Ohio gasoline steady at $1.71 a gallon Dec 1, 2008
71 in the daily survey from AAA, the Oil Price Information Service and Wright Express ... Since then, the state's gasoline prices had been dropping steadily as oil prices skidded more than 60% from the summer's high of almost $150 a barrel. (FOX19.com, OH)
Andres Oppenheimer: Recent voting trends don't bode well for Chavez Dec 1, 2008
My opinion: Barring a major recovery of world oil prices something that is very unlikely to happen in the near future Chavez will continue going downhill. Corruption and government handouts not ideology are the grease that lubricates Chavez's political machine, and both will be in increasingly short supply following the collapse of world oil prices from $146 to $54 a barrel in recent months. (Sacramento Bee -- Opinion)
Stupid? Whom the term fits! Dec 1, 2008
time4change wrote on Nov 26, 2008 12:08 PM:" It is possible that 2009 will have so much job loss, homelessness, and hunger, that any Party that is in power during this time will be blamed for the crisis, and thrown out of power in 2012. The feds can spend as much as it wants, to fund what ever programs it feels is required to keep people working and in their homes. Right now all the wealthy folks, and professional investors are dumping their capital into treasury bills. The US government is... (Albany Democrat-Herald, OR)
Some Asian stocks edge up on anticipation of rate cuts Dec 1, 2008
Higher-yielding currencies like the Australian dollar fell before the expected rate cuts this week, while oil prices shed more than $1 to $53. 30 a barrel after the Organization of the Petroleum Exporting Countries delayed an output cut to later in December. (International Herald Tribune -- Business)
Not like it used to be - Plummeting oil prices could have big effect in Montana Dec 1, 2008
The effects of dropping oil prices are felt acutely in Montana and North Dakota, where almost all the oil activity in recent years has been centered in what is known as the Bakken formation ... What the credit crunch and dropping oil prices might mean, however, is that Enerplus could scale down its plans for 2009 ... The cost of developing wells has doubled in the past three years, he said, and with oil prices low, it s possible the company might trim back plans to sink new wells next year. (Missoulian, MT)
With oil prices in retreat, OPEC struggles to maintain unity Dec 1, 2008
Over the summer, the OPEC cartel could not prevent oil prices from surging to record levels even when its members pumped full out ... Have producers managed to draw a line in the sand, or will oil prices keep falling in coming months. (International Herald Tribune)
The giving season at work Dec 1, 2008
With oil prices at a third of peak levels, OPEC producers are having little luck trying to prop them back up. So was the price spike driven by greedy speculators after all. (MSNBC -- Business)
With markets in turmoil, how to buy gold bars Dec 1, 2008
But with oil prices dropping sharply, and commodity prices falling as well, the threat of inflation is taking a back seat to worries about credit and the functioning of the economy ... Still the problems besetting the credit markets are so multi-dimensional that no move will be a single fix," Mr. Porter said, noting the Fed wants to use every measure possible before cutting its benchmark Federal funds rate. COMMODITIES Have oil prices, which have fallen more than 50 per cent since mid-July, ever... (Globe and Mail)
OPEC delays decision on output cuts Dec 1, 2008
The oil-producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices ... Saudi Oil Minister Ali Naimi went into Saturday's meeting saying OPEC would do what needs to be done to shore up falling oil prices when the group meets in Algeria, but for now it was too early. (Globe and Mail)
90 cents a litre just in time for Christmas holidays Dec 1, 2008
"The only sticking point is that the oil companies are still holding things up. Unfortunately, while they are very quick to pass on price increases when oil goes up, they are reluctant to do the reverse when prices fall."To some extent you can understand the [service] stations dragging the chain because the fall in the oil price happened so fast - they still have petrol in the ground that they bought at a higher price. "But you wouldn't expect to see that for more than a couple of days. We have... (Sydney Morning Herald -- Australia)
