oil prices

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Things Are Getting Desperate in Venezuela

As hunger deepens, looting increases

(Newser) - A shortage of beer and Coke is the least of concerns in Venezuela, where residents are facing hunger, drought, power shortages, and the world's highest inflation rate at 480% amid a worsening economic crisis brought about by plummeting oil prices. The latest:
  • The New York Times explains 87% of
... More »

One Salmon Now Costs More Than a Barrel of Oil

Weird times we're living in

(Newser) - It's seemingly simple supply and demand that has led us to this point: We now live in a world where a 10-pound salmon is worth more than a barrel of crude oil, a Norwegian seafood-industry site reports, via Bloomberg . This "collapse" in the cost of crude, as Bloomberg... More »

Dow Ends Day Down 239

S&P 500, NASDAQ also decline

(Newser) - US stocks are closing lower after an early rally fizzled. The declines today were led by energy stocks as the price of crude oil fell sharply. Traders also worried that a report showing that the number of available jobs soared in July could help convince Federal Reserve policymakers to raise... More »

Stocks See Third-Worst Drop This Year

Dow ends day down 469

(Newser) - Markets are turning turbulent again after investors were unnerved by more signs of weakness in China, the world's second-largest economy. US stocks sank 3% today, their third-worst drop this year. The two bigger falls occurred in the last two weeks. The Dow Jones industrial average dropped 469 points, or... More »

Workers in 'Panic Mode' Over Low Price of Oil

Oil rigs have shut down, leaving well-paid degree-less workers short on options

(Newser) - Countries around the world continue to be impacted in various ways from the oil price crash over the last year, and there's one demographic that's definitely feeling the negative effects: oil workers now out of jobs that were "more or less an economic lottery ticket for an... More »

Oil Prices Hit 2-Year High on Syria Tension

Traders worried about Mideast chaos

(Newser) - The price of oil climbed to its highest in more than two years today as the US edged closer to taking action against Syria. Benchmark oil for October delivery rose $1.09, or 1%, to $110.10 a barrel on the New York Mercantile Exchange. That's its highest closing... More »

Obama May Tap Oil Reserves

White House wants to reduce prices to help consumers, hurt Iran

(Newser) - Think the price of gas is getting too high? The Obama administration agrees. It's currently "dusting off old plans" to potentially tap the Strategic Petroleum Reserve, a source tells Reuters . Driving down the price of oil would help consumers and the US economy while also hurting Iran, ensuring... More »

Embargo Bleeds Iran of $133M a Day

As Obama takes that political capital to the bank

(Newser) - Mahmoud Ahmadinejad's country is missing out on some $133 million a day as much of the globe shuns its oil, and Barack Obama is making bank on it. As Bloomberg reports, the US-led embargo on Tehran's oil has proven devastatingly effective since it began July 1, dropping the... More »

Economy's Silver Lining: Lower Gas Prices

Falling oil prices make life easier at the pump

(Newser) - One bright spot amid the latest economic news : Gas prices are falling nationwide, and fell below $2.99 at two gas stations yesterday, the AP reports. Not all consumers will be so lucky, but plunging oil prices have lowered pump gas by an average of 30 cents a gallon in... More »

Gas Prices Level Off, May Have Peaked

High supply, falling demand will ease prices, say experts

(Newser) - Gas prices are holding steady at $3.92 a gallon, and that could be on the verge of coming down, reports USA Today . With a key benchmark falling to a two-month low yesterday and growing signs of a global economic slowdown, experts think pump prices will fall short of the... More »

US Refineries Close, Pushing Gas Prices Higher

With crude oil so expensive, they can't make money

(Newser) - Add one more victim to the soaring price of petroleum—refineries. Yes, despite gas prices rising another 6% in February, refineries in the US Northeast are shutting down because they're losing money, reports Wall Street Journal . And with Philadelphia-based Sunoco set to close the largest refinery in the region... More »

Gas Prices Not Really the President's Fault

Sure, policy affects things ... eventually

(Newser) - As gas prices rise, President Obama's approval rating falls , which makes sense, because those painful numbers at the pump are all his fault, right? Wrong, say oil experts and economists. The Washington Post breaks down their arguments:
  • Policy: It definitely affects things, but it takes a long time for
... More »

Deepwater Drilling to Pass Pre-Spill Heights

Oil demand keeps drills humming in Gulf of Mexico

(Newser) - It's been almost two years since the Deepwater Horizon explosion, and deepwater drilling is back. With a year-long moratorium over, BP and other companies are intensifying their operations in the Gulf of Mexico, and production there will soon exceed its pre-accident highs, the New York Times reports. The practice... More »

Iran Tensions Could Mean $5 Gas

Recent posturing has already sent price up 20%

(Newser) - Going to war with Iran would be an expensive proposition for America's drivers. Tensions over the country's nuclear ambitions have already pushed crude oil prices up 20% to a record winter high, energy experts tell the New York Times . That's translated to an average $3.73 per... More »

Geithner Open to Using Oil Reserves

But warns there's no 'quick fix' to rising gas prices

(Newser) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices... More »

Iran Blockade Could Send Oil Up 50%

But international forces would win the ensuing conflict

(Newser) - If Iran ever really closed off the Strait of Hormuz—as it threatened to last week —oil prices could spike more than 50% in a matter of days, analysts tell the New York Times , with even a partial closure likely resulting in a $50-per-barrel increase. “You would get... More »

When Gadhafi Falls, Oil Prices Will Fall With Him

And stocks could 'soar': David Kotok

(Newser) - If the rebels succeed in taking Moammar Gadhafi down, expect oil prices to follow suit—which means stocks could skyrocket, writes analyst David Kotok at Business Insider . An end to the Gadhafi regime would likely allow Libyan oil production to rebound to a pre-crisis daily output of 1.6 million... More »

Halliburton Earnings Shoot Up 54%

Oil giant credits strong demand

(Newser) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with... More »

Brace for $150 Oil —and $4.50 Gas

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... More »

IEA to Release 60M Oil Barrels

Move designed to counteract 'Libyan disruption'

(Newser) - The International Energy Agency will release 60 million barrels of oil over the next month, in a bid to “offset the Libyan disruption,” the group announced today. The oil will come from the strategic reserves of the IEA’s 28 member nations, and will be portioned out at... More »

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