Crude fell more than $3 on Tuesday as Goldman Sachs warned again of a price reversal and key forecasters said expensive oil could erode demand. Get the full story »
Inside these posts: Oil
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Higher oil shouldn’t trigger Fed rate hike: Evans
Rising oil prices are unlikely to push up core inflation and thus should not trigger any interest-rate hikes from the U.S. Federal Reserve, according to research from a top Fed official on Monday. Get the full story »
U.S. gas prices rise 9 cents, hitting April record
Chicago gas prices jumped 18 cents last week. (Joe Raedle/Getty)
U.S. gasoline prices soared nearly 9 cents over the last week to $3.68 a gallon, the highest pump price on record for April, the Energy Department said on Monday.
The national price for regular unleaded gasoline is up 86 cents from a year ago, based on the department’s weekly survey of fuel prices at service stations. Cleveland and Chicago had the biggest weekly gasoline price increases, rising 19 and 18 cents a gallon, respectively. Get the full story »
Transocean execs get big bonuses after spill
Declaring 2010 “the best year in safety performance in our company’s history,“ Transocean Ltd., owner of the Gulf of Mexico oil rig that exploded, killing 11 workers, has awarded its top executives hefty bonuses and raises, according to a recent filing with the U.S. Securities and Exchange Commission. Get the full story »
Obama energy plan: Cut oil imports by a third
President Obama will focus on energy security amid high gasoline prices. (Reuters/Mike Blake)
President Barack Obama set an ambitious goal Wednesday to cut U.S. oil imports by a third over 10 years, focusing on a source of anxiety for Americans as high gasoline prices threaten economic recovery.
Obama outlined his strategy in a speech after spending days explaining U.S.-led military action in Libya, where fighting, accompanied by unrest elsewhere in the Arab world, has helped push U.S. gasoline prices toward $4 a gallon. Get the full story »
Oil prices fall below $100 a barrel
Oil prices fell more than $3 per barrel on Tuesday as investors worried about the impact of the Japanese crisis on the global economy. U.S. crude for April delivery slid $3.52 to $97.67 a barrel in electronic trading. The contract was down as much as $4.48 before rebounding. Get the full story »
Japan lets oil companies release stocks
Japan said on Monday it will allow oil companies to release 8.9 million barrels of crude oil from mandatory stockpiles to relieve pressure on supplies disrupted by Friday’s earthquake and tsunami. Get the full story »
OPEC mulls boosting oil output
OPEC oil producers are consulting about a supply boost but many in the group remain sceptical, saying high prices are due to fears of shortage and world supply is comfortable despite the loss of Libyan crude. Get the full story »
U.S. airlines hike fares, surcharges for costly fuel
A Southwest Airlines plane being refueled. (Justin Sullivan/Getty Images)
U.S. airlines are raising fares and rolling out surcharges as runaway fuel prices threaten to eat into profits.
Fuel surcharges are being added on international routes. JetBlue Airways Corp said on Monday it recently implemented a $45 one-way surcharge in select Caribbean markets. Delta Air Lines Inc said its surcharges vary by market.
Fees are also going up for passengers checking more than two pieces of luggage, and more carriers are ditching free snacks to save money, said Tom Parsons, chief executive of travel site Bestfares.com. Get the full story »
Oil settles at 2-1/2 year high on Libya violence
Oil rose to settle at its highest level since August 2008 Wednesday after an airstrike near Libya’s oil infrastructure raised more fears the OPEC nation’s oil sector could become a target in embattled leader Muammar Gaddafi’s efforts to hold power. Get the full story »
Obama confident oil prices will stabilize
President Barack Obama said Thursday he’s confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize.
Obama made the brief comments during a discussion with a new council of business and labor leaders he’s appointed to work on economic competitiveness. He said that energy costs are generally a source of uncertainty for businesses. But as for the spike in oil prices, the president said: “We think we’ll be able to ride out the situation in Libya and it will stabilize.”
Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more crude production than previously estimated. At the pump, gas prices rose more than 2 cents to a new national average of about $3.23 per gallon. Get the full story »
Oil companies plan evacuations from Libya
From The New York Times | Global oil companies said Monday that they were making plans to evacuate employees in Libya after some operations there were disrupted by political unrest. The country holds the largest crude oil reserves in Africa.
Oil prices jump 4% amid unrest in Libya
Oil prices surged more than 4 percent early Monday as anti-government protests in the Middle East and Africa intensified, raising worries about possible supply disruptions.
Crude oil for April delivery gained $3.40, or 3.8 percent, to $93.11 a barrel after earlier jumping as high as $93.75. Oil prices have been trading in a range between $88 and $94 a barrel since the start of the year. Get the full story »
