As the petroleum-rich country’s economy is slammed by falling oil prices, expensive imports like condoms are becoming a luxury only the wealthy can afford.
By PBS NewsHour
Since last year’s Detroit Auto Show, gas prices have dropped by nearly a third. With the new lower prices, demand has gone up for big new SUVs and sedans, but automakers have also switched gears to develop more fuel-efficient cars.
By Simone Pathe
A new working paper from the National Bureau of Economic Research remodels the relationship between oil prices and production, suggesting that the actual pressure inside the wells dictates the pace of extraction more than price swings.
By Rebecca Jacobson, Inside Energy
Oil prices in the U.S. dropped 3 percent on Tuesday, putting U.S. crude at $76.45 a barrel. That’s the lowest price since October 2011, according to Reuters.
What does the dissent within the ranks of the oil-producing nations in OPEC mean for oil prices in the U.S.? Margaret Warner discusses the turmoil at OPEC summit this week with Ed Crooks of The Financial Times.
President Barack Obama began his latest effort to open a dialogue with the Muslim world with a visit to King Abdullah of Saudi Arabia on Wednesday.
By PBS NewsHour
Nigeria's main militant group in the oil-rich Niger Delta region claimed responsibility for two oil pipeline attacks Monday, less than a week after officially calling off a cease-fire on pipeline sabotage…
Question/Comment: With the record world petroleum prices, why is it that many oil-producing countries, such as Mexico, Venezuela, Nigeria, are still unable to solve their chronic poverty problem? Shouldn't the oil boom generate more jobs for the masses…
Indonesian President Susilo Bambang Yudhoyono said Tuesday that his country is considering dropping out of the Organization of Petroleum Exporting Countries based on its declining oil output.
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