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Gas prices pull back from record:D

Nationwide average price dips but is still sharply higher from year-ago level.:mad:

Last Updated: March 21, 2008: 7:15 AM EDT

NEW YORK (CNNMoney.com) -- Prices at the pump pulled back further from their record high Friday, but drivers taking to the road this holiday are unlikely to feel much relief as gas prices are still sharply higher from where they were a year ago.
The nationwide average price of gasoline fell to $3.271 a gallon, down a shade from $3.275 a gallon Thursday, according to a motorist group AAA's Web site.
Gas prices have retreated since they hit an all-time high of $3.285 a gallon on Sunday.
But the slight pullback comes after months of steady increases. At this time last year, a gallon of gas cost drivers on average $2.572. Last month, prices were at $3.053 a gallon.

The fuel price survey was conducted for AAA by Oil Price Information Service. First Published: March 21, 2008: 7:04 AM EDT
http://money.cnn.com/2008/03/21/news/economy/gas_prices/index.htm?postversion=2008032107
 
Survey: Gas prices skyrocket to all-time high

(CNN) -- Gas prices surged nearly 7 cents over the past two weeks to reach an all-time inflation-adjusted high of $3.26 per gallon of self-serve regular, a national survey said Sunday.
art.gas.ap.jpg
Gas prices increased by 7 cents in the past two weeks, a survey out Sunday shows.

The previous inflation-adjusted record occurred last May 18, when the price was $3.24 in current dollars.
The Lundberg Survey, carried out Friday, tallied prices at about 5,000 gas stations.
Despite the record price, seasonal demand is growing, said Publisher Trilby Lundberg.
"We are soaking up a surplus that existed, we're using up a cushion" as the nation enters its high-demand spring season, she said.
Though ethanol prices also jumped during the two-week period, crude oil prices actually dropped, she said.
The price of crude closed Friday at $101.84, down about $3 per barrel from two weeks prior, but the drop was not uniform. During the two-week period, the price had exceeded $110.
"If not for lower crude oil prices, the gasoline price hike would have been greater," Lundberg said. "The ethanol people, the refiners and retailers all saw slight improvements in their profit margins."
Absent further slippage in the price of crude, gasoline prices will continue their rise "as spring demand really kicks in," she predicted.
  • At $3.03, average prices in Newark, New Jersey, were the nation's lowest. Drivers in San Francisco, California, where the average price was $3.66, paid the most.
Part of the difference is explained by the fact that taxes account for 66.20 cents per gallon in San Francisco and just 32.95 cents in Newark, Lundberg said.
The higher cost of doing business and stricter fuel reformulation requirements in California explain the rest of the difference, she said.
Here are average prices of a gallon of self-serve regular in some other cities:
Atlanta, Georgia: $3.23
Boston, Massachusetts: $3.14
Chicago, Illinois: $3.42
Denver, Colorado: $3.12
Houston, Texas: $3.18
Miami, Florida: $3.34
Portland, Oregon: $3.40
http://www.cnn.com/2008/US/03/23/gas.prices/index.html
 
Down BOY@!:)

Oil tumbles on economic worries

Crude prices lose nearly $1 on fears that recession could weaken demand.

March 24, 2008: 5:49 AM EDT

SINGAPORE (AP) -- Oil prices slipped nearly $1 a barrel Monday as traders worried that the flagging U.S. economy would cause oil demand to soften.
Oil's sharp decline started last week. Crude futures started plunging after the U.S. Federal Reserve-backed sale of Bear Stearns Cos (BSC, Fortune 500). to JPMorgan Chase & Co. (JPM, Fortune 500) created fears of deeper economic problems. Prices dropped around 10% during the shortened trading week from a trading record of $111.80 hit last Monday.
"The collapse of Bear Stearns has caused investors to focus more on how a recession in the U.S. would cut oil demand," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "Today we're seeing some pullback and some profit taking too."
Light, sweet crude for May delivery dropped 84 cents to $101 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract on Thursday fell 70 cents to settle at $101.84 a barrel. The market was closed for Good Friday.
Shum said oil's price swoon may not last for long.[more]
http://money.cnn.com/2008/03/24/markets/oil.ap/index.htm?postversion=2008032405
 
