• 25 mins U.S. Tax Bill Keeps EV Incentives
  • 2 hours Rivals Close In On Tesla After A Near-Miss With The SEC
  • 3 hours This Country Produces 39% Of The World’s Uranium
  • 4 hours Australia Can Achieve A Zero-Carbon Gas Grid By 2050
  • 6 hours Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 4 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 5 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium

Breaking News:

U.S. Tax Bill Keeps EV Incentives

Alt Text

Saudis Raise Crude Oil Prices To Asia

Solid demand and a stronger…

Alt Text

Oil Prices Rise On Solid Chinese Demand

Oil prices rose on Friday…

Stuart Burns

Stuart Burns

Stuart is a writer for MetalMiner who operate the largest metals-related media site in the US according to third party ranking sites. With a preemptive…

More Info

Why Oil Prices Will Remain High

Why Oil Prices Will Remain High

I don’t know about you, but in the absence of any dramatic news about Iran in the papers, and especially set against the general background of a weakening global economy, the relentless rise in gas prices each time I pull up at the pump has come as a bit of a shock.

And before anyone leaves a comment about being a bit tight-fisted, let me tell you, here in the UK it costs me about $200 to fill up my tank — no small outlay.

So if anyone else is wondering what’s going on, an Economist article makes depressing reading, because rather than report this as just another temporary Ayatollah-induced spike, the learned news mag reports that in spite of oil market indicators being bearish, oil prices are likely to stay above $100 per barrel for the rest of the year.

Brent Crude Oil Price
Source: The Economist

Unfortunately, while the Economist gives credit to suggestions that on-going tension between Iran and the West are spooking the oil markets, it bizarrely spends much more time focusing on poor growth prospects in many developed economies, particularly Europe and China.

The oil market is obviously delving deeply to find this speculation about a possible Israeli strike on Iran’s nuclear facilities, and retaliatory threats by Iran to block the Strait of Hormuz, because while the headlines were rife with just such possibilities nine months ago, there has been precious little of late.

Still, be that as it may, and even though the world’s storage tanks are awash with oil, the little bit of news and the fear (not backed up by hard evidence from what I can see) that the loss of about 1 million barrels per day of embargoed exports from Iran cannot be made up by Saudi Arabia and Russia is enough to get oil investors running for the hills.

Better dig out that bicycle then.

By. Stuart Burns




Back to homepage


Leave a comment
  • Hans Nieder on September 05 2012 said:
    Mr Burns, hear in the USA, we shall not see petrol under $3.00 per gallon, for the remainder of the year..
  • Holger Fickenwirth on November 02 2012 said:
    In God´s own gas-guzzlers country $3.00 per gallon??? That´s about €0.62 per litre! Have a look at Germany: yesterday, about 10.30 am,I refuelled my car for € 1.519 per litre (for DIESEL!), what will come out to $7.45 per gallon in U.S.terms. Gasoline price for Euro-95 (95 RON)is about €1.62/litre, about $7.95 per gallon.
    So, if you spend too much from your income for gas, just try this: scrap your gas-guzzlers!
    My car? It´s a Peugeot, a 2002 Model Partner (a sort of van), consuming roundabout 6 litres per 100 km (40 miles per gallon)Diesel-fuel.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News