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Report: Oil Embargo Is Killing Iran’s Economy

Report: Oil Embargo Is Killing Iran’s Economy

Comstock/Thinkstock(NEW YORK) — The White House is right in its contention that sanctions against Iran to convince Tehran to give up its nuclear program is at least hurting the country economically, an analysis by Bloomberg shows.Since international s…

General: Iran’s Supreme Leader Decides on Oil Waterway

General: Iran’s Supreme Leader Decides on Oil Waterway

iStockphoto/Thinkstock(NEW YORK) — It is entirely up to Iranian Supreme Leader Ayatollah Khamenei to decide whether the Strait of Hormuz will be shut down, the head of his armed forces declared Sunday.Major General Hassan Firouzabadi claimed that Tehr…

Scores Dead in Nigerian Fuel Truck Explosion

Scores Dead in Nigerian Fuel Truck Explosion

iStockphoto/Thinkstock(LAGOS, Nigeria) — At least 95 people were killed Thursday in Nigeria while siphoning oil from a fuel truck that had crashed on a highway.  Authorities say the victims died when the truck exploded.A spokesman for Nigeria&rsq…

Crisis Averted: Government Ends Norwegian Oil Strike

Crisis Averted: Government Ends Norwegian Oil Strike

Digital Vision/Thinkstock(NEW YORK) — The Norwegian government intervened to prevent a lockout in the country’s oil and gas industry, according to a statement issued by Statoil ASA.Statoil and other companies were planning to shut down oil production …

Gas Up 6 Cents; Norway Strike Pushes Oil Higher

Gas Up 6 Cents; Norway Strike Pushes Oil Higher

iStockphoto/Thinkstock(NEW YORK) — The average price for a gallon of regular gas is $3.41, up nearly 6 cents from a week ago, according to the U.S. Department of Energy.  This price is still 23 cents lower compared to a year ago.Crude oil traded …

Reacting to Jobs Data, Oil and Stock Markets Close Lower

Reacting to Jobs Data, Oil and Stock Markets Close Lower

Hemera/Thinkstock(NEW YORK) — All three major stock indices ended the day lower.The Dow Friday closed at 12,772, down 124 points or 0.96 percent. The S&P and NASDAQ ended the day lower as well, down 13 points and 39 points, respectively.Meanwhile,…

Gas Under $3: How Low Can It Go?

Gas Under $3: How Low Can It Go?

iStockphoto/Thinkstock(HOUSTON) — Seems like only yesterday U.S. motorists feared summer gas prices hitting $5 a gallon. Yet right now in some markets the price of gas is falling. In St. Louis, for example, at some stations, it’s $2.99. How much…

Crude Oil Prices Keep Dropping and Gas Prices Along with Them

Crude Oil Prices Keep Dropping and Gas Prices Along with Them

Comstock Images/Thinkstock(NEW YORK) — Gasoline prices are dropping like a stone because of a glut of oil supplies that pushed the price of crude to under $80 a barrel Thursday — the lowest it’s been in eight months.Currently, the average cost of a g…

Iraq Wants Obama to Stop Kurd Oil Deal with ExxonMobil

Iraq Wants Obama to Stop Kurd Oil Deal with ExxonMobil

KAREN BLEIER/AFP/Getty Images(BAGHDAD) — Iraq is asking the U.S. for help again but it has nothing to do with providing military assistance.Instead, Prime Minister Nouri al-Maliki wants President Obama to step in and block a deal between ExxonMobil an…

Afghanistan Preparing to Drill for Oil

Afghanistan Preparing to Drill for Oil

Comstock/Thinkstock(KABUL, Afghanistan) — An output of 5,000 barrels of oil a day doesn’t sound like much but it could be the beginning of a bonanza for Afghanistan, one of the poorest nations in the world.Afghan Mining Ministry spokesman Jawad Omar a…

Troubles in Europe Continue to Weigh Heavily on US Stocks

Troubles in Europe Continue to Weigh Heavily on US Stocks

Hemera/Thinkstock(NEW YORK) — Worries about European debt kept the markets down again Wednesday. The Dow was off by as much as 184 points before recovering some of the loss. The Dow ended Wednesday down 95 points. The Nasdaq lost 12, and the S&am…

Oil Producers in for a ‘Crude’ Awakening

Oil Producers in for a ‘Crude’ Awakening

Comstock Images/Thinkstock(NEW YORK) — Oil prices keep coming down.  Since the start of the month, the price of crude oil has dropped daily, falling to $96 a barrel Tuesday.
Analysts say it has to do with fears that the global economy is weakenin…

European Concerns Keep US Stocks Down Another Day

European Concerns Keep US Stocks Down Another Day

Comstock/Thinkstock(NEW YORK) — Investors are clearly concerned about the U.S. and European economies.  Stocks were down at the close of trading yet again Tuesday. The Dow closed down 76.44 points, or 0.6 percent, the fifth consecutive down day f…

US Stock Markets End the Day Mixed; Gas Prices Lower

US Stock Markets End the Day Mixed; Gas Prices Lower

Hemera/Thinkstock(NEW YORK) — It certainly wasn’t a stellar day on Wall Street, but the reaction to elections in Europe was rather muted. The Dow closed down 29.74 points, while the S&P and NASDAQ ended the day up slightly. Market …

Stocks Fall on Jobs Report; Oil Drops, Too

Stocks Fall on Jobs Report; Oil Drops, Too

Hemera/Thinkstock(NEW YORK) — The underwhelming monthly employment report  helped to push the markets down to end the week. With investors concerned about the pace of economic growth in the U.S., the Dow dropped 158 points, the Nasdaq lost 62 and…

Gas Down 4 Cents, Stocks and Oil Down Too

Gas Down 4 Cents, Stocks and Oil Down Too

Hemera Technologies/Thinkstock(NEW YORK) — Gas prices continued their slide down Monday. The average price of a gallon of regular gas is $3.83, down 4 cents from a week ago, according to the Department of Energy.  This price is also down 13 …

Gas Price Average Lower

Gas Price Average Lower

Comstock Images/Thinkstock(WASHINGTON) — The average price of a gallon of regular gas is $3.87, down a nickel from a week ago and down nearly a penny from a year ago, according to the Department of Energy.So it now costs less than it did a year ago to…

Gas Prices Decline for Second Week

Gas Prices Decline for Second Week

Kevork Djansezian/Getty Images(WASHINGTON) — Gas prices have shown signs of leveling off in the last two weeks, with the average price of gas down for the second week in a row.The average price of a gallon of regular gas is $3.92, down nearly two cent…

High Gas Prices: Should You Blame Your Bank?

High Gas Prices: Should You Blame Your Bank?

iStockphoto/Thinkstock(NEW YORK) — Should you blame your bank for high gas prices? A new report out Tuesday says it’s not just supply and demand and Middle East politics that determine the price of a barrel of crude; Visa and MasterCard and the …

Gas Price Average Settles Slightly Lower

Gas Price Average Settles Slightly Lower

iStockphoto/Thinkstock(NEW YORK) — Gas prices have taken a breather from their steady climb since January of this year.The average price of a gallon of regular gas is $3.939, down two-tenths of a penny from a week ago and up 15 cents from a year ago, …

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