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Energy Prices

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BUSINESS
February 2, 2006 | From Reuters
Higher energy prices slowed growth at U.S. factories in January, and a jump in home building took construction spending to record highs in December, seemingly in defiance of a cooling housing market, according to data released Wednesday.
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BUSINESS
December 13, 2012 | By Tiffany Hsu
Wholesale prices slipped 0.8% last month for the second straight month as gasoline prices plunged. In its deepest dip since May, the Labor Department's producer price index fell 0.8% in November after sliding 0.2% in October. The index rose 1.1% in September . A major factor? Plummeting gas prices, which sank 10.1% after spiking 9.8% just two months earlier. At the moment, a gallon of regular gas costs $3.30 on average nationwide, according to the AAA Fuel Gauge , down from $3.44 a month ago. The gasoline tumble made up more than 90% of the overall 4.6% drop in energy prices -- the most substantial fall since March 2009.  Quiz: The year in business Food costs, however, more than made up for the energy dip by rising for the sixth straight month in a row. The 1.3% increase is the largest in nearly two years.
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BUSINESS
September 29, 2005 | From Bloomberg News and Reuters
Energy prices zoomed anew Wednesday, led by natural gas, amid concern more hurricanes might develop in an Atlantic season that has already sharply curbed production in the Gulf of Mexico. Also, a strike by energy workers in France threatened to worsen U.S. gasoline woes. Near-term natural gas futures in New York soared $1.25, or nearly 10%, to a record $13.91 per million British thermal units. The price has rocketed 42% since just before Hurricane Katrina struck at the end of August.
BUSINESS
November 20, 2012 | Bloomberg News
Federal energy regulators continued their crackdown on manipulation of California's energy market, ordering a Florida firm to pay a fine of $2.5 million and disgorge unjust profits of $911,553 plus interest. On Monday, the Federal Energy Regulatory Commission approved a settlement with Florida energy company Gila River Power, a subsidiary of Entegra Power Group, to pay the fine and penalties. The agreement marked the first time a market participant has admitted to a violation of the federal commission's anti-manipulation rule in an energy trading case, the commission said.
BUSINESS
January 10, 2008 | Don Lee, Times Staff Writer
Seeking to allay public discontent over inflation, China's government Wednesday froze prices on gasoline and other energy sources and warned of punishment for hoarding. The freeze will also apply to the price of water, power and natural gas, plus mass transportation fees. The government said it would also stabilize prices for medical treatment and fertilizer. Soaring food prices have been the main driver behind inflation.
CALIFORNIA | LOCAL
May 28, 2001
So Reliant Energy, which now owns five of our power plants in Southern California, can drop its price from $1,500 per megawatt-hour to $150 per megawatt-hour if the state relaxes some of its air-pollution rules ("Reliant Offers to Slash Prices if Rules Waived," May 24). Would someone please tell me exactly what dramatic changes have been made in California's air-pollution-control rules during the three years since deregulation that would cause a tenfold increase in energy prices? After all, Southern California Edison managed to operate those same plants, turn a profit and keep us from rolling blackouts for so much less than Reliant claims it is costing.
BUSINESS
April 29, 1992
Chevron Corp., the nation's fourth-largest oil company, said Tuesday its earnings fell 45% in the first quarter because of low energy prices and weak demand for its products. It reported earnings of $304 million, or 88 cents a share, compared to $557 million, or $1.59 a share, a year earlier. "The first quarter saw no improvement in the depressed state of the U.S. petroleum and chemical industries," Chevron Chairman Kenneth Derr said.
NEWS
September 9, 1988 | Associated Press
Wholesale prices rose a brisk 0.6% in August as energy prices rose at their steepest clip since April but food costs posted only moderate gains, the government said today. If the August increase held for 12 straight months, inflation at the wholesale level would amount to 6.9%, more than triple the 2.2% 1987 price rise. Food prices one step short of the retail level were up a moderate 0.
BUSINESS
May 2, 2003 | From Bloomberg News
Exxon Mobil Corp., the world's largest publicly traded oil company, said first-quarter profit tripled to $7.04 billion because of surging energy prices and proceeds from the sale of a German natural-gas business. Net income was equal to $1.05 a share, compared with $2.09 billion, or 30 cents a share, a year ago, the company said. Revenue rose 47% to $63.8 billion. Chief Executive Lee R.
BUSINESS
January 26, 2007 | Ronald D. White, Times Staff Writer
Occidental Petroleum Corp. of Westwood said Thursday that fourth-quarter net income fell 19% on lower energy prices, another signal that oil industry profits may have peaked. On Wednesday, Houston-based ConocoPhillips became the first of the major oil companies to report fourth-quarter results, posting a 14% drop in earnings. Although analysts expect another round of earnings records for 2006, oil's sharp decline from the July high of $77.
