26 countries including the United States have pledged to release oil, gasolene and other petroleum products from their emergency reserves to bring down soaring prices and avert domestic shortages.
The Bush administration announced new fuel economy rules Tuesday that require improved mileage for the sports/utility vehicles and other light trucks that have captured a majority of U.S. auto sales.
Traders shrugged off a rise in OPEC's official production ceiling Friday and took bullish positions ahead of Monday's U.S. holiday, pushing the price of crude oil close to $ 57 a barrel.
The high oil price was "destroying" the profitability of the global airline industry, which was facing losses this year of $ 6 billion, its fifth successive year of net losses, Giovanni Bisignani, director general of the International Air Transport Association (IATA) said Monday.
Stocks fell yesterday as energy shares plunged on a decline in oil prices and raw-material producers slumped on concern that demand is slowing. Shares of Wal-Mart Stores decreased on disappointing ear
