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Mon, 01/10/2011 - 14:39 by Anter Prakash Singh
A leak discovered on Saturday morning has led to the shutdown of the Trans Alaska Pipeline System, operated by a consortium in which BP holds the largest share. Though the spill is minimal but it can lead to a short term increase in the already above normal prices of gas.
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Mon, 12/27/2010 - 09:53 by Owain Bennallack
This article has been adapted from our sister site across the pond, Fool U.K. The entire point of author Nassim Taleb's ironically now ubiquitous "Black Swan" metaphor was that nobody in the white swan-strewn Old World foresaw the black version of the bird until they encountered Australia, where millions of black swans were waddling about their business.
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Thu, 12/23/2010 - 12:57 by Anter Prakash Singh
For the first time in 2 years, the price of crude oil has crossed $90 per barrel and the impact is quite visible. While gasoline prices soared throughout the America, it surged above $3 per gallon in Louisville region. The rising price of gas may force consumers to spend less this Christmas.
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Sat, 12/11/2010 - 06:46 by harsheeb
New York-- A bounce in the U.S. dollar sent January crude oil prices below $88 a barrel in trading Friday in New York as traders focused on Saturday's OPEC meeting.
Weakness from outside financial markets also weighed on the New York Mercantile Exchange as traders focused on Saturday's Organization of Petroleum Exporting Countries meeting in Ecuador and Chinese inflation.
Prices for light sweet crude flirted with $89 a barrel before falling back to $87.81, off 0.56 on the day. Henry Hub natural gas fell 0.01 cent to $4.25 per million British thermal units while heating oil lost 0.0089 to $2.4561. Reformulated blendstock gasoline prices eased back 0.0265 cent to $2.3140 per gallon.
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Tue, 12/07/2010 - 09:48 by Prince damin
Oakland, Calif. -- Heavier, thicker crude oils increasingly favored as the source for America's liquid fuels will increase greenhouse gas emissions, a study says.
As the biggest and most accessible reservoirs of light crude oil supplies are depleted, the oil industry has increasingly been turning to so-called "unconventional" stocks -- heavy, viscous feedstock and tar sands, ScienceNews.org reported last week.
More and more oil being processed by U.S. refineries is of this "heavy" variety, requiring more work -- and more energy -- to produce the gasoline, diesel and other high-value fuels that power engines the world over, says Greg Karras of Communities for a Better Environment in Oakland, Calif.
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Mon, 12/06/2010 - 21:14 by harsheeb
NewYork -- Crude oil prices topped $91 per barrel during the weekend before settling down Monday on hints the economy remained weak.
January delivery crude oil dropped from a 26-month high of $91.37 per barrel to $89.26, a 2.3 percent drop. Heating oil prices also fell, but recovered adding 0.49 cents to $2.4935 per gallon. Reformulated blendstock gasoline trended higher off a recent settlement, adding 1.19 cents to $2.364 per gallon. Henry Hub natural gas prices added 11.5 cents to $4.464 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose Monday from Sunday's $2.939 per gallon to $2.951, AAA said.
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Wed, 11/17/2010 - 09:59 by Prince damin
New York -- Concern over debt issues in Europe weighed on crude oil Tuesday, pulling prices on the New York Mercantile Exchange under $83 per barrel.
Last week's run up to $88 per barrel has hit a wall of doubt in Europe, where finance ministers are discussing a bailout of Ireland and are worried the debt crisis will spread to Portugal and Spain.
Ireland continues to deny it requires a bailout, saying it will manage to correct its financial difficulties with austerity measures alone. European Union officials are expected to review Ireland's four-year budget plans this week.
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Wed, 11/17/2010 - 06:54 by Prince damin
New York -- Concern over debt issues in Europe weighed on crude oil Tuesday, pulling prices on the New York Mercantile Exchange under $84 per barrel.
Last week's run up to $88 per barrel has hit a wall of doubt in Europe, where finance ministers are discussing a bailout of Ireland and are worried the debt crisis will spread to Portugal and Spain.
Ireland continues to deny it requires a bailout, saying it will manage to correct its financial difficulties with austerity measures alone. European Union officials are expected to review Ireland's four-year budget plans this week.
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Fri, 11/12/2010 - 09:45 by Rakhi
New York -- Crude oil prices held steady Thursday after climbing close to $88 per barrel in the previous session on strong manufacturing and trade data from China.
Manufacturing activity surged in China in October with the Purchasing Managers Index climbing from 52.9 to 54.8. China said Wednesday its trade surplus soared in October to $27.1 billion from $16.9 billion in September.
World leaders at the Group of 20 Nations summit in Seoul are concerned about massive trade imbalances, but little progress is expected. For now, China's strength is a dominant factor in commodities pricing and that is expected to continue at least through 2035, a recent International Energy Agency report said.
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Tue, 11/09/2010 - 09:36 by harsheeb
New York -- Crude oil prices held even Monday above $86 per barrel in New York with the dollar index heading higher.
Renewed concerns over government debt in Europe helped weaken the euro, giving the dollar a boost.
The dollar index rose 0.63 percent to 77.03. December delivery crude oil prices, near a two-year high, hit a trading session high of $87.49 and a low of $85.96, before settling at $86.85 per barrel on the New York Mercantile Exchange.
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Sat, 11/06/2010 - 10:57 by Rakhi
New York -- Crude oil prices topped $87 per barrel Friday, reaching a 24-month high on a combination of economic events.
The U.S. Federal Reserve Wednesday said it would buy $600 billion worth of long-term treasury bonds, an announcement that reverberated through equity markets Thursday and Friday. Asian markets were sharply higher Friday, although U.S. markets came back down to Earth posting modest gains after a surge Thursday.
On Friday, the Labor Department said the U.S. economy added 151,000 jobs in October.
The dollar index rallied, rising 0.94 percent, but oil prices ignored the gain and climbed, too.
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Thu, 10/28/2010 - 10:23 by Rakhi
New York -- Crude oil prices held close to $82 per barrel in New York after the U.S. Energy Information Administration said supplies rose in the week ending Oct. 22.
Crude oil inventories gained 5 million barrels to 366.2 million barrels, while gasoline stockpiles dropped 4.4 million barrels to 214.9 million.
December delivery crude oil prices traded in a narrow range, most recently adding 4 cents on the New York Mercantile Exchange overnight to $81.98 per barrel. Heating oil prices shed 0.07 cents from a recent settlement to $2.2555 per gallon.
Reformulated gasoline prices dropped 0.02 cents to $2.0752 per gallon. Henry Hub natural gas prices added 2 cents to $3.783 per million British thermal units.
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