Although the price of petroleum has moderated recently, a permanent increase to $150 per barrel by the end of 2008 could have a significant negative effect on the rate of real gross domestic product (GDP), at least in the short run, based on an analysis from the Federal Reserve Bank of St. Louis.
Kevin L. Kliesen, [...]

The Australian share market has surged by 1 per cent after energy stocks were boosted by higher oil prices.
The All Ordinaries Index added 55 points to 5,465 and the ASX 200 picked up 58 points to 5,400.
Resource company Woodside Petroleum closed 2.7 per cent higher on rising oil prices.
Supply concerns sent the price of oil [...]

Anadarko Petroleum Corp. raised its production target for 2008. The Houston company now expects to produce 207 million to 212 million barrels of oil equivalent, up from the previous range of 205 million to 210 million barrels.
The production increase came with a boos in Anadarko’s capital budget — by $400 million to a range of [...]

Asia faces the threat of higher inflation, slower growth and tougher times for exporters after oil prices hit new highs and the dollar plunged last week.
Farmers, miners and oil companies could benefit from high commodity prices. But most of Asia is dependent on imported energy and raw materials, and even some oil-exporting countries such as [...]

When some of the industry’s top executives gather in Houston next week to discuss global energy challenges, finding new and more effective ways to produce oil and gas — as well as alternatives to fossil fuels — will dominate the discussion.
And, as the year progresses, expect to see industry leaders — including the chiefs [...]

With dwindling oil supplies, pollution concerns and the ever-present threat of gas prices soaring again, talk of new and better ways to fuel cars, heat and cool homes, and power factories has never been greater.
What’s more, the conversation is emanating increasingly from a source that’s been surprisingly quiet until recently — the oil companies themselves.
When [...]

Copper and other key industrial metals prices were firm on the London Metal Exchange on Friday as traders assessed the likelihood of fresh Chinese buying.
“We’ve seen copper correcting then holding at a level, but our view is that there will be Chinese buying after their New Year holidays,” a fund manager said.
Copper ended the day [...]

European mining stocks rose as gold climbed to a two-month high in Asia and copper prices gained. Anglo American Plc and BHP Billiton, the world’s biggest mining companies, paced the advance.
Alcatel SA led export stocks lower after the dollar dropped against the euro. GlaxoSmithKline Plc paced a decline by drugmakers for a third day.
The Dow [...]

Oil and gas company Whiting Petroleum Corp. said Monday its third-quarter profit grew 49 percent, as increased production and oil prices helped offset lower natural gas prices.
Quarterly profit jumped to $49.5 million, or $1.35 per share, from $33.3 million, or $1.12 per share, in the year-ago period. The recent quarter’s results include a gain of [...]

Oil and gas producer Occidental Petroleum Corp. said Wednesday its third-quarter earnings fell 33 percent from year-ago results that included hefty one-time gains.
The latest results were just above Wall Street estimates, however.
“Sharply higher crude oil prices and a strong performance from our chemicals business were key drivers in our financial performance in the quarter,” said [...]