Libya Unrest Raises Oil Concerns
This is the first time that the changes sweeping the Arab world have hit a major oil producer and there are now fears that the spike in oil prices could hurt the fragile global economy. While Libya only produces two per cent of world oil production, 85 per cent of that is sent to Europe. Al Jazeera's Nick Spicer reports from Berlin

Oil Hits Record above $142 a Barrel; Libya Talks of Cutting Production
FT.COM: Oil prices extended their record breaking run on Friday after pushing above the $140 a barrel level for the first time in the previous session, driven higher by a cocktail of supply concerns, dollar weakness, inflation fears and turmoil in equity markets.

Nymex August West Texas Intermediate hit a hit a record $142.26 a barrel before easing back to trade $2 higher at $141.64. ICE August Brent surged to a fresh peak high of $142.13 a barrel, before edging back to stand $1.27 higher at $141.10 a barrel.

Oil prices rose by more than $5 a barrel on Thursday after Libya threatened to cut its oil production and Opec’s president warned that prices could surge as high as $170 a barrel this summer.

Shokri Ghanem, Libya’s top oil official, said the country was considering reducing oil production in response to a bill before the US Congress that would empower Washington to sue Opec members for cutting supplies. Oil Hits Record above $142 a Barrel >>> By Chris Flood | June 27, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
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’We Need to Give Up the Oil and Gas Drug’
Photo courtesy of SpiegelOnline International
SPIEGELONLINE INTERNATIONAL: As oil prices hit one record high after another, and OPEC warns of $150 a barrel by the end of summer, economists are warning of global recession and inflation. But German commentators point out that high oil prices also have an upside.

Rising oil prices have been a matter of concern for months. There was much angst at the beginning of the year when oil hit the psychologically important price of $100 (€63) a barrel. But many analysts at the time warned that $100 was just the beginning -- and subsequent events have proved them right.

The price of oil broke yet another record on Friday, when the price jumped $11 -- the largest-ever increase in one day -- to over $139. Prices had eased slightly by Monday, but concerns remain. Many observers are making comparisons to the 1970s oil shock (more...), warning that current high prices could again lead to a long period of recession and high inflation. 'We Need to Give up the Oil and Gas Drug' >>> | June 9, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US)
The Dawning of a New Dark Age – Paperback, direct from the publishers (US)

Oil Could Reach $200 a Barrel
BBC: The price of crude oil could soar to $200 a barrel in as little as six months, as supply continues to struggle to meet demand, a report has warned.

With benchmark US light crude passing the $122 mark for the first time on Tuesday, the warning comes from Goldman Sachs energy strategist Argun Murti.

Surging demand was increasingly likely to create a "super-spike" past $200 in six months to two years' time, he said.

Oil prices have now risen 25% in the last four months and by 400% from 2001.

Mr Murti correctly predicted three years ago - when oil was about $55 a barrel - that it would pass $100, which it reached for the first time in January of this year. Oil Price ‘May Hit $200 a Barrel’ >>>

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Oil Hovers Near $115 Record High
BBC: Oil prices are hovering close to $115 a barrel, having crossed the record mark on Thursday after a US inventory report raised concerns about supplies.

US light, sweet crude oil pulled back slightly to $114.97 in Asian trading from the previous day's $115.21 high.

Brent crude hit an all-time peak of $112.83 before falling back slightly.

The weak dollar has helped to draw investors towards commodities, which are cheaper for foreign buyers because they are priced in the US currency. Oil Hovers Near $115 Record High >>>

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Oil Prices Near $104 a Barrel as US Dollar Falls to Historic Low Against the Euro
INTERNATIONAL HERALD TRIBUNE: NEW YORK: The price of oil rose Monday to nearly $104 a barrel after the dollar fell to a historic low against the euro, setting a record and exceeding the inflation-adjusted high reached in the early 1980s during the second oil shock.

Oil futures touched $103.95 on the New York Mercantile Exchange, topping the record set in April 1980 of $39.50 a barrel, a level that would translate to $103.76 a barrel at current values.

Oil prices are surging as investors seek refuge in commodities to offset a slowing U.S. economy and declines in the dollar.
Financial institutions, like pension funds and hedge funds, are also investing heavily in oil and other commodities as a hedge against a rise in inflation, analysts said.

That trend is expected to continue, especially after Ben Bernanke, the chairman of the Federal Reserve, signaled last week that he was ready to cut interest rates further to bolster growth despite rising consumer prices.

"When investors lose confidence in the central bank, they tend to look for hard assets," Philip Verleger, an independent economist and oil expert, said. "The Fed's capitulation on inflation is driving investors to commodities. The problem is there are no sellers. This means futures prices will keep rising." Oil prices near $104 a barrel as dollar falls to historic low against euro >>> By Jad Mouawad | March 3, 2008

Mark Alexander (Paperback)
Mark Alexander (Hardback)