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NEWS ABOUT: gas prices

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US Car Sales Sink in Slow Economy

GM, Ford, Chrysler, and Toyota saw sales fall last month

(Newser) - A tumbling US economy hit Ford, General Motors, Chrysler, and Toyota today as all four posted declining sales for last month, Bloomberg reports. Chrysler fell 14% as Ford dropped nearly 7% and GM suffered almost a 20% drop in light truck sales. "Primarily it's driven by the weak economy,... More »

Beer and Pizza Getting Pricey

Rising fuel and ingredient costs affect traditional cheap eats

(Newser) - Even cheap foods like pizza and bagels are getting pricey these days over a mix of inflationary pressures, MSNBC reports. Last year's shocking 4% food price hike was driven by more than gas prices, one analyst says: It's diesel that fuels the trucks and trains that transport goods. "It's... More »

Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

(Newser) - The dollar continued its fall as unrelentingly dismal economic data eroded confidence in the US economy, Bloomberg reports. The greenback set a new low of $1.52 against the euro this morning and hit a three-year bottom against the Japanese yen. Oil surged more than $2 a barrel to $103.... More »

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the... More »

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per... More »

Shell Profits Spike to a Record $27.6B

Critics say the oil giant's earnings are 'obscene' and want a windfall tax

(Newser) - Soaring crude prices and new oil and gas projects drove Royal Dutch Shell to 2007 profits of $27.6 billion—a new record for a British corporation—despite declining production. While critics branded the results “obscene” and called for a windfall tax, Shell’s CEO called them “satisfactory”... More »

An Oil Giant, Alaska Faces Gas Crisis

Poor infrastructure, focus on oil exploration behind costly supply issues

(Newser) - Alaska—home of America's largest energy reserves—is facing a major energy crunch. The problem is a lack of infrastructure to get natural gas where it needs to be, the Christian Science Monitor reports. "It's the goofiest thing in the world, to be sitting on top of some of... More »

Talk About 'Blue Monday'

Tracking Google searches shows low point before, not after, holidays

(Newser) - Unless you're a Giants fan, it's likely you woke up this morning feeling a bit more than the usual Monday blahs. The third Monday in January is the most depressing day of the year, says a Cardiff University researcher. He bases his annual predictions on weather, holiday debt, and broken... More »

2008 Forecast: Oil Prices Dip as Supply Rises, Economy Slows

$80-$85 a barrel would aid consumers

(Newser) - A slowing US economy and rising oil production will lower the price of crude to between $80 and $85 a barrel in 2008, predicts the Christian Science Monitor. While still higher than the $71 average for 2007, it’s a drop from current prices near $93. Lower prices could ease... More »

Retailers Slash Prices to Boost Slumping Season

Plagued by high gas and food prices, shoppers hold out for bargains

(Newser) - Retailers slashed prices nationwide this weekend in a bid to draw last-minute shoppers and lift a slumping holiday season, Bloomberg reports. Pressed by high gas and food prices, consumers are holding out for zero-hour deals; retailers have obliged with half-off sales and extra hours, counting on the last days before... More »

Consumer Prices Jump Most in 2 Years

CPI surge on rising energy costs sparks inflation worries

(Newser) - November’s consumer price index spiked 0.8%—the biggest rise since September 2005—as soaring energy costs pushed up prices on an array of  goods and services. The increase, higher than the 0.6% anticipated, reignites inflation worries, causing experts to predict that further Fed rate cuts are unlikely,... More »

Oil Slips Under $88 as US Economy Fuels Concern

Dropping prices come as Fed set to meet Tuesday

(Newser) - Weaker than anticipated US job growth reported Friday helped extend a decline in crude oil prices today, with futures dipping below $88 on Asian markets, reports the AP. Fears of a slowing economy and reduced demand are driving the decline. Investors had bet better employment figures would prompt the Fed... More »

OPEC Declines to Boost Oil Output

$80 crude seems to be producers' new target; $3 gas isn't going anywhere soon

(Newser) - OPEC’s decision yesterday not to boost oil production, despite prices hovering around $90 a barrel, underscores a new reality, the New York Times observes: the oil producers aim to keep prices nearly that high—say around $80 a barrel—a target unthinkable a few years ago. In the US,... More »

Gas Prices Likely to Climb 20 Cents by Next Month

Even if OPEC increases production and oil gets cheaper, it'll cost you

(Newser) - Gas prices will go up at least another 20 cents in December, and they could climb further after that if OPEC doesn't increase production, says a top Energy Department forecaster. Gas prices will keep rising even if crude prices fall, says Guy Caruso, because the refiners haven't fully passed along... More »

US Crude Eases Below $96

Oil prices drop as Saudi Arabia says OPEC will discuss hiking output

(Newser) - Oil prices paused in their headlong rush to $100 a barrel today on news from the Saudis that OPEC will discuss raising output when the group's heads of state and oil ministers meet in Riyadh this week. US crude, which reached a record $98.62 Nov. 7, traded below $96... More »

Soaring Oil Prices Create New Winners, Losers

Global balance of power is up for grabs

(Newser) - With oil prices inching toward the $100-a-barrel mark, the New York Times looks at how soaring prices are redrawing the world's power grid: from oil-rich nations swimming in cash to oil-importing nations "clawing at each other to lock up scarce supplies."  In Venezuela, oil is funding a... More »

$3 Gas Fuels Retail Worries

Prices at pump hit milestone again, first time since July

(Newser) - Gasoline prices topped $3 a gallon for the first time since mid-July, prompting worries about a consumer pullback as the US heads into the holiday shopping season and cold weather increases energy demands, reports USA Today. It’s the first time gas prices, up 80 cents from a year ago... More »

PetroChina Becomes First Trillion-Dollar Company

Wildly successful IPO gives China 5 of world's top 10 companies

(Newser) - In its first day of trading, PetroChina Co. became the world’s most valuable company, hitting $1 trillion in market capitalization after shares nearly tripled to 43.96 yuan from an IPO of 16.7 yuan. It’s now worth more than the entire Russian stock market. Some analysts interpreted... More »

China Hikes Domestic Oil Prices 10%

Move to lower demand spurs crude prices to record highs

(Newser) - China raised its domestic oil prices 10% yesterday, one of the key factors in crude’s surge to over $95 per barrel. The move was actually designed to decrease global oil prices, the Wall Street Journal explains, by lowering demand. But Chinese refineries, usually stuck with low government-set prices for... More »

Exxon Mobil Profits Plunge

Biggest quarterly profit drop in three years, based on narrowing margins

(Newser) - Exxon Mobil profits plunged in the third quarter by the most since the first three months of 2004, when oil was $35 a barrel. The behemoth's quarterly report, released today, sent Exxon shares diving. The drop was caused by equipment and power failures, as well as a narrowing profit margin... More »

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