September 10, 1985 |
The Soviet Union raised the price of its Urals blend crude by between 40 and 50 cents a barrel, while prices elsewhere fell, oil industry sources said Monday. The increase is the fourth this month by the Soviets, who, analysts said, apparently were responding to price advances in the spot market in recent weeks. This puts Urals blend crude at about $27 a barrel. The new price is to take effect Sept. 16.
August 6, 1990 |
Gasoline dealers paid 9.5 cents more per gallon last week for regular unleaded gasoline after the Iraqi invasion of Kuwait, a survey of suppliers indicated Sunday. The Lundberg Survey of wholesale prices, the amount gasoline dealers pay for their product, showed that nationwide average prices Friday rose to 76.5 cents a gallon among the most price-sensitive wholesalers. The survey, taken weekly, covers 75% to 80% of U.S. suppliers of refined gasoline.
November 28, 1985
The decline in the futures and "spot," or non-contract, markets came amid reports by an International Energy Agency official that worldwide oil demand will remain stable in 1986 while non-OPEC production will increase. Oil for January delivery closed at $29.75 a barrel, down 99 cents, on the New York Mercantile Exchange. On the European spot market, North Sea Brent crude for December delivery traded at $30.15 a barrel, down 45 cents.
July 24, 1986
The price dropped amid concern over an unexpected rise in U.S. gasoline supplies during the summer driving season, when motorist demand should be at its peak. On the European spot market, where oil is sold to the highest bidder, Britain's Brent crude fell by 75 cents to a record low of $8.50 a barrel. The previous historic low for the benchmark North Sea crude was $8.65 a barrel, hit July 15. Britain began selling oil in 1976 at an official price of $12.60 a barrel.
April 16, 1987
The heated price rally was sparked by an industry report that showed the U.S. oil surplus is subsiding. On the New York Mercantile Exchange, West Texas intermediate, the benchmark U.S. crude for immediate delivery, surged by 49 cents to $18.47 a barrel. On the U.S. Gulf Coast market, where oil is sold to the highest bidder, West Texas intermediate climbed 30 cents to $18.10 a barrel. On the European spot market, Britain's North Sea Brent crude gained 30 cents to $17.75 a barrel.
June 17, 1987
Oil prices on the New York Mercantile Exchange held above the critical $20-a-barrel mark for the second-straight day to close at their highest level in 17 months. West Texas intermediate, the benchmark U.S. crude, jumped 21 cents to $20.27 a barrel for July delivery on the Merc. On the U.S. Gulf Coast spot market, where oil is sold to the highest bidder, West Texas intermediate gained 20 cents to $20.10 a barrel.
July 7, 1987
As tensions escalated in the strategic Persian Gulf oil channel, prices surged by 32 cents to $20.93 a barrel on the New York Mercantile Exchange. Britain's North Sea Brent crude shot up by 45 cents to $19.40 a barrel on the European spot market, where oil is sold to the highest bidder. On the Merc, West Texas Intermediate--the benchmark U.S. crude for August delivery--ended near its high for the day at $20.93 a barrel. It was the best close since the crude finished at $21.27 a barrel on Jan.
September 7, 2000 |
One of the state's largest independent gas station chains has temporarily closed the pumps at 41 of its 100 California locations, claiming an inability to make a profit without alienating its customers. Mark Conant, president of USA Gasoline Corp.
February 9, 1988 |
Oil prices rallied on world markets Monday amid an International Energy Agency report that the Organization of Petroleum Exporting Countries throttled back its oil production by more than 1 million barrels a day in January. Analysts said prices also were buoyed by the Energy Department's revised forecast that oil demand in the United States, the largest oil-consuming nation, will rise 0.8% to 16.66 million barrels a day this year from the previous estimate of 16.51 million barrels a day.