oil prices

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At Last, US Gas Consumption Starts to Fall

High prices, economic crash cause first decline in 17 years

(Newser) - The price of gasoline quadrupled over the last decade, but Americans responded by driving more and more in ever-larger gas guzzlers as if nothing had changed. But $4 gas combined with an economic black hole may have finally gotten the message across, reports the New York Times, as American gasoline...

Let's Not Kid Ourselves: Oil's Going Higher
Let's Not Kid Ourselves: Oil's Going Higher
Opinion
Jun 18, 2008 12:09 PM CDT

Let's Not Kid Ourselves: Oil's Going Higher

Why prices will keep rising, and what that will mean

(Newser) - Yes, $4 a gallon seems steep, but the worst is surely yet to come, Robert J. Samuelson writes in the Washington Post. Gas is on pace to rise to $7 a gallon by 2012, with oil rising to $225 a barrel, according to one economist. Oil-rich nations are acting as...

Offshore Drilling Issue May Backfire on McCain

He could make key enemies of Florida and California

(Newser) - John McCain is making a risky bet with his call to end a ban on offshore drilling, Charles Mahtesian and David Mark write in Politico. Polls show a clear majority of Americans are in favor of lifting the ban—but the candidate risks tapping a geyser of resentment in California...

Stocks Mixed as Oil Pulls Back
 Stocks Mixed as Oil Pulls Back 
MARKETS
Jun 16, 2008 3:22 PM CDT

Stocks Mixed as Oil Pulls Back

Techs climb; yardsticks swing between red and black

(Newser) - Stocks ended mixed today as oil prices pulled back after hitting a high of nearly $140 a barrel. Investors are still concerned about economic instability, but many have already abandoned financials, reports the Wall Street Journal. The Dow ended down 38.27 at 12,269.08, the Nasdaq up 20....

Saudis Bumping Oil Flow 2% to Slow Soaring Prices

July increase adds 200,000 barrels a day to pipeline

(Newser) - Saudi Arabia, worried soaring prices could weaken the world's appetite for oil, will increase production by 200,000 barrels a day, beginning next month, the Saudi oil minister told UN chief Ban Ki-moon in a meeting yesterday. The move follows a May increase of 300,000 barrels, the AP notes.

Saudis to Boost Oil Output to Record Level

Kingdom aims to stabilize prices to protect oil market

(Newser) - Saudi Arabia aims to put the brakes on oil prices by raising output to its highest ever, the New York Times reports. The kingdom resisted calls from President Bush earlier this year to boost production, but is now concerned that record oil prices could lead to lower demand in the...

Stocks Rally on Dollar's Strength
 Stocks Rally on Dollar's Strength 
MARKETS
Jun 13, 2008 3:14 PM CDT

Stocks Rally on Dollar's Strength

Drop in oil, strong greenback pushes Dow to weekly gains

(Newser) - The markets rallied today, pushing the Dow into positive territory for the week, off a strong dollar and a drop in oil prices. The Dow gained 165.77 to close at 12,307.35, a weekly gain of 0.8%. The Nasdaq climbed 50.15 to 2,454.50 but...

Oil Price Spike Brings Jobs Back to US

Rising costs curb manufacturers' outsourcing

(Newser) - As costs for overseas production and shipping soar, US companies are growing reluctant to outsource manufacturing—and some are even bringing their plants back to America, the Wall Street Journal reports. “In a world of triple-digit oil prices, distance costs money," said an economist. But it’s not...

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

(Newser) - Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe...

Oil Reversal Stymies Rally
 Oil Reversal Stymies Rally 
MARKETS
Jun 12, 2008 3:45 PM CDT

Oil Reversal Stymies Rally

Market ends up 57 points, down from 185-point rally

(Newser) - A stock rally lost steam after oil reversed an early decline and finished up slightly at $136.74 a barrel, Marketwatch reports. Investors had earlier turned bullish on an unexpectedly strong retail report and crude prices of $131.55. The Dow ended up 57.81 points, at 12,141.58,...

