The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. According to the press release, Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports. However, the committee echoed concerns over a softening labor market.
The unemployment rate for July rose to [...]
All Posts Tagged With: "gasoline"
Fed keeps interest rates unchanged, market’s rally
So how profitable is Exxon? $11.6 billion for Q2
So how profitable are oil companies. In Exxon’s context that reported earnings today, that’s $11.6 billion in earnings for the second quarter. Profits rose 14 percent from a year ago, as crude oil and natural gas prices continued their climb.
The Irving, Texas-based oil company posted earnings of $2.22 a share, on revenue of $138 billion. [...]
June Inflation double that of May, 2008 energy index up 29%!
According to the Department of Labor Consumer Price Index (CPI) numbers for June, prices increased 1.1 percent for the month of June compared with 0.6 percent for May - almost double. The index for energy rose sharply for the second straight month, increasing 6.6 percent in June following a 4.4 percent increase in May. The [...]
July 16th, 2008 | rp | Comments | Continued
Crude hits record high as the holiday weekend approaches
Crude oil futures have hit a record high of $144 dollars a barrel as the 4th of July, 3 day weekend, approaches.
According to the EIA, the average price of retail gasoline for the week of 06/30 was $4.095, up $1.136 from the same time last year, a 38% increase! The worst hit metro’s include LA [...]
Saudi’s to produce more Oil, prices fall
United Nations chief Ban-ki-moon said world’s biggest producer of oil, Saudi Arabia, is to increase its oil production by more than half a million barrels per day (bpd) to 9.7 bpd in July. The news was reported in Abu-Dhabi based National Newspaper after Ban-ki-moon met Saudi oil minister Ali al-Naimi.
Following the news of higher production, [...]
Oil peaks at $132, average gasoline prices inch higher
Light Crude futures hit $132 a barrel as the summer travel season begins in the US. According to data recorded for the EIA ( Energy Information Administration ), average price of gasoline for the week inched up further to $3.791 a gallon from last week’s average of $3.722. The average price at some of [...]
May 21st, 2008 | rp | Comments | Continued
Inflation eases but food prices head higher in April
The Department of Labor released the Consumer Price Index numbers for April. The CPI for all urban consumers rose 0.2 percent on a seasonally adjusted basis. The index in energy remain unchanged but after a 1.9% increase in March. The index for petroleum based products fell 1.6% offsetting a 2.5% increase in the index for [...]
May 14th, 2008 | rp | Comments | Continued
Crude passes $120, gasoline prices increase
The NYMEX Division Light Sweet Crude Oil futures contract closed up $0.15 to end above $120 at $120.12. Average price of gasoline in the US went up $0.01 since last week ( 04/28/08 ) rising from $3.603 to $3.613 as reported by the Energy Information Administration.
Rising gas prices are hurting consumers and retailers [...]
