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oil prices
Will High Gas Prices Disrupt the Economic Recovery? [VIDEO]
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Chevron Expects Higher 1Q Profit Compared With 4Q
By not in system - AOL NewsSAN RAMON, Calif. -- Chevron Corp. on Monday said it expects to post a higher first-quarter profit than it reported for last year's fourth quarter, due in part to rising oil prices. Chevron did not offer a specific profit forecast in advance of its quarterly report on April 29. The company said the outlook for its exploration and production arm has been improved by the rise in oil prices, which have soared more than 30 percent since mid-February as traders worry political violence in the Middle East and North Africa could disrupt crude supplies. Chevron got $88.23 per barrel for crude oil ...
Americans Starting to Cut Back on Driving as Gas Prices Rise
By not in system - AOL NewsNEW YORK -- With the price of gas above $3.50 a gallon in all but one state, there are signs that Americans are cutting back on driving, reversing a steady increase in demand for fuel as the economy improves. For five consecutive weeks, Americans have bought less gas than they did a year earlier, according to MasterCard Spending Pulse, which tracks the volume of gas sold at 140,000 service stations nationwide. Paul Sakuma, AP Daniel Dona pumps gas on March 31 at a Shell gas station in Menlo Park, Calif. With the price of gas above $3.50 per gallon in all but one ...
Rising Oil Prices Beginning to Hurt US Economy
By not in system - AOL NewsWASHINGTON - Just when companies have finally stepped up hiring, rising oil prices are threatening to halt the U.S. economy's gains. Some economists are scaling back their estimates for growth this year, in part because flat wages have left households struggling to pay higher gasoline prices. Oil has topped $108 a barrel, the highest price since 2008. Regular unleaded gasoline now goes for an average $3.69 a gallon, according to AAA's daily fuel gauge survey, up 86 cents from a year ago. The higher costs have been driven by unrest in Libya and other oil-producing Middle East countries, ...
Opinion: There's No Silver Bullet for High Gas Prices
By not in system - AOL NewsAmerican motorists can't be blamed for viewing the current jump in gasoline prices as a potential precursor to even bigger problems down the road. Major oil disruptions in the Middle East have historically led to higher inflation, unsustainable negative balances of trade and recessions -- all in addition to the aggravation of paying more to fill up the tank. If we don't worry about interruptions in oil deliveries, we're suffering from historical amnesia. The loss of oil supplies from Libya so far, however, amounts to only about 1 percent of world oil production. Such shortages can generally ...
Opinion: End Obama's Policy of Higher Gas Prices
By not in system - AOL NewsGas prices are dangerously close to doubling since President Barack Obama was inaugurated. As American drivers and small-business owners feel the pain at the pump, he should reverse course and stop punishing consumers to promote a "green" agenda. Yes, the events in Egypt and Libya have affected global oil prices. But we suffered the highest gas prices for the month of December in our nation's history in 2010 -- before uprisings in the Middle East even began. Unilateral administration action is the first step toward providing economic relief during a fragile recovery. Another View on ...
Opinion: Why Aren't Environmentalists Cheering Higher Gas Prices?
By John Merline - AOL NewsAs gasoline prices continue to rise faster than station owners can update their signs, so too have calls to do something about the problem. Some Democrats are calling on President Barack Obama to uncork the Strategic Petroleum Reserve to help ameliorate the pain at the pump. Republicans are renewing calls for more domestic oil production, including offshore. So where are environmental groups? Sure, they're talking about the need for new, clean energy supplies, but often in the context of how that will help lower gasoline prices. But why aren't they out there cheering on high gasoline ...
Opinion: We Can't Drill Our Way Out of High Gas Prices
By not in system - AOL NewsAs the price of oil soars above $100 a barrel, Americans are experiencing sticker shock at the pump and economists are concerned about our fledgling economic recovery. Solutions exist that can get us off the oil market roller coaster, but they won't be found in more domestic oil fields. No matter how vocal the drilling supporters become, they still won't be able to address America's acute vulnerability to the whims of the global oil market. America consumes roughly one-quarter of the world's oil, yet we are home to less than 2 percent of the globe's proven oil reserves. So much for "Drill, ...
Strategic Petroleum Reserves: Should Obama Tap the Backup Oil Supply? [POLL]
By Steven Hoffer - AOL NewsDrill, baby, drill? With rising gas prices and ongoing unrest in North Africa and the Middle East, calls on Capitol Hill for President Barack Obama to tap America's 727-million barrel Strategic Petroleum Reserve are steadily mounting. But while some Democratic senators who fear a double-dip recession are urging Obama to break into the oil reserves -- a supply the White House says should be reserved for real emergencies -- some industry insiders and pundits suggest that doing so would be jumping the gun. What do you think? Here's what some of the experts are saying: Writing in The ...
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