMobil CEO Says Oil Price Should Be $60 To $70 A Barrel

Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.


Gas dips below $2.50 for first time in 2 months

The average retail price for gasoline dipped below $2.50 a gallon for the first time in two months Monday as swelling oil supplies and slumping demand overshadowed even a fire at a major U.S. refinery.


Durable goods orders fall unexpectedly

Orders for goods expected to last at least three years fell unexpectedly in August due mainly to a sharp drop in demand for commercial aircraft.


Oil tumbles on economic worries

Oil prices fell 3.2% Monday, to below $70 a barrel, as further signs of weak fuel demand raised expectations that prices may have raced ahead of the nascent economic recovery.


OPEC Cuts Oil-Investment Forecast

OPEC lowered its five-year forecast for oil-field spending by about a third as the recession and increased energy efficiency led to a steep cut in demand estimates.


Oil Rises to 7-Month High, Gasoline Surges, on Goldman Forecast

Crude oil rose to a seven-month high and gasoline surged after Goldman Sachs Group Inc. said prices may reach $85 by the end of the year as demand recovers and supplies shrink.


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