Gas hits $2.99/gallon in Iowa

Crude oil prices slide toward $90
NEW YORK, Dec. 30 (UPI) -- Crude Oil Prices dropped to nearly $90 per barrel overnight, with traders expecting a weekly U.S. stockpile report delayed by the holidays. The Energy Information Administration is scheduled to release the weekly report before noon, earlier in the day than normal, but a day late. February delivery crude Oil Prices lost 96 cents to $90.16 per barrel on the New York Mercantile Exchange. Heating Oil Prices shed 1.98 cents to $2.5141 per gallon. Reformulated blendstock gas...

Oil prices dip before inventory report
NEW YORK, Dec. 29 (UPI) -- Crude Oil Prices slid away from a run towards $92 per barrel Wednesday in New York, as trading remains light between major holidays. Traders are also waiting for a weekly report on U.S. stockpiles that generally provides hesitancy before the Wednesday afternoon report is released. On the New York Mercantile Exchange, February delivery light, sweet Crude Oil dropped from an overnight peak of $91.53 per barrel to $91.18. Heating Oil Prices shed 0.24 cents to $2.5331 per ...

Bracing for more pain at the pump
NEW YORK (CNNMoney.com) -- Drivers may be bracing for more pain at the pump in 2011 as Gas Prices continue to head higher. The price for a gallon of gas has risen 3% over the past 10 days and last week, prices crossed the $3 mark for the first time since October 2008. At $3.071 a gallon, Gas Prices are still 34% below their peak of $4.114 set in July 2008. Email Print Comment Still, former Shell Oil president recently said drivers could be paying $5 for a gallon of gas by 2012 as the global de...

Obamas Energy Policies Will Cost U.S. Dearly
The fact is every $1 increase in crude Oil Prices reduces the US Gross Domestic Product by an estimated $100 billion. Every one cent increase in Gasoline prices lowers disposable income by an estimated $600 million. US government regulations in the Gulf of Mexico; no drilling off the East and West coasts; increased environmental regulations; restriction on Nuclear Power plants, limits on coal fired Power Plants, etc, etc, will increase our energy costs and increase our importation of Crude Oil. ...

Larry Elder: Who's blaming Obama for high gas prices?
The average price on Christmas Day for a gallon of regular gas reached $3.28 in Los Angeles County, the highest price since October 2008. In one month, the price rose 13 cents, up 35 cents year to year. Where are the calls to sic Obama's Justice Department on Big Oil to hold the oil companies accountable for "market manipulation"? Why aren't we hunting down the amoral "oil speculators" responsible for repealing the law of supply-and-demand in order to line their pockets? During President George ...

Is OPEC's Oil Much Worse Than China's Rare Earth Metals?
The U.S. just can't seem to find a way to control its own destiny in the energy game. For decades, Americans have complained about the stranglehold on oil prices that the Organization of the Petroleum Exporting Countries (OPEC) has. If the cartel wants prices to rise, they cut supply; if they want prices to fall, they increase supply. Alternative Energy was seen as the road to Energy Independence for the U.S. But it won't be if China can help it. If you follow the Clean Energy industry, then yo...

Global stocks drop despite upbeat US jobs data
LONDON (AP) - Stock Markets brushed aside news that weekly U.S. Jobless Claims fell to their Lowest Level in two and a half years Thursday as the peculiarities of year-end trading dominated activity. German and Japanese stocks led the retreat on their last trading day of the year. Year-end trading is often complicated by traders closing out position to present their portfolios in as best a light as possible—after all, bonuses are often dependent on how well those portfolios have actually p...

Gold run-up stops shy of record
NEW YORK, Dec. 29 (UPI) -- Gold prices climbed above $1,410 per troy ounce in New York Wednesday as The Dollar index dropped 0.72 percent. Gold might have seen more of a bounce, but many investors played their hands Tuesday, sending gold up by close to $24 to within reach of its record above $1,420. On the Comex division of the New York Mercantile Exchange Wednesday, gold gained another $6 to $1,411.60 per troy ounce. February delivery crude Oil Prices lost 47 cents to $91.02 per barrel. The do...

