Gasoline is a very visible price, and closely watched by many drivers. Petroleum prices impact many products, from food to industrial production. While the cost of crude is the major factor in gasoline price volatility, some countries levy taxes on fossil fuels. Here are ten countries where high gas prices are the norm, according to British insurance firm Staveley Head.
Since the oil shocks of the 1970s, the US has been seeking energy independence. Now natural gas is seen as a possible solution. But at best it will probably only give Americans a breather while they look beyond hydrocarbons.
Oil prices, which fell below $97 a barrel on Monday, are not poised to surge in the long run because long-term production is declining. Better technology and, if needed, higher oil prices mean the long predicted peak in oil production is a long way off.
Obama and GOP should unite in driving the use of this abundant gas as a 'bridge fuel' to renewable energy. But they must be cautious in rushing to tap shale gas.
Tech stocks fell on news that chipmaker Intel, a bellwether for tech stocks, cut its profit outlook. Moody's says it plans to review EU sovereign debt ratings, adding to the general market gloom.