Mobile Version
Free Internet Press
  Uncensored News For Real People


FIP Year In Review

FIP Month in Review

FIP Archive Search




2014-07-09
R.I.P. William 'Bill' Herbert Kelder - Intellpuke

2013-11-28
Gamers Donate 37,500 Pounds Of Food To Needy

2013-09-30
Statement From The Whitehouse Regarding The Government Shutdown

2013-09-29
An Open Response To 'Organizing for Action'

2013-08-26
Bayou Corne: The Biggest Ongoing Disaster In The U.S. You Have Not Heard Of

2013-04-21
Boston Mayor Hopes Feds 'Throw the Book' at Marathon Bombing Suspect

2013-04-19
Boston Police Closing In On Suspects

2013-04-15
2 Explosions At Boston Marathon. 2 Dead, Many Injured.

2013-01-03
The Press vs Citizens Rights and Privacy - Act 3

2012-12-30
CBS News - Year In Review 2012

Nature.com - 366 Days: 2012 In Review

The Guardian - 2012 In Review: An Interactive Guide To The Year That Was

TruTV - The Biggest Conspiracy Theories of 2012

Colbert Nation: 2012: A Look Back

FIP Year In Review(s?)

2012-12-25
Happy Holidays

2012-12-21
Welcome To A New Era!

2012-12-16
An Open Letter To United Health Care, Medcom, And The Medical Insurance Industry In General

2012-11-17
Whitehouse Petition To Remove "Under God" and "In God" From Currency And The Pledge.

2012-11-15
December 21, 2012

2012-11-11
If Hillary Clinton Ran For President, She Would Probably Be The Best-prepared Candidate In American History

2012-11-10
CIA Director David Petraeus Resigns After FBI Investigation Uncovers Affair With High-Profile Journalist

FIP Format Update

2012-11-07
Thank you for voting.

2012-11-06
Live Election Results

2012-09-30
FIP In Hiatus

2012-09-18
U.S.-Afghan Military Operations Suspended After Attacks

Iran Nuclear Chief Says IAEA Might Be Infiltrated By 'Terrorists And Saboteurs'

Romney Stands By Gaffe

2012-09-17
President Obama Says China Trade Practices Harm American Auto Parts Workers


Oil Prices Fall On Global Economic Concerns
2012-06-11 17:35:11 (119 weeks ago)
Posted By: Intellpuke
Oil fell Monday on the realization that a short-term fix in Spain won't offer a long-term solution to Europe's debt crisis.

A multi-billion dollar bailout loan for Spain's banks generated initial enthusiasm in the global stock, bond and energy markets. But by the close in New York, the good feeling had given way to skepticism.

Benchmark oil fell $1.40 to $82.70 per barrel in New York. Brent crude, which is used to price international varieties of oil, dropped 81 cents to $98.66 per barrel in London. The broad S&P 500 stock index fell nearly 1 percent.

Leaders of European countries agreed over the weekend to lend Spain up to $125 billion to help its troubled banking system. Spain is the fourth European country after Greece, Portugal and Ireland to request financial help since the debt crisis began.

Oil jumped above $86 per barrel in trading in Asia. But the relief was temporary, replaced by concern over Spain's ability to repay the money. The potential for Greece to abandon the European current still hangs over the market, as does a deepening recession in Italy. That turmoil, as well as slowing economic growth in China and the U.S., is reducing demand for oil, gasoline and diesel fuel.

(story continues below)




It's not yet clear whether Europe's ongoing efforts to put the financial crisis to rest will result in an economic turnaround. "It just doesn't seem like that's very close," said Michael Lynch, president of Strategic Energy & Economic Research.

Meanwhile, oil supplies continue to build despite ongoing weak demand around the world.

U.S. oil production topped 6 million barrels a day in the first quarter of 2012, which was a 14-year high, according to the Energy Information Administration. Most of the increase was the result of more production in North Dakota, Texas and the Gulf of Mexico.

Oil's decline was tempered by date showing China imported nearly 6 million barrels of crude a day in May. That was about 10 percent more than April and 18 percent more than a year earlier. China is a huge importer of oil and other commodities.

Meanwhile, motorists are continuing to see a steady decline in pump prices. The national average for gasoline fell less than a penny overnight to $3.54 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's 19 cents less than a year ago. Gas has dropped 50 cents per gallon in a little more than two months.

Natural gas dropped 8.1 cents to $2.218 per 1,000 cubic feet. The price has plunged about 50 cents in three weeks as supplies remain well above normal levels.

In other trading, heating oil fell 3.64 cents to $2.638 per gallon and gasoline dropped 2.86 cent to $2.657 per gallon.

Intellpuke: You can read this article by Associated Press Business Writer Sandy Shore in context here: www.guardian.co.uk/world/feedarticle/10284235


Email To A Friend
Email this story to a friend:
Your Name:
Their Email:
 
Readers Comments
Add your own comment.
(Anonymous commenting now enabled.)

Creative Commons License
Free Internet Press is licensed under a Creative Commons Attribution 3.0 United States License. You may reuse or distribute original works on this site, with attribution per the above license.

Any mirrored or quoted materials may be copyright their respective authors, publications, or outlets, as shown on their publication, indicated by the link in the news story. Such works are used under the fair use doctrine of United States copyright law. Should any materials be found overused or objectionable to the copyright holder, notification should be sent to editor@freeinternetpress.com, and the work will be removed and replaced with such notification.

Please email editor@freeinternetpress.com with any questions.

Our Privacy Policy can be viewed at https://freeinternetpress.com/privacy_policy.php

XML/RSS/RDF Newsfeed Syndication XML/RSS/RDF Newsfeed Syndication: http://freeinternetpress.com/rss.php

XML/RSS/RDF Newsfeed Syndication XML News Sitemap