United Adopts $15 Checked-Bag Charge

Carrier joins American; industry passing oil costs to consumer

(Newser) - United Airlines will follow rival American Airlines in charging $15 for a first checked bag. The new fee was announced today, 3 weeks after American set the precedent. United says the fee affects customers who buy tickets beginning tomorrow for domestic flights Aug. 18 or later.

Oil Drives Uneven Finish
 Oil Drives Uneven Finish 
MARKETS
Jun 10, 2008 3:47 PM CDT

Oil Drives Uneven Finish

Bernanke comments spark inflation worries, perk up dollar

(Newser) - The markets ended mixed after moving between gains and losses, as traders tracked gyrations in the price of oil—which finished down 2% from earlier highs of $137 a barrel, MarketWatch reports. The Dow gained 9.44 to end at 12,289.76. The Nasdaq lost 10.52 to settle...

McCain Pays Price of Soaring Gas
 McCain Pays Price
 of Soaring Gas 
ANALYSIS
Jun 10, 2008 2:13 PM CDT

McCain Pays Price of Soaring Gas

Voters giving issue ever-more importance; holding Mac responsible for Bush

(Newser) - The party in power always suffers during an election year in which the economy is poor, and high gas prices are often the biggest barb. John McCain is suffering the most from high prices at the pump, a Politico analysis of Gallup polls show, with voters putting him behind the...

Analysts Say Oil Price Drop Is Long Way Off

Declining Asian demand could bring relief ... by early '09

(Newser) - A reining-in of Asia’s demand for oil could help the global crude supply rebound, eventually dropping prices sharply, analysts tell Reuters. But the price relief likely won’t show up until the end of this year or early next, as data needed to help traders set prices is slow...

Oil Prices Threaten US-Saudi Relations

Washington loses leverage as Beijing gains clout with Riyadh

(Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s...

Dow Plummets Almost 400
 Dow Plummets Almost 400 
MARKETS
Jun 6, 2008 3:22 PM CDT

Dow Plummets Almost 400

Weekly loss of 3.5% off jobs, crude

(Newser) - The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fell 394.64 to close at 12,209.81, and down 3.5% for the week. The Nasdaq fell 75.38 to 2,474.56, a 1.9%...

Diesel Thieves Plague Farmers
 Diesel Thieves Plague Farmers 
Jun 6, 2008 2:33 PM CDT

Diesel Thieves Plague Farmers

Irrigation systems are also caches of diesel fuel

(Newser) - With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In...

As Oil Spikes, Airlines Rethink Business Model

Expect to pay more for less as 'cheap and plentiful' era ends

(Newser) - In the 30 years since Congress deregulated airline travel, the country's major carriers have operated on a bigger-is-better strategy: fly more planes to more routes and you'll come out on top. But with fuel twice as expensive as a year ago, airlines are not just raising prices, they're radically changing...

Analysts See Oil Bust Ahead
 Analysts See Oil Bust Ahead 
Jun 4, 2008 12:56 PM CDT

Analysts See Oil Bust Ahead

Stronger dollar, other factors will take air out of 'classic' bubble

(Newser) - The oil price surge is just like the dot-com boom, analysts at Lehman Brothers tell the Wall Street Journal, and costs will sharply decline once the US dollar strengthens and demand dips in certain countries. Lehman claims oil is experiencing the "classic ingredients of an asset bubble," and...

Storm Warning: Hurricanes May Drive Gas to $6

Disruptive Atlantic season could upset already dicey market

(Newser) - This year’s hurricane season—which started yesterday—could spawn a dozen or more named storms, potentially disrupting flow of gasoline across the nation and pushing gas prices beyond $5 or even $6 a gallon, reports CNNMoney. Traders already appear to be including a hurricane premium of 10 cents per...

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