oil prices

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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...

Airlines Hike Ticket Prices
 Airlines Hike Ticket Prices 
May 24, 2008 11:05 AM CDT

Airlines Hike Ticket Prices

United raises prices by up to $60; American, Delta follow its lead

(Newser) - The big three US airlines responded to soaring oil prices by boosting most domestic prices by up to $60 roundtrip in the last few days, the AP reports. United led the way with increases from $10 to $60 Thursday; American and Delta followed suit yesterday. Meanwhile, low-cost AirTran raised its...

Airline Business Model Won't Work With $130 Oil

Analysts say current model won't work at $130 a barrel

(Newser) - The airline industry as we know it can’t function on $130-a-barrel oil, industry analysts are saying, and cost-cutting, ticket price increases, and bag-check fees won't make it viable. The Dallas Morning News looks at how hopeless it is for airlines to come anywhere near break-even at current costs, noting...

Meager Gains as Oil Retreats
 Meager Gains as Oil Retreats 
MARKETS
May 22, 2008 3:35 PM CDT

Meager Gains as Oil Retreats

Drop in jobless claims encourages investors, but it's a 'one-story market'

(Newser) - Stocks eked out small gains after two days of big losses as surging oil pulled back from a new record of $135 per barrel to $131.79, the Wall Street Journal reports. The Dow rose 24.43, closing at 12,625.62, while the Nasdaq climbed 16.31 to settle...

Sharp Decline Seen in Future Oil Supplies

Industry may require massive cash infusion to keep up with demand: analyst

(Newser) - The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—...

Oil Rockets to $135 on Surprise Supply Decline

Unexpected decline in US oil and gasoline supplies sparks surge

(Newser) - A surprise 5.32 million barrel decline in US crude oil stockpiles prompted oil prices to surge past a record $135 a barrel in after-hours New York trading this morning, extending oil's runup to 19% this month, reports Bloomberg. The Energy Department also said yesterday that gasoline stockpiles had declined...

Oil, Fed Leave No Grins, Just Bears
 Oil, Fed Leave
 No Grins,
 Just Bears 
MARKETS
May 21, 2008 3:37 PM CDT

Oil, Fed Leave No Grins, Just Bears

Fed minutes confirm expectations of higer inflation, slower growth

(Newser) - Oil prices kept on pummeling the markets today, and minutes from the Fed's most recent meeting confirmed warnings of higher inflation and lower growth—signaling a pause in rate cuts. "The rise in energy products is going to be the knell for consumer spending," one analyst tells the...

American Cuts Flights, Will Charge $15 for First Bag

Airline industry 'not built to withstand oil prices at $125 a barrel,' CEO says

(Newser) - American Airlines is cutting flights, jobs, and carrying capacity in its effort to withstand skyrocketing oil prices, the company announced today—and it's adding a $15 fee for some customers' first checked bag. US capacity could fall 12% as up to 85 planes are retired, the Wall Street Journal reports....

Military at War With Rising Fuel Costs

Pentagon, with hefty budget worries, trying synthetic, greener options

(Newser) - Fuel costs are hitting the US military harder than most, the Wall Street Journal reports, and it's moving forward with efforts to switch to synthetic, and greener, alternatives. Chugging 340,000 barrels of oil per day, the military is the nation's largest consumer; synthetic fuels and massive solar arrays are...

Oil Tops $130
 Oil Tops $130 
May 21, 2008 8:30 AM CDT

Oil Tops $130

Supply concerns drive crude

(Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled...

Oil, Inflation Wallop Stocks
 Oil, Inflation Wallop Stocks 
MARKETS
May 20, 2008 3:27 PM CDT

Oil, Inflation Wallop Stocks

Researcher: 'All the long-term indicators we look at are sending a bearish message'

(Newser) - The Dow plunged nearly 200 points today as markets were swamped by soaring oil prices and inflation fears. "All the long-term indicators we look at are sending a bearish message," an investment researcher told the Wall Street Journal. The Dow ended down 199.48 to 12,828.68,...

Whoops! Big Rally Falls Flat
 Whoops! Big Rally Falls Flat 
MARKETS
May 19, 2008 3:34 PM CDT

Whoops! Big Rally Falls Flat

Stocks end mixed as oil sets a record

(Newser) - Stocks ended mixed today, as an early rally slipped away and oil prices hit yet another record. "There are still a lot of reasons you wouldn't want to touch the market with a 10-foot pole right now," one trader told the Wall Street Journal. The Dow ended up...

Bush, Stop Begging the Saudis
 Bush, Stop Begging the Saudis 
OPINION
May 17, 2008 1:23 PM CDT

Bush, Stop Begging the Saudis

Don't publicly ask for oil favors you won't get, WSJ writes

(Newser) - Whichever adviser sent President Bush to plead with the Saudi king to help bring down oil prices should be canned, the Wall Street Journal opines. Bush had the same request turned down during a visit in January, and the rebuff is even more humiliating the second time around. If Bush...

Saudis Won't Budge on Oil
 Saudis Won't Budge on Oil 
May 16, 2008 6:26 PM CDT

Saudis Won't Budge on Oil

Leaders again dismiss Bush request for help reining in US gas prices

(Newser) - Saudi Arabia's leaders today denied a request from visiting President Bush that they boost oil production to help ease rising gas prices, the AP reports. "Supply and demand are in balance today," the kingdom's oil minister said, with the commodity pushing $128 per barrel. "How much does...

Oil Surges; Markets Record Weekly Gains

Consumer confidence hits 28-year low

(Newser) - Stocks fell, then climbed back almost to opening levels today to wrap up a generally strong week. Yet another record oil price—almost $128 a barrel—drove early losses, and a report of the lowest consumer-confidence rating in 28 years did not help. The Dow closed down 5.86 at...

Congress Turns on Speculators in Oil Bubble

Legislators push regulation in effort to slow gushing prices

(Newser) - It’s not OPEC pulling oil prices to ever greater-heights—it’s speculators. That’s the theory behind the Consumer-First Energy Act, a bill sponsored by Senate Democrats aimed at clamping down on runaway oil futures trading. As stocks fall, investors are fleeing to commodities, especially oil. But even the...

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