Gas to Hit $5 a Gallon? Yes, Says Ex-Oil Exec
"In the U.S., we use 20 million barrels a day. We produce about seven. We're not drilling. We're going to produce about six a year, year-and-a-half from now. That means we have to import more Oil, while the whole rest of the world is also importing oil. It's going to put tremendous upside pressure on the Crude Oil price, which is the only way to tamp down demand. It's very worrying for consumers and, really, for the American Economy to think we would go back to such high prices." Hofmeister cal...

Oil falls below $90 on government's supply report
Energy prices dropped Thursday after the government said oil and Natural Gas supplies fell less than expected last week. Benchmark crude for February delivery lost $1.94 at $89.18 per barrel. It was the first time in a week that oil was below the $90 mark. Oil has been surging for most of December as U.S. petroleum consumption ticked higher and traders looked forward to 2011, when oil is expected to touch $100 per barrel and perhaps go higher. Rising Oil Prices have pushed Gasoline pump prices h...

Energy prices lower, still around two-year highs
Energy prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies, temperatures wo...

Energy prices lower, still around two-year highs
NEW YORK (AP) - Energy Prices fell Wednesday, while the East Coast continued to dig itself out of Monday's blizzard and a cold snap swept across other parts of the country. Heating oil, Natural Gas and other energy commodities usually get more expensive as the weather chills. But analysts said most traders already have locked in their energy contracts for the year, and those still buying are looking ahead to 2011. With the U.S. sitting on higher than average heating oil and Natural Gas supplies...

Oil falls below $90 on governments supply report
NEW YORK (AP) — Energy Prices dropped Thursday after the government said oil and Natural Gas supplies fell less than expected last week. Benchmark crude for February delivery lost $1.94 at $89.18 per barrel. It was the first time in a week that oil was below the $90 mark. Oil has been surging for most of December as U.S. petroleum consumption ticked higher and traders looked forward to 2011, when oil is expected to touch $100 per barrel and perhaps go higher. Rising Oil Prices have pushed ...

Oil falls below $90 on government's supply report
Rising Oil Prices have pushed Gasoline pump prices higher. They were up again on Thursday. The national average for a gallon of regular hit $3.07, about six cents higher than a week ago and 45 cents more than a year ago. Drivers across the country pay a range of prices at the pump. In California you'll pay about $3.32 a gallon. In New York gas goes for around $3.30 a gallon. The average is $2.91 in Texas and $2.82 in Colorado. Some analysts think the national average will hit $3.75 by spring. ...

Gold continues rise in light trading
NEW YORK (AP) - Gold prices continued their surge Wednesday amid light holiday trading, as investors seemed convinced that Precious Metals will make a good hedge against Inflation during 2011. Gold for February delivery rose $7.90 to settle at $1,413.4560 an ounce. Silver continued its long-standing pattern of following in gold's wake, with contracts for March delivery rising 38.1 cents to $30.704 an ounce. A sagging dollar and concerns about global Inflation seem to be propping gold above its...

$5 gas! What,no pitchforks?
Five dollars per gallon of gas by 2012! A former president of Shell Oil considers this likely. The average price on Christmas Day for a gallon of regular gas reached $3.28 in Los Angeles County, the highest price since October 2008. In one month, the price rose 13 cents, up 35 cents year to year. Where are the calls to sic Obama's Justice Department on Big Oil to hold the oil companies accountable for "market manipulation"? Why aren't we hunting down the amoral "oil speculators" responsible f...

Oil settles below $90 on government supply report
Rising Oil Prices have pushed Gasoline pump prices higher. They were up again on Thursday. The national average for a gallon of regular hit $3.07, about six cents higher than a week ago and 45 cents more than a year ago. Drivers across the country pay a range of prices at the pump. In California you'll pay about $3.32 a gallon. In New York gas goes for around $3.30 a gallon. The average is $2.91 in Texas and $2.82 in Colorado. Some analysts think the national average will hit $3.75 by spring. ...

