Four Reasons Rising Oil Prices Won't Derail the Economic Recovery

Crude oil climbs above $90
NEW YORK, Dec. 21 (UPI) -- Crude Oil Prices climbed Tuesday, adding 68 cents to breach the $90 mark at $90.05 per barrel as equity markets closed higher. The Dollar held steady, the dollar index rising 0.05 percent. Heating Oil Prices on the New York Mercantile Exchange added 2.93 cents to $2.5188 per gallon, finding support from increased demand due to winter weather. Reformulated blendstock Gasoline added 3.43 cents to reach $2.4121 per gallon. Henry Hub Natural Gas prices shed 1.64 cents to ...

Gasoline Futures up on Tighter Northeast Supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil...

Gasoline futures up on tighter Northeast supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil. I...

Gasoline futures up on tighter Northeast supplies
Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process Crude Oil. I...

Gasoline Futures up on Tighter Northeast Supplies
Source: ABC Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year. Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude Oil Prices climbed as well, adding 35 cents at $89.72 a barrel. The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process ...

Energy and global warming news for December 21: Wind turbines on farmland may benefit crops; Religious right attacks environment
Wind Turbines On Farmland May Benefit Crops The giant turbine blades that generate Renewable Energy might also help corn and soybean crops stay cooler and dryer, help them fend off fungal infestations and improve their ability to extract growth-enhancing Carbon Dioxide [CO2] from the air and soil. Speaking at the annual meeting of the American Geophysical Union, a scientific society, in San Francisco, a researcher at the U.S. Department of Energy’s Ames Laboratory and his co-researcher f...

Crude oil steady above $89
The sign of a BP gas station is seen in Arlington, Virginia on September 8, 2010. UPI/Alexis C. Glenn NEW YORK, Dec. 21 (UPI) -- Crude Oil Prices held onto Monday's gains overnight, adding 6 cents to reach $89.43 per barrel as equity markets in Asia and Europe looked upbeat. The Dollar lost ground against the euro, which makes Crude Oil priced in U.S. dollars more affordable in Europe. A recent run up has also been supported by a cold snap, which naturally increases demand. Heating Oil Prices on...

Gold prices hold steady
Published: Dec. 21, 2010 at 4:41 PM NEW YORK, Dec. 21 (UPI) -- Gold prices held steady Tuesday in New York as investors moved toward equities, which gained on Wall Street. On the Comex division of the New York Mercantile Exchange, gold lost 70 cents to $1,385.40 per troy ounce. Crude Oil Prices for February delivery added 44 cents to $89.81 per barrel. The benchmark 10-year treasury note rose 9/32, causing yields to fall to 3.307 percent from Monday's 3.34 percent. The Dow Jones industrial avera...

Raymond J. Learsy: As Oil Pierces $90/Barrel Time for the President Finally to Act
Since the beginning of the Obama presidency the price of oil has nearly tripled from slightly over $30 in February 2009 to over $90 on the New York Mercantile Exchange this day. To date the president has barely dealt with this malignancy threatening to destabilize the feeble Economic Recovery he has sponsored to date. Yet during the Presidential Campaign Candidate Obama presented himself as resolute on the issue of Oil Prices and their impact on the nations' well being. In August 2008 much to...

Stocks poised for flat open
NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a muted open Wednesday morning ahead of several economic reports, as investors pack up for the holidays and prepare for 2011. Dow Jones industrial average (INDU), S&P 500 (SPX) and NASDAQ (COMP) futures were nearly unchanged ahead of the opening bell. Futures measure current index values against perceived future performance. Email Print Comment On Tuesday, U.S. stocks rose modestly but managed to close at their highest levels in more t...

Oil Heads Toward $100...
The rise in Oil Prices could be just getting started, posing opportunities for investors—as well as challenges for consumers and hopes for US Economic Growth. Consensus estimates are for Oil Prices to rise to the $100-a- barrel range for 2010, a base case that would reflect a steady pace of Economic Growth. In an optimistic scenario, gains of that nature merely would reflect growth in the US economy and would not pose an obstacle to what is expected to be a more sustained pace of recovery...

Economy grew modestly in July-September quarter
The economy grew at a moderate pace last summer, reflecting stronger spending by businesses to replenish stockpiles. More recent barometers suggest The Economy is gaining momentum in the final months of the year. Gross domestic product increased at a 2.6 percent annual rate in the July-September quarter, the Commerce Department reported Wednesday. That's up from the 2.5 percent pace estimated a month ago. While businesses spent more to build inventories, consumers ended up spending a bit less. M...

Economy grew modestly in July-September quarter
WASHINGTON (AP) — The Economy grew at a moderate pace last summer, reflecting stronger spending by businesses to replenish stockpiles. More recent barometers suggest the economy is gaining momentum in the final months of the year. Gross domestic product increased at a 2.6 percent annual rate in the July-September quarter, the Commerce Department reported Wednesday. That’s up from the 2.5 percent pace estimated a month ago. While businesses spent more to build inventories, consumers e...

$305 on gas this month - Bah! Humbug!
NEW YORK (CNNMoney.com) -- Holiday shoppers will need to bump up their Budget for one purchase this year, and they can't even put it under the tree: Gasoline. The price of fuel is up 13.6% from last December and 76% higher from December 2008, according to a new study from the Oil Price Information Service. Email Print Comment Nationwide, drivers spent $305 on gasoline in December. Who's hardest hit? People in Montana. Montanan households are estimated to have spent over $449 a month on gas this...

