The price of oil remained above $104 a barrel Tuesday as investors weighed how the conflicts in Ukraine and Libya were likely to affect crude supplies.
Benchmark crude for July delivery fell 24 cents to $104.11 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, dropped 30 cents to $110.02 on the ICE Futures exchange in London.
NEW YORK (AP) — The price of gasoline looks familiar this Memorial Day. For the third year in a row, the national average will be within a penny or two of $3.64 per gallon.
Stability wasn't always the norm. Between 2003 and 2008 average retail gasoline prices more than doubled, reaching an all-time high of $4.11 per gallon in 2008. Prices then collapsed as the U.S. plunged into recession. But after a two-year run-up between 2009 and 2011, the price of gasoline has remained in a range of roughly $3.25 to $3.75 per gallon.
Drivers can handle that, according to AAA, and are ready to head out for Memorial Day driving trips in the highest numbers since 2005. "It is unlikely that gas prices will have a significant effect on travel plans compared to a year ago," AAA wrote in its annual Memorial Day forecast.
CAMARILLO, Calif. (AP) — The average price of a gallon of regular gasoline in the U.S. has dropped 3 ½ cents over the past two weeks.
Industry analyst Trilby Lundberg said Sunday that the price fell to $3.69 because supplies are meeting demand. She predicts prices will continue to drop but at a moderate pace as crude oil prices remain relatively strong.
The price of oil declined Thursday but stayed above $100 a barrel after data showed subdued imports by China, the world's largest crude consumer.
China's customs data showed that imports rose 0.8 percent in April. That's an improvement from the previous month's 11.3 percent decline, but still weak.
Benchmark U.S. crude for June delivery fell 51 cents to close at $100.26 a barrel in New York. Brent crude, a benchmark for international varieties of oil used by many U.S. refineries, fell 9 cents to close at $108.04 in London. The previous day, U.S. crude jumped $1.27 after a surprise decline in the nation's stockpiles.
The price of oil fell slightly Monday, after a report showed a fourth month of contraction in China's manufacturing sector.
Benchmark U.S. crude for June delivery fell 28 cents to close at $99.48 a barrel. Brent crude, a benchmark for international varieties of oil, dropped 87 cents to $107.72 on the ICE Futures exchange in London.
Meanwhile, it's getting cheaper to buy gasoline in the U.S., and one popular price-watching site says prices have hit their springtime peak.
A failure to lift the ban on crude exports could have a chilling effect on the U.S. oil boom, Rice University economist Kenneth Medlock told a panel in Washington Wednesday, painting a “train wreck” scenario where falling domestic crude prices could encourage drillers to go elsewhere, FuelFix reports.
Meeting voters in Iowa, Vice President Joe Biden wouldn’t divulge it when asked his opinion on the Keystone XL pipeline -- although he said he had given it to President Obama -- commenting that he’s learned “not to step on the president’s lines,” The Guardian reports.
Taking a stance against measures to fight global warming will be "extremely harmful" to Republican candidates when voters cast ballots in the general election for president in November, 2016, activist Al Gore told National Journal in an interview Wednesday.
The same set of factors weighing on oil in recent weeks – ample supply, weak demand projections and a strong dollar – moderated by renewed Libya fighting that affected oil production, saw prices edge down Thursday. U.S. benchmark crude dropped 21 cents to $94.21 a barrel in electronic trading on the Nymex, while in London Brent slipped 7 cents to $98.90, Reuters reports.
Consol Energy and Noble Energy hope to raise more than $422 million on 20 million shares up for sale in an initial public offering for their firm Cone Midstream Partners, according to documents filed with the Securities and Exchange Commission Wednesday, the Houston Business Journal reports.
George P. Bush is unlikely to have much trouble winning his race to become Texas land commissioner, which gives him control over the state’s oil and gas contracts and has been a jumping off point for those seeking higher office in the past, E&E reports.
Massachusetts is selling $350 million in green bonds this week, more than three times what the state sold last year, as it tries to cash in on interest in environmentally friendly investments, The Wall Street Journal reports.
In a non-binding vote last week, shareholders of Cheniere Energy said no to the company’s 2013 plans for executive compensation, including a package for CEO Charif Souki worth $142 million, according to documents filed with regulators Wednesday, FuelFix reports.
A task force report recommending against fossil fuel divestment for the University of California right now was backed by a regents committee Wednesday and is expected to gain the support of the full board Thursday, the Los Angeles Times reports.