Oil

As oil prices rose, Russian President Vladimir Putin told President Bush on Monday that Russian oil companies are increasing oil production and exports and will continue to do so, the White House said.

The short-term economic pain of sky-high oil prices is a harsh reminder to the world’s richest countries that they have never been able to kick their addiction to the sticky black stuff – and time is running out.

Saudi Arabia’s output declined in July giving rise to new concerns that the country is struggling to increase output for technical reasons.

A common theory is the rising demand for oil and falling supply will spark further political instability and cause a global recession.

Public awareness of the seriousness of oil peak’s ramifications could cause international panic, including huge drops in the international and national financial markets.

Amid soaring crude oil prices, gasoline costs have been dropping. But don’t expect that to last, economists say

The recent drop in Saudi production may be a sign of impending global peak oil, Matt Savinar writes. The US goverment could respond by enforcing executive orders.