Why high oil prices are a force for good

BRUSSELS During the first half of 2005, gasoline consumption in Germany and Belgium – and presumably in many other countries – fell by about 10 percent. We have not seen a drop like this for many years. It shows that the market mechanism continues to function as the most important regulator of supply and demand – and very speedily indeed.

Storm aims for heart of U.S. oil industry

Oil traders closed business on Friday confident that Hurricane Katrina would hit too far to the east to affect the price of oil and natural gas.
That was before the National Hurricane Center shifted the storm’s possible path to a more westerly track that slices through the nation’s main oil artery and could result in record prices for a barrel of crude within a matter of days.