Main page | March 7, 2007 »

Oil prices are popping again

Oil prices have topped $60 a barrel today as many European and Asian stock markets bounced back from a weeklong slide, and strategists pointed to robust demand for gasoline and falling petroleum inventories, according to an Associated Press report cited on signonsandiego.com.
Light, sweet crude for April delivery rose 63 cents to $60.70 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract fell 2.5 percent yesterday to settle at $60.07 a barrel, the lowest for a front-month contract since Feb. 21.

Posted by   at 10:49 AM to Oil | Permalink | Comments 0

R.I. Gasoline jumps 17 cents in just a week

Check out Tim Barmann's story about spiking gas price in today's Business Section of the Providence Jouranl. Barmann writes that any hope of $2-a-gallon gasoline in the near future seems to have evaporated with the latest survey of area gas prices. The state Office of Energy Resources said that the average price of regular, self-serve gasoline yesterday was $2.499 a gallon, a jump of 17 cents a gallon from last week’s average price of $2.329 a gallon.
That was the biggest one-week increase since last April, he writes. Gasoline prices have now gone up a total of 33 cents over the past four weeks, after declining for several weeks. The average price has not been this high since September of last year. It is 26 cents higher than it was one year ago when the average cost was $2.239, AAA said.

Posted by   at 10:40 AM | Permalink | Comments 0

Workers nix production plans for Chrysler Imperial

leftlanenews.com reports Chrysler's workers at its assembly plant in Brampton, Ontario, rejected a company proposal that asked them to give up $115 a week in exchange for a contract to build known as Product X, but which has been identified by WardsAuto as the Chrysler Imperial.

Posted by   at 10:15 AM to Companies | Permalink | Comments 0

Private group seen circling Chrysler

Reuters reports that U.S. buyout firm Blackstone Group is showing an interest in Chrysler which effectively went up on the blocks after DaimlerChrysler Chief Executive Dieter Zetsche announced last month ago that "all options were open."
Reuters today cited a a person familiar with the situation as saying said the private equity group has approached Chrysler and been granted access to its books in preparation for a possible bid.
But Reuters said he source said there was no guarantee that the firm, already an investor in Germany's Deutsche Telekom, would make an offer for Chrysler.
Blackstone, which is majority owner of TRW Automotive and formerly an investor in American Axle and Manufacturing declined to comment. And Zetsche gave reporters at the auto show in Geneva no details on the status of the Chrysler's status.

Posted by   at 10:05 AM | Permalink | Comments 0