World

The World's Oil Price Crisis

by Jarrett Martineau | May 22, 2008 at 10:34 am

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VOA ran a timely and appropriate headline this morning: "Another day, Another Record". Oil prices are skyrocketing. Every day we seem to reach a new high and many are predicting this price increase trend to continue well into the future and well into the $200 per barrel range.

Thursday, the price of crude oil leaped one step closer, as it hit a new record of $135 per barrel.

As the world struggles to cope with increasing prices and insatiable global demand, many nations are looking to alternative fuel sources, new initiatives, and a wide range of mechanisms to address this burgeoning crisis.

NowPublic has begun to report on this issue, however, we are interested in learning more about how oil prices are affecting the lives of ordinary people around the world.

What do you think of this issue? Please let us know what the impact of rising prices has been in your country and on your community.

Here is a roundup of recent NowPublic coverage:

Liamsoft reports on UK Government under pressure over fuel price rises

John E. Carey reports on a U.S. Senate Judiciary Committee hearing on fuel prices — Gas Prices: Oil Execs Again Tell Congress; "Forget About It!"

Arabianmoney reports on the possibility that skyrocketing fuel prices could prompt a Wall Street market crash — Will $135 oil bring Wall Street crashing down next week?

Steph02 reports on American Airlines' recent decision to charge passengers for all checked baggage to help offset fuel prices — American Airlines will charge for 1st checked bag

steveedwards01 reports on Indonesia's push to encourage cycling as an alternative to horrendous traffic and rising fuel prices — Jakarta Cyclists Beat Gridlock and Rising Fuel Prices

BarryArtiste reports on the North American profiteers and losers due to rising fuel prices — Who's Getting Rich & Poor Off US$4 gas?

Uusjio reports on Indonesian protests against rising fuel prices — Thousand rally outside Merdeka Palace against fuel price hike plan

Peter_oyeti reports on the hijacking and capture of a Chevron ship and 11 oil workers in Nigeria — Gunmen seize vessel, 11 oil workers

NowPublic is continuing to follow this issue. Please post your comments, thoughts, photos, and videos to this story.

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Just Another Shot

at 05:03 on May 23rd, 2008

Just Another Shot has contributed a photo to this story.

butter in the sun

at 07:41 on May 23rd, 2008

Yesterday, May 22nd, Hawaiian Airlines announced fare and fuel surcharge rate raises, saying that fuel prices were 100% higher than a year ago.

Last month, when I was on Maui, Aloha Air, a family business for 65 years, went bankrupt, first the passenger airlines and than the inter-island cargo division. For a few days, it was chaos. Aloha carried 85% of the inter-island cargo, including the mail and food. The US Postal Service quickly contracted carriers to keep the mail moving, living up to their motto of delivering the mail, no matter what the weather (or fuel-created crisis.)

The costs of rising fuel is devastating to Hawaii. Isolated in the middle of the Pacific Ocean, they are completely dependent on goods from the mainlands and on tourism. How this all will play out remains to be seen. But for now, Hawaii Costco is doing a booming business, and not just in rice and toilet paper.

I just checked for fares into the Fall and find that the lowest fares have more than doubled.

butter in the sun has contributed a photo to this story.