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NEWS ABOUT: crude oil

Oil Dips Below $60 a Barrel

(AP) - Oil prices dipped below $60 a barrel tonight for the first time in about a year and a half, as a growing number of economic reports point to a long and painful recession. Light, sweet crude for December delivery fell to $59.97 in New York trading, the lowest level... More »

Gas Prices Lowest in Year

Lower gas worth $1000 a year for families

(Newser) - The price of gasoline has dropped to its lowest level in a year, Reuters reports. The national average price for a gallon of regular unleaded is $2.91, a drop of 57 cents per gallon in just the last two weeks. Gas is most expensive in San Francisco, at... More »

Oil's Slide as Chaotic as Its Rise

Plunging crude prices can be almost as disruptive as their rise

(Newser) - Crude oil prices have fallen 38% from their July high of $147.27 a barrel, and the decline is causing nearly as much consternation around the world as its meteoric rise in the first half of the year, reports the Washington Post. Oil-dependent governments are worried about revenues and forecasters... More »

Oil Dips Below $100 for First Time in 5 Months

(Newser) - The price of crude oil slid briefly under $100 a barrel today for the first time in 5 months, Reuters reports. The development came even as Hurricane Ike bore down on the Texas coast and its many refineries; investors apparently think the slowing world economy will continue to drive down... More »

Oil Prices Drop for 4th Day on Minimal Gustav Damage

Slowing demand drops crude to $108

(AP) - Oil prices dipped to just above $108 a barrel today after Hurricane Gustav left oil installations in the Gulf of Mexico largely undamaged. By midday in Europe, light, sweet crude for October delivery was down $1.50 on the New York Mercantile Exchange as the dollar continued to strengthen and... More »

On Mixed News, Modest Gains

Crude falls, durable goods rise, but foreclosures also climb

(Newser) - The Dow and S&P 500 seesawed to minor gains today amid mixed economic reports, MarketWatch reports. The Dow rose 21.41 to 11,370.69, the S&P 500 5.22 to 1,257.76. Bolstered by the relative insulation from the economic slump enjoyed by tech stocks , the... More »

Dow Enters Bear Market

Nasdaq also falls more than 20% from its high

(Newser) - Skidding stocks sent the Dow and Nasdaq into bear territory as oil hit a record near $144 a barrel, the Wall Street Journal reports. Besides oil, bad news from GM and weak jobs data darkened the street’s mood. The Dow fell 166.75 points to 11,215.51, down... More »

$142 Oil Drives Stocks Down

New crude record hampers recovery from Thursday's fall

(Newser) - The markets fell today, continuing the slide that marked yesterday’s session. Investors continued to mull the tidal wave of bad news that hit the financial, tech and consumer discretionary sectors Thursday, MarketWatch reports. The Dow fell 104.46 to 11,348.96, the Nasdaq lost 5.74 to close... More »

Oil Breaks Record, Climbs Above $141

Weak dollar sends investors into crude

(AP) - Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and... More »

It's the End of the World as We Know It—and He Feels Fine

Gas prices closing the open frontier, finally

(Newser) - The soaring cost of travel is forcing a fundamental change in the identity of America, writes Bill McKibben in the Washington Post: "The frontier of endless mobility that we've known our entire lives is closing." And that's not necessarily a bad thing, because sprawl has "eroded our... More »

Saudi Oil Boost Little More Than PR

Adding half-million barrels won't dent prices, analysts say

(Newser) - Saudi Arabia consenting to increase oil output is more public-relations ploy than problem-solver, Vivienne Walt writes in Time, since the half-million extra barrels a day won't make much of a dent, if the Saudis even have that much to spare. One analyst says the move is really an attempt “... More »

Exxon to Sell US Gas Stations

But private distributors will continue to use the company's name, products

(AP) - Exxon Mobil is getting out of the retail gasoline business, following other major oil companies who've been selling their low-margin stations to gasoline distributors. The world's biggest publicly traded oil company plans to sell to distributors its remaining 820 company-owned stations and another 1,400 outlets operated by dealers. The... More »

Analysts Say Oil Price Drop Is Long Way Off

Declining Asian demand could bring relief ... by early '09

(Newser) - A reining-in of Asia’s demand for oil could help the global crude supply rebound, eventually dropping prices sharply, analysts tell Reuters. But the price relief likely won’t show up until the end of this year or early next, as data needed to help traders set prices is slow... More »

Gas Tops $4 per Gallon After Stable Week

Prices had stabilized—until last week

(Newser) - Americans are paying more than $4 a gallon for gas for the first time, Reuters reports. The national average reached $4.005 per gallon today, up from $3.67 last month and $3.10 last year. Prices had stabilized last week, until crude oil futures jumped to record levels. In... More »

Blip or Deeper Trouble? More Economists Grow Gloomy

Analysts speculate if gloomy figures have sparked fundamental change

(Newser) - Optimists can easily chalk up Friday's disastrous day on Wall Street to a skittish market overreacting to lousy news about oil prices and unemployment. The problem, writes Ben Steverman in BusinessWeek, is that many analysts are lining up in the pessimists' camp, which holds that something more "fundamental" is... More »

Analysts See Oil Bust Ahead

Stronger dollar, other factors will take air out of 'classic' bubble

(Newser) - The oil price surge is just like the dot-com boom, analysts at Lehman Brothers tell the Wall Street Journal, and costs will sharply decline once the US dollar strengthens and demand dips in certain countries. Lehman claims oil is experiencing the "classic ingredients of an asset bubble," and... More »

Airlines Forced to Front Cash for Fuel

Can't afford to pay in advance for fuel

(Newser) - Cash-strapped airlines are now being pressured to pay millions of dollars in advance for aviation fuel, reports the Times of London. Mandatory prepayment for fuel has become common in the US and is now moving to Europe as crude oil prices continue to rise and the solvency of the industry... More »

Sharp Decline Seen in Future Oil Supplies

Industry may require massive cash infusion to keep up with demand: analyst

(Newser) - The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—... More »

Oil Rockets to $135 on Surprise Supply Decline

Unexpected decline in US oil and gasoline supplies sparks surge

(Newser) - A surprise 5.32 million barrel decline in US crude oil stockpiles prompted oil prices to surge past a record $135 a barrel in after-hours New York trading this morning, extending oil's runup to 19% this month, reports Bloomberg. The Energy Department also said yesterday that gasoline stockpiles had declined... More »

Oil Tops $130

Supply concerns drive crude

(Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled... More »

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