Economy
OPEC’s crude oil cuts utterly ineffective
Yesterday, crude oil futures prices closed at nearly a 17-month low. Bulls talking up an OPEC cut just couldn’t silence the drumbeat of falling demand growth and a sagging economy.
Light, sweet crude for December delivery settled down 93 cents, or 1.5%, at $63.22 a barrel on the New York Mercantile Exchange, the lowest [...]
The economy is crumbling beneath our feet - but at least we can travel on the cheap!
With the market still doubled over from economic gut punches this week and last, many of our readers feel like their 401K’s may not ever carry them to a sunny retirement in Florida. Well, with the way Crude Oil prices have been falling, maybe you can still travel there from time to time.
Crude-oil futures sank [...]
Rising prices boost Shell and BP
Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel.
Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.
And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), [...]
US gas: So cheap it hurts
Relatively low taxes have kept pump prices far below most other developed nations, which some say is precisely why the current runup is so painful.
Despite daily headlines bemoaning record gas prices, the U.S. is actually one of the cheaper places to fill up in the world.
Out of 155 countries surveyed, U.S. gas prices were the [...]
Oil prices drop below $112 on stronger dollar
SINGAPORE - Oil prices retreated further Friday from the early week record near $120 a barrel as a strengthening U.S. dollar prompted investors to exit the market.
As the greenback has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped $8 from its high [...]
Oil roars to record over $112 on U.S. inventory drop
NEW YORK - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.
U.S. crude settled up $2.37 at $110.87 a barrel after peaking at $112.21 and eclipsing the previous record of $111.80 hit March 17. London [...]
With gas costly, drivers finally cut back
New York - For the first time since 1980, when long lines sprouted at gasoline stations, Americans are beginning to cut down on their driving.
The slight decline in total miles driven – apparent first in December – may indicate that the twin forces of high gasoline prices and a struggling economy are starting to affect [...]
Gas stations look in stores for profits
NEW YORK - Gas prices may be sitting near record levels, but the owner of your local gas station quite likely is struggling.
Profit margins on gasoline sales are razor thin. Indeed, some gas stations are losing money on credit card sales, once the fees are factored in.
How do they stay in business? More and more [...]
Ecuador shuts off oil exports after pipeline break
QUITO (AFP) - OPEC member Ecuador on Thursday suspended its oil exports because a landslide cut off its main pipeline, state-run Petroecuador oil company said.
“Exports were suspended and a force majeure was declared to avoid sanctions from our buyers, who already have been notified of the emergency,” an unnamed Petroecuador official told AFP.
Petroecuador said the [...]
The Squeeze on PetroChina
With domestic production falling, it must buy costly oil abroad to sell at subsidized prices at home
PetroChina (PTR) has been the sweetest of China plays for global investors in recent years. Warren Buffett started investing in the mainland’s biggest oil producer back in 2003, and the company’s shares appreciated more than sevenfold from that point [...]
