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BUSINESS
March 22, 1985 | From Associated Press
Heating oil prices soared Thursday on the New York Mercantile Exchange as concern about tight supplies led to heavy buying. Supplies of heating oil in New York are believed to be tight, said Ed Dellamonte, a petroleum analyst in New York with Prudential-Bache Securities. In addition, Dellamonte said, demand could continue strong because of winter-like weather in the Northeast.
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BUSINESS
March 7, 2012 | By Ronald D. White, Times Staff Writer
Analysts are concerned that high oil prices and the run of of record level gasoline prices this spring could derail the U.S. economic recovery. But so far there are still some important differences between 2012 and 2008, when soaring energy prices helped tip the nation into recession. Among those expressing concerns was Fadel Gheit, senior energy analyst for Oppenheimer & Co., who raised them in a note to investors today. "Oil prices are inflated by more than 30%, driven by excessive speculation on increased fears of supply disruptions from the Middle East in the event of military strikes against Iran's nuclear facilities," Gheit said.
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BUSINESS
August 27, 1985 | From Associated Press
Heating oil prices led a rally Monday in petroleum futures on the New York Mercantile Exchange. Trading volume was light to moderate, as markets in Europe were closed for a banking holiday. Part of the buying was coming from technical factors such as trends on price charts, as prices had advanced Friday, said Peter Beutel, an oil analyst with Rudolf Wolff Commodities. Beutel noted also that recent statistics from the American Petroleum Institute showed that heating oil inventories were 10.
BUSINESS
March 6, 2012 | By Jim Puzzanghera, Los Angeles Times
With gasoline prices continuing to soar, 70 members of Congress pushed federal regulators to put a lid on excessive oil speculation. House and Senate lawmakers — all Democrats, except for one independent — wrote to the Commodity Futures Trading Commission, urging the agency to place limits immediately on traders in crude oil markets and take whatever steps necessary to rein in prices at the pump. "It is one of your primary duties — indeed, perhaps your most important — to ensure that the prices Americans pay for gasoline and heating oil are fair, and that the markets in which prices are discovered operate free from fraud, abuse and manipulation," the lawmakers wrote in a letter Monday.
NATIONAL
February 4, 2006 | From Times Wire Reports
Venezuela is expanding its program of subsidizing home heating oil for the poor into Vermont, the latest jab by President Hugo Chavez against President Bush, who calls Chavez a threat to democracy in Latin America. Venezuela will provide 2.4 million gallons of heating oil at a 40% discount to households that qualify for state home heat assistance, Rep. Bernard Sanders (I-Vt.) said in a statement. Another 108,000 gallons will be given to homeless shelters.
BUSINESS
October 14, 2000 | Reuters
Four companies have agreed to temporarily halt exports of heating oil from the U.S. because of low supplies, Energy Secretary Bill Richardson said. Shell Oil Co., Amerada Hess Corp., Motiva Enterprises and Equiva Trading Co., which represent less than 10% of U.S. refining capacity, voluntarily agreed to keep their heating oil in the U.S. "based on the current market situation," Richardson said. Heating oil for November delivery fell 6.12 cents, or 5.7%, to $1.
BUSINESS
August 16, 2000 | Reuters, Bloomberg News
U.S. crude oil inventories rose a greater-than-expected 2.7% last week, rebounding from a 24-year low and easing concern about tight supplies, the American Petroleum Institute said. The increase to 286.4 million barrels, after a revision of week-earlier data, still left inventories 10% lower than a year earlier. What's more, API said distillate stocks--which include home heating oil--for the coming winter are likely to remain below normal levels. API reported that U.S.
BUSINESS
December 26, 1989 | From Times Wire Services
Heating oil prices soared on futures markets today due to continued cold weather throughout most of the nation and the shutdown of a big Exxon refinery hit by a weekend fire. The January heating oil contract on the New York Mercantile Exchange jumped 9.01 cents to 90.75 cents a gallon in early afternoon trading. Heating oil for delivery in February and March rose their allowed two-cent daily limit, to 70.89 cents and 62.58 cents, respectively.
BUSINESS
January 9, 1990 | Reuters
The Justice Department is looking into the recent surge in oil prices to see if price collusion took place, an Energy Department official said today. Assistant Energy Secretary John Easton told a House subcommittee that the Justice Department has received numerous complaints about high price increases for heating oil and natural gas during December's record cold weather. In some areas, retail prices rose by 50% or more.
