It was a week of record gasoline prices in the US last week, with and things could get worse for America’s thirsty vehicles. Oil prices climbed above $65 a barrel amid concerns that U.S. refiners are not producing enough gasoline to meet peak summer demand. The volatile situation in Nigeria is also keeping the markets […]

Big Oil went on the defensive this week, being grilled before a House Judiciary Committee antitrust panel. It denied denying accusations that mismanagement and a lack of competition are the reasons behind this spring’s record gasoline prices in the US.
Already there have been four record prices this week. The surge has been attributed to low […]

The average national price of a US gallon of gasoline hit US$3.073 on Monday, up almost a penny from Sunday‘s also record-setting price. Gasoline is now well above the previous record of $3.057, set on Sept. 5, 2005, soon after hurricane Katrina hit the US coast.
Prices could increase further. America’s “summer driving season” begins in […]

Here’s one that few saw coming: According the International Energy Agency as reported by the Wall St. Journal (subscription), developed country consumption of oil dropped .6% in 2006. According to the Journal:

Alexander Lukashenko, the Belarusian President, has criticized Russia over it recent gas price increases, calling them “shameless.” In retaliation, he is threatening to charge Moscow for transiting oil across his country.
“If those in Russia, choking on this influx of petrodollars and other sources of hard currency, are still willing to make a scapegoat of Belarus […]