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Oil Prices

BUSINESS
June 1, 2012 | By Ronald D. White
A rash of troubling economic data kicked U.S. oil prices as low as $82.56 a barrel on the New York Mercantile Exchange, its lowest level in nearly eight months. John Kilduff, founder of Again Capital in New York, said the slide Friday was prompted by more news overnight about a slowing Chinese economy, and then accelerated once it was learned that the U.S. economy added just 69,000 new jobs in May. "It's fueled several concerns that demand for oil is going to drop," he said.
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BUSINESS
May 21, 2012 | By Ronald D. White
Crude oil prices have rebounded slightly after falling last week to their lowest levels in six months. Retail gasoline prices were falling in California after a painful 18.6-cent jump over the last two weeks. Nationally, the average retail price for gasoline was entering its seventh straight week of declines. The U.S. oil commodities trading benchmark, West Texas Intermediate, was up 61 cents to $92.09 a barrel during trading on the New York Mercantile Exchange. In London, European benchmark Brent North Sea crude was up 86 cents to $108 a barrel on the ICE Futures Europe Exchange.
BUSINESS
May 17, 2012 | By Ronald D. White
Analysts said that a crude-oil glut from increasing domestic production and imports from Canada helped drive U.S. oil prices below $100. They added that a change in the flow of a key U.S. oil pipeline that begins this week could help reduce retail gasoline prices. The U.S. Energy Department says that crude oil inventories at a storage hub in Cushing, Okla., reached a record 45.1 million barrels on May 11, breaking the old record of 41.9 million barrels set in early AprilĀ  2011.
BUSINESS
May 9, 2012 | By Andrew Tangel
NEW YORK -- Stock markets opened sharply lower on Wall Street, continuing a slide in the face of continued political and economic turmoil in Europe. The Dow Jones industrial average fell 101 points, or 0.8%, to 12,831 in early trading. The broader Standard & Poor's 500 index was down 12.9 points, or 1%, to 1,351. The technology-heavy Nasdaq gave back 6 points, or 1%, to 607. Investors also sold positions in commodities, a sign of perceived weakening demand. Oil prices continued to slide, with the price of crude dropping $1.06, or 1.1%, to $95.95 a barrel.
BUSINESS
May 8, 2012 | Ronald D. White
California's streak of seven straight weeks of gasoline price declines has ended because of widespread refinery maintenance shutdowns that have reduced fuel supplies by nearly a third compared with a year ago. In California, the average price of a gallon of regular gasoline was $4.213 a gallon, up 2.7 cents from a week earlier, according to the Energy Department's weekly survey of service stations, released Monday. The U.S. average continued to fall, dropping 4 cents to $3.790 a gallon, the Energy Department survey showed.
BUSINESS
May 5, 2012 | By Don Lee, Los Angeles Times
WASHINGTON - The nation's long, hard ride to recovery went off track in the spring: Job growth slowed for the second straight month, raising fresh fears about the underlying strength of the economy. In a disappointing development for President Obama's reelection campaign, employers added a modest 115,000 jobs in April, barely enough to keep up with the natural growth of the workforce. The unemployment rate inched down to 8.1% - not because more people got jobs but because more discouraged workers dropped out of the labor market.
BUSINESS
May 1, 2012 | By Ronald D. White, Los Angeles Times
Retail gasoline prices continued to fall nationally and in California over the last week, the Energy Department said. The U.S. average price for a gallon of regular gasoline fell 4 cents to $3.830, according to the Energy Department's weekly survey that was released Monday. The U.S. average hit its peak for the year of $3.941 a gallon on April 2 and has fallen for four straight weeks. A year earlier, U.S. drivers spent 5.1 cents more for a gallon of gas. In California, the average cost for a gallon of regular gasoline fell 1.7 cents to $4.186.
BUSINESS
April 30, 2012 | By Ronald D. White
Only once in the last 20 years have gasoline prices peaked before mid-May. Oil prices haven't been that remarkably predictable, but one could usually expect them to peak sometime during the U.S. summer driving season, experts say. But in 2012, the old patterns don't seem to apply. The U.S. average for a gallon of regular gasoline has dropped steadily since April 5, when it reached its high for the year, so far, of $3.926 a gallon, according to Marie Montgomery, a spokeswoman for the Automobile Club of Southern California.
BUSINESS
April 28, 2012 | By Ronald D. White, Los Angeles Times
Chevron Corp. said first-quarter profit rose 4.2% as rising oil prices offset falling natural gas prices. Net income for the first three months of the year increased to $6.47 billion, or $3.27 a share, from $6.21 billion, or $3.09,a year earlier, the San Ramon, Calif., company reported Friday. Revenue for the world's third-largest publicly traded oil company rose to $60.71 billion, compared with $60.34 billion in the first quarter last year. The company's financial performance was hurt by a sharp year-to-year decline in natural gas prices, but that drop was more than offset by sharply higher oil prices.
BUSINESS
April 27, 2012 | By Ronald D. White
Chevron Corp. saw a first-quarter profit rise of 4.2% to $6.47 billion, or $3.27 per share. That compared with $6.21 billion, or $3.09 per share, a year earlier. Sales for the world's third-largest publicly traded oil company were up just slightly to $60.71 billion, compared with $60.34 billion in the first quarter last year. San Ramon, Calif.-based Chevron substantially increased capital and exploratory spending to $6.42 billion, up from $5.05 billion a year earlier. Chevron oil and gas production declined to 2.63 million barrels per day in the first quarter, compared with 2.76 million barrels a day during the same period a year ago. The company's earnings were hurt by a sharp year-to-year decline in natural gas prices, but the decline and collapsing natural gas prices were more than offset by sharply higher oil prices.
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