It appears our turbulent economic situation has just spilled over into the oil market. The dollar, obviously driven down by our current economic mess, is losing value fast. So people are trading their dollars in for oil and gold. As a result, crude closed around $120 a barrel today.

Oil prices dropped more than U.S. Dollar in Asian trade on Tuesday after the collapse of US investment bank Lehman Brothers accentuated fears for global economic health.

In a great twist of irony, Hurricane Gustav did more for lowering the nation's gas bills than any of our congressmen could muster. Forget about "evil speculators."

Oil prices held around USD 120 a barrel in Asian trade on Friday on jitters sparked by the disruption of a pipeline carrying crude from Central Asia to the West, dealers said.

Exxon Mobil doesn't say its earnings are the biggest every, but says rather in a more modest way. It's the calculators and the analysts are the once who said that Exxon made the biggest quarterly profit ever made by any U.S. company. I thought it was earlier said that the Oil companies do not benefit and don't like the rising oil prices...

Economists have ignored in the name of free trade the unfortunate consequences of the trade deficits which are rapidly converting us into a second-rate power and turning our enemies and potential enemies into industrial powers. Imports of oil are responsible for nearly half of the trade deficit so far this year.

OPEC President Chakib Khelil has warned that oil prices will continue to rise because of the falling dollar, he rejected the theory that oil cartel members were against boosting production to put a downward pressure on prices.

Global oil prices will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister said on Saturday.

World oil prices rose in Asian trading on Monday after Saudi Arabia said at a weekend summit that it had raised output, and said speculators were partly to blame for higher prices.

Dow plummets 350 points as oil surges to record $139.01 a barrel and dollar sinks.

The oil export duty of Russia will rise to a record $398.1 per metric ton from June 1, 2008, in line with global market trends.