Iranian state TV: OPEC cut of 1.5M barrels likely Dec 1, 2008
Secretary-General Abdullah El-Badri was quoted Monday on the station's Web site saying that the Organization of Petroleum Exporting Countries is facing a very difficult situation and plans to "restore oil prices to $90 per barrel.". OPEC's next official meeting is in Algeria on Dec. 17. (Atlanta Journal-Constitution -- Business)
OPEC Meets, But Announces No Output Cuts Dec 1, 2008
(November 29, 2008)--OPEC has ended a meeting in Cairo without announcing new output cuts to boost oil prices. The oil producing group's president, Chakib Khelil, said OPEC will wait until a meeting in Algeria on Dec. 17 to decide whether to cut additional crude supplies from the market. (KWTX.com, TX)
Ryanair renews bid for Aer Lingus Dec 1, 2008
"The world has changed dramatically over the past two years, as high oil prices and deep recession have caused a flood of airline bankruptcies, consolidations and capacity cutbacks," O'Leary said. "Aer Lingus, as a small, stand-alone, regional airline has been marginalized and bypassed as most other EU flag carriers consolidate.". (Muscatine Journal, IO)
As gas prices fall, gas stations' profits actually rise Dec 1, 2008
Although retail gasoline prices have fallen 55% since mid-July, wholesale prices have plunged even more sharply 68%, according to the Oil Price Information Service. As a result, retailers have enjoyed record profit margins since mid-September. (USA Today -- Money)
Russia slashes outlook for growth Dec 1, 2008
The drop in oil price to $50 per barrel does not create a crisis, Mr. Klepach said. The Russia economy [in 2009] will increase by 3 [per cent] to 3. (Globe and Mail -- Business)
Platinum slides 7% on soft auto data Dec 1, 2008
LONDON Platinum tumbled 7 per cent in Europe on Monday as weak Japanese auto sales data further emphasized poor demand from carmakers, while gold came under pressure from a firmer dollar and falling oil prices ... Gold prices also slipped, pressured by a marginally firmer dollar against the euro and a $2 slide in oil prices, which can dent interest in commodities as an asset class ... Oil prices fell below $52 a barrel after OPEC opted to defer a production cut until mid-December at its meeting... (Globe and Mail -- Business)
Canadian economy expands 1.3% Dec 1, 2008
6 per cent in the second quarter at quarterly rates, when oil prices were sky-high and the dollar was strong. But that sank to just 0. (Globe and Mail -- Business)
Political turmoil hits loonie Dec 1, 2008
Political uncertainty, economic gloom and falling oil prices dragged the Canadian dollar down Monday, with the loonie at 80 ... Oil prices were down more than $3 to $51. (Globe and Mail -- Business)
AllianceBernstein takes stake in Petrocan Dec 1, 2008
85 a share in July, when oil prices hit record highs, to a close yesterday of $30, a level last seen in 2004. The company, long the subject of criticism for failing to execute major projects effectively, has recently had to push back its planned Fort Hills oil sands mine because of high costs and low oil prices. (Globe and Mail -- Business)
Pessimism one of the biggest crash crops Dec 1, 2008
Skip directly to: Search Box, , , Text Version. MORE than one in 10 Australian farmers have described their farms as "unviable" in a national agricultural survey. (Sydney Morning Herald -- Business)
Asia stocks gain as funds return Dec 1, 2008
Higher-yielding currencies such as the Australian dollar fell before the expected rate cuts this week, while oil prices shed more than a $US1 after cartel OPEC delayed a third supply cut to later in the month. Major central banks from Australia to Europe are expected to slash interest rates further this week in a string of policy meetings, marking the latest chapter in official efforts to limit the economic fallout from the 15-month credit crisis. (Sydney Morning Herald -- Business)
Opec mulls cutbacks to push oil higher Dec 1, 2008
