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Oil Plummets on Economy Worries

NEW YORK -- Oil prices fell sharply Monday, pulling back at least temporarily from record levels as investors feared that the financial crisis that forced the sale of Bear Stearns Cos. is a sign of deep economic troubles, according to the Associated Press.

Crude's plunge came even as diesel prices rose to a new record above $4 a gallon, and gas prices remained high.

Light, sweet crude for April delivery fell $3.08 to $107.13 a barrel in morning trading on the New York Mercantile Exchange. Overnight, prices rose as high as $111.80 before plunging as low as $105.11 in early morning Nymex trading.

Posted by Peter C. T. Elsworth  at 12:07 PM to Crude oil market | Permalink | Comments 0

The New York Auto Show looks to 2009

Pontiac Sport Truck

This year’s New York International Auto Show has much in common with the going-nowhere Knicks: both will focus on rookies in the hope of improving next season, according to The New York Times.

With American car sales falling and some automakers predicting the numbers could be the lowest since at least 1998, the industry is looking toward 2009. Several of those ’09 models will make their debuts here this week before arriving at showrooms this year.

Show organizers expect more than one million people to attend the 108th New York show, which runs March 21-30 at the Jacob K. Javits Convention Center after press introductions starting Wednesday.

Posted by Peter C. T. Elsworth  at 9:56 AM to Shows | Permalink | Comments 0

Drivers corral high-horsepower cars at low cost

Even as gas prices rise, more automakers are breaking the price barrier on what used to be a privilege for the rich: the 300-horsepower engine, according to USA Today.

On Wednesday, Hyundai unveils the production version of its 2010 Genesis sports coupe with a 306-hp V-6 engine that the company bills as offering the maximum horsepower for the buck.

The price has not been set for its fall debut, but spokesman Miles Johnson says the Genesis four-seater will cost less than a Ford Mustang GT, which comes with a 300-hp engine, at $26,080.

Also bringing power to the people for less than 30 grand: General Motors' 361-hp Pontiac G8 GT and 303-hp Chevrolet Impala SS and Nissan's 306-hp 350Z.

Posted by Peter C. T. Elsworth  at 9:54 AM to Ford , GM , Hyundai | Permalink | Comments 0

Oil Rises to New Record As Dollar Drops

VIENNA, Austria -- Oil prices jumped to an all-time trading high of almost $112 a barrel Monday as the tumbling U.S. dollar and plunging stock markets prompted investors to seek shelter in commodities, according to the Associated Press.

Posted by Peter C. T. Elsworth  at 9:49 AM to Crude oil market | Permalink | Comments 0