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Gas prices inch closer to $4 while oil gyrates (Finance, 14 articles)
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(CNN) Federal regulators investigating possible price manipulation of crude oil are probably looking at what role collapsed energy giant Enron may have played, a former government official said Friday. The U.S. Energy Department's Energy Information Administration said delays in unloading oil tankers along the Gulf Coast had led to the 8.8 million-barrel drop in crude oil inventories for the week ended May 23. NEW YORK - Retail gas and diesel prices reached new records Monday, adding to the pressure on drivers planning road trips for the coming holiday weekend, while oil prices stalled following last week's record highs. p (05-30) 04:00 PDT Washington Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation. Oil futures, meanwhile, traded in a narrow range as investors tried to determine whether recent price declines were temporary. Crude oil futures fell sharply in a day of volatile trading Thursday, even though inventory figures showed U.S. oil supplies unexpectedly fell in the last week. US regulators on Thursday revealed a wide-ranging investigation into crude oil trading practices amid increasing Congressional concern over the role of speculators in record energy prices.
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United Airlines, US Airways ground merger talks (Finance, 15 articles)
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(Look at electricity companies) It's triply terrible when the industry has a practically perfect record of bungling mergers. In the view of airline executives and analysts, the industry is facing its toughest challenge yet, with little prospect that carriers can return to profits anytime soon. A representative for the second-largest U.S. airline also said Friday the Chicago-based carrier is "seriously considering" following AMR Corp.'s American Airlines in charging passengers to check their first piece of luggage.
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First-Quarter Economic Growth Stronger Than Estimated (Finance, 12 articles)
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Investors who sent stocks higher for three straight sessions turned cautious after the Commerce Department said personal spending rose 0.2 percent last month and personal income rose 0.2 percent. Stocks rose for the third consecutive session Thursday as oil prices fell sharply and the government reported that the economy grew at a faster rate in the last quarter than previously estimated. Personal spending, under scrutiny as a barometer of how consumers fare as the U.S. economy cools amid soaring energy costs and a slumping housing market, had risen by 0.4 percent the previous month.
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Other stories about percent, quarter and rose:
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GM says 19K US hourly workers taking its buyout offers (Finance, 7 articles)
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DETROIT - General Motors on Thursday said that 19,000 hourly workers - a quarter of a unionized work force that already has been drastically pared down - have accepted buyouts. Most of the workers will depart within the next month, as G.M. formulates a plan to deal with plummeting demand for sport utility vehicles and pickup trucks while gasoline prices climb above $4 a gallon. The proportion of G.M. workers who took a buyout is more than triple the acceptance rate at Ford, where 4,200 of 54,000 workers took deals offered as part of a similar program.
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Novell posts 2nd-qtr profit; Linux sales rise (Finance, 6 articles)
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The Pittsburgh-based maker of Heinz ketchup, Weight Watchers products and Ore-Ida potatoes said commodity costs rose by 8 percent in the year and expects similar increases for the next two years und foreshadowing continued higher food prices for consumers. During a meeting with analysts, Heinz executives said costs were being propelled upward by growing demand from an expanding middle-class in India and China plus higher fuel prices. Shares edged down 26 cents to $72.98 in an overall positive market after the company said Wall Street's forecast for the fourth quarter might be too high.
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blaster@cs.columbia.edu
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