Boy am I happy to live 5 miles from my job!:D

'You're working for gas now'

The people of Camden, Ala. pay a bigger chunk of their income for fuel than anyone else in the country - meaning tough choices for the ever thinner family budget.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: March 24, 2008: 3:14 PM EDT

High gas prices are taking their toll - especially in rural Camden, Ala., where for the second year running residents pay a higher portion of their budget on gas than anywhere else in the U.S.

Recession fears. Mortgage crisis. Jobs at risk. CNNMoney.com tells the real story of America's economy.

CAMDEN, Ala. (CNNMoney.com) -- Corey Carter spends a quarter of his paycheck on gas.
The 30-year old Carter, who earns $7 an hour making car parts for a Hyundai factory near Montgomery, Ala., spends $65 a week on gas, double what it cost just a few years ago.
Paying $30 more for gas out of a $240 paycheck makes a big difference.
"Going out to eat, going to the movies, you can't do stuff like that," says Carter, filling up his Firebird at a BP station in Camden, a quiet southern town 80 miles southwest of Montgomery. "You're working for gas now."
Carter, and other residents that live around Camden, are having a particularly hard time - they devote more of their budget for gas than anyone else in the United States.
So, like Americans everywhere, people here are cutting back on spending, and that's threatening to send - or has already sent - a shaky economy into recession.
For people like Carrie Frye, 33, a mother who commutes 70 miles each day, the choice is about much more than simply cutting back on entertainment.
Issue #1: America's Money [more]
http://money.cnn.com/2008/03/24/news/economy/camden_alabama/index.htm?postversion=2008032415
 
Oil touches $100 on Saudi remarks

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Saudi Arabia says it is investing in its oil infrastructure to boost output

Crude oil prices fell as the dollar strengthened and Saudi Arabia said it was working to expand production.
At one point US light sweet crude fell to $100.02 per barrel in Asian trade. In New York it later closed at $100.86.
Commodities, including oil, have been sensitive to changes in the dollar's value and the latest rebound for the dollar has weakened oil prices.
Also Saudi Arabia said on Sunday that it is investing in oil infrastructure to help meet future demand.
Saudi Arabia has been under pressure from the US to help ease soaring oil prices.
On Saturday US Vice-President Dick Cheney met Saudi leaders in Riyadh to discuss oil prices.
On Sunday the Saudi, the Supreme Council of Petroleum and Mineral Affairs said in a statement: "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation."
Analysts say that speculators, who have helped drive up the price of oil, are taking the opportunity to cash-in on their gains. "I think there's still a lot of profit taking in the market and that is pushing down oil prices," said Tetsu Emori, a fund manager at Astmax in Tokyo. "The US dollar is also bouncing back from major currencies, so that's adding to the downward pressure."
http://news.bbc.co.uk/2/hi/business/7311031.stm
 
Oil prices recover:o

Rising gasoline prices, weakening U.S. dollar bring back commodities traders.

Last Updated: March 25, 2008: 9:39 AM EDT

NEW YORK (AP) -- Oil prices recovered Tuesday as rising gasoline prices and a weaker U.S. dollar brought investors back to the market.

