Gasoline Grinch arrives with pump prices above $3

Gasoline Grinch arrives with pump prices above $3
A recent study from business management firm PortiaGroup, using data from OSIP, says consumers will likely pay about $1.35 more a gallon during the 12 days of Christmas (from Dec. 25 to Jan. 6) than during the same period of 2008-2009. The rising price of Crude Oil has been pushing up the price of Gasoline for the past month, and the trend continued Thursday. Benchmark crude rose 78 cents to $91.26 per barrel on the New York Mercantile Exchange in midday trading. That's the highest point in two...

Gas pump prices rise above $3
Positive economic news helped push Oil Prices higher on Thursday. The Commerce Department said that consumers spent more in November than the month before. And the Labor Department said that the number of people applying for Unemployment Benefits fell by 3,000 last week to 420,000. A weaker dollar also supported higher oil prices. Since oil is priced in dollars, it becomes more affordable to investors with foreign currency like the euro as The Dollar falls. Benchmark crude rose $1.03 to settle...

New Interest in Turning Gas to Diesel
By MATTHEW L. WALD NYT WASHINGTON — Diesel and jet fuel are usually made from Crude Oil. But with Oil Prices rising even as a glut of Natural Gas keeps prices for that fuel extraordinarily cheap, a bit of expensive alchemy is suddenly starting to look financially appealing: turning Natural Gas into liquid fuels. A South African firm, Sasol, announced Monday that it would spend just over 1 billion Canadian Dollars to buy a half-interest in a Canadian Shale Gas field, so it can explore turning...

Diesel, jet fuel made from natural gas
Image by philipbouchard via Flickr NY Times: Diesel and jet fuel are usually made from Crude Oil. But with Oil Prices rising even as a glut of Natural Gas keeps prices for that fuel extraordinarily cheap, a bit of expensive alchemy is suddenly starting to look financially appealing: turning Natural Gas into liquid fuels. A South African firm, Sasol, announced Monday that it would spend just over 1 billion Canadian Dollars to buy a half-interest in a Canadian Shale Gas field, so it can explore...

Oil climbs to 2-year high on frigid weather, rising
Singapore (Reuters) - Oil rallied to its highest price in more than two years on Friday, supported by unusually frigid weather that has fueled demand, depleted supplies and stoked inflationary worries from South Korea to India. European benchmark ICE Brent Crude for February hit an intra-day high of $94.74 a barrel, the highest level since October 2008, before easing back to trade up 32 cents at $94.57 a barrel by 1:49 a.m. EST. Global benchmark U.S. crude futures, which hit a 26-month high of ...

Gasoline Prices Hit $3 a Gallon Nationwide
Source: Reuters Today, the national average price for a gallon of gas has risen to over $3 a gallon for the first time since October, 2008, when it felt like the bottom had just dropped out of the American Economy. According to the AAA Fuel Gauge Report, the price for a gallon of Gasoline nationwide hit $3.013. California once again has the highest Gas Prices in the Lower 48 states, hovering at about $3.27 a gallon. In total, 26 states plus the District of Columbia have Gas Prices exceeding $3 a...

Oil hovers near 2-year high on cold snap, tighter stocks
By Randolph Fabi Singapore (Reuters) - Oil Prices climbed toward a two-year high on Thursday as cold weather in the United States boosted demand, slashed stockpiles and contributed to a stronger-than-expected rise in fuel consumption in 2010. U.S.... Will oil prices stabilize around $80? Singapore (Reuters) - Oil Prices climbed toward a two-year high on Thursday as cold weather in the United States boosted demand, slashed stockpiles and contributed to a stronger-than-expected rise in fuel cons...

Gasoline, nationally, tops $3 per gallon
NEW YORK, Dec. 23 (UPI) -- The national average price of gasoline breached the $3 mark Thursday as oil prices in New York flirted with two-year highs. Crude oil prices have escalated on encouraging economic news, cold winter weather and recent draws in U.S. stockpiles. Drivers have also increased time spent on the road this year, giving momentum to oil, which is a bellwether for consumer prices. AAA said a gallon of unleaded gasoline across the country cost on average $3.013 Thursday, up from $2...

