Free Republic

(Jan. 22) - A surge in oil prices last week to almost $70 a barrel on concerns about the restart of Iran's nuclear program only hints at what may lie ahead. Prices could soar past $100 a barrel, experts say, if the U.N. Security Council authorizes trade sanctions against the Middle Eastern nation, which the West accuses of trying to make nuclear bombs, and Iran curbs oil exports in retaliation. A sharp global economic slowdown could follow. That's the dilemma the United States and European nations face as they decide whether to act. But Iran would also pay a hefty...

Foreign minister says there's a shortage of refineries, not oil, and prices should fall about $20 a barrel As a second hurricane in less than a month threatened U.S. oil production in the Gulf of Mexico, Saudi Arabia's foreign minister said crude oil is about $20 a barrel above where it should be, given world supply and demand. Prince Saud al-Faisal said in an interview with The Associated Press in Washington that there is no shortage of oil and that prices should stabilize at $40 to $45 a barrel. He said a big problem with energy markets is a shortage...

Oil prices jumped to a new high near $64 a barrel on Monday, reflecting the market's persistent uneasiness about strong demand, tight supplies and a slew of threats to output around the globe. Traders pinned the latest rally on security concerns in Saudi Arabia, refinery snags in the United States and the continued rise of gasoline consumption in spite of soaring pump prices. * * * Oil analyst Marshall Steeves at New York-based brokerage Refco Group Inc. said oil and gasoline prices were likely to keep rising until there were signs of a significant dropoff in demand, or a sharp...

MOSCOW - In his most detailed statement to date, President Vladimir Putin has spelled out Russia's priorities for transporting crude oil to Asian markets in the next decade. In diplomatic but unambiguous language, Putin rejected Japanese proposals, in favor of China. In a press conference at Gleneagles last week as the new chairman of the G8, Putin identified rail deliveries to China from the new border terminal at Skovorodino as his first priority, with 20 million tons (385,000 barrels per day) the target for delivery, once Transneft, the state pipeline agency, builds the planned new pipeline to Skovorodino. This terminal...

A SUMMER of soaring oil prices is threatening to hit motorists and pile more pressure on the beleaguered manufacturing sector. Light sweet crude hit a fresh record high of $59.18 a barrel in Far East markets today amid fears of future supply shortages and a lack of spare refinery capacity. Analysts believe prices will reach further highs within days. 'We expect $60 to be breached in pretty short order,' said Kevin Norrish at Barclays Capital. Experts warn this could cast a shadow over an economy already floundering as higher petrol prices bite into motorists' income and companies spend more on...