Survey Finds Demand Down at the Pump

Gasoline demand at the pump last week was down 3.8 percent compared with the same week last year, according to a survey by MasterCard SpendingPulse. It is the seventh consecutive week of year-over- year decline in weekly demand. The survey finds average retail prices for a gallon of regular gasoline increased 0.8 percent last week, up 3 cents across the nation, and now stand 27.2 percent higher than... 

Energy Dept. and IEA Lower Oil Demand Outlook

The Energy Department and the Paris-based International Energy Agency both lowered their global oil consumption forecasts for this year amid surging prices, but said demand for oil and petroleum products is accelerating in parts of the developing world. In its monthly short-term Energy outlook, the Energy Department’s Energy Information Administration said oil consumption is falling more than... 

Stronger Dollar, Weaker Demand Undercuts Crude

Oil prices ended lower, giving up an earlier advance as the dollar held its gains against the euro and the Energy Department slashed its oil consumption projections. Retail gasoline prices rose to a new record over $4.04 a gallon. Light, sweet crude for July delivery fell $3.04 to settle at $131.31 a barrel on the New York Mercantile Exchange. The dollar rose on recent supportive comments by U.S. officials,... 

As Gasoline Passes $4, Oil Falls Back

Gasoline prices continued to rise above a national average of $4 a gallon, but oil futures retreated after Treasury Secretary Henry Paulson said he will not rule out intervention to stabilize the dollar — boosting the greenback against the euro — and Saudi Arabia said it will call for a meeting to discuss crude-oil prices. Light, sweet crude for July delivery fell $4.19 to settle at $134.35... 

Oil Rushes to Historic High

Oil prices shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply. The meteoric surge built on a price jump Thursday and capped oil’s biggest two-day gain in the history of the New York Mercantile Exchange. Light, sweet crude for July delivery jumped... 

Oil Recoups Week’s Losses

Oil prices rose back above $128 a barrel after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates. At the pump, meanwhile, gas prices rose to a new record near $3.99, and are likely to hit $4 soon. Light, sweet crude for July delivery rose as high as $128.26 before retreating slightly to settle up $5.49 at $127.79... 

Crude Down to $122

Oil prices fell to the $122 level, after the Energy Department said fuel inventories rose more than expected, indicating slowing demand. Light, sweet crude for July delivery fell $2.01 to settle at $122.30 barrel on the New York Mercantile Exchange. Earlier it dropped as low as $121.84. It was oil’s lowest settlement since May 6. July gasoline futures plummeted 15.74 cents to settle at $3.1951... 

Soft Demand, Stronger Dollar Undercut Oil

Oil prices fell sharply, dropping below $124 a barrel, as demand concerns grew and Federal Reserve Chairman Ben Bernanke indicated that more interest-rate cuts are unlikely. Bernanke’s comments sent the dollar higher and raised questions about the chances of oil reaching new highs in the short term. Light, sweet crude for July delivery fell $3.45 to settle at $124.31 a barrel on the New York... 

Gasoline Demand Slowdown Continues

Gasoline demand at the pump last week fell 3.6 percent from the week before, according to a survey by MasterCard SpendingPulse. Compared with the same week last year, demand was down 4.7 percent. Study author Michael McNamara says post-Memorial Day holiday pumping accounts for much of the week-to-week decrease, but the year-to-year decline shows that demand is still down compared to 2007. “Year-to-date,... 

Crude Up a Little, Gasoline Steady

Gasoline held steady near an average $3.98 a gallon at the pump, as oil prices rose modestly after an OPEC official again said there’s no need for the cartel to pump more oil and rough weather closed Mexican oil ports. The national average price of a gallon of regular gas was unchanged at $3.975, according to a survey of stations by AAA and the Oil Price Information Service, matching a record...