gas prices

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$7 Gas? Analyst Sees It by 2012
 $7 Gas? Analyst Sees It by 2012 
Apr 25, 2008 4:54 PM CDT

$7 Gas? Analyst Sees It by 2012

Limited supply, ever-increasing demand will nearly double current prices

(Newser) - Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch.

Delta, Northwest Execs: Merger Would Ease Gas Burden

Dems skeptical, see 'cascade' of deals

(Newser) - The CEOs of Delta and Northwest took their case for a merger to Capitol Hill today, where they argued that they would be better equipped to deal with surging gas prices as a single company. Both businesses had big first-quarter losses, and the executives told lawmakers they’d be better...

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

(Newser) - Treasury is putting its rebate money where its mouth is—ahead of schedule, Reuters reports, with the first wave of checks going out Monday. “We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Henry Paulson tells Reuters. The Treasury secretary...

$4 Gas Driving San Franciscans From Cars

Sky-high milestone boosts mass transit numbers

(Newser) - The Bay Area is used to being on the cutting edge, but becoming the first to pay $4 for a gallon of gas is a milestone San Francisco could do without, the Chronicle reports. Prices are expected to nudge past the mark next week—but many Bay Area residents have...

Gas Fuels US Retail Sales, Up 0.2% in March

Inflation may also be factor as spending remains flat otherwise

(Newser) - US retail purchases rose in March by 0.2%, pushed up by higher prices at the gasoline pump, Bloomberg reports. Purchases excluding gasoline were unchanged, and consumer spending is still on its way down, causing investors to think that the Federal Reserve might again look to cut interest rates—despite...

American Airlines Cleared to Fly Again

All but 3 jets are flying today and schedule will resume tomorrow

(Newser) - Federal officials cleared American Airlines today to resume flying all but three of its grounded MD-80 jets, the AP reports. American wanted to run a full schedule today, but "we still need to get the planes positioned for their next flights," a company spokesman said. The full fleet...

March Retail Sales Fall Flat
 March Retail Sales Fall Flat 
Apr 10, 2008