DALLAS (AP) — Gasoline is close to breaking below a key psychological barrier as drivers enjoy some of the cheapest pump prices since the recession.
The nationwide average price of a gallon of regular Saturday was $2.02, down 58 cents from this time last year, according to auto club AAA. Experts say it could drop below $2 a gallon in the coming days.
Oil prices continued their free fall on Friday on the International Energy Agency's warning of a continued supply glut next year. U.S. crude fell $1.14, or 3 percent, to $35.62 a barrel, while Brent crude fell $1.80 to settle at $37.93 per barrel.
Energy trader John Arnold tweeted that OPEC “smells blood,” predicting that since most hedges have expired, half of the U.S. energy industry would go bankrupt in 2016 if the crude price doesn’t start to recover, CNBC reports.
Oil prices fell Thursday to levels not seen since 2009 as traders reacted to a report that OPEC pumped more last month than at any time since 2012, and Genscape data showing Cushing stockpiles increased to almost 90 percent of capacity. U.S. benchmark crude for January delivery lost 40 cents to settle at $36.76 on the Nymex, while in London Brent fell 38 cents to $39.73, The Wall Street Journal reports.
UNITED NATIONS (AP) — The world economy stumbled in 2015, with growth estimated at just 2.4 percent this year following a nearly 60 percent drop in oil prices and an over 20 percent fall in commodity prices in the last 18 months, according to a U.N. report released Thursday.
The report on the World Economic Situation and Prospects 2016 said many developing and former Soviet bloc countries suffered a broad slowdown to the weakest pace since the global financial crisis in 2008. The growth rate compares to 2.6 percent in 2014.
A drop in U.S. crude inventories helped support oil prices early Thursday, although longer term concerns over the global supply glut remain. West Texas Intermediate crude rose 31 cents to $37.47 a barrel in electronic trading on the Nymex, while in London Brent gained 43 cents to $40.54, Reuters reports.
An increase in stockpiles of distillates, including heating oil, fed fears Wednesday that the global oil glut will persist into next year. U.S. benchmark crude for January delivery fell for a fourth day in a row, losing 35 cents to settle at $37.16 on the Nymex, while in London Brent dropped 15 cents to $40.11, The Wall Street Journal reports.
A drop in crude inventories and strong economic data from Japan helped oil recover slightly from its latest plunge, although analysts tell Reuters they think in general the price slide is far from finished. West Texas Intermediate Crude rose 35 cents to $37.86 a barrel in electronic trading on the Nymex, while in London Brent gained 36 cents to $40.62, Reuters reports.
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.