record oil prices

Stocks erased losses, with investors taking tentative steps back after the previous session's battering, as fears about record oil prices were tempered by reports showing a rise in personal income and spending.

The US and Asia's four largest economies say record oil prices are a big burden to economies, as G8 energy ministers meet.

As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve.

But some analysts say that won't do much to lower gas prices.

Record oil prices help Royal Dutch Shell and BP to report strong profits for the first three months of 2008.

Reuters - Democrats in the U.S.

Oil reached a historic high near $104 a barrel Monday, surpassing the inflation-adjusted level of the 1980s, as a weakening dollar made crude futures attractive to investors.

Oil prices hit a new record high Monday of nearly $104 a barrel, breaking what many analysts considered the previous all time high set in the early 1980s as the dollar remained locked in a downward spiral.

U.S. stocks struggled at the start of trading Friday, with investors wary in the face of a weak dollar, record oil prices and some disappointing quarterly results.

AP - The House approved $18 billion in new taxes on the largest oil companies Wednesday as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles.

Total sees its profits in the last three months of 2007 rise by 62% on record oil prices and new production plants.