oil prices

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Oil Price Spike Brings Jobs Back to US

Rising costs curb manufacturers' outsourcing

(Newser) - As costs for overseas production and shipping soar, US companies are growing reluctant to outsource manufacturing—and some are even bringing their plants back to America, the Wall Street Journal reports. “In a world of triple-digit oil prices, distance costs money," said an economist. But it’s not...

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

(Newser) - Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe...

Oil Reversal Stymies Rally
 Oil Reversal Stymies Rally 
MARKETS
Jun 12, 2008 3:45 PM CDT

Oil Reversal Stymies Rally

Market ends up 57 points, down from 185-point rally

(Newser) - A stock rally lost steam after oil reversed an early decline and finished up slightly at $136.74 a barrel, Marketwatch reports. Investors had earlier turned bullish on an unexpectedly strong retail report and crude prices of $131.55. The Dow ended up 57.81 points, at 12,141.58,...

United Adopts $15 Checked-Bag Charge

Carrier joins American; industry passing oil costs to consumer

(Newser) - United Airlines will follow rival American Airlines in charging $15 for a first checked bag. The new fee was announced today, 3 weeks after American set the precedent. United says the fee affects customers who buy tickets beginning tomorrow for domestic flights Aug. 18 or later.

Oil Drives Uneven Finish
 Oil Drives Uneven Finish 
MARKETS
Jun 10, 2008 3:47 PM CDT

Oil Drives Uneven Finish

Bernanke comments spark inflation worries, perk up dollar

(Newser) - The markets ended mixed after moving between gains and losses, as traders tracked gyrations in the price of oil—which finished down 2% from earlier highs of $137 a barrel, MarketWatch reports. The Dow gained 9.44 to end at 12,289.76. The Nasdaq lost 10.52 to settle...

McCain Pays Price of Soaring Gas
 McCain Pays Price
 of Soaring Gas 
ANALYSIS
Jun 10, 2008 2:13 PM CDT

McCain Pays Price of Soaring Gas

Voters giving issue ever-more importance; holding Mac responsible for Bush

(Newser) - The party in power always suffers during an election year in which the economy is poor, and high gas prices are often the biggest barb. John McCain is suffering the most from high prices at the pump, a Politico analysis of Gallup polls show, with voters putting him behind the...

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...

Oil Prices Threaten US-Saudi Relations

Washington loses leverage as Beijing gains clout with Riyadh

(Newser) - The weakening dollar and rising oil prices are marring more than just the American economy: It’s also eroding the long-standing friendly relationship between the US and Saudi Arabia, the Los Angeles Times reports. A bleak economic outlook has cost the US clout with its oil-producing ally. “There’s...

Dow Plummets Almost 400
 Dow Plummets Almost 400 
MARKETS
Jun 6, 2008 3:22 PM CDT

Dow Plummets Almost 400

Weekly loss of 3.5% off jobs, crude

(Newser) - The markets took huge losses today, battered by $139 oil and the worst unemployment report in 4 years, MarketWatch reports. The Dow fell 394.64 to close at 12,209.81, and down 3.5% for the week. The Nasdaq fell 75.38 to 2,474.56, a 1.9%...

Diesel Thieves Plague Farmers
 Diesel Thieves Plague Farmers 
Jun 6, 2008 2:33 PM CDT

Diesel Thieves Plague Farmers

Irrigation systems are also caches of diesel fuel

(Newser) - With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In...

As Oil Spikes, Airlines Rethink Business Model

Expect to pay more for less as 'cheap and plentiful' era ends

(Newser) - In the 30 years since Congress deregulated airline travel, the country's major carriers have operated on a bigger-is-better strategy: fly more planes to more routes and you'll come out on top. But with fuel twice as expensive as a year ago, airlines are not just raising prices, they're radically changing...

Analysts See Oil Bust Ahead
 Analysts See Oil Bust Ahead 
Jun 4, 2008 12:56 PM CDT

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...

Storm Warning: Hurricanes May Drive Gas to $6

Disruptive Atlantic season could upset already dicey market

(Newser) - This year’s hurricane season—which started yesterday—could spawn a dozen or more named storms, potentially disrupting flow of gasoline across the nation and pushing gas prices beyond $5 or even $6 a gallon, reports CNNMoney. Traders already appear to be including a hurricane premium of 10 cents per...

Mixed Day Yields Mixed Results
 Mixed Day Yields Mixed Results 
MARKETS
May 30, 2008 3:30 PM CDT

Mixed Day Yields Mixed Results

Dell performance rallies tech; Commerce Department gives bad news

(Newser) - Stocks ended mixed after a seesaw session today, with strong performance by tech and energy shares contrasting with bad news on consumer spending and incomes, MarketWatch reports. The Dow closed down 7.90 at 12,638.32. The Nasdaq gained 14.34 to 2,522.66, while the S&P...

Feds Hunt for Scams in Crude Oil Trading

Speculators may be driving up crude by manipulation

(Newser) - Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be...

Restaurants' Used Grease Draws Thieves

Once scorned, it's 'become gold'; can be turned into biodiesel

(Newser) - For decades restaurants have thrown away their used cooking grease without a second thought; now, they’re trying to protect it from thieves. Almost anyone can convert the yellow grease into cheap biodiesel using kits sold on the internet, and restaurant oil bins have become go-to destinations for everyone from...

Oil Plunges; Stocks Gain
 Oil Plunges; Stocks Gain 
MARKETS
May 27, 2008 3:31 PM CDT

Oil Plunges; Stocks Gain

Markets shake off steep decline in housing prices

(Newser) - The markets pulled out modest gains today on plunging oil prices, despite housing price indices that showed the biggest drop in 20 years, the Wall Street Journal reports. The Dow ended up 68.72 at 12,548.35, the Nasdaq up 36.57 at 2,481.24, and the S&...

Cops Can't Afford Gas Prices Either

Bike patrols get popular to save at the pump

(Newser) - With gas prices near $4 a gallon, more US police are saving money by peddling around, the AP reports. One cop shop in Bedford, Va., for example, has saved up to 400 gallons of fuel per month by buying just 8 bikes. But the two-wheelers don't come cheap: With crime-stopping...

Speculators to Blame for Soaring Oil: Soros

'Bubble' will burst when both US and UK are in recession

(Newser) - Billionaire investor George Soros blames soaring oil prices that reached a record $135 a barrel last week largely on speculation that’s causing a “bubble” in numbers, the Daily Telegraph reports. The weak US dollar, slipping Middle East oil supply, and rising Chinese demand all play a role, but...

High Gas Prices Give Economy a Headache
High Gas Prices Give Economy a Headache
ANALYSIS
May 24, 2008 3:52 PM CDT

High Gas Prices Give Economy a Headache

Main Street and Wall Street finally admit financial pain

(Newser) - Oil prices gushed for 5 years, but the US economy remained blissfully unaffected—until now, the Los Angeles Times reports. Rising gas prices have finally spooked consumers and sparked ominous news from two major airlines, Ford, and even memory card maker SanDisk. “The economic outlook has been taken hostage...

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