Oil rises as jobs report gives fuel to Fed hopes

Oil   Oil
By Samantha Bomkamp on September 7, 2012

NEW YORK (AP) — The price of oil finished higher Friday as concerns about a disappointing U.S. employment report gave way to the likelihood of action by the Federal Reserve.

Benchmark crude rose 89 cents to finish at $96.42 per barrel, after an initial negative reaction to the morning's jobs report. The price dropped nearly $2 in the first hour of trading on the New York Mercantile Exchange after the government reported that the economy added a weaker-than-expected 96,000 jobs last month.

Tags: 
oil prices
EnergyGuardian is a subscription energy news service. Sign up below to apply for a free 14-day trial. If approved, you will receive an email from us to activate your account and enable access to this Web site and delivery of our enhanced morning, afternoon and breaking news alert emails.

If you have questions, please email sales@packardmedia.com.

To start your free 14-day trial, fill in the form below.

News from Around the World

Electricity

EIA: Coal's electricity market share rebounded in past year

Source: 
MarketWatch
The Energy Information Administration said coal's market share for electricity generation rebounded since March 2012 on higher natural gas prices, MarketWatch reports.
Link
Politics

McAuliffe changes stance on Va. offshore drilling

Source: 
The Washington Post
Democratic Virginia gubernatorial candidate Terry McAuliffe switched his position on offshore drilling of the state's coast, supporting a pro-drilling bill introduced by Virginia's Democratic senators, The Washington Post reports.
Link
Nuclear

Boxer presses Macfarlane for San Onofre hearing

Source: 
Southern California Public Radio

Senate Environment and Public Works Chairman Barbara Boxer urged NRC Chairman Allison Macfarlane to complete an investigation and hold a public hearing before allowing the San Onofre Nuclear Generating Station to restart, Southern California Public Radio reports.

Link
Nuclear

Vitter, Upton seek GAO report on NRC rulemaking process

Source: 
Platts

Sen. David Vitter, R-La., and Rep. Fred Upton, R-Mich., called for a GAO report on the Nuclear Regulatory Commission's procedures for determining the costs of new regulations, Platts reports.

Link
Natural Gas

Changes to FracFocus registry coming next week

Source: 
Bloomberg
FracFocus, an industry-backed registry for hydraulic fracturing chemicals, will update its system to allow regulators to search through a database of chemicals next week, Bloomberg reports.
Link
Politics

National Republicans send staffers to Mass. race

Source: 
Roll Call
The National Republican Senatorial Committee sent four staffers to assist Gabriel Gomez in the Massachusetts Senate special election, Roll Call reports.
Link
Oil

Keystone XL's southern leg on schedule, near completion

Source: 
FuelFix
TransCanada said the southern leg of the Keystone XL pipeline remains on schedule and is more than 75 percent compete, FuelFix reports.
Link
Politics

GOP warns Obama against linking Keystone to climate policy

Source: 
The Hill

A group of two dozen Senate Republicans urged President Obama against making Keystone XL pipeline approval contingent on "unrelated" climate change policies, The Hill reports.

Link
Oil

API sees new rules hiking gasoline prices

Source: 
The Washington Examiner
The American Petroleum Institute issued a white paper projecting new federal rules could increase gasoline prices by as much as 25 cents a gallon, The Washington Examiner reports.
Link
Politics

Gov. Brown laments climate change coverage

Source: 
The Sacramento Bee
California Jerry Brown contended news media inadequately report on climate change and give too much coverage climate skeptics, The Sacramento Bee reports.
Link
  • © 2013 Packard Media Group LLC
  • All Rights Reserved