Petroleum

May 21, 2008 -- Despite cool weather along the East Coast over the past several weeks, Memorial Day weekend, the unofficial start to the summer driving season is upon us. Some may interpret recent increases in gasoline prices as yet another manifestation of a long-standing tendency for gasoline prices to rise dramatically in the days before the holiday weekend.

The numbers from the last few years do not, however, support this view. Daily gasoline prices from the American Automobile Association’s (AAA) Fuel Gauge Report show that prices have actually fallen slightly in the week preceding the Memorial Day holiday over the past four years (2004-2007), after having risen earlier in the month of May.

Gasoline Prices Tend to Decrease in the Days Before Memorial Day

Retail Gasoline Prices, Diesel Prices Retreat

January 16, 2008 -- Tom Brady and Brett Favre, each just one game away from making it to the Super Bowl, are both sure to be inducted into the Pro Football Hall of Fame when their careers are over. Many might argue that one or the other is the greatest quarterback ever, but comparing either of them to the stars of the past requires looking at the context of the game in different time periods and making adjustments so that the comparisons are as meaningful as possible. So, too, must adjustments be made when comparing the nominal record oil prices seen in recent months to other historically high oil prices.

Average Retail Gasoline Price at $3 a Gallon

December 12, 2007 -- Despite an increase yesterday, the spot price of West Texas Intermediate (WTI) crude oil has dropped over the last three weeks, from nearly $100 per barrel on November 20, to under $90 per barrel for most of last week. So, will crude oil prices continue to drop, and if so, how low might they fall?

While forecasting oil prices is a difficult task, EIA, in its just released December 2007 Short-Term Energy Outlook, projects the WTI spot crude oil price falling to about $86 per barrel by the end of winter. To understand this projection, it is important to look at some of the reasons behind the latest decline in crude oil prices.

December 5, 2007 -- A country music song performed by Daryle Singletary includes the lyrics, “Too much fun, what’s that mean? It's like too much money, there’s no such thing.” However, with current high fuel prices, many American drivers may feel that refiners’ earnings are too high.

November 7, 2007 -- One of the most discussed topics in the media today, besides the 2008 Presidential races, is the high price of oil. Crude oil prices have increased dramatically this year, with West Texas Intermediate (WTI) prices climbing from an average of nearly $55 per barrel in January to over $95 per barrel at the beginning of this month.

Gasoline Prices Rise and Diesel Price Ties Record High

Retail Gasoline and Diesel Prices Move Higher

October 24, 2007 -- With oil prices recently reaching new nominal highs, some are interested in knowing how current prices for crude oil stand in relation to all-time record prices on an inflation-adjusted basis. A wide variety of measurements suggests that “record” inflation-adjusted prices for crude oil occurred in the early 1980s. However, there are two major issues when trying to arrive at an inflation-adjusted record crude oil price: 1) what historical price you use for crude oil, and 2) the price index used to adjust for inflation.

Retail Gasoline Prices Dip Again

Vienna, Austria, 16 October 2007 -- Statement by HE Abdalla Salem El-Badri, Secretary General:

OPEC is carefully watching developments in the oil market and has observed with concern the recent escalation in oil prices.

While the Organization does not favour oil prices at this level, it strongly believes that fundamentals are not supporting current high prices and that the market is very well supplied. There has been no interruption in crude supplies and OECD commercial inventory levels remain above five-year levels. Forward cover, which stands at 53.5 days, is at a comfortable level.