oil prices News

oil prices News From AOL News

Will High Gas Prices Disrupt the Economic Recovery? [VIDEO]

Chevron Expects Higher 1Q Profit Compared With 4Q

SAN RAMON, Calif. -- Chevron Corp. on Monday said it expects to post a higher first-quarter profit than it reported for last year's fourth quarter, due in part to rising oil prices. Chevron did not offer a specific profit forecast in advance of its quarterly report on April 29. The company said the outlook for its...

Americans Starting to Cut Back on Driving as Gas Prices Rise

NEW YORK -- With the price of gas above $3.50 a gallon in all but one state, there are signs that Americans are cutting back on driving, reversing a steady increase in demand for fuel as the economy improves. For five consecutive weeks, Americans have bought less gas than they did a year earlier, according to MasterCard...

Rising Oil Prices Beginning to Hurt US Economy

WASHINGTON - Just when companies have finally stepped up hiring, rising oil prices are threatening to halt the U.S. economy's gains. Some economists are scaling back their estimates for growth this year, in part because flat wages have left households struggling to pay higher gasoline prices. Oil has topped $108 a...

Opinion: There's No Silver Bullet for High Gas Prices

American motorists can't be blamed for viewing the current jump in gasoline prices as a potential precursor to even bigger problems down the road. Major oil disruptions in the Middle East have historically led to higher inflation, unsustainable negative balances of trade and recessions -- all in addition to the aggravation...

oil prices News From AOL

AOL MONEY & FINANCE

Gas prices are silver lining as economy weakens

-Oil prices plunged as bleak reports on U.S. job growth and manufacturing heightened worries about a slowing global economy.

AUTOBLOGGREEN

Italy hikes gas taxes to raise money for earthquake relief

Some would call it a tragedy that, while Italy makes some of the most desirable (and gas-guzzling) cars on the market, it also has some of the highest fuel prices in Europe.

AUTOBLOGGREEN

Values of small used cars fall in lockstep with gas prices

The Detroit News reports used small-car prices are plummeting right along with fuel prices.

THE HUFFINGTON POST - BUSINESS

Raymond J. Learsy: Commodity Exchanges Prime The Pump For Higher Oil/Gasoline Prices

In April, the CME Group, the largest commodity exchange group in the country, comprising the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMerc), and the Commodity Exchange Inc. (Comex) blasted the president's plan to put regulators in charge of margin...

THE HUFFINGTON POST - BUSINESS

Big Oil CEO Sees Major Pay Boost

Exxon Mobil Corp.'s CEO had a good year in 2011 â he got compensation valued at $25.2 million.

oil prices News From the Web

06/02/12 Aramco opens USD10bn Motiva JV refinery in US Source: Zawya.com Royal Dutch Shell and Saudi Aramco unveiled the $10 billion expansion of their joint-venture Motiva Enterprises Texas Gulf Coast refinery Thursday as it neared its top capacity, taking the crown as the largest in the US. -
06/02/12 Future of natural gas is now: ND averages lowest... Source: The Dickinson Press - Dickinson ND The state has averaged the lowest cost for natural gas in the nation over the last three years, passing the savings onto consumers, the North Dakota Public Service Commission announced Thursday.
06/02/12 Commodities mostly slump as economic storm clouds... Source: Zawya.com Most global commodity prices tumbled this week amid a bloodbath on markets as traders fled to safety in the face of poor economic data and eurozone debt crisis developments that now threaten Spain.
06/02/12 India's car makers post lacklustre sales in May Source: Asia One India's top auto makers Friday reported lacklustre sales in May as high taxes and rising fuel prices produced more downbeat data on the national economy.
06/02/12 BPC ends negotiations on 2012 H2 oil procurement Source: The Financial Express - Bangladesh Bangladesh Petroleum Corporation (BPC) has concluded talks with six suppliers to import up to 1.356 million tonnes of gasoil and 190,000 tonnes of jet fuel in the second half of 2012 at stronger premiums than its current contracts, reports Reuters.

Background on oil prices

The price of petroleum as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.

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