Gas prices top $3 a gallon
NEW YORK (CNNMoney.com) -- Gas Prices surpassed the milestone $3 mark Thursday for the first time since Oct. 17, 2008, as the national average compiled by motorist group AAA reached $3.013 a gallon. Gas prices have risen more than 4% from $2.872 a month ago and are nearly 16% higher than the $2.585 average a year ago, according to the AAA figures. Email Print Comment Prices have been climbing steadily since bottoming out at $1.616 in December 2008. However, the average price is down $1.101 -- ...

Oil, gas prices rise in extended cold snap
Combined with heavy winter demand for heating fuel, light, sweet crude for February delivery prices on the New York Mercantile Exchange added 61 cents, 0.6 percent, to $90.43 per barrel. Heating Oil Prices gained 1.18 cents to $2.5409 per gallon. Reformulated Gasoline prices gained 2.04 cents to $2.402 per gallon. Henry Hub Natural Gas prices shed 5.9 cents to $4 per million British thermal units. At the pump, the national average price of unleaded Gasoline jumped to $2.997 per gallon Wednesday...

Gas prices hit $3 a gallon, highest in 27 months. Will they go higher?
Now at an average price of $3 a gallon, Gasoline could cost at least $3.50 a gallon by spring. Rising Gas Prices go hand in hand with higher Oil Prices, driven up by outlook for a stronger economy....

Millions of holiday travelers expected
Holiday travelers can expect clogged roads, high Gas Prices and some Bad Weather this weekend. As millions of people get on the road to visit friends and family, average Gas Prices on Christmas Day could hit $3 a gallon for regular unleaded — 40 cents more than last year and up $1.35 over 2008, said Tom Kloza of the Oil Price Information Service. That would be a record. "We've never had a Christmas with $3 a gallon gas," Kloza said. Despite the high cost of car travel, auto club AAA still ...

Arab OPEC ministers to meet as oil price tops $91
Will Oil Prices stabilize around $80? Cairo (Reuters) - Arab OPEC ministers began arriving in Cairo on Thursday ahead of talks expected to broach how high an Oil price the world economy can stand as crude jumped to a more than two-year high above $91 a barrel. A full conference of the Organization of the Petroleum Exporting Countries earlier this month elected to make no change to an output policy it has stuck to since December 2008. Since then Oil has maintained a more than 30 percent rally fr...

No sign of OPEC concern with oil heading for $100
By Sherine El Madany and Shaimaa Fayed Cairo | Fri Dec 24, 2010 9:46am EST Cairo (Reuters) - Core OPEC ministers said on Friday they saw no need to supply the world with more crude as Oil Prices traded near a two-year high and some consumers said they fear a rally above $100 per barrel would spur Inflation. OPEC's most influential oil minister, Saudi Arabia's Ali al-Naimi, said he was still happy with an oil price of $70-80 per barrel and there was no need for an extra OPEC meeting before the...

Gasoline Tops $3 A Gallon For First Time At Christmas
Daily Finance: It may be the happiest season of the year, but higher Oil Prices that have translated into Gasoline prices topping $3 a gallon have many motorists frowning. According to the latest survey by the AAA motor club, the nationwide average for a gallon of regular unleaded fuel surpassed $3 a gallon Thursday, its highest level in more than two years. Read the whole story: Daily Finance Get HuffPost Business On Twitter and Facebook! Know something we don't? E-mail us at ...

Its Too Early to be Bullish on Nat Gas
I mentioned last week that we like the Energy sector, particularly Oil and Coal. The two stocks mentioned Arch Coal (ACI) and SunCor (SU). Several people tagged me to ask about Natural Gas.The Bullish argument is rising Oil Prices will drag Nat Gas with it. The bear case, however, is controlling at the moment. Given the huge new finds in both shale rock frac-ing and Barnett and Haynesville finds, along with the Marcellus find, makes the fundamental supply story Bearish. North America has a ~20...

