Gas Gets Pumped Up

(AP) - Oil prices fell below $120 a barrel today on expectations that the US economic downturn will erode consumer demand for crude products, the AP reports. The dollar's gains against the euro also contributed to lower prices. Crude futures have fallen about $27, or about 18%, since reaching a record high of $147.27 on July 11. More »

(Newser) - Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and finished at 2,285.56, and the S&P 500 shed 11.29 points to settle at 1,249.02. More »

(Newser) - Barack Obama called for a release of some of the strategic petroleum reserve today, dubbing the current energy crisis “one of the most dangerous and urgent threats this nation has ever faced.” Campaigning in Michigan, Obama outlined his energy plan, which he says will create 5 million “green” jobs, and eliminate dependence on foreign oil by fostering alternative fuels. More »

(Newser) - The soaring cost of oil is taking a toll on globalization, pushing companies to save on transportation by producing materials closer to home, the New York Times reports. The search for cheap production had been key for many firms—but now oil prices, as well as stricter import rules and environmental concerns, are pushing some to go more local. More »

(Newser) - ExxonMobil reported the biggest quarterly profit in US history today, earning $11.68 billion or $2.22 a share as revenues rose 40% over the previous year. But those stratospheric numbers fell short of Wall Street’s estimates; analysts had expected crude prices, which have doubled over the past year, to power Exxon to a $2.52 per-share haul, and the company's stock fell in early trading. The figure topped Exxon’s own $11.66 billion record, posted in the fourth quarter of last year. More »

(Newser) - A dip in the price of energy is providing a welcome respite from an otherwise grim economic picture. Oil, which neared $150 a barrel earlier this month, has dropped $23, or 16%, since July 3; natural gas prices are down 33%. AAA says nationwide gas prices have dropped to $3.94 a gallon, down from $4.11 on July 17, as Americans are driving less. Many analysts think energy prices could keep falling through the end of the year, the New York Times reports. More »

(Newser) - Investors, cheered by Merrill Lynch&rsq