Jason Barton

Professional Information and Energy News

Not Panic, but a Response is Needed to Oil Prices

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Of course panic would be counterproductive, but rising petroleum prices are yet another motivation for us to continue innovating towards cleaner, renewable, domestic energy resources.

Oil Ministers, CEOs: Don’t Panic About Oil Prices

Oil ministers, CEOs say don’t panic about oil prices but US drivers, economists are worried

The Associated Press
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By JONATHAN FAHEY AP Energy Writer
HOUSTON March 9, 2011 (AP)

Energy leaders from around the world meeting in Houston this week have a consistent message about high oil prices: Don’t panic.

AP

The energy leaders from around the world meeting in Houston in March, 2011, and have a consistent message about recent high oil prices: Don’t panic. (AP Photo/Mark Lennihan, file) Collapse

Oil markets may have heard the message — prices fell Wednesday for a second straight day to near $104 per barrel. U.S. drivers, however, may not be so easily reassured.

Oil rose 24 percent in the past three weeks. In that same time, the average price of regular gasoline in the U.S. increased 40 cents per gallon to $3.52, the highest since September 2008. This is straining the wallets of drivers and raising fears among economists that high energy prices will stall the nation’s economic recovery, lead to inflation, or both.

Read the entire article here.

Written by Jason

March 10th, 2011 at 9:40 pm