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NEWS ABOUT: oil prices

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Not Yet Sworn In, and Already Flip-Flopping?

Blogger: Obama's backing off promise to tax oil companies

(Newser) - Barack Obama vowed on the campaign trail to slap oil companies with a windfall tax, but, blogs Kevin Drum at Mother Jones, it might've all just been old-fashioned populist bluster that's led to Obama’s first breach of a campaign promise. The American Small Business League has noted, and decried,... More »

After 10 Years, Chavez Faltering

But still blustering

(Newser) - After 10 years in power, Hugo Chavez is as blustery as ever. He’s predicted the end of “the evil capitalist mode,” told the IMF to “commit suicide,” and this week invited Dmitry Medvedev and a flotilla of Russian warships down for joint exercises. But beneath... More »

Dow Plummets 400+ Again

Hopes dim for auto industry bailout

(Newser) - Stocks continued yesterday’s slide today as Congress dashed hopes for quick aid to the Detroit automakers, MarketWatch reports. Henry Paulson also undermined investor confidence by again changing the terms of TARP. The Dow fell 444.99 points to close at 7,552.29. The Nasdaq shed 70.30, closing... More »

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 »

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

(Newser) - Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,... More »

Texas Energy Boom Goes Bust

High oil, gas prices insulated state from economic turmoil, but no longer

(Newser) - Oil’s tumbling price is causing the Texas economy to slip, narrowing the economic gap between it and the rest of the US as unemployment flares and tax revenues and housing prices slide, reports the Wall Street Journal. “Until 30 days ago, there was no feeling at all that... More »

Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

(Newser) - Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq... More »

Gas Prices in Record Fall

Gas drops 53 cents in two weeks

(Newser) - Gasoline prices have dropped 53 cents in the last two weeks, the steepest decline ever, according to the nationwide Lundberg Survey. The national average price for a gallon of regular unleaded is $2.78, Reuters reports. Wichita, Kansas, has the cheapest gasoline, at $2.26 a gallon, and San Francisco... More »

Poor Day Ends Horrible Week

Dow off 312, but bears show some restraint

(Newser) - US stocks declined today but stopped somewhat short of total free fall after global markets plunged close to 10%. With perhaps a buffer from news of a bump in existing US home sales, the Dow fell 312.30 to close at 8,378.95, MarketWatch reports. The Nasdaq dropped 51.... More »

OPEC Slashes 1.5M Barrels a Day to Boost Oil Prices

(Newser) - OPEC today decided to take 1.5 million barrels of oil per day off the markets to boost prices flirting with 16-month lows, the Wall Street Journal reports. The deep cut will take effect next month. “This slowdown in oil demand is serving to exacerbate the situation in a... More »

Airfares May Sag in '09: Report

Declining demand, dropping oil prices likely to bring prices down

(Newser) - The slumping economy may bring some good to the travel industry: Domestic airfare and hotel rates could fall next year as strapped individuals and companies think twice about globetrotting. A slash in oil prices, down to half of summer’s record high, has also brought airlines relief, Reuters reports. In... More »

Chavez's Stature Shrinks as Price of Oil Plummets

Venezuela's largesse depends on high volume, expense

(Newser) - Hugo Chavez’s days as an international sugar daddy may be ending, at least for now. Chavez has made a habit of lavishing gifts on his political allies, but with crude around $70—less than half its peak price—he may not have the wealth to spread, the Christian Science ... More »

Markets Rise as Credit Eases

Volatility probably ahead; oil prices up, too

(Newser) - Stocks rose at the open today, as investors saw signs the credit markets are easing, the Wall Street Journal reports. The Dow rose 104 points, while the Nasdaq and S&P saw modest 1.5% and 1.2% bumps, respectively. Stocks in Europe and Asia generally rose as well. We... More »

Oil Sinks Below $70 as Economy Tanks

Price oil halves in 3 months as demand takes a dive

(Newser) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that... More »

Dow Up 401 After Seesaw Day

Investors see signs of gradually easing credit—and bargains, driving up market late

(Newser) - Stocks rallied late in today’s volatile session, but stopped short of recovering yesterday’s sharp losses, rollercoastering through an 800-point range, MarketWatch reports. Crude oil futures fell $4.69, to about half of their record high in July, on a report that showed US inventories increasing. The Dow rose... More »

Southwest Loses $120M on Bad Oil Bet

Otherwise, quarter beat expectations

(Newser) - Southwest Airlines posted a $120-million third-quarter loss today, due almost entirely to a one-time $247-million charge on an oil bet gone wrong, the New York Times reports. Southwest aggressively locks in its fuel costs far in advance, which looked brilliant last year, as oil prices skyrocketed. But oil’s steep... More »

Dow Finishes Down 733

Bad data pummels equities; oil drops below $75 per barrel

(Newser) - Stocks continued to slide in the final hours of the trading day as retail sales and manufacturing activity slowed while core inflation jumped, the Wall Street Journal reports. Oil slid $4.09 to $74.54 a barrel, its lowest price in 2008. The Dow closed down 733.08 at 8,... More »

Gas Prices Plunge in Biggest Drop Ever

Demand and recession drive price down

(Newser) - The Dow isn't the only thing plummeting. Amid falling demand, the average price of a gallon of gasoline has dropped over 35 cents in the last two weeks. The nationwide Lundberg Survey of 5,000 gas stations shows the cost of gas has slid more than 80 cents since March—... More »

Oil Sinks to $83 on Global Panic

(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and... More »

Big Oil Takes Big Hit in Stocks' Dive

Demand slows, but company coffers plenty full ... for now

(Newser) - Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower... More »

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