There is a glut of oil in the U.S.A. right now ... not because there is a lack of buyers, but because the bucket that holds the oil is to big for the existing spigots to handle. More.
oil prices
Glut of oil in USA could be relieved by changing an existing pipeline
How the Saudi Arabians are subsidizing the U.S. economy with sour crude
When OPEC ministers met last week in Vienna, they failed to agree on a target price for oil. Now, Saudi Arabia is pumping oil in a way that will directly affect the U.S. economy ... and Barack Obama's chances for reelection. Analysis
Exxon Mobil announces that it will shift focus to "WalMart Style" wholesale pricing. Goldman Sachs follows with new investment strategy
In a surprise announcement today, Rex Tillerson, the CEO of the world's largest corporation, Exxon Mobil, and Lloyd Blankfein, head of the investment giant Goldman Sachs, announced a new strategic alliance that could send oil prices tumbling. Some analysts say the new agreement could result in local gas prices as low as $1.39 a gallon. Full story.
Los Angeles gas prices increase while oil prices drop.
Crude reality: Fuel prices still up as oil falls
Experts are at a loss to explain rising gasoline costs in California, but some expect relief soon.
By Martin Zimmerman and Ronald D. White, Times Staff Writers
January 11, 2007
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