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BUSINESS
October 23, 2008 | times wire services
ConocoPhillips, the third-largest U.S. oil company, posted a 41% profit increase after gains in energy prices made up for a drop in production. But the company's shares fell as New York oil futures tumbled. Third-quarter net income climbed to $5.19 billion, or $3.39 a share, from $3.67 billion, or $2.23, a year earlier, the Houston-based company said. Excluding such items as a divestiture gain, per-share profit was about $3.32, 13 cents higher than analyst estimates compiled by Bloomberg.
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BUSINESS
September 3, 2008 | Walter Hamilton, Times Staff Writer
A slide in oil prices fueled a strong stock rally Tuesday but couldn't sustain it, and the major indexes finished lower. Crude futures traded sharply lower early in the day, after Hurricane Gustav inflicted less damage than feared on oil-production facilities in the Gulf of Mexico. That sent the Dow Jones industrial average soaring nearly 250 points in the first 20 minutes of trading. But the enthusiasm quickly faded. Stocks steadily descended and surrendered their gains.
BUSINESS
August 5, 2008 | Martin Zimmerman, Times Staff Writer
Gasoline prices are still tumbling, the government reported Monday, while a steep drop in crude oil prices in New York futures trading could indicate that more relief for consumers is on the way. The U.S. average price for a gallon of self-serve regular gasoline slid 7.5 cents to $3.88, its lowest level since May 19, according to the Energy Department's weekly survey of filling stations. In California, the average fell 11.2 cents to $4.205.
BUSINESS
June 20, 2008 | Don Lee, Times Staff Writer
China said Thursday that it would raise fuel and electricity prices, a move that could add to the nation's already high inflation rate but cut consumer demand and thus help lower global crude oil prices. China, which has been keeping fuel costs for consumers below market rates with billions of dollars in subsidies, said retail gasoline prices as of today would rise more than 16% and diesel prices would jump 18%.
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.
BUSINESS
May 13, 2008 | Ronald D. White, Times Staff Writer
Gasoline prices rose sharply across much of the nation over the last week, although California drivers got off relatively easy, the Energy Department said Monday. Oil prices took a rare step back Monday from their upward climb, but analysts warned that the day's dip probably was just a pause for profit-taking. The average U.S. retail price for a gallon of self-serve regular gasoline jumped 10.9 cents to a record $3.
BUSINESS
December 18, 2007 | From Times Staff and Wire Reports
With the end of the U.S. holiday shopping season approaching, the national average retail price for gasoline fell just below $3 a gallon for the first time in seven weeks, the government said Monday. California's average also continued to slide but remained well above the national average. The national price for regular gasoline declined 0.2 of a cent over the last week to $2.998 a gallon, the Energy Information Administration said in its weekly survey of service stations.
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
September 18, 2007 | Ronald D. White, Times Staff Writer
Crude oil futures closed at a record $80.57 a barrel Monday, propelled in part by traders' expectations that the Federal Reserve would cut interest rates today, spurring economic growth and demand for oil. Analysts said the close on the New York Mercantile Exchange -- where the next-month contract traded as high as $80.70 a barrel -- was also a response to unusually tough talk from French Foreign Minister Bernard Kouchner on Iran's nuclear development efforts.
BUSINESS
July 18, 2007 | From Times Wire Services
The Dow Jones industrial average pushed above the 14,000-point level for the first time Tuesday after a mostly tame inflation reading gave investors reason to extend Wall Street's persistent rally. The stock market's best-known indicator crossed the milestone in the first half-hour of trading, though it didn't close above that level; it did, however, manage its fourth record close in as many sessions. The Dow rose as high as 14,021.95 only 57 trading days after crossing 13,000.
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