May 30, 2012 |
Crude oil prices dropped below $89 a barrel as the Euro dropped to its lowest levels in nearly two years. Both were pulled down by concerns about the costs of rescuing Spain's fragile banking sector. Light sweet crude futures for July delivery were down $2.45, at $88.31 a barrel during early trading on the New York Mercantile Exchange. If it stays at that level, analysts said this would be the lowest close for U.S. oil since Oct. 21, when it closed at $87.40 a barrel. "Oil has dropped into risk averse mode again," said Phil Flynn, an energy analyst with PFGBest Research in Chicago.
May 25, 2012 |
California drivers will pay record gasoline prices over the Memorial Day weekend but could get relief in the weeks ahead - unless more unplanned refinery outages occur. Then all bets are off, analysts say. The average price of a gallon of regular gasoline in California was $4.311 on Thursday, down 5.5 cents from a week earlier, according to the AAA Fuel Gauge Report. That beats the previous state record for the traditional start of the summer driving season: During the Memorial Day weekend of 2008, average high prices ranged from $4.168 to $4.228.
February 1, 2011 |
Egypt has never loomed large in the grand scheme of the global economy, but the political turmoil there has sent tremors through world markets and triggered fears of severe and long-lasting economic damage if the crisis deepens in this volatile, energy-rich region. World financial markets regained their composure Monday, suggesting that concerns might be easing about the anti-government protests in Egypt, at least temporarily. But fears were underscored in the latest surge in oil prices: The U.S. benchmark West Texas Intermediate crude oil closed at $92.19 a barrel Monday, up $2.85 or 3.2% ?
June 10, 2010 |
The explosion and sinking of the Deepwater Horizon drilling rig have thrown a spotlight on the challenges and risks of deep-water drilling. President Obama has declared a six-month moratorium on drilling new deep-water wells, which proliferated in the last decade as drilling technology advanced and returns from traditional, shallower domestic wells diminished. Administration officials say the pause will allow them time to hear from a newly appointed presidential commission and to reevaluate safety regulations and other federal oversight.
April 13, 2010 |
Retail gasoline prices rose nationally in the last week, the Energy Department said Monday, but analysts said there was strong reason to believe that pump prices should be falling soon. The average price of a gallon of regular gasoline rose nationally by 3.2 cents to $2.858, according to the Energy Department's weekly telephone survey of service stations. California's average was nearly unchanged for the fourth straight week, climbing just 0.8 of a cent to $3.096 a gallon. Gasoline supplies are near a 17-year high and well above the five-year average, said Phil Flynn, an analyst for PFGBest Research in Chicago.
July 10, 2009 |
Crude oil briefly fell below the key trading threshold of $60 a barrel Thursday before rallying to positive territory for the first time in six days. And with motorists driving less and supplies growing even though the summer driving season is underway, some analysts are predicting $2.75 a gallon gasoline in California and $2.50 a gallon or less nationally before July comes to an end. The supply of gasoline in the U.S.