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Gasoline prices lowest since February 2004

NEW YORK - The average price for a gallon of gasoline in the United States fell 5 percent from two weeks earlier, hitting its lowest level since February 2004, according to the nationwide Lundberg survey released on Sunday. The national average for self-serve, regular unleaded ...

OPEC big guns back record oil supply cut

ORAN, Algeria - OPEC's top two producers, Saudi Arabia and Iran, gave full backing on Tuesday for OPEC to make its biggest supply cut ever in a fight against slumping demand and falling prices. Ali al-Naimi, the kingdom's oil minister, told Reuters he also expected those outside ...

India's new oil subsidy plan by mid-January: sources

NEW DELHI - India plans to ease the subsidy burden on upstream firms such as Oil and Natural Gas Corp by formulating a new system to offset losses from selling cheap fuels, oil ministry sources said on Thursday. When crude oil was above $100 a barrel, ONGC was forced to offer ...

Oil drop may break wave of resource nationalism

NEW YORK - The oil resource nationalism trend seen over the past six years may be scaled back or reversed as producer countries are forced to seek greater foreign investment to counter lower crude prices and shrinking budgets. Big oil producing nations from Russia to Venezuela, ...

London energy meeting aims for oil price stability

LONDON - Energy ministers from the world's largest oil producers and consumers are likely to agree on the need for stable oil prices and better and more timely data on energy when they gather in London on Friday. That is probably where the public agreement ends. The world's most ...

OPEC to meet 60-70 percent of oil output cut in Q1: EIA

WASHINGTON - OPEC is expected during the first quarter of 2009 to comply with 60 percent to 70 percent of the 4.2 million barrels per day the producer group has pledged to cut in its crude oil output, the U.S. Energy Information Administration said on Thursday. The compliance ...

Oil prices can rise if OPEC delivers cuts

LONDON - OPEC must deliver fully on its promise to tighten supply by a record amount if oil prices are to stabilize above $40 a barrel and eventually return to much higher levels. The 12 members of the Organization of the Petroleum Exporting Countries vowed on Wednesday to remove ...

Oil drops 9 percent as demand outlook overshadows OPEC

NEW YORK - U.S. crude prices dropped more than 9 percent to $36 a barrel on Thursday as slumping demand and swelling U.S. inventories offset OPEC's record supply cut agreement. The Organization of the Petroleum Exporting Countries on Wednesday agreed to cut output by 2.2 million ...

U.S. oil demand to grow 1 million bpd by 2030: EIA

WASHINGTON - U.S. oil demand is expected to grow only 1 million barrels per day, or 0.2 percent, over the next two decades, as higher vehicle fuel standards and increased use of renewable fuels stifle petroleum consumption, the government's top energy forecasting agency said on ...

Oil contango drives down investor profits

NEW YORK - The deepening discount of near month oil futures contracts against later months is scaring investors off simple passive funds that helped drive big returns during crude's six-year rally, Erik Simpson, managing director at Vantage Energy Hedge Fund said on Friday. ...

Newfield ends oil-sales deal with Big West Oil

Dec 22 - Oil and natural gas producer Newfield Exploration Co (NFX.N) terminated an oil-sales contract with Big West Oil Co LLC, saying it did not receive timely payment for crude oil deliveries made in November. Shares of the company were down nearly 7 percent at $18.64 Monday ...

Oil company Flying J files for bankruptcy

NEW YORK - Flying J, a privately held oil producer, refiner and pipeline operator, filed for Chapter 11 bankruptcy protection on Monday, citing weak oil prices and turmoil in the credit markets. The company listed estimated liabilities between $100 million to $500 million and ...

Crude oil tumbles nearly 6% on economic woes

NEW YORK -- Crude oil lost nearly 6 percent and closed below 40 U.S. dollars a barrel on Monday on signs that a deepening recession is deteriorating fuel demand. Light, sweet crude for February delivery fell 2.45 dollars to settle at 39.91 dollars a barrel on the New York ...

Oil deepens losses below $40

SINGAPORE - Oil prices extended their sharp fall to drop further below $40 a barrel on Tuesday, weakened anew by growing signs of deteriorating world oil demand. Final third-quarter U.S. gross domestic product data due later in the day is likely to underscore the ailing state of ...

Bumpy oil prices test world's nerves

BEIJING -- The international energy market witnessed dramatic ups and downs in oil prices during the past year. As the world's most significant natural resource, oil used price fluctuations to test people's nerves. PRICE PUSHERS Beginning in the second half of 2007, the ...

Japan's Cosmo to revise wholesale oil prices weekly

TOKYO - Cosmo Oil Co (5007.T), Japan's fourth-biggest oil refiner, said on Monday it plans to begin revising from April its wholesale gasoline and other oil prices every week to better reflect spot market prices on the retail level. The company now adjusts prices of most products ...

Iranian official pledges no stop of fuel oil export

TEHRAN -- An Iranian official has pledged that the country would never stop its fuel oil export, the semi-official Fars news agency reported on Monday. "The export of this product will not be stopped under any circumstance," Farid Ameri, Managing Director of the Oil Products ...

Japan gasoline prices lowest in survey's history

TOKYO - Japan's retail regular gasoline prices have fallen to their lowest on records going back to 2004, a research body said on Thursday, as crude oil prices have dived more than $100 since hitting all-time highs in mid-July. The average pump price of regular gasoline in Japan ...

Iranian official stresses need of investment for oil industry

TEHRAN -- Iran's Oil Minister Gholam-Hossein Nozari has stressed the need of investment for the country's oil industry, local satellite Press TV reported on Saturday. As one of the oil producing countries, investment is needed for Iran because it "is the only way to guarantee the ...

U.S. crude oil stocks drop unexpectedly: EIA

NEW YORK - U.S. crude stocks posted a surprise drop last week, government data showed on Wednesday, and analysts cited higher refinery operations and disruptions to imports due to fog on the Gulf Coast. However, the Energy Information Administration report also showed another ...
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Bill Gates talks nuclear
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China offers inspirations to global dilemmas
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IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
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China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
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Chinese investors look to overseas opportunities
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Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
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sports

Yao's gift of sport for all
Yao's gift of sport for all
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Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
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