Oil climbs to 2-year high on frigid weather, rising
By Randy Fabi Singapore | Fri Dec 24, 2010 2:38am EST Singapore (Reuters) - Oil rallied to its highest price in more than two years on Friday, supported by unusually frigid weather that has fueled demand, depleted supplies and stoked inflationary worries from South Korea to India. European benchmark ICE Brent Crude for February hit an intra-day high of $94.74 a barrel, the highest level since October 2008, before easing back to trade up 32 cents at $94.57 a barrel by 1:49 a.m. EST. Global ben...

Oil hovers near 2-year high on cold snap, tighter stocks
By Randolph Fabi Singapore | Thu Dec 23, 2010 3:02am EST Singapore (Reuters) - Oil Prices climbed toward a two-year high on Thursday as cold weather in the United States boosted demand, slashed stockpiles and contributed to a stronger-than-expected rise in fuel consumption in 2010. U.S. crude for February rose 25 cents to $90.73 a barrel by 0714 GMT (2:14 a.m. ET), after settling at the highest level since October 2008 on Wednesday. ICE Brent Crude traded 14 cents higher at $93.79. Abnormally...

Soybeans, corn rise on Argentina weather concerns
NEW YORK — Grain prices rose Wednesday as investors worried that a drought in Argentina might damage soybeans and corn growing in that country. Argentina is the world’s second-largest exporter of corn and the third-largest exporter of soybeans. The country has had dry weather for the past seven weeks. If that keeps up, it could reduce the size of the country’s harvest. "The fear is the pattern is going to continue," said Tim Hannagan, senior grain analyst for brokerage PFG Bes...

Oil prices trade near two-year highs...
Oil prices traded close to recent two-year highs on Thursday, as traders continued to absorb news that US crude reserves fell by more than double market expectations last week. Brent North Sea crude for delivery in February rose eight cents to 93.73 dollars per barrel after soaring on Wednesday to 93.94 dollars -- a level last seen in early October 2008. New York's main contract, light sweet crude for February, gained 10 cents to 90.58 dollars on Thursday, after touching a similar peak of 90.8...

Arab OPEC ministers to meet as oil price tops $91
By Sherine El Madany and Shaimaa Fayed Cairo | Thu Dec 23, 2010 1:12pm EST Cairo (Reuters) - Arab OPEC ministers began arriving in Cairo on Thursday ahead of talks expected to broach how high an Oil price the world economy can stand as crude jumped to a more than two-year high above $91 a barrel. A full conference of the Organization of the Petroleum Exporting Countries earlier this month elected to make no change to an output policy it has stuck to since December 2008. Since then Oil has mai...

Clues sought in Arkansas earthquake swarm
Researchers with the U.S. Geological Survey say they ranged in magnitude from a barely noticeable 1.8 to a very noticeable 4.0 temblor recorded Oct. 11, CNN reported Friday. Locals say they are looking forward to the quakes going away. "In the beginning, it was fun, it was neat, it was a cool thing to experience," Steve Wilson, assistant superintendent at Woolly Hallow State Park, said. "We've had all the fun we want." Drilling for Natural Gas has been ruled out as a cause for the quakes, but ex...

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...

Oil rises above $90...
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 19 cents to $90.01 a barrel at late afternoon 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 ...

Gold and dollar slide Thursday
On the Comex division of the New York Mercantile Exchange, gold lost $7, 0.6 percent, to $1,380.40 per troy ounce. Crude Oil Prices for February delivery added $1.05 to $91.53 per barrel. The benchmark 10-year treasury note fell 13/32, causing yields to rise to 3.397 from Wednesday's 3.348 percent, as The Dollar index dropped 0.33 percent. The euro rose to $1.3117 from Wednesday's $1.3099. Against the yen, The Dollar dropped to 82.92 yen from Wednesday's 83.54 yen. The dollar fell across most of...