Gallon of gas jumps to $3.76: survey

The average price for a gallon of gasoline in the United States has moved closer to $4, jumping more than 19 cents since mid-March to a level less than 10 percent below its all-time high, a widely followed survey said on Sunday. The Lundberg Survey said the national average price of self-serve, regular unleaded gas was $3.765 on Friday, up from $3.573... 

Jobs, the lagging indicator once more?

The U.S. labor market is finally improving, just when many of the other economic indicators are wavering. Jobs are considered a lagging indicator. They typically recover many months after the economy comes out of a recession, and this cycle was no exception. So will troubles in Japan, Libya and elsewhere push up U.S. unemployment later this year? “The... 

U.S. gasoline prices rise to $3.57/gallon: survey

Gasoline prices in the United States rose 6.65 cents per gallon over a two-week period, carried by the rise in crude oil prices stemming from the turmoil in Libya, an industry analyst said. The national average for a gallon of self-serve, regular gasoline was $3.57 on March 18, according to the Lundberg Survey of about 2,500 gas stations. The 6.65-cent... 

Wall Street up on energy shares after Japan quake

Stocks rose on Friday, led by gains in energy shares after Japan’s biggest earthquake on record hurt the country’s oil refining capacity, but trade was choppy as investors tried to weigh the quake’s economic impact. The 8.9 magnitude quake that struck the northeast coast of Japan, the world’s third largest economy, triggered... 

Analysis: Stocks-oil relation looks as it did in 2008 recession

The trading pattern of the prices of stocks and crude oil looks worryingly like it did just before the last recession. Oil and equity prices rise and fall more or less in tandem when demand and economic growth expectations dictate prices. But the short-term relationship has been turned on its head in recent weeks with investors worried that political... 

Moody’s Confirms Nexen’s Investment Grade Credit Rating

Earlier today, Moody’s Investors Service announced the completion of their credit review and confirmed Nexen’s Baa3 rating with a negative outlook. We expect to retain this rating and remove the negative outlook by reducing our debt to levels commensurate with the rating by late this year or early 2012, and retaining sufficient cash to fund... 

As oil muddies outlook, Fed policy less certain

Surging oil prices are deepening a split inside the Federal Reserve, blurring the likely direction of U.S. monetary policy and making next week’s policy meeting all the more contentious. The sharp rise in energy costs, precipitated by a wave of pro-democracy uprisings across the Arab world, could affect the economy in different ways, by retarding... 

Range Announces 2010 Results

ANGE RESOURCES CORPORATION today announced its 2010 results. Range continued to execute its strategy of double-digit production and reserve growth at a top-quartile or better cost structure, while maintaining a strong financial position. Production increased 14% while sequential production growth reached 32 consecutive quarters. Proved reserves increased... 

Blast rocks Enterprise natgas plant in Texas

One worker was unaccounted for after explosions rocked a natural gas liquids storage complex on Tuesday in Mont Belvieu, Texas, according to the plant’s owner, which also said the main facilities were not damaged. Firefighters contained the massive fire, visible 35 miles to the west in Houston, and there were no reported injuries, Chambers County... 

Egypt unrest may push oil above $110: Kuwait official

Global oil prices could exceed $110 a barrel if political unrest in Egypt continues, a member of Kuwait’s Supreme Petroleum Council said on Sunday. Oil prices have spiked due to tension in Egypt. Brent crude hit $100 per barrel for the first time since 2008 on fears instability could spread through the Middle East, which together with North Africa...