The dollar's advance to start the week had made dollar-denominated oil lose some of its recent appeal to investors, but on Tuesday the U.S. currency fell once more against the euro and the Japanese yen.
Many analysts believe the dollar's recent depreciation was the primary reason oil surged to a record near $112 a barrel last week, since oil and other commodities are seen as a hedge against inflation and a falling dollar.
Light, sweet crude for May delivery rose 46 cents to $101.32 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe. On Monday, the contract fell 98 cents to settle at $100.86 a barrel.
In London, Brent crude rose 78 cents to $100.42 a barrel on the ICE Futures exchange.
The recent decline in oil prices has been far from decisive, and there are signs that some investors are willing to look beyond the dollar for future price direction. Some investors have sold contracts on concerns that a slowing U.S. economy would dampen crude oil demand. Last week, oil prices dipped in part on worry that Bear Stearns' (BSC, Fortune 500) near-collapse was a sign of significant economic problems.
A temporary correction? Some analysts believe oil's recent declines are temporary - a correction in a bull market - and that prices will forge higher again when the Federal Reserve cuts interest rates again, as is widely expected. Lower interest rates tend to weaken the dollar[more]
http://money.cnn.com/2008/03/25/markets/oil.ap/index.htm?postversion=2008032509
 
Oil slips below $100:D

Crude prices slide on economic worries; investors look past falling dollar.

Last Updated: March 25, 2008: 11:11 AM EDT

NEW YORK (AP) -- Oil futures stumbled Tuesday, falling below $100 a barrel after disappointing reports on home prices and consumer confidence raised new worries about the economy.
Gas and diesel prices, meanwhile, retreated further from recent their record levels.
Consumer confidence fell much more than expected this month, according to the Conference Board. The decline increased the oil market's concerns that hesitant consumers would further weaken the economy and depress demand for fuel. Meanwhile, home prices as measured by the Standard & Poor's/Case-Shiller 10-city composite index fell by 11.4% in January.
The reports pressured stocks, which are often viewed by energy investors as a proxy for economic growth, and raised new questions about the severity of the economic downturn.
Light, sweet crude for May delivery fell $1.25 to $99.61 a barrel on the New York Mercantile Exchange.[more]
http://money.cnn.com/2008/03/25/markets/oil.ap/index.htm?postversion=2008032511
 
Dollar drives oil prices higher:o

Investors continue to use oil as a hedge against inflation, despite expectations for rise in U.S. crude supplies.

March 26, 2008: 6:36 AM EDT

SINGAPORE (AP) -- Oil prices rose Wednesday as the depreciation of the U.S. dollar drove investors to oil futures despite new economic worries and expectations that U.S. crude supplies were continuing to build.
News that consumer confidence and home prices in the United States were slumping prompted the greenback's decline against major currencies Tuesday, in turn fueling oil prices.
"U.S. economic woes give mixed signals for oil ... all these poor economic data should affect demand in the U.S. negatively and the weaker supply demand fundamentals should pull down prices," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
But "the weak U.S. dollar continues to prop up oil prices due to financial investors engaging in this inflation play," Shum said.
Many investors regard oil and other commodities as inflation hedges, and turn to such hard assets when the dollar is falling. The U.S. currency's protracted slide was a big contributor to oil's march to nearly $112 in recent weeks.
Light, sweet crude for May delivery added 52 cents to $101.74 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract on Tuesday rose 36 cents to settle at $101.22 a barrel.
The future of crude [more]
http://money.cnn.com/2008/03/26/markets/oil.ap/index.htm?postversion=2008032606
 
So Nnuut, wut da ya think about the price of oil, dollar value, gold and the market after the end of the quarter happens this coming week......???
 
The_Technician said:
So Nnuut, wut da ya think about the price of oil, dollar value, gold and the market after the end of the quarter happens this coming week......???
Click to expand...
I surely think if the Dollar rises, Oil will continue to drop along with the price of Gold, we all know that!! As far as the effect the end of the Quarter will have on the price of commodities and the value of the dollar, I have no idea. Contrary to popular belief I DON'T know everything.:cool:
Good morning Carnac!!:rolleyes:
 
Oil extends rally after weak inventories:mad:

Futures up more than $3 a barrel after crude, gasoline and distillate supplies disappoint analysts.

