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Oil drops to $122.30 on lower gas demand
Summary from United States, from articles in English
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NEW YORK - Oil prices extended their drop yesterday from record highs, falling to around $122 after the Energy Department said gasoline demand fell sharply last week. (article 6)
Retail gas prices, meanwhile, rose to a new record above $3.98 a gallon and are likely to hit $4 in coming days, although oil prices have retreated nearly $13 from last month's record levels. (article 5)
June 4, 2008 Billionaire investor George Soros said the record oil prices weighing on the economy are the result of a "bubble" caused by speculation from index funds and a tight balance between supply and demand. (article 3)
China's main cities are beginning to face growing fuel shortages as oil companies cut supply into the fixed-price local market in response to rocketing global prices. (article 1)
With a nationwide average gas price of just about $4 a gallon, lots of people are thinking there must be something the government can do to help. (article 9)
It's Economics 101: For most goods, when the price soars, demand falls, and that leads to lower prices. (article 12)
(CNN) Rising oil and gas prices have lawmakers and consumers scrambling for solutions, but it is unclear whether anything can be done to lower energy costs in the short term, experts say. (article 10)
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Other stories about oil, Prices and Gas:
Event tracking:
Story keywords
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oil, Prices, Gas, barrels, energy |
Source articles
- China hit by fuel shortages as supplies are cut (ft.com, 06/04/2008, 471 words)
- Fuel price rise may only power inflation (ft.com, 06/04/2008, 560 words)
- SOROS: RECORD OIL PRICES ARE DIRECT RESULT OF 'BUBBLE' (NY Post, 06/04/2008, 271 words)
- Speculators driving up oil prices, Senate panel told (seattletimes.nwsource.com, 06/04/2008, 648 words)
- Oil falls after government says gas demand is down (seattletimes.nwsource.com, 06/04/2008, 703 words)
- Oil drops to $122.30 on lower gas demand (boston.com, 06/05/2008, 331 words)
- Oil prices may have peaked (L.A. Times, 06/04/2008, 705 words)
- Protests, strikes staged as gas soars; a gallon now $11 in Turkey (sfgate.com, 06/04/2008, 806 words)
- Six fixes for high gas prices (money.cnn.com, 06/04/2008, 1093 words)
- Is there a short-term fix for high gas prices? (CNN, 06/02/2008, 966 words)
- Skyrocketing gasoline prices force changes (L.A. Times, 06/03/2008, 996 words)
- Bending the laws of supply and demand (seattletimes.nwsource.com, 06/04/2008, 246 words)
- BUSINESS BRIEFING (Washington Post, 06/04/2008, 327 words)
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blaster@cs.columbia.edu
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