Main page | May 12, 2008 »

Gas jumps above $3.67, oil passes $126

NEW YORK -- Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member, according to the Associated Press.

Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.

Posted by Peter C. T. Elsworth  at 2:02 PM to Crude oil market , Gas prices | Permalink | Comments 0

Oil nears $126 per barrel ahead of US driving season

Oil prices neared $126 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities, according to the Associated Press.

Light, sweet crude for June delivery rose to a record $125.98 a barrel in electronic trading on the New York Mercantile Exchange near midday before falling back to $125.75, up $2.06 on the day, by the afternoon in Europe.

On Thursday, the contract rose to a record close of $123.69 a barrel.

Posted by Peter C. T. Elsworth  at 9:43 AM to Crude oil market | Permalink | Comments 0

Gas costs deflate prices on used SUVs

High fuel prices are causing the value of used SUVs to plummet, often below what's listed in the buying guides many shoppers use to negotiate with dealers, according to USA Today.

As a result, some new-car buyers think they're getting cheated by dealers who are offering them little for their SUV trade-ins.

"The dealer is going to offer a price, and the customer is going to be ticked off," says Tom Webb, chief economist for Manheim, operators of auctions where car dealers buy their used-vehicle inventories. "The guidebooks have not caught up to the market," he says.

Posted by Peter C. T. Elsworth  at 9:39 AM to Auto industry | Permalink | Comments 0