NEWS
January 8, 1990 | From Times Staff and Wire Reports
Alleging "gluttonous thievery from the new robber barons," Sen. Alfonse M. D'Amato (R-N.Y.) demanded an investigation into the oil industry for possible collusion in raising home heating oil prices. Driven by unseasonably cold temperatures, the prices rose to record highs in December. D'Amato noted the price per gallon for consumers last week was $1.40, an increase of 43 cents from November. The House Energy and Commerce Committee was scheduled to hold a hearing on the increase Tuesday.
BUSINESS
March 5, 2012 | By Jim Puzzanghera
With gas prices continuing to soar, 70 members of Congress on Monday pushed federal regulators to stop excessive oil speculation. The House and Senate lawmakers -- all Democrats -- wrote to the Commodity Futures Trading Commission to urge the agency to immediately put in place limits on traders in crude oil markets and take whatever steps necessary to rein in prices at the pump. "It is one of your primary duties -- indeed, perhaps your most important -- to ensure that the prices Americans pay for gasoline and heating oil are fair, and that the markets in which prices are discovered operate free from fraud, abuse, and manipulation," the lawmakers wrote in a letter organized by Sen. Bernard Sanders (I-Vt.)
BUSINESS
October 7, 2008 | From the Associated Press
The number of Americans whose electricity or natural gas has been shut off for nonpayment of their bills is up sharply in many parts of the country as people struggle with higher prices and a shaky economy. Shut-offs are running 17% higher than last year among customers of New York state's major utilities and 22% higher in Michigan. They are up in dozens of other states, including California, Pennsylvania and Florida, according to an Associated Press check of regulators and energy companies.
NATIONAL
July 19, 2008 | From the Associated Press
Two years ago, New Hampshire refused to accept heating oil from Venezuelan President Hugo Chavez, the pro-Castro U.S. critic who once called President Bush "the devil." But with fuel prices rising, well, free oil is free oil. With the state's blessing, New Hampshire residents will be receiving some of the fuel this winter. New Hampshire becomes the last state in the Northeast to embrace the offer.
BUSINESS
June 11, 2008 | Maura Reynolds, Times Staff Writer
"Recent substantial increases in the price of crude oil and other commodities have put considerable strain on American families, farmers and businesses," said Walter Lukken, acting commissioner of the Commodity Futures Trading Commission. "We share public concerns about the need for the utmost transparency and integrity in the energy futures markets." It's a time-honored Washington ritual. When the price of oil goes up, so does the blood pressure of politicians.
NEWS
March 9, 2008 | Jerry Harkavy, Associated Press
The low point in Kimberly Henderson's struggle to keep her family warm came in early January when she was too broke to order an oil delivery and had to buy a 5-gallon container to take to her dealer so they'd have enough fuel to make it through the night. But later that month, with the gauge on her 275-gallon tank again approaching empty, Henderson's fortunes turned around when she got a phone call from a local clergyman: He had just received a donation that would provide her with 50 gallons of heating fuel that day. "I could have cried," said Henderson, a 40-year-old single mother of three who lives in a rental home in downtown Bangor.
WORLD
December 15, 2007 | From Times Wire Reports
President Hugo Chavez may be a pariah in Washington, but the U.S. arm of Venezuela's state oil company loaded up a truck of heating oil for poor New Yorkers in the South Bronx. The heating oil program, which provides a one-time delivery of 100 gallons to low-income Americans, will donate 45 million gallons, or more than $100 million worth, of heating oil to more than 200,000 families in 23 states this winter, according to Citgo.
BUSINESS
December 6, 2007 | From the Associated Press
Oil futures fell Wednesday to their lowest level in six weeks after a mixed government inventory report failed to offset a belief that supplies were growing faster than demand. Investors shrugged off OPEC's decision to keep production levels steady, a possible sign that prices had peaked for the year, analysts said.
BUSINESS
November 24, 2007 | From the Associated Press
Oil futures resumed their march toward $100 a barrel Friday, rising to a new record close in light holiday trading on concerns about tight heating oil supplies while drawing support from a buoyant stock market. At the pump, meanwhile, gas prices retreated further from their most recent peak, easing 0.1 of a cent overnight to a national average of $3.086 a gallon, according to AAA. In California, the average slipped 0.1 of a cent to $3.423 a gallon.
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