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The Price of Oil Roberto F. Aguilera, Marian Radetzki
Publisher: Cambridge University Press

In the short term, the Organization of Petroleum-Exporting Countries (OPEC) has significant influence on the price of oil. Houston's Baker Hughes said Friday that 578 rigs were seeking oil and 197 explored for natural gas. Crude's push toward $40 a barrel has raised fresh fears about the cost of producing crude in America's oil patch. Latest News on Oil, Energy and Petroleum Prices. The 1980s Oil Glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. Oil rigs fell to a five-year low. Global warming poses a major threat both to the environment and to global development. The BBC looks at why the price of oil has been so volatile recently. From $105 to below $50, tumbling oil prices pushed Syria over the edge. Predicting the oil-price path is so difficult because both demand and supply are subject to countless unfathomable factors. Animation explaining how the Organisation of the Petroleum Exporting Countries sets oil prices. These estimates were based on an oil price of $113 dollars a barrel, around the level prior to the severe slide that set in in last June. Crude prices surged back to a one-week high Friday after the number of working U.S. Oil prices are still under $50 a barrel due to a glut in production and OPEC's—the cartel of oil-producing countries—price war. Oil - the big drop: Get in depth coverage of the global economic and political implications of falling oil prices, from FT.com. The Price of Oil: Global Warming.