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US could soon overtake Saudi Arabia as world's biggest oil producer

NEW YORK - U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.Driven by high prices...
Drivers endure high gas prices despite US oil boom

...average price of gasoline is $3.69 per gallon and forecast to creep higher, possibly approaching $4 by May.U.S. oil output rose 14 percent to 6.5 million barrels per day last year ? a record increase. By 2020, the nation is forecast to...
Gas prices continue to fall

...Energy Information Administration to cut their global oil demand outlook for the year. This comes at a time when U.S. oil output is at a 20-year high and supplies are plentiful."Oil and gas prices will likely continue on this downward trend...
Oil market eyes Saudi Arabia

...psychological, when world supplies tighten. If civil unrest -- or an act of terrorism -- were to disrupt the kingdom's oil output, the price of crude would likely surge well above today's prices.Oil futures fell Tuesday as OPEC ministers, including...
Economy Briefs

...the day after Thanksgiving. OPEC meeting ends without output cuts CAIRO, EGYPT --- OPEC held off on announcing new oil output cuts Saturday, but its alarm over falling demand and a slumping economy potentially laid the groundwork for a big reduction...
Canada's tar sands industry booming

...across central Alberta, 240 miles northeast of Edmonton. The deposits account for roughly half of Canada's crude oil output, or about 1 million barrels of oil a day. Canada estimates the sands will yield as much as 175 billion barrels of oil...
Energy markets remain jittery

...bad situation worse." The U.S. Minerals Management Service said Tuesday that 95 percent of the Gulf of Mexico's oil output was out of service, with more than 4.6 million barrels of production lost since Friday. The agency said 88 percent...
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OPEC to maintain current output, says Emirates energy minister

ABU DHABI, United Arab Emirates - Oil-producing countries are expected to maintain current oil output quotas of 27 million barrels per day when OPEC ministers meet in Iran this week, the United Arab Emirates energy minister said...
Profit taking, income report send stocks lower

...changing, at least in the short-term. Oil prices fell sharply Monday even as Iraqi officials said the country's oil output would be halted for a week due to insurgent attacks on the country's pipelines. The October contract for a barrel...
OPEC to increase in oil output ceiling

LONDON -- With the price of oil stuck above $40 a barrel, OPEC has reached a consensus to raise its daily production target by 500,000 barrels, or 2 percent, in an effort to keep crude prices from lurching even higher, officials said Thursday.