The shop around the corner raised the price of sandwiches by a quarter this week. Although the housing meltdown is raising concerns that it may take the whole American economy down with it, prices are going up and the reason is the cost of oil.

China‘s crude oil imports rose 23 per cent in April from a year ago to a record monthly high according to a report by the Chinese General Administration of Customs.
Imports in April totalled 14.8 million tonnes, or an average of 3.62 million barrels a day, the report showed. Imports for the January to April period […]

Meanwhile at another meeting this week in Saudi Arabia, the security of oil supplies will be the central theme when Middle East and Asian oil ministers meet.
The meeting comes days after Riyadh said it had foiled a militant plot against its oil facilities. Asian importers - who buy 55 percent of their oil […]

On March 5, the New York Times published a front-page story called “Oil Innovations Pump New Life Into Old Wells.”  Getting new oil from “played out” wells was the thrust of the piece; as the price of oil rises, it becomes worthwhile investing new money into old wells.  The article also indirectly took on the […]

As if taking a cue from T-Rex Tillerson that demand for oil will keep rising, the International Energy Agency has raised its outlook for world oil demand for the first time over a year, citing upward revisions to the estimated appetite of the still-booming Chinese economy.
The IEA raised its 2007 demand forecast by 273,000 barrels […]