energy prices

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ExxonMobil Made Record Profits Last Year

'Our results clearly benefited from a favorable market'

(Newser) - ExxonMobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating, and consumer goods. The oil giant brought in $12.75 billion in profits in the fourth quarter, bringing annual net income to $55.7 billion. That exceeds Exxon's previous record of $45....

Protests Topple Gov't in 'Bulgarian Spring'

PM quits after protests against high power prices

(Newser) - Nationwide protests against austerity measures and soaring electricity prices have brought about a "Bulgarian Spring." Prime Minister Boiko Borisov says his government is resigning after 25 people were injured in clashes between protesters and police, Reuters reports. "I will not participate in a government under which police...

Glenn Beck's Advice: Sell Your Stuff!

Prices are rising, and you should be prepared, he warns

(Newser) - Now that Glenn Beck has convinced you to buy gold , he has a new directive: Sell all your stuff. Prices are going up, he said last night, and a study shows that the average American has $25,000 worth of things they're not using, Mediaite reports. So sell it, and...

Recession Pulls Plug on Electricity Prices

(Newser) - Electricity prices across America have nosedived amid an almost unprecedented fall in demand, the Wall Street Journal reports. Market prices are down up to 40% from the historic highs of last year, and are on course to keep plummeting. The lower prices aren't always seen by consumers immediately because of...

EU Slaps Gas Firms With $1.5B Fine for Price-Fixing

(Newser) - The European Union's powerful competition commissioner slapped two energy companies with record fines of $1.53 billion today for cartel misbehavior. GDF Suez and E.ON, two of the world's biggest gas producers, colluded to avoid competition in French and German energy markets and drive up prices. It's the first...

Oil Surges Record $25/Barrel
 Oil Surges Record $25/Barrel 

Oil Surges Record $25/Barrel

Worries over US bailout sent crude near $130 a barrel

(Newser) - Oil prices rocketed up more than $25 a barrel today, recording the biggest one-day price jump ever as anxiety over the government's $700 billion bailout plan, a weak dollar, and an expiring crude contract ignited a dramatic rally. Light, sweet crude for October delivery jumped as much as $25.45...

Oil Dips Below $100 for First Time in 5 Months

(Newser) - The price of crude oil slid briefly under $100 a barrel today for the first time in 5 months, Reuters reports. The development came even as Hurricane Ike bore down on the Texas coast and its many refineries; investors apparently think the slowing world economy will continue to drive down...

As Oil Costs Bubble, Alternative Heating Gets Hot

With home heating oil prices rising, natural gas looks like a better deal

(Newser) - Northeasterners expecting the price of heating oil to hit $4.35 a gallon are creating an avalanche of new business for heating and cooling contractors as they increasingly look to convert from oil heat to natural gas, reports the Wall Street Journal. A conversion to natural gas heat can cost...

Even Hedge Funds Start to Feel the Crunch

Market-beaters may have reversed upward trend with ugly July

(Newser) - Hedge funds, usually known for beating the wider market, are taking a hit in the general financial slump, the Wall Street Journal reports. Though they're still outperforming the market for the year, early data suggest that trend might have reversed last month: One study of 60 funds shows them off...

Oil, Earnings Woes Key Retreat
 Oil, Earnings Woes Key Retreat 

Oil, Earnings Woes Key Retreat

Familiar factors push markets down

(Newser) - The markets retreated today, battered by the familiar convergence of high oil prices and poor business performance, MarketWatch reports. Amid signs of broader malaise, financials dropped, and crude again topped $135 per barrel. The Dow fell 131.24 to close at 12,029.06. The Nasdaq lost 28.02 to...

Fuel Prices Drive Spanish Truckers to Protest

Strike idles tens of thousands of vehicles

(Newser) - Spanish truck drivers went on strike at midnight to protest skyrocketing fuel prices, erecting blockades across the country and snarling traffic on the border with France, the EiTB network reports. Drivers who attempted to continue operating found their tires slashed, windshields smashed and headlights destroyed. Fuel prices in Spain have...

Dow Hikes Prices 20% on Chemicals in Many Products

Chemical company rips feds for energy policy it blames for higher costs

(Newser) - Skyrocketing energy costs prompted Dow Chemical to bump prices up to 20% yesterday on compounds that are the building blocks for thousands of consumer products, fanning inflation fears. Dow, one of the world’s largest chemical companies, ripped Washington for an energy policy it says has raised its energy costs...

Bernanke Signals New Rate Cuts
Bernanke Signals New Rate Cuts

Bernanke Signals New Rate Cuts

Says central bank 'will act as needed' to further minimize economic risks

(Newser) - Federal Reserve Chairman Ben Bernanke today said that the board stands ready to cut interest rates again to give the economy "adequate insurance against downside risks," reports the Wall Street Journal. The move, which follows 2.25% in cuts to the key rate since September, is widely expected...

$100 Oil Fuels Recession Fears
$100 Oil Fuels Recession Fears

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per...

Consumer Prices Jump Most in 2 Years

CPI surge on rising energy costs sparks inflation worries

(Newser) - November’s consumer price index spiked 0.8%—the biggest rise since September 2005—as soaring energy costs pushed up prices on an array of  goods and services. The increase, higher than the 0.6% anticipated, reignites inflation worries, causing experts to predict that further Fed rate cuts are unlikely,...

Southwest Unveils Perks for Biz Flyers

Carrier guarantees priority boarding, throws in a cocktail

(Newser) - Southwest unveiled today a raft of new initiatives designed to shore up revenue, including new pricing plans that benefit business travelers. The discount carrier’s new “business select” program will price seats $10-30 higher than regular fares. In exchange, Southwest, which doesn’t assign seats on its flights, will...

China's Still Booming, but What About Inflation?

11.5% growth pushes prices worldwide

(Newser) - China's economy is booming and inflation is in check, but for how long? Third quarter growth swelled the economy by 11.5%, putting China ahead of Asian rivals India and Vietnam, and inflation dropped to 6.2%. Beijing says it will keep falling, but inflationary fears sent the Shanghai stock...

More People Skipping Basics to Pay the Bills

Analysts shocked as food banks run short, stores adjust prices

(Newser) - More Americans are skipping breakfast and other basics just to pay the bills, the AP reports. With gas hitting highs this year and food prices up as much as 44%, even $35,000-plus wage earners are lining up for food, and food banks report acute shortages. One consultant says he...

US Gas Supplies Hit 2-Year Low
US Gas Supplies Hit 2-Year Low

US Gas Supplies Hit 2-Year Low

Drop coincides with end of summer vacation season

(Newser) - The nation's gas inventory slipped last week to its lowest level since Hurricane Katrina decimated stockpiles 2 years ago, but officials aren't worried. "We're at the end of the summer and demand should start declining over the next several weeks," one analyst told Reuters. The current supply is...

A Steak-House View of the Economy
A Steak-House View of the Economy

A Steak-House View of the Economy

Ribeyes are grreat predictors of business performance, says Daniel Gross

(Newser) - High-end steak houses like Ruth's Chris and Peter Luger are a great place to study trends affecting the US economy, argues Slate's Daniel Gross. The price of sirloin, for instance, reflects the recent spike in energy prices, as demand for ethanol has raised the price of corn, which is what...

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