Last Updated: March 26, 2008: 10:49 AM EDT

NEW YORK (CNNMoney.com) -- A weak government report on inventories help add fuel Wednesday to an oil rally initially sparked by a decline in the dollar.
U.S. light crude for May delivery jumped $3.14 to $104.36 a barrel on the New York Mercantile Exchange. Oil had traded up $2.36 a barrel just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks remained unchanged last week. Analysts were looking for an increase of 1.7 million barrels according to a Dow Jones poll.
Gasoline supplies fell by 3.3 million barrels while distillates, used to make heating oil and diesel fuel, fell by 2.2 million barrels. Analysts had expected a 800,000 barrel drop in gasoline supplies and a 1.6 million decline in distillate stockpiles.The decline of the dollar drove prices in earlier trading. Investors often use oil and other commodities as a hedge against inflation.
Continuing weakness in U.S. currency over the past few weeks drove oil near an all-time trading high of $111.80 a barrel on March 17.

Also on the Nymex, heating oil futures added 6.22 cents to $2.987 a gallon, and gasoline futures rose 0.73 cent to $2.6875 a gallon. Natural gas gained 9.6 cents to $9.515 per 1,000 cubic feet. First Published: March 26, 2008: 10:38 AM EDT
http://money.cnn.com/2008/03/26/markets/eia/index.htm?postversion=2008032610
 
Oil prices near $106 a barrel:mad:

Crude prices edge higher after gaining more than $4 in previous session.

March 27, 2008: 5:54 AM EDT

SINGAPORE (AP) -- Oil prices rose to near $106 a barrel Thursday after soaring more than $4 in the previous session as lower U.S. fuel inventories and the further depreciation of the dollar spurred buying.
U.S. stockpiles of gasoline and distillates, which include heating oil and diesel fuel, fell more than forecast last week, according to data released Wednesday by the U.S. Energy Department's Energy Information Administration.
The inventory report in particular stoked worries that stockpiles of gasoline are falling right when analysts would like to see them rising - in advance of peak summer driving season. Gasoline inventories slid 3.3 million barrels last week, more than four times the decline analysts had expected.
"The gasoline stock movement was probably quite supportive, it's the second week in a row now we've seen a larger than expected drop in U.S. gasoline stocks," said Mark Pervan, a commodity strategist at ANZ Bank in Melbourne, Australia.
Light, sweet crude for May delivery added 6 cents to $105.96 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $4.68 to settle at $105.90 a barrel Wednesday.[more]
http://money.cnn.com/2008/03/27/markets/oil.ap/index.htm?postversion=2008032705
 
Last edited:
AP
Oil Steady After Basra Attack:nuts::nuts:
Thursday March 27, 10:00 am ET
By George Jahn, Associated Press Writer Oil Prices Steady After Rising Above $107 a Barrel on Basra Bombing
VIENNA, Austria (AP) -- Oil prices were steady Thursday after easing slightly from highs prompted by the bombing of a key Iraqi pipeline.
Crude prices, which already spiked by nearly $5 on Thursday because of an anemic dollar and lower U.S. fuel inventories were briefly propelled higher by the second bombing in a week in Basra, where Iraqi security forces have been clashing with Shiite militia fighters before falling back to closing levels. After moving up by more than a dollar, light, sweet crude for May delivery was down 8 cents to fetch $105.82 a barrel by afternoon European electronic trading on the New York Mercantile Exchange. The contract rose $4.68 to settle at $105.90 a barrel Wednesday.[more]
http://biz.yahoo.com/ap/080327/oil_prices.html
 
THIS WORKS!!

Slow down a little, save a lot of gas

Speeding on the highway adds a surprising amount to your fuel costs.

By Peter Valdes-Dapena, CNNMoney.com staff writer
Last Updated: March 27, 2008: 11:33 AM EDT
1.gif