BUSINESS
November 19, 2009 | Associated Press
Consumer prices edged up faster than expected in October, driven higher by another increase in energy prices and the biggest jump in new car prices in 28 years. Still, prices are lower than they were a year ago and inflation is expected to remain subdued amid a slow economic recovery. The Labor Department said Wednesday that consumer prices rose 0.3% in October, a bit more than the 0.2% economists had expected. Core inflation, which excludes energy and food, rose 0.2%, more than the expected 0.1% rise.
BUSINESS
September 20, 2009
Re: "Gasoline keeps rising in state," Sept. 15: Isn't the real reason the producers are keeping inventories low to keep prices artificially high to increase profits? There is no reason for a 57-cent gap. The real story is why the government allows this to happen, especially when energy prices had a lot to do with the collapse of the economy. Greg Vaniman Glendora
BUSINESS
June 15, 2009 | Ronald D. White
Gasoline prices have risen at an unprecedented pace this year, pushing the average pump price in San Francisco and a few other California towns past the $3 mark for regular gas. In Southern California, many filling stations also have passed that benchmark. With fuel costs soaring still faster in other parts of the U.S. -- a fresh Energy Department survey today will show just how fast -- experts say the surge could knock the wheels off an economic recovery before it even gets underway.
BUSINESS
December 24, 2008 | ASSOCIATED PRESS
Just about everything is on sale for Christmas this year -- except poinsettias. Record energy prices during summer drove up the cost of heating greenhouses and fueling delivery trucks, forcing distributors to pass along higher costs to retailers. Many growers planted fewer cuttings, and some took a rare hiatus from producing the holiday plants.
BUSINESS
December 14, 2008
Regarding the story "A new bid to loosen energy laws," Dec. 8): As Yogi Berra was quoted as saying, "It's deja vu all over again." Weren't we here before and didn't some company from Texas, I think the name was Enron, get involved with fixing energy prices? Didn't we argue about generation and delivery? I now live in Oregon, where we know what we will pay for our energy, which is hydroelectric and, in the case of Tillamook, some biofuel. Dick Diamond Bay City, Ore. -- I was disturbed to read the piece on the Public Utilities Commission's plan to revive energy deregulation in California.
OPINION
September 30, 2008 | Ted Nordhaus and Michael Shellenberger, Ted Nordhaus and Michael Shellenberger are authors of "Break Through: From the Death of Environmentalism to the Politics of Possibility" and co-founders of the Breakthrough Institute.
As the election enters its endgame, Democrats and their environmental allies face a political challenge they could hardly have imagined just a few months ago. America's growing dependence on fossil fuels, once viewed as a Democratic trump card held alongside the Iraq war and the deflating economy, has become a lodestone instead. Republicans stole the energy issue from Democrats by proposing expanded drilling -- particularly lifting bans on offshore oil drilling -- to bring down gasoline prices.
BUSINESS
January 10, 1997 | From Reuters
Prices at the wholesale level posted their biggest increase for the year in December, the government said Thursday, as surging energy prices jolted an otherwise calm inflation report. The Labor Department said the producer price index rose 0.5% last month, the biggest monthly increase since December 1995's gain of 0.6%. The index rose 0.4% in November. But excluding food and energy prices, the "core" rate of inflation rose by a scant 0.1% in December, matching November's rise.
BUSINESS
May 25, 2005 | From Associated Press and Reuters
Federal Reserve policymakers were concerned about energy prices stoking broader inflation when they met in early May, and that underpinned their decision to raise short-term interest rates for an eighth time since mid-2004, according to the minutes of the meeting released Tuesday. What's more, although policymakers acknowledged that the economy had slowed, they didn't expect the weakness to last.
BUSINESS
September 17, 2008 | Peter G. Gosselin and Maura Reynolds, Times Staff Writers
In the U.S. government's largest single intervention in the private sector and in a measure of the depths of the global financial crisis, the Federal Reserve agreed late Tuesday to lend American International Group Inc. $85 billion to finance the insurance giant's likely liquidation over the next two years.
BUSINESS
July 16, 2008 | From the Associated Press
The economy showed the depth of its twin problems of slow growth and rising inflation Tuesday, as the nation wrestled with a teetering financial system, a slumping dollar and rising prices for food and fuel. The Labor Department reported that soaring costs for gasoline and food pushed inflation at the wholesale level up by a bigger-than-expected 1.8% in June, leaving inflation rising over the last year at the fastest pace in more than a quarter-century.
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