Last modification: 07/07/08
 
Is oil turning into a luxury?
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Fuel protests are flaring up around the planet as oil prices continue to rise relentlessly. The barrel of crude oil which broke the $100 record in January 2008 could reach the $200 mark before the end of the summer, some analysts say.
Oil's record jump to $139 a barrel in the first week of June 2008 defies any single explanation. Oil-buying countries say oil producers need to open the tap. OPEC countries deny it is a problem of adjustment between supply and demand and blame speculation. Meanwhile, oil consumers are feeling the pinch everywhere. Public anger at governments' inability to stabilize prices is growing in Asia as in Europe. Unfolding against a background of diminishing oil resources and rising climate change challenges, the crisis shows the limits of oil-dependent economies.

 

 

  • OIL CRISIS
    'If oil prices keep rising, what do we do?"
    The continuing rise of oil prices is a testing time for EU members, caught between popular demands for cheap fuel and binding EU commitments. But honouring the latter should pay off in the long term.
  • OIL CRISIS – PRICES
    Surging fuel costs loom over Paris wholesale market
    At the Rungis international market outside Paris, wholesalers hit by escalating transport costs are caught in a stranglehold between the woes plaguing suppliers and those affecting their customers.
    (1) comment
  • ANALYSIS - OIL CRISIS
    "It would be wrong to protect customers"
    Jean-Pierre Favennec, economist at the French Oil Institute, talks to FRANCE 24 about the oil price hike that has sparked protests across Europe and discusses the remedies put forward by European governments.
  • OIL PRICES
    Why are oil prices skyrocketing?
    Currently over 130 dollars a barrel, oil prices keep climbing. The oil producing countries (OPEC) affirm that their production is stable - the real cause of the price hike, they say, is financial speculation.

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    Economic crisis looms over G8 summit
    The 2008 G8 meeting has opened in Japan with calls for urgent action on rising oil and food prices.The summit, Russian President Dmitry Medvedev's first, will welcome 15 guest countries, including 8 African states. (Report. M. Henbest)
  • EXCLUSIVE - FUEL PRICES
    OPEC head sees oil hitting $150-170 this summer
    OPEC President Chakib Khelil says he expects oil prices to rise to $150-170 over the summer, but not to hit the $200 mark. He cited the continued weakness of the US dollar and international pressure on Iran.
    (12) comments
  • WORLD MARKETS - OIL
    Oil hits $142, world stocks plunge
    European and Asian stocks mostly fell on Friday after oil prices hit 142 dollars a barrel Friday. While higher crude costs hurt most companies, they benefit oil companies as their profits jump.
  • FUEL PRICES - STRIKES
    Truckers block Spanish-French border
    Lorry drivers across Spain, France and Portugal are staging go-slows on major routes, with many striking truckers disrupting traffic along the Spanish-French border as the anger at soaring fuel prices showed no signs of abating.
  • SOUTH KOREA - ECONOMY
    S Korea offers $10.2 bln package to ease oil burden
    South Korea said on Sunday it will hand out $10.2 billion to its lowest-income citizens over the next year to offset the skyrocketing price of oil, emulating Asian neighbours in targeting subsidies at the poor.
  • OIL - ASIA
    Asian stocks slump on oil price, US jobless surge
    Asian stocks tumbled Monday after a breathtaking surge in oil prices and shock jump in US unemployment sent Wall Street spinning and fanned fears of sharply slower economic growth.
  • USA - OIL
    No oil crisis, says US energy secretary
    The US energy secretary, Samuel Bodman, said Saturday there was no oil crisis despite a sharp rise in crude prices overnight and that he did not see a need to tighten regulation of the market. (Report: O. Fairclough)
  • PETROL - USA
    Oil jumps to $138 a barrel
    The price of crude rose to $138 a barrel in US markets on Friday, driven by the slumping dollar and tensions in the Middle East, as Morgan Stanley suggests prices could soar to $150 by July 4.
  • EU - OIL
    Oil: no immediate solution for a lasting problem
    Fishermen clashed with police in Brussels on Wednesday in a European-wide attempt to press the EU for help to alleviate the sting of soaring fuel costs. Both Brussels and member countries struggle to deliver an answer.
  • NIGERIA - OIL
    Nigeria to expel Shell from its oil fields
    The president of the oil-rich African state announced on Wednesday that the company would be replaced by another operator this year, after relations with local communities turned sour and erupted in open conflict. (Analysis: D. Herbert)
  • FED - UNITED STATES
    US facing 'severe oil-price shock', says Fed boss
    Drawing a parallel to the 1970s oil crisis, Ben Bernanke, president of the Federal Reserve, said the US economy was holding up well in the face of "severe oil-price shock" because the country was less dependent on petroleum.
  • OIL - EUROPEAN UNION
    Euro ministers disagree with French oil tax proposal
    France's proposal to cap oil taxes in response to the rise in oil prices goes against the general spirit of the European Union, Jean-Claude Juncker, chairman of the euro zone finance ministers, said on Sunday.
  • OIL - PROTESTS
    Mounting oil prices spark protests across Europe
    Fishermen and truck drivers angered by the rise in oil prices mounted crippling strikes in France, England, and now Spain, as France 24's Adeline Percept and Clément Perrouault report from Barcelona.
  • FRANCE - OIL
    Sarkozy urges suspension of European VAT on oil
    French President Nicolas Sarkozy urged the suspension of the European value-added tax on oil to fight the rising price of petrol. Sarkozy suggested during a radio interview that EU leaders could set a cap on the tax, based on the barrel price.
    (2) comments
  • COMMODITIES - OIL
    Oil tops 130 US dollars per barrel
    Oil prices soared above the 130 US dollar milestone on Wednesday. Worries about long-term production and short-term stocks pushed the price to its all-time record.
  • AEROSPACE - OIL
    Airline safety at issue as oil price nears $120
    Continental Airlines is in the spotlight for dangerously cutting costs after close to 100 flights landed on near-empty fuel tanks. On Wednesday the price of oil edged closer to 120 USD a barrel.
  • ENERGY
    OPEC has no plans to increase oil output
    Ministers from the oil-exporting cartel's member states gathered at the Energy Forum in Rome said they would not alter production after prices hit 117 dollars a barrel on Friday. (Story: J. Jackson)
  • EU - IRAQ
    EU looks to tap on Iraqi oil and gas
    Iraqi Prime Minister Maliki is visiting Brussels in order to discuss greater European investment in the world's third largest oil reserves, with the EU seeking to reduce its energy dependency on Russia.
    (1) comment
  • OIL - CAMBODIA
    Oil production to start in 2011, says Cambodian energy official
    Cambodia expects to begin oil production in 2011 amid warnings that new-found petroleum reserves do not guarantee instant prosperity for the impoverished country.
  • PETROL
    Oil prices break historic record
    For the first time, oil prices reached their highest value of $110.20 a barrel in New York.
  • OIL
    Crude oil strikes record high price
    Crude oil struck a new record high price during trading in Asian hours on Friday. New York's main oil futures contract reached a record of 124.70 dollars a barrel.
  • OIL - PRICE
    US oil prices peak over 120 dollars
    US crude oil prices have beaten the previous record reaching a new all-time high at $120.21 the barrel. This development is partially due to the weak dollar and the growing demands of the United States and China.

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