Local Gas Prices Climb 8 Cents In Week
GREENVILLE, S.C. -- Gas Prices in the Greenville area have climbed 8 cents during the past week, according to GasBuddy.com. The website said that the average price for a gallon of Gasoline is at $2.86 as of Monday, but that price is below the national average of $3.03 per gallon -- up 4.3 cents over last week. Monday's prices were 44.2 cents higher than the same day last year and 26.2 cents higher than a month ago, the website reported. Nationally, GasBuddy.com said, the average price for a gall...

Commodities fall on profit-taking
Commodity prices fell nearly across the board Thursday as traders appeared to sell their holdings and lock in profits before the new year. Oil, gold and grain prices all fell, and the decline didn't seem to be based on any one economic factor or piece of news, said George Gero, vice president of global futures for RBC Wealth Management in New York. Rather, many traders seemed eager to sell higher-priced contracts to book their gains. A key reason to sell commodities before Dec. 31 is a tax rule ...

Pending homes sales rose in November
The index pulled up to 5 percent below November 2009. A month ago, the index was 20.5 percent below October 2009. "In addition to exceptionally affordable conditions, steady improvements in The Economy are helping bring buyers into the market," said NAR Chief Economist Lawrence Yun. In a statement, Yun acknowledged, "Further gains are needed to reach normal levels of sales activity." The trade group said the pending Home Sales index rose 1.8 percent to 72.6 in November in the Northeast and dropp...

Hutchison: EPA climate rules like a new gas tax
Sen. Kay Bailey Hutchison (R-Texas) is calling on the Environmental Protection Agency (EPA) to delay plans to implement new greenhouse-gas standards on oil refineries, arguing the regulations would amount to “a new gas tax.” The new greenhouse-gas standards “will hurt every American driver, trucker, farmer and flier with higher Gasoline, diesel and jet fuel prices,” Hutchison said in a letter sent Wednesday to EPA Administrator Lisa Jackson. “Higher prices passed on to consum

Fuel consumption falls in Iran after subsidy cut
TEHRAN, Iran (AP) - Fuel consumption has fallen by a fifth since the government began slashing energy and food Subsidies earlier this month, a top government official said Wednesday, claiming an early sign of success in the Controversial program. Gasoline prices quadrupled and bread prices tripled after the cuts came into effect Dec. 19, part of a government effort to boost Iran's ailing economy by reducing the massive drain on the state Budget from the subsidies. The economic shock has brough...

Fuel consumption falls in Iran after subsidy cut
Tehran, Iran — Fuel consumption has fallen by a fifth since the government began slashing energy and food Subsidies earlier this month, a top government official said Wednesday, claiming an early sign of success in the Controversial program. Gasoline prices quadrupled and bread prices tripled after the cuts came into effect Dec. 19, part of a government effort to boost Iran’s ailing economy by reducing the massive drain on the state Budget from the subsidies. The economic shock has ...

Energy Costs They Will They Skyrocket Thanks to Obama
The debate for 2011 is what will happen with Crude Oil, heating, oil, Gasoline, and Natural Gas prices? Will they increase or decrease? Google “Crude Oil and Natural Gas Spot Prices NYMEX” and you will get a mass of detail prices. Fuel prices are controlled by a Free Market and the numbers are surprising: Crude Oil North Sea Brent                      June, 2010  $68 bb ...

Fuel Consumption Falls in Iran After Subsidy Cut
Wednesday, December 29, 2010 By Ali Akbar Dareini, Associated Press Tehran, Iran (AP) - Fuel consumption has fallen by a fifth since the government began slashing energy and food Subsidies earlier this month, a top government official said Wednesday, claiming an early sign of success in the Controversial program. Gasoline prices quadrupled and bread prices tripled after the cuts came into effect Dec. 19, part of a government effort to boost Iran's ailing economy by reducing the massive drai...