NEW YORK (CNNMoney.com) -- With gas prices rising, gas-saving advice abounds: Drive more gently, don't carry extra stuff in your trunk, combine your shopping trips.
This is all sound advice but there's one driving tip that will probably save you more gas than all the others, especially if you spend a lot of time on the highway: Slow down.
In a typical family sedan, every 10 miles per hour you drive over 60 is like the price of gasoline going up about54 cents a gallon. That figure will be even higher for less fuel-efficient vehicles that go fewer miles on a gallon to start with.
The reason is as clear as the air around you.
When cruising on the highway, your car will be in its highest gear with the engine humming along at relatively low rpm's. All your car needs to do is maintain its speed by overcoming the combined friction of its own moving parts, the tires on the road surface and, most of all, the air flowing around, over and under it.
Pushing air around actually takes up about 40% of a car's energy at highway speeds, according to Roger Clark, a fuel economy engineer for General Motors (GM, Fortune 500).
Traveling faster makes the job even harder. More air builds up in front of the vehicle, and the low pressure "hole" trailing behind gets bigger, too. Together, these create an increasing suction that tends to pull back harder and harder the faster you drive. The increase is actually exponential, meaning wind resistance rises much more steeply between 70 and 80 mph than it does between 50 and 60.
Every 10 mph faster reduces fuel economy by about 4 mpg, a figure that remains fairly constant regardless of vehicle size, Clark said. (It might seem that a larger vehicle, with more aerodynamic drag, would see more of an impact. But larger vehicles also tend to have larger, more powerful engines that can more easily cope with the added load.)[more]
http://money.cnn.com/2008/03/26/autos/slow_down_save_gas/index.htm?postversion=2008032711
 
AP
Oil Falls on Economic Report
Friday March 28, 10:04 am ET
By George Jahn, Associated Press Writer Oil Drops With Dour US Economic Report and Lessened Worries About Iraq Pipeline Attack
VIENNA, Austria (AP) -- Oil prices fell Friday on word that a key Iraqi oil pipeline will likely be repaired later in the day and a new report that paints a dour picture for the U.S. economy. The Commerce Department said consumer spending edged up by just 0.1 percent last month, the poorest showing since September 2006. Economists said the sustained weakness is one of the most worrisome signs that the economy could be tipping into a recession.[more]
http://biz.yahoo.com/ap/080328/oil_prices.html
 
I drive 5MPH under the limit locally; drive's most kids NNUUT's :nuts:.
nnuut said:
THIS WORKS!!

Slow down a little, save a lot of gas

Speeding on the highway adds a surprising amount to your fuel costs.

By Peter Valdes-Dapena, CNNMoney.com staff writer
Last Updated: March 27, 2008: 11:33 AM EDT
1.gif


NEW YORK (CNNMoney.com) -- With gas prices rising, gas-saving advice abounds: Drive more gently, don't carry extra stuff in your trunk, combine your shopping trips.
This is all sound advice but there's one driving tip that will probably save you more gas than all the others, especially if you spend a lot of time on the highway: Slow down.
In a typical family sedan, every 10 miles per hour you drive over 60 is like the price of gasoline going up about54 cents a gallon. That figure will be even higher for less fuel-efficient vehicles that go fewer miles on a gallon to start with.
The reason is as clear as the air around you.
When cruising on the highway, your car will be in its highest gear with the engine humming along at relatively low rpm's. All your car needs to do is maintain its speed by overcoming the combined friction of its own moving parts, the tires on the road surface and, most of all, the air flowing around, over and under it.
Pushing air around actually takes up about 40% of a car's energy at highway speeds, according to Roger Clark, a fuel economy engineer for General Motors (GM, Fortune 500).
Traveling faster makes the job even harder. More air builds up in front of the vehicle, and the low pressure "hole" trailing behind gets bigger, too. Together, these create an increasing suction that tends to pull back harder and harder the faster you drive. The increase is actually exponential, meaning wind resistance rises much more steeply between 70 and 80 mph than it does between 50 and 60.
Every 10 mph faster reduces fuel economy by about 4 mpg, a figure that remains fairly constant regardless of vehicle size, Clark said. (It might seem that a larger vehicle, with more aerodynamic drag, would see more of an impact. But larger vehicles also tend to have larger, more powerful engines that can more easily cope with the added load.)[more]
http://money.cnn.com/2008/03/26/autos/slow_down_save_gas/index.htm?postversion=2008032711
Click to expand...
 
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