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Oil's Big Dirty Secret as Producers Rake in Hundreds of Billions

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Were we to learn that the supply of oil is limitless, the emperor's clothes would evaporate and the price of oil would collapse.

OPEC Nations Pocket Record $645 Billion In First Half Of 2008

Financial Times | By Javier Blas in London, Krishna Guha in Washington and Andrew England in Abu Dhabi | Posted 05.25.2011 | Business

Opec nations earned as much in the first half of this year as they did in the whole of 2007 - thanks both to record oil prices and record production -...

Like Music and Oil. Perfect Together?

Mark Levine | Posted 05.25.2011 | Politics
Mark Levine

Bringing artists to engage the peoples of countries that are often in tension with the United States (as are many OPEC nations) can increase international goodwill and ease geopolitical tensions.

Baghdad Bling

Amb. Marc Ginsberg | Posted 05.25.2011 | Politics
Amb. Marc Ginsberg

The sheer audacity of this White House is beyond belief -- why are we permitting Iraq's government to get away with this highway robbery when it could easily shoulder more of the reconstruction burden?

Obama Calls McCain's Bluff on Drilling

Alan Fein | Posted 05.25.2011 | Green
Alan Fein

While McCain says he's all for alternative energy, it's kind of like No Child Left Behind -- he doesn't want to help pay for it, especially if it's going to come out of the pockets of the oil companies.

Obama Nails It: Calls For Release of 70 Million Barrels From The Strategic Petroleum Reserve

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Finally we have some one on the national presidential stage willing to confront the staggeringly high oil prices at its core.

Libya Stops Oil Shipments to Switzerland While Russia's Medvedev and Venezuela's Chavez Plot Against the United States

Raymond J. Learsy | Posted 05.25.2011 | Politics
Raymond J. Learsy

The level of arrogance being facilitated by our pathetic dependency on oil and our ineffectual policies poses an increasing and ominous threat to our national security, worsening with every passing day.

Oil Reaches Historic Highs While OPEC Holds Us in Contempt

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Neither our citizenry nor those in government has petitioned or acted to seriously cut back this nation's voracious oil consumption, the largest by far on the planet.

Happy Oil Dependence Day

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

It was always about the oil -- that's why "we" invaded Iraq -- only "we" aren't getting any, at least not at a reasonable price. The oil companies are.

The Saudi Oil Summit: Pipeline to Nowhere

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Given the unwillingness of the Saudis and their assembled OPEC brethren to propose anything meaningful that would alter current price or supply trends, the Jeddah oil "summit" was a dud.

WATCH: OPEC Chief: "There Is No Shortage Of Oil"

Reuters | Darcy Lambton | Posted 05.25.2011 | Business

OPEC takes another swipe at speculators blaming them for driving oil prices to record highs. Speaking at the Reuters Energy Summit, the oil cartel's ...

Oil's Largest One-Day Gain On Record: Thank You, Mr. Bernanke

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Basically, Bernanke signaled to the markets and the world at large that high prices were not an issue for this government, nor would they be as oil prices moved higher still.

The Politics of Bad Ideas: The Curse of Reaganism

Bryan D. Jones and Walter Williams | Posted 05.25.2011 | Politics
Bryan D. Jones and Walter Williams

America must come to realize that Reaganism is the philosophical underpinning of our woes. They are due to George W. Bush's mismanagement, but more fundamentally, by our slavish worship of flawed political philosophy.

Clinton: OPEC Can No Longer Be A Cartel

The Politico | Ben Smith | Posted 05.25.2011 | Business

Clinton's attacks on oil prices as artificially inflated, Enron-style, keep escalating, and today she appeared to threaten to break up the Organizatio...

OPEC chief: Oil prices would go higher regardless of supply

AP | MARIA GRAZIA MURRU | Posted 05.25.2011 | Business

ROME — OPEC Secretary-General Abdullah el al-Badri said Sunday oil prices would likely go higher and that the group was ready to raise productio...

Hugo Chavez's Very Excellent Windfall Oil Profit Tax

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

Hugo Chavez is not a friend of ours, but he does come up with some good ideas, since we are dealing with a commodity that has left all ballast of free market determination far behind.

Iran to OPEC: Stop Oil Sales in Dollars

AP | Posted 05.25.2011 | Business

TEHRAN, Iran — Iranian President Mahmoud Ahmadinejad is urging OPEC members to form a joint bank and stop pricing oil trades in U.S. dollars. A...

VP, Saudis to Talk About Oil Security

AP | DEB RIECHMANN | Posted 05.25.2011 | Business

RIYADH, Saudi Arabia — High oil prices paining U.S. consumers is a key topic of Vice President Dick Cheney's talks Friday with Saudi King Abdull...

No Production Boost From OPEC

AP | WILLIAM J. KOLE | Posted 05.25.2011 | Business

VIENNA, Austria — OPEC on Wednesday accused the U.S. of economic "mismanagement" that it said is pushing oil prices to new record highs and rebu...

Oil Ends Turbulent Day Higher on Dollar

AP | JOHN WILEN | Posted 05.25.2011 | Business

NEW YORK — Crude oil futures rose to another record close Thursday, boosted once more by the dollar's continuing slide to new lows against the e...

OPEC Unlikely to Raise Output

AP | WILLIAM J. KOLE | Posted 05.25.2011 | Business

VIENNA, Austria — OPEC has virtually ruled out pumping more oil to ease record-high prices, key oil ministers signaled Tuesday on the eve of a c...

Oil Jumps on Surprise Supply Drop

AP | JOHN WILEN | Posted 05.25.2011 | Business

NEW YORK — Oil surged Wednesday, rising a remarkable $5 a barrel to a new record over $104 after the government reported a surprise drop in crud...

Oil Pushes Past $101 on Fed View

AP | JOHN WILEN | Posted 05.25.2011 | Business

NEW YORK — Oil futures rallied again Wednesday, pushing briefly past $101 a barrel after the Federal Reserve lowered its forecast for economic g...

US To Saudis: Please Pump More Oil

CBS News | Posted 05.25.2011 | Business

U.S. Energy Secretary Samuel Bodman told Saudi Arabia's oil minister Saturday that OPEC should increase oil output. Bodman told reporters before his...

Bush: OPEC Nations Should Pump More Oil

AP | TERENCE HUNT and ANNE GEARAN | Posted 05.25.2011 | Business

President Bush urged OPEC nations on Tuesday to put more oil on the world market and warned that soaring prices could cause an economic slowdown in th...