Opposing View on Energy: Subsidies? Just Say No
The problem with Electric Vehicles can be summed up with one word: subsidies. Subsidies are prima facie evidence that consumers would not buy the product at its market price. Subsidies distort markets, compromising Economic Growth, and are simply wealth transfers. This particular wealth transfer (up to $8,500 for today's Electric Cars and home charging equipment) is highly regressive, robbing from the poor to help a few greenies burnish their green credentials. Deloitte Consulting surveyed...

Economy Grew Modestly In Third Quarter
The economy grew at a moderate pace last summer, reflecting stronger spending by businesses to replenish stockpiles. More recent barometers suggest The Economy is gaining momentum in the final months of the year. Gross domestic product increased at a 2.6 percent annual rate in the July-September quarter, the Commerce Department reported Wednesday. That's up from the 2.5 percent pace estimated a month ago. While businesses spent more to build inventories, consumers ended up spending a bit less. M...

Japan's export growth sees boost in November
However, the November figure missed expectations for a 10.8 percent rise in a poll of Economists by Dow Jones Newswires. Analysts said the Japanese Economy remains locked in a trend of shrinking exports due to a stronger yen, which makes Japanese products more expensive in overseas markets, and expectations that overseas demand will weaken. "Japan's exports are slowing, a trend that remains the same," said Taro Saito, senior economist at NLI Research Institute. "The Economy continues to be press...

Wall Street futures point to slightly lower open
LONDON | Wed Dec 22, 2010 4:41am EST LONDON (Reuters) - Stock futures for the Dow Jones industrial average, the S&P 500 and the NASDAQ 100 all fell 0.1 percent, pointing to a slightly weaker start for equities on Wall Street on Wednesday. Boeing Co (BA.N) said it will soon announce the resumption of test flights for its 787 Dreamliner plane, which have been halted since last month due to technical problems. Microsoft Corp is working on a version of its core Windows Operating System for de...

World stock markets muted as holidays approach
HONG KONG (AP) - World Stock Markets traded in narrow ranges Wednesday as investment activity continued to wind down ahead of Christmas and New Year holidays. News of a $6.3 billion banking deal sent Wall Street to new two-year highs the previous day and also gave Asian markets a boost but it wasn't sustained in Japan where the benchmark index closed lower. "I think a holiday mood is there and I don't expect market turnover will increase a lot," said Linus Yip, chief Strategist at First Shangh...

EUR/CHF Continues To Make Historic Lows On Euro Zone Tensions
The euro is slightly firmer today vs. The Dollar today, but continues to make new historic lows vs. Swiss franc just below 1.25, suggesting that euro zone tensions remain strong. EM currencies continue to firm, suggesting a bit of decoupling from the euro zone crisis. However, trading ranges are fairly narrow as we head into the holiday weekend. The ECB said will lend out EUR149.5 bln in 3-month loans, and that 270 banks bid for the money. Banks need to repay EUR96.9 bln in maturing 12-month l...

Equity holdings end '10 at solid 65 percent: Reuters poll
By Alina Selyukh NEW YORK | Wed Dec 22, 2010 9:39am EST NEW YORK (Reuters) - Fund managers rebuilt their equity holdings in December to one of the highest points this year on signs of a swifter Economic Recovery, a Reuters poll showed on Wednesday. The poll, which surveyed 13 U.S.-based fund management companies between December 10 and 21, showed firms boosting their equity allocations for the fourth month in a row to an average of 65.0 percent. That is a gain of 2 percentage points since Nov...

Think tank warns of OPEC hunger for higher oil prices
LONDON, Dec. 21 (UPI) -- The Organization of Petroleum Exporting Countries is courting risks for world Economic Recovery by not doing enough to maintain a better balance between Oil price and production, London's Center for Global Energy Studies warned in its Monthly Oil Report. CGES published its analysis of OPEC officials' conduct at the recently ended ministerial conference of the producer group in Ecuador. It said Oil Prices would rise in 2011 unless OPEC changes its outlook. The talks gave ...

Oil prices rise as cold weather hits Europe, US
Crude Oil Prices advanced Monday, as bitterly cold weather in Europe and the United States boosted expectations of rising heating fuel demand over the Christmas holiday period. New York's main contract, light sweet crude for January delivery, gained 79 cents to 88.81 US dollars. Brent North Sea crude for delivery in February climbed 1.07 cents to 92.74 US dollars a barrel in London trade. "Crude Oil Prices rose slightly higher... as freezing conditions in Europe and the US northeast increased th...

Oil rises above $90 amid US crude supply drop
SINGAPORE (AP) - Oil Prices rose above $90 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped more than expected for a second week, which suggests demand is improving. Benchmark oil for February delivery was up 20 cents to $90.02 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 45 cents to settle at $89.82 on Tuesday. The American Petroleum Institute said late Tuesday that crude inventories fell 5.8 million...

Ohio average gas price tops $3, 1st time since '08
The average price for Gasoline in Ohio has pushed past $3 a gallon for the first time in more than two years. A daily survey from AAA, the Oil Price Information Service and Wright Express on Wednesday put the statewide average price for regular-grade Gasoline at about $3.01 per gallon. That's up from $2.96 on Tuesday. AAA Ohio Auto Club spokeswoman Kimberly Schwind says the last time the average topped the $3 mark was on Oct. 11, 2008. At that time, prices were declining from an all-time high of...