oil prices

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Congress Votes to Stop Stockpiling Oil
Congress
Votes to Stop Stockpiling Oil
updated
May 13, 2008 9:44 PM CDT

Congress Votes to Stop Stockpiling Oil

House and Senate want no more sent to national reserve

(Newser) - The House and Senate voted today for a pause in deposits to the Strategic Petroleum Reserve in an effort to stem rising prices, the Los Angeles Times reports. The White House expressed skepticism about the measure, but the Senate backed it 97-1 and the House passed a similar bill 385-25....

Stocks Mostly Down as Oil Rally Resumes
 Stocks Mostly Down 
 as Oil Rally Resumes 
MARKETS
May 13, 2008 3:35 PM CDT

Stocks Mostly Down as Oil Rally Resumes

Mixed data on consumer spending leave investors cautious

(Newser) - Stocks ended mostly down today as the price of oil resumed its steady rally. Crude has gained in seven of the eight last sessions, reports the Wall Street Journal. "It just keeps surprising us," said one floor trader. The Dow ended down 44.13 at 12,832.18,...

Stocks Jump as Oil Prices Pull Back
 Stocks Jump as 
 Oil Prices Pull Back 
MARKETS
May 12, 2008 3:38 PM CDT

Stocks Jump as Oil Prices Pull Back

China quake contributes to softening demand

(Newser) - Stocks jumped today on an unusual pullback of crude prices, overcoming weak quarterly reports from bond insurer MBIA and other financials. The price drop cheered investors worried about oil's effect on consumer spending, the Wall Street Journal reports. The Dow ended up 130.43 to 12,876.31, the Nasdaq...

OPEC May Boost Oil Output to Ease Prices

Cartel may meet early and backpedal on current policy

(Newser) - As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options...

Bad News Pummels Stocks
 Bad News Pummels Stocks 
MARKETS
May 9, 2008 3:28 PM CDT

Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn

(Newser) - Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the...

Oil Breaks $125 a Barrel
 Oil Breaks $125 a Barrel 
May 9, 2008 8:46 AM CDT

Oil Breaks $125 a Barrel

And heads for $126 as weakening dollar opens investors' wallets

(Newser) - Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe.

Speculation Not Driving Boom in Commodities

Surveyed economists name supply, demand as bigger factors

(Newser) - A majority of economists think the upswing in food and energy prices is due to fundamental issues of supply and demand—and not driven by speculation, a Wall Street Journal survey finds; 51% pegged demand from China and India as the chief cause of the oil boom.

Markets See Gains From Retail
 Markets See Gains From Retail 
MARKETS
May 8, 2008 3:23 PM CDT

Markets See Gains From Retail

But oil trades at $123.69, limiting rally

(Newser) - The markets achieved solid gains today as better-than-expected sales from big-box discount retailers encouraged investors worried over oil prices still in record territory, the Wall Street Journal reports. The Dow gained 52.43 to close at 12,866.78, while the Nasdaq rose 12.75 to 2,451.24. The...

Motorists Brake for Fuel Prices

Drivers try to get savings any way they can, even if it means slowing down

(Newser) - It’s common knowledge that driving a little slower makes more efficient use of gas. And with fuel prices sky-high, some drivers are actually throttling back in hopes of feeling less pain at the pump, the AP reports. Vacation drivers and truckers alike are heeding experts’ advice that cars are...

Oil Driving 'Democratic Recession'
Oil Driving 'Democratic Recession'
OPINION
May 7, 2008 11:25 AM CDT

Oil Driving 'Democratic Recession'

High prices, US inaction let 'bad guys' run amok: Friedman

(Newser) - A "democratic recession" is threatening to roll back freedom around the globe, Thomas Friedman writes today in the New York Times. The high price of oil—which facilitates authoritarian rule—combined with the loss of US ability to effectively promote democracy means dictators have freer reign and freedom suffers,...

'Super-Spike' Could Drive Oil to $200

Experts say $150 or more isn't out of the question as world demand grows.

(Newser) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the...

Stocks Rally After Fannie Mae Woes
 Stocks Rally After
 Fannie Mae Woes 
MARKETS
May 6, 2008 3:30 PM CDT

Stocks Rally After Fannie Mae Woes

Markets make modest gains, led by energy sector

(Newser) - Stocks rallied and recorded modest gains today after initially falling on on bad news from Fannie Mae. But analysts cautioned against excessive optimism. "The fact that we're not imploding doesn't me that we're OK," a strategist told the Wall Street Journal. The Dow ended up 51.29 at...

Stocks Fall on Yahoo Plunge, Oil Spike
 Stocks Fall on Yahoo Plunge,
 Oil Spike 
MARKETS
May 5, 2008 3:32 PM CDT

Stocks Fall on Yahoo Plunge, Oil Spike

Investors cautious on new developments

(Newser) - Stocks fell today as Yahoo shares plummeted 16% and crude prices jumped past $120 a barrel. "People have gotten in, but they don't want to be in a big way," a investment officer told the Wall Street Journal. The Dow fell 88.66 at 12,969.54, the...

Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%...

Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

(Newser) - US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of...

Truckers Protest Fuel Prices
 Truckers Protest Fuel Prices 
Apr 28, 2008 4:10 PM CDT

Truckers Protest Fuel Prices

List of demands includes end to oil-company subsidies

(Newser) - Truckers led a convoy of vehicles around the National Mall today in Washington to protest high fuel prices, the AP reports. Drivers from the group Truckers and Citizens United converged on DC for an afternoon rally to try to influence Congress to end oil-company subsidies, supplement supply with oil from...

$7 Gas? Analyst Sees It by 2012
 $7 Gas? Analyst Sees It by 2012 
Apr 25, 2008 4:54 PM CDT

$7 Gas? Analyst Sees It by 2012

Limited supply, ever-increasing demand will nearly double current prices

(Newser) - Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch.

Should Bush Tap Strategic Petroleum Reserve?

Rainy day supply draws debate

(Newser) - The government is pumping 60,000 barrels of oil a day into a “rainy day” reserve, but with oil prices at a record high, many argue that it’s already raining. That includes the presidential candidates, all of whom want to at least stop adding to the Strategic Petroleum...

Europe's New Coal Plants Trigger Alarm

Even 'clean coal' technology doesn't lower carbon

(Newser) - European countries facing record prices for oil and natural gas are turning to coal to fuel their energy needs, deeply worrying environmentalists, the New York Times reports. During the next five years, about 50 new coal-fired power plants will open across Europe. Many electricity companies say they have no other...

Oil Tops Record High $113
 Oil Tops Record High $113 
Updated
Apr 15, 2008 6:44 AM CDT

Oil Tops Record High $113

Dollar's decline chief cause of spike

(Newser) - Crude oil hit a new record high in trading today—$113.66 a barrel—as weary investors attempted to hedge against a tumbling dollar and oil shipments were disrupted around the world. Though the dollar is the main concern, supply problems, including OPEC's decision not to change its 2008 outlook...

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