Oil Prices

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.

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.

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.

Occidental Petroleum Corp. posted a slight increase in first-quarter profit on higher oil prices and record production as energy giants Exxon Mobil Corp. and Royal Dutch Shell reported lower net income. Westwood-based Occidental, the fourth-largest U.S. oil company, said it generated net income of $1.56 billion in the first quarter, or $1.92 a share, up from $1.55 billion, or $1.90, in the same quarter of 2011. Revenue jumped to $6.27 billion from $5.73 billion a year earlier. Occidental Chief Executive Stephen I. Chazen said production rose to the equivalent of 755,000 barrels of oil a day, "the highest in Occidental's history," from 730,000 barrels a day in the first quarter of 2011.

Occidental Petroleum Corp., the nation's fourth-largest oil company, saw a slight increase in first-quarter profits compared to a year ago and set records in oil and natural gas production, the company said in a news release Thursday. The Westwood-based company said it generated a net profit of $1.56 billion in the first quarter, or $1.92 a share. That compared to the 2011 results of $1.55 billion and $1.90 a share. Sales jumped to $6.27 billion compared to $5.73 billion a year earlier.

WASHINGTON - Facing heat for high gasoline prices, President Obama tried to shift the focus to Congress, Republicans and energy traders, calling for legislation that he said would "put more cops on the beat" to crack down on potential manipulation of the oil market. Obama called on Congress to provide more money for regulators and increase penalties for market manipulators. The president, flanked by Treasury SecretaryTimothy F. Geithnerand Atty. Gen. Eric H. Holder Jr., suggested that traders and speculators are affecting the price of oil and digging into Americans' pocketbooks.

WASHINGTON -- The Federal Reserve's latest report of regional economies paints a picture of a nation continuing to grow moderately, with car sales going strong, manufacturing adding to recent gains and the long-depressed housing market showing flickers of life. But throughout the county, many industries are feeling the pinch of higher oil prices, says the Fed's so-called beige book, released Wednesday. And some employers around the nation are having trouble finding qualified workers, especially to fill high-skilled jobs.

WASHINGTON — The Senate blocked an effort to end billions of dollars in tax breaks for the oil industry, brushing aside President Obama's argument that the five big oil companies were doing "just fine" while consumers were struggling with painfully high gasoline prices. The measure to kill the industry tax preferences failed on a 51-47 procedural vote Thursday. It needed 60 votes to overcome a Republican-led filibuster that was supported by some Democrats from oil-rich states.

With average U.S. oil prices at their highest for this time of the year, gasoline prices likewise climbed to their highest average for the first 12 weeks of the year, according to Energy Department statistics. The benchmark West Texas Intermediate crude rose 16 cents Monday to $107.03 a barrel on the New York Mercantile Exchange. That helped push up the national average for a gallon of regular gasoline 5.1 cents over the last week to $3.918, the Energy Department said. That was 32.2 cents higher than a year earlier.

In an unusual but calculated political move, Senate Republicans declined to block a Democratic bill that would repeal tax breaks for oil companies --  choosing instead to launch a floor debate on the legislation as a way to showcase the Keystone XL pipeline and other GOP proposals aimed at curbing sky-high gas prices. Republican-led opposition will almost certainly defeat the bill on final passage later this week. But by allowing debate, the GOP hopes to harness voter angst over prices at the pump as a political weapon against President Obama's energy policies.