Opec mulls cutbacks to push crude oil prices back to $US75 a barrel ... OPEC deferred a decision on reducing production this year by two weeks to gauge the impact of earlier cuts, as it seeks to push oil prices back up to $US75 a barrel. (Sydney Morning Herald -- Business)
Gold dips on weak oil and equities Dec 1, 2008
80 an ounce late in October but a firmer dollar and weaker oil prices capped the upside. Bullion rallied to a six-week high of $US830. (Sydney Morning Herald -- Business)
OPEC struggles to hold line Dec 1, 2008
LESS than six months ago the OPEC cartel could not prevent oil prices from surging to record levels even as its members pumped as much oil as possible. Now oil producers seem equally unable to stop prices from collapsing as economies slow rapidly. (Sydney Morning Herald -- Business)
Government cuts price of subsidized gasoline; consumption may rise 5% Dec 1, 2008
As expected, the government cut the price of subsidized Premium gasoline on Dec. 1 to reflect the declining global crude oil price, although the regulator expects no significant increase in consumption of the fuel. Starting Monday, Premium gasoline is sold at a new price of Rp 5,500 (45 US cents) per litter, following last month's announcement by the government to slash the price by Rp 500 per litter. (Jakarta Post, Indonesia -- Business)
Iran says oil market oversupply at 2 million bpd Dec 1, 2008
OPEC President Chakib Khelil, who is also Algeria's energy and mines minister, made the remarks after a consultative ministerial meeting of the group to discuss ways to shore up the oil prices ... In recent months, the oil prices have dropped sharply ... Before the Saturday meeting, Saudi Oil Minister Ali Naimi said his country hoped to raise oil prices to 75 U.S. dollars a barrel, but no measures would be taken until the next meeting. (Xinhuanet, China)
Current Account Deficit Narrows Amid Declines in Price of Oil Dec 1, 2008
U.S. Current-Account Deficit Falls on Oil Prices - WSJ.com ... U.S. Current-Account Deficit Falls on Oil Prices ... WASHINGTON -- The U.S. current-account deficit hit a record in 2006, but lower oil prices and strong export growth shrank the deficit in the fourth quarter and could continue to do so this year. (Yahoo News -- U.S. Budget)
Turkish Inflation Rate Probably Slowed, Opening Way for Further Rate Cuts Dec 1, 2008
Oil prices have fallen to about one third of the July record of $145. 29 a barrel. (Bloomberg -- Europe)
U.S. Airlines May Cut More Seats to Boost Bid for 200 Profit in Recession Dec 1, 2008
The capacity cuts taken in 2008, combined with the drop in oil prices, should make for a nice year, said , a New York-based Standard & Poors equity analyst. More capacity cuts are likely if, as expected, spending for air travel slows. (Bloomberg -- US)
South Korean exports slump Dec 1, 2008
Falling international crude oil prices and the declining South Korean won hit imports. South Korea is a major exporting nation and home to Samsung Electronics Co. and Hyundai Motor Co. Economic growth next year is expected to slow considerably, with some even predicting the country could expedience its first contraction in more than a decade. (The Star Online, Malaysia -- Business)
Midwest, Plains economic index drops again Dec 1, 2008
"I expect regional job losses to mount in the months ahead with rapidly rising unemployment rates for most states. The index's gauge of wholesale inflation plummeted to 49.6, its lowest level since the 2001 recession. The October figure was 61.6 and 84.0 in September. "The swift decline in the prices-paid index is a result of weakening regional, national and global economies and a strengthening U.S. dollar," Goss said. "Despite the Federal Reserve's very aggressive interest rate cuts and... (Brainerd Daily Dispatch)
EU inflation plunges the most in 17 years Dec 1, 2008
Oil prices have fallen by almost two-thirds since reaching a record $147 (about R1 470 at current exchange rates) a barrel in July. Crude oil fixed at $52. (Business Report, South Africa)
Analysts predict current account deficit to fall Dec 1, 2008
"However, the extent of the oil price fall has been far more dramatic than the fall in other commodity prices, so at this point price movements are probably working in our favour.". BUSINESS SERVICES. (Business Report, South Africa)
Opec decision on new oil supply cuts depends on unity Dec 1, 2008
