Oil Prices Plunge, Gas Not So Much

Gas, airfare up 20% from a year ago

(NEWSER) - Tens of millions of Americans are now on the move for Thanksgiving, but the soaring cost of travel is keeping many others at home. Some 42.5 million Americans are expected to drive, fly, or ride trains over the holiday, and gas prices are up almost 20% from last year, according to AAA, as is the cost of a round-trip plane ticket on the top 40 US routes. Most Amtrak fares are also up from a year ago, but only by 2% to 5%. More»

Economy grew just 1.3% over past three months

(NEWSER) - We already knew the Great Recession was the worst in decades, but in fact we were even worse off than we thought, new figures show. The economy shrank 5.1% over the course of the recession, from 2007 to 2009—1 percentage point worse than the earlier estimate of 4.1%, the AP reports. Only two in the past 10 recessions saw a squeeze of more than 3%. And yes, the economy is now growing—but it expanded only 1.3% from April to June, the Commerce Department said, lower than expected. More»

Barron's projects those averages for next spring

(NEWSER) - Enjoy the relative lull in gas prices while it lasts: Barron's cover story projects $4.50 a gallon "will become the norm" by next spring. "That will put a huge dent in consumer wallets, while ramping up the desirability of fuel-efficient cars," writes Gene Epstein. He projects that oil prices will begin rising in the fall and eventually settle at $150 a barrel. This "oil shock" will put an obvious crimp in the economy recovery "but not kill it," he writes, adding that oil will remain at the $150 level for several months before easing. More»

It's oil giant's best quarter since 2008

(NEWSER) - Gas prices are soaring, and so are Exxon Mobil's profits. The oil giant raked in $10.65 billion in profits in the first quarter of 2011, its best performance since the gas price spike of 2008. The $2.14-per-share profit well exceeded analysts' $2.04 estimates, the AP reports. The company seems to be expecting a blowback, because it posted a blog post yesterday offering a preemptive response to "the inevitable headlines and sound bites about high gasoline prices." More»

As US drivers complain, those overseas think we're lucky

(NEWSER) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :

• US: $3.53
• Norway: $9.28
• Europe: Between $7.50 and $8 for most, including Britain, Ireland, Italy, France, and Germany.