CAMARILLO, Calif. (AP) — The average national price of a regular gallon of gasoline has dropped 4 cents in the last two weeks to $2.50.
Industry analyst Trilby Lundberg said Sunday that falling oil prices and strong production at U.S. refineries led to lower numbers at the pump. The drop during the two-week period ended Friday comes despite labor strikes at some refineries.
WASHINGTON (AP) — Output at U.S. factories fell for a third straight month in February, driven by a big drop in production at auto plants.
The Federal Reserve said Monday that manufacturing output fell 0.2 percent in February, following a decline of 0.3 percent in January. Overall industrial production edged up a slight 0.1 percent in February, as unusually cold weather in many parts of the country led to a surge at utilities.
NEW YORK (AP) — The price of oil is tumbling again, rattling an already-shaken oil industry and heralding lower prices for consumers.
The price of oil fell 10 percent this week, approaching its lowest price in six years. Many expect it to fall further in the coming weeks because supplies are rising and the summer driving season is still months away.
WASHINGTON (AP) — From the United States to Asia to Europe, a global economy that many had feared was faltering appears poised for a resurgence on the strength of cheap oil and falling interest rates.
That's the strikingly upbeat view of economists surveyed by The Associated Press, who no longer see Europe's financial crisis, the U.S. housing market or congressional gridlock as the threats they appeared to be last year.
DETROIT (AP) — February threw snowstorms and other roadblocks at the auto industry, but U.S. sales of new cars and trucks are still poised to hit their highest level in more than a decade this year.
Freezing temperatures, disruptions at West Coast ports and rising gas prices took a bite out of U.S. auto sales last month. Still, most automakers reported gains, and analysts say lost sales should be made up as the weather warms in March.
WASHINGTON (AP) — U.S. consumers spent less for a second consecutive month in January, but the weakness came from a big decline in gasoline prices. Excluding price changes, consumer spending was up in January and analysts expect strong income gains will fuel further solid increases in spending in the months ahead.
Consumer spending declined 0.2 percent in January following a 0.3 percent drop in December, the Commerce Department reported Monday. But the weakness in both months was heavily influenced by big declines in gasoline prices. Excluding price changes, consumer spending rose 0.3 percent in January and would have been down a smaller 0.1 percent in December.
Giving states more time to comply with provisions of the rule limiting power plant carbon emissions may help the Environmental Protection Agency deflect some of the legal challenges it’ll face after finalizing the regulation, E&E reports.
Human activity does contribute to climate change, but the Obama administration’s “irresponsible and ineffective” Clean Power Plan won’t help stop it, Republican Presidential candidate Jeb Bush told Bloomberg BNA in an interview.
Three prominent scientists active in the climate field—including Harvard professor Naomi Oreskes—have written an essay saying that industry—major oil companies in particular—is responsible for the lions’ share of greenhouse gas emissions that have contributed to climate change, E&E reports.
California Democrats Sen. Dianne Feinstein and Sen. Barbara Boxer have proposed a bill to provide $1.3 billion over ten years to projects that would help their state cope better with drought, the Los Angeles Times reports.
Support for oil prices, provided by a report of a drawdown in inventories, evaporated Thursday in the face of a rally in the dollar. U.S. benchmark crude lost 27 cents to settle at $48.52 on the Nymex, while in London, Brent slipped 7 cents to $53.31, Reuters reports.
Cashing in on the flood of cheap crude oil, refiner Valero Energy reported $1.4 billion in earnings in the second quarter, more than double what it made a year ago, and chief Joe Gorder was talking about expansion and diversification, FuelFix reports.
Although performing better than analysts expected, ConocoPhillips still reported a loss of $179 million in the second quarter, and announced it will cut capital spending by another $500 million, The Wall Street Journal reports.
Lower oil and gas prices that cut drilling activity were responsible for Pioneer Energy Services’ growing red ink in the second quarter, the contract driller said as it reported a net loss of $77.3 million, FuelFix reports.
Royal Dutch Shell might look to get involved in gas projects in Iran once sanctions are lifted in the wake of the nuclear agreement Tehran reached with global powers, according to Chief Financial Officer Simon Henry, Platts reports.