While Opec's first priority is to put a floor under a $90 (R888) collapse in oil prices to $55, Saudi Arabia for the first time in years identified a "fair" price $75 a barrel. That target will serve as a reference point for traders when world oil demand starts to emerge from the current recessionary slump. (Business Report, South Africa)
Emigration selling rocks houses Dec 1, 2008
Interest rates were expected to be flat for the rest of the year, oil prices had declined (but were still volatile) and inflation was likely to peak this quarter. "As time goes by, people will become more accustomed to the change in political leadership and minority jitters should calm down," Loos said. (Business Report, South Africa)
Gold prices rise, oil almost unchanged Dec 1, 2008
New York - Gold prices rose, but other precious metals and agricultural commodities dropped Friday as Wall Street added to its gains this week, while oil prices were mostly flat. Commodities prices have correlated strongly with equities in recent weeks, as the buck and Treasurys lured spooked investors from stocks and commodities. (Business Report, South Africa)
OPEC Does Not Announce Production Cuts Dec 1, 2008
The oil producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices ... Saudi Oil Minister Ali Naimi went into Saturday's meeting saying OPEC would "do what needs to be done" to shore up falling oil prices when the group meets in Algeria, but for now it was "too early.". (W-USA News, DC)
OPEC Adjourns With No New Price Increase Nov 30, 2008
Oil Producers Will Wait Til Dec. 17 Meeting To Decide On Oil Prices ... The oil producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices. (CBS News)
Saudi Arabia wants oil price at $75 a barrel Nov 30, 2008
Saudi Arabia hopes to raise oil prices to $75 a barrel ... CAIRO, Egypt (AP) -- Saudi Arabia said Saturday that it hoped to raise oil prices to $75 a barrel, but indicated that no measures would probably be taken until an OPEC meeting next month in Algeria ... Saudi Oil Minister Ali Naimi said that OPEC will "do what needs to be done" to shore up falling oil prices when the cartel meets next month in Algeria, even as his king told a Kuwaiti newspaper that $75 a barrel was a fair price for oil. (CNN -- International)
Fuel from food? The feast is over Nov 30, 2008
It said the real culprits were oil prices, which pushed up fertilizer and transportation costs, and the sharp drop in the dollar s value. On the high end, a World Bank report in June calculated that 70-75 percent of the price rise was due to biofuels and the cascading effect they had on grain stocks, export bans and investor speculation. (Helena Independent Record, MT)
Equity investors should track mkt Nov 30, 2008
Crude oil price drops. Crude oil prices are quoting in the range of USD 48 to 55 in the last few days due to lower demand in the global markets ... Analysts are expecting inflation to go below five percent by March 2009 due to the slowdown in the global markets, a sharp decline in crude oil prices, and the inflation base effect. (India Times)
Privatization plan to bolster state revenues Nov 30, 2008
The gas taxes Schwarzenegger wants to keep are a product of the higher oil prices Californians have been paying at the pump. The money is intended to improve public transportation, but the state in the past has rerouted the funds for such things as bond payments and school transportation for students. (Yahoo News -- Arnold Schwarzenegger)
Saudi Arabia King Says Price of Oil Should Rise- FoxBusiness: OPEC Takes No Action on Oil Supply Nov 30, 2008
Crude oil prices are down nearly 60% since reaching their peak in July around $147 a barrel. The commodity has been dragged downward as increasingly dire predictions about the state of the global economy have cut demand estimates. (Fox News)
OPEC Unlikely To Act At Cairo Meeting: Report Nov 30, 2008
Oil ministers, worried about the 60% decline in oil prices in recent months, are meeting to evaluate member compliance with two recent production cuts, and to consider the weakening economic environment. Some ministers said before the meeting that the cartel would probably put off a quota decision until the next gathering on Dec. 17. (Fox News)
