Archive for the 'Gas prices' Category

By Ernest Scheyder of The Associated Press / Yahoo! News

NEW YORK – Oil prices stayed around $60 a barrel in Monday afternoon trading, continuing last week’s trend as investors await a busy second-quarter earnings week.

Benchmark crude for August delivery was unchanged at $59.89 a barrel on the New York Mercantile Exchange. Prices were as low as $59.30 earlier in the session.

Oil prices have fallen about $14 a barrel, or 19 percent, since June 30 after poor unemployment data from the U.S. and Europe raised doubts that the global economy was poised for a strong recovery this year.

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By Lananh Nguyen / The Wall Street Journal

LONDON (Dow Jones)–Nymex crude was broadly steady below $60 a barrel Monday in London, but high oil supplies and low demand continued to weigh on prices.

“Mounting stocks of oil around the world reflect the reality that oil demand remains on its knees,” said analysts at KBC Market Services, a consultancy based in the U.K. “Market fundamentals are weak, and if anything getting worse rather than better.”

At 1152 GMT, the front-month August Brent contract on London’s ICE futures exchange was up $0.25 at $60.77 a barrel, bouncing into positive territory after an earlier selloff.

The front-month August contract on the New York Mercantile Exchange was trading $0.05 higher at $59.94 a barrel, also trimming earlier losses.

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UPI.com
July 9, 2009

NEW YORK, July 9 (UPI) — Crude oil prices held above $61 per barrel on the New York Mercantile Exchange Thursday after U.S. inventories dropped in the week ending July 3.The U.S. Energy Information Administration said Wednesday stockpiles of crude fell by 2.9 million barrels, but remain high for this time of year.

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By Jad Mouawad / The New York Times
July 5, 2009

The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy.

The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a global recovery. It is also hobbling businesses and consumers, who are already facing the effects of a stinging recession, as they try in vain to guess where prices will be a year from now — or even next month.

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5/27/2009

Oil prices hit a new high for the year and gasoline jumped a dime a gallon locally Tuesday as the stock market responded to a rise in consumer confidence.

Benchmark crude for July delivery gained 78 cents to settle at $62.45 on the New York Mercantile Exchange, the highest close since oil hit $62.98 on Nov. 14, according to Bloomberg data.

Meanwhile, many retailers in Tulsa raised the cost of a gallon of regular unleaded from $2.15 to $2.25, the most expensive local price since fuel hit $2.29 on Oct. 25.

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May 26 (Bloomberg) — Reduced spending on energy threatens to slow the economic rebound, trigger a surge in prices and hurt future prosperity, the Group of Eight industrialized nations said at the close of their meeting in Rome.

“The current financial and economic crisis must not delay investments and programmed energy projects which are essential to economic recovery and sustainable prosperity,” ministers from the G8 and 15 other countries including Saudi Arabia, China and India said in their concluding statement yesterday after a three-day meeting.

The global economic slowdown has restricted credit for new energy projects and eroded demand for fuels, leading to a 58 percent slump in crude prices from their high of $147.27 a barrel in July. Oil companies’ spending this year dropped almost $100 billion, or 21 percent, according to a report this month from International Energy Agency.

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Heidi Rambo Centrella
5.26.2009

For three consecutive months, Oklahoma City saw a drop in sales tax receipts over the same months last year – a first for Forbes’ “recession-proof” city. Mayor Mick Cornett says he is disappointed and unsure how the city will plan its 2010 budget with these numbers.

“This is the time of year when your budget forecasters need to have some degree of certainty about the amount of revenue that’s going to be coming into the city so that we can properly budget the hundreds of millions of dollars, literally, that we expect to be coming into this city,” Cornett says. “I’m concerned about it.”

Budget Director Craig Freeman introduced a proposed 2009-2010 fiscal year budget at the May 5 City Council meeting. Council is scheduled to vote on the budget at its June 16 meeting. The budget will become effective July 1.

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Reported by: WPTV staff  5/22/09

WEST PALM BEACH, FL–Just in time for the holiday weekend, local gas prices are on the rise once again.

One Purdue University expert thinks fuel will top off at 3 dollars a gallon.

As you prepare to fill up and hit the road for the Memorial Day weekend, you’ll see that gas prices have jumped 3 cents overnight.

Still, oil prices have been holding steady this week around 62 dollars a barrel.

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