&#39;The age of cheap oil is over&#39;
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Put away the stack-heeled shoes and the Slade records. Higher oil prices may have rekindled memories of glam rock and loon pants, but the west is not about to return to the days of sky-high inflation that marked the 1970s.
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The price of oil has fallen as fears about interruptions to supplies being pumped out of Iraq eased slightly.
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Oil prices ended lower on Tuesday on  signs that high energy costs are slowing the economic growth  that has fueled this year's sharp increase in world oil  consumption.
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Why oil won't fall below $60 again.
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By Malcolm Moore, Economics Correspondent (Filed: 12/10/2004). Striking oil workers in Nigeria and Norway yesterday drove the price of oil past the $50 a barrel threshold for the first time in London.
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By Malcolm Moore, Economics Correspondent (Filed: 27/08/2004). The price of oil continued to fall yesterday but a fresh attack on Iraqi pipelines kept it above $40 a barrel.
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What used to matter isn't so critical anymore.
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TALK about an October sur prise. As Senator John Kerry might say, &quot;Who amongst us would have thought a year ago that the price of oil would be above $50 dollars a barrel
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Even though oil prices have risen 30 percent in the last year, the United States&#39; gusto for gasoline has not been shaken. &quot;I don&#39;t like gas being this expensive,&quot; said Paul Kaesberg, an oncologist at the University
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Yesterday, former top US central banker Alan Greenspan, a very respected public official, said: "I'm saddened that it is politically inconvenient to acknowledge what everyone knows -- the Iraq war is largely about oil." Dale Bumpers, former US Senator from Arkansas, defended President Bill Clinton when he was on trial. He said, memorably: "H.L. Mencken said one time, 'When you hear somebody say, This is not about money, it's about money.' And when you hear somebody say, 'This is not about sex,' it's about sex." Bumpers might say today: When you hear somebody say the war in Iraq is not about oil, it's about oil. And Greenspan was absolutely right. Everyone knows that so many US trops and so much US money would not be deployed in Iraq if it weren't in the middle of the oil reserves of the world and if Iraq itself didn't have so much oil. It's ridiculous to argue otherwise. Yet, this admission is causing a major recalc in US political discourse. Had Greenspan said something so obviously true in 2003 or 2004, we might have avoided this national catastrophe. And I think this says more about us, and our desire to be misled, to have our lives simplified, to delegate our intellectual existence. Yes, our troops are there because of the oil. Don't doubt it. Postscript: The Bumpers speech is worth watching again, for its eloquence and simplicity. It wasn't so long ago that we rose to this level.
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Global oil prices should retreat in  2005, barring big political shocks, after surging 32 percent  this year, the International Energy Agency's chief economist  Fatih Birol told Reuters in an interview.
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High oil prices, which have been a factor in virtually all US recessions over the past three decades, are surging again this year.
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Dwindling petroleum engineers create another challenge for the industry.
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Though oil prices have eased slightly, they remain close to record high points approaching $55 a barrel. World oil prices have more than doubled from about $20 a barrel in New York at the start
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The historic oil-price climb is finally easing - giving the US economy some more wind in its sails. Crude-oil prices dropped sharply yesterday and are expected to slide lower
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Last week the price of WTI (West Texas Intermediate) crude was recorded close to US$50/barrel, a record high, but a level still far lower in real terms than that registered in 1979 -- about $40/barrel (at the US dollar rate in 1979) -- or the equivalent
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High oil prices, which have een a factor in virtually all US recessions over the past three decades, are surging again this year. And the higher crude oil prices climb, the more risk energy