Trade is surprised by drop in U.S. corn production Nov 30, 2008
Lower crude oil prices, the sell off on the stock market and a general lack of buying enthusiasm affected the corn market too. Currently, corn has the tightest correlation of any grain to the price of crude oil. (Minnesota Farm Guide, MN)
Stock market and grain markets will likely decouple (1) Nov 30, 2008
Crude oil prices have moved substantially lower. Usset thinks corn and soybean futures are more closely linked to crude oil futures than stock market numbers. (Minnesota Farm Guide, MN)
Obama likely to move on several energy fronts Nov 30, 2008
"You know, oil prices go up, gas prices at the pump go up, everybody goes into a flurry of activity. And then the prices go back down and suddenly we act like it's not important, and we start, you know, filling up our SUVs again.". Obama's first step will be to name an energy secretary in the next few weeks. (San Francisco Chronicle -- Politics)
At 50, Alaska has what it takes to avoid midlife crisis Nov 30, 2008
We have weathered $10-per-barrel oil prices three times -- our economy becoming more diversified and stronger each time. Our ethnic diversity, a prerequisite for growing states, includes more than 90 languages. (Anchorage Daily News)
OPEC Announces No Cuts... Nov 30, 2008
Whether OPEC can arrest the slide in oil prices is a key question for everyone from U.S. motorists, now paying a nationwide average of less than $2 a gallon for regular gasoline for the first time since March 2005, to giant oil companies, many of which are shelving high-cost oil exploration and development projects ... The swift decline in the price of crude oil has come despite earlier OPEC cutbacks as the world financial crisis and high oil prices of the summer continue to wash through the... (The Drudge Report)
Saudi king says $75... Nov 30, 2008
Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the cartel meets Dec. 17 in Algeria ... "These people ... really have no business model. They basically thrive when oil prices go up, and now they are crying uncle when prices go down.". (The Drudge Report)
Tisei: Fuel assistance is only a call away Nov 30, 2008
Despite lower heating oil prices and increased federal fuel assistance funding, the Task Force is cautioning that prices could rise again sharply in the future. Even if Massachusetts finds itself spared of the crisis that seemed unavoidable just a few short months ago, we should take the energy price scare as a wake-up call, the Task Force notes in its report. (Stoneham Sun, MA)
Saudi Index Soars After King's Comments on Economy Nov 30, 2008
Last week, the TASI suffered a sharp drop, reaching a five-year low of 4,200 points, mainly because investors were alarmed by the sharp declines in crude oil prices. Saturday's rise came after a widely publicized interview with Saudi King Abdullah in which he described the Saudi economy as being "in great shape." The king also said the national budget has not been affected by the world financial crisis. (ABC News -- Wire)
Oil companies to earn more profits Nov 30, 2008
03 per litre on diesel, since December 1 due to falling oil prices in international markets ... Had oil marketing companies passed on the benefit of the sharp fall in global oil prices to consumers, petrol would have cost them Rs 35. (Economic Times)
Liam Fay: Never mind the EU its democracy in Ireland we need Nov 30, 2008
Plummeting crude oil prices have not led to a price cut at petrol pumps. A probe by the National Consumer Agency aims to find out why Ireland s fuel prices have stayed so high. (Times Online)
* Oil ends week on a flat note as OPEC gathers Nov 30, 2008
Oil prices ended flat on Friday, with OPEC officials sending mixed messages about a production cut before a regularly scheduled meeting next month ... Oil prices fluctuated between US$50 and US$55 this week, pausing after a fall of more than 60 percent since reaching a record US$147. (Taipei Times, Taiwan -- World)
* Dont expect any relief on food prices Nov 30, 2008
The connection of oil prices to agricultural commodities is new as of 2007 and its a major game changer for those in the food production business, said Thomas Elam, president of FarmEcon, a consultancy. This story has been viewed 358 times. (Taipei Times, Taiwan -- World)
