Stories related to: oil prices

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 Reserve—and Hillary Clinton wants to release some of it. But President Bush maintains that the reserve is untouchable. More »

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 choice. More »

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 and the closure of a top Mexican export terminal, didn't help, the AFP reports. More »

Delta Air Lines has reached a deal with its 7,000 pilots that is expected to allow a long-delayed merger with Northwest Airlines to take off, Bloomberg reports. The airlines plan to announce the merger next week, sources said. The new airline would carry the Delta name and jet past American Airlines to become the world's largest carrier. More »

Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13. More »

Concern about potential supply disruptions in Iraq and American gasoline reserves pushed oil prices up for the second day in a row, despite expected news from the Energy Department that crude supplies in the US had rebounded, reports the Associated Press. The US dollar’s continued depreciation against a slew of currencies also helped inflate the price. More »

China may be running on less-than-full tank again as gasoline and diesel shortages spread to Shanghai and Beijing, the AP reports. Long lines are a common sight outside filling stations, which have been plagued by erratic shipments. “We have no diesel available at all,” said one gas station worker. “Once it comes, it will soon run out.” More »

A United Nations food program has issued an extraordinary emergency plea for an extra $500 million in aid, warning that shipments to the world's hungry may be rationed if the money can't be raised over the next month, reports the Financial Times . The World Food Program feeds some 73 million people in 80 countries. More »

America's major airlines are getting ready for tougher times ahead, slashing jobs and cutting back operations. As the Christian Science Monitor reports, soaring fuel prices will inevitably lead to higher ticket prices, which will lead to less passengers—which, in turn, will force airlines to hike fares again to cover flying costs. "The party's over, particularly for leisure travelers," one industry analyst said. More »

Battered by skyrocketing fuel prices, Delta Air Lines will eliminate 2,000 jobs to cut costs, the Atlanta Journal-Constitution reports. With oil prices driving the airline’s fuel expenditures $900 million higher than expected, the carrier will offer buyouts to some 30,000 employees, aiming to cut 1,300 flight attendant and agent positions in addition to 700 administrative jobs, mostly through voluntary severance and hiring freezes. More »

The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the verge of becoming the first part of the country to average that price, the AP notes. More »

Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal . This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate cut next week. A drop in energy prices was credited with the inflation relief, likely to be short-lived as this month's record oil and gas prices are factored into the next reports. More »

Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and even across the country for a short period as demand peaks, reports USA Today . More »

US stocks fell today for a third consecutive day as fears of recession continued to spread, MarketWatch reports. With Ambac’s revival uncertain and Countrywide facing a possible securities fraud probe, shares of both financial giants plummeted, pressuring the overall market downward. The Dow lost 153.54 to close at 11,740.15, the Nasdaq dropped 43.15 to 2,169.34, and the S&P 500 fell 20.00 to 1,273.37. More »

In 2002 Donald Rumsfeld envisioned an Iraq war price tag of "something under $50 billion," but a Harvard professor and a Nobel-prize winning economist now pin the total cost at $3 trillion, with a "running cost" of $12.5 billion a month. As the Iraq war enters its sixth year next week, the Christian Science Monitor takes a look at the varying estimates. More »

Why isn't an Iraq that's rolling in oil dollars funding its own reconstruction? senators Carl Levin of Michigan and John Warner of Virginia want to know. The Armed Services' Committee honchos wrote the Government Accountability Office saying Iraq is doing little to help itself despite a projected $100 billion in oil revenues in 2007 and 2008—and what's more, US taxpayers are shouldering the load. More »

The markets fell sharply today as the dollar hit a fresh low against the euro, oil prices hit a fresh high, and more bleak news on the housing front came to light, MarketWatch reports. The Dow plummeted 214.6 points to settle at 12,040.39, its lowest level in 18 months. The Nasdaq fell 52.31 points to 2,220.50, and the S&P 500 dropped 29.36 to 1,304.34. More »

An ever-weakening dollar, an unexpected drop in US crude oil reserves, and a Wednesday OPEC decision not to boost production helped spur oil to a record $105.96 a barrel, Bloomberg reports. It's the third record this week, and the dollar’s $1.5345 against the euro is the lowest level its reached since the euro was introduced in 1999. More »

Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices on “tremendous speculation,” the Wall Street Journal reports. Oil futures were up $5 on the day. More »

As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of $39.50 a barrel, or $103.76 adjusted for inflation. More »