In Baton Rouge, rising oil prices aren't welcome news to drivers who have to pay higher gasoline prices, but they're happily accepted by state lawmakers looking for money wherever they can find it.

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Discussion as to why oil prices were (and likely will be again) volatile.

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There seems to have been a rapid shift in sentiment in the oil market towards a belief that supply-demand might be moving into balance faster than expected.

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Norway's Frontline (FRO.OL: Quote, Profile, Research), one of the world's biggest oil tanker owners, said on Friday oil firms were storing "about" 80 million barrels of crude oil at sea, possibly the highest in a quarter of a century.

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Major oil exporter Nigeria is concerned about falling oil prices, petroleum minister Odein Ajumogobia told AFP Wednesday.

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Self explanatory. I guess maybe Bush should check with the Vice President. I think he should blame Vice President Cheney for it too. President Bush must first look to himself too. Is that not where the buck stops in America.

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Oil prices are squeezing the finances of both China and India. A 133 percent increase in oil prices in the last year and a half has caught everyone unawares. India, whose financial picture is not so bright, is hard pressed to pay to import oil at current prices.

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Air fares of airline British Airways are likely to increase by up to 4% as a result of spiralling fuel costs.

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Australia's top research organization CSIRO in a report entitled "Fuel for Thought" predicts a 5-fold increase in petrol prices in the coming decade due to "peak oil" and supply/demand constraints.

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When the whole world (barring a few policy-makers in the US), reeling under $140 a barrel, increasingly pointed finger at the weak dollar as one of the culprits; the Wall Street Journal came out with an interesting analysis.

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I wish this is not wishful thinking - author suggests end of cheap Asian production: "Come what may, globalisation has passed its high-water mark. The pendulum will now swing back from China to America. The mercantilists will have to reinvent themselves."

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FOR five generations, the menfolk of the Stephen family have braved the waters around Scotland's northernmost shores to make a living. Now however, James Stephen fears he will be the one to witness the death of that proud heritage.

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So now we know who's really responsible for $4 gas.

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"I do believe you have peaked out at 85 million barrels a day globally," Pickens, who heads BP Capital hedge fund with more than $4 billion under management, said during testimony to the Senate Energy and Natural Resources Committee.

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Predicting oil prices is a mug's game. Yet I will stick my neck out and forecast that oil will fall from today's $135/barrel to under $100/barrel by the end of 2008.

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Most, if not all, the damage was avoidable. Shortly after taking office, George W. Bush undertook a sweeping review of US energy policy aimed at expanding the nation's supply of vital fuels.

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The Chief Executive of Gazprom says the state-run energy giant will become the world's largest company. Speaking at a European Business Congress in France, Aleksey Miller said Gazprom will be worth a massive $US 1 trillion in seven to eight years.

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ALGIERS (Reuters) - OPEC President Chakib Khelil said on Monday there was a speculative bubble in the oil markets, which but for a weak dollar and geopolitical problems should be trading at around $70 a barrel.

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You know, we don't mind it when speculators drive up the price of our stock portfolios. And we didn't complain when speculators made our house values rise.

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Oil Prices Surge

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BA are increasing fuel surcharges only a month after their last increase. The last increase was reported in 'In the News' on 30 April 2008. Fuel surcharges for short haul flights are rising from £26 return to £32 return and long haul from £158 to £218.

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Petrol prices have hit a record high in Australia. On the Australian Broadcasting Corporation (ABC) Question and Answer program PM Kevin Rudd blamed the Iraq War in part for the record oil prices.

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by F. William Engdahl

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The price of a barrel of crude oil has reached another record high in both London and New York. US light crude added 16 cents to settle at $123.69 in New York trading, but in after-hours trade hit $124.61 a barrel.

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