Despite falling oil prices, OPEC defers cutting output Nov 30, 2008
He said OPEC would "do what needs to be done" to halt falling oil prices ... Faced with plunging oil prices and shrinking revenues, members of the OPEC cartel suggested Saturday that they might lower production for the third time this year when they meet in Algeria in December ... Oil prices gained 9 percent last week, after rebounding from three-year lows, as markets anticipated that OPEC would cut its production on Saturday. (International Herald Tribune -- Business)
Not like it used to be - Plummeting oil prices could have big effect in Montana Nov 30, 2008
The effects of dropping oil prices are felt acutely in Montana and North Dakota, where almost all the oil activity in recent years has been centered in what is known as the Bakken formation ... What the credit crunch and dropping oil prices might mean, however, is that Enerplus could scale down its plans for 2009 ... The cost of developing wells has doubled in the past three years, he said, and with oil prices low, it s possible the company might trim back plans to sink new wells next year. (Missoulian, MT)
OPEC braces for tough times as global recession bites Nov 30, 2008
CAIRO, (AFP) The OPEC oil exporting cartel, suffering from plummeting oil prices, faces further pain next year as a worldwide recession dampens demand for crude even more, analysts believe ... Evans warned that the impact on energy demand -- and oil prices -- would depend on the severity of the sharp economic slowdown ... Are Oil Prices Being Pumped Up By Speculation. (Yahoo News -- Top Stories)
AllianceBernstein takes stake in Petrocan Nov 30, 2008
85 a share in July, when oil prices hit record highs, to a close yesterday of $30, a level last seen in 2004. The company, long the subject of criticism for failing to execute major projects effectively, has recently had to push back its planned Fort Hills oil sands mine because of high costs and low oil prices. (Globe and Mail)
OPEC delays decision on output cuts Nov 30, 2008
The oil-producing group's president, Chakib Khelil, said OPEC is concerned about the weakening world economy and its impact on oil prices ... Saudi Oil Minister Ali Naimi went into Saturday's meeting saying OPEC would do what needs to be done to shore up falling oil prices when the group meets in Algeria, but for now it was too early. (Globe and Mail)
Investors stay clear of oil as economy sours Nov 30, 2008
Since oil prices peaked in early July at over $147 (U.S.) a barrel, these money managers who invest in oil in the hope of better returns for their investors and to diversify their portfolios, have become increasingly risk-averse ... Analysts say the rapid exit of institutional investors probably helped hasten the collapse in oil prices that have lost almost two-thirds of their value in just over four months ... With oil close to $50 a barrel, non-commercial investors had net long positions in... (Globe and Mail -- Business)
Isolated Iraq, Ghana stock markets soaring Nov 30, 2008
The Iraqi stock exchange lost well over half its value after it opened in 2004 following the U.S. invasion the previous year, but has benefited this year from a dramatic fall in sectarian violence and, until recently, from high oil prices. As world markets tumbled last month, sweaty investors waved and made hand signals at the brokers working behind a low partition. (Globe and Mail -- Business)
Oil price won't rebound until 2009: OPEC Nov 30, 2008
OPEC has predicted that world oil prices will not rebound until mid-2009, after the cartel left its output unchanged at a consultative meeting in Cairo ... Oil prices have slumped by two-thirds since striking record highs above $US147 per barrel in July, as the market has been rattled by a looming global recession and weak demand. (Sydney Morning Herald -- Business)
OPEC considers new production cuts Nov 30, 2008
OPEC has put off for a fortnight a decision on whether to cut production again this year to gauge the impact of previous cuts, as it seeks to push oil prices back up to $75 a barrel. Crude oil prices have slumped 62 per cent from July's record of $147. (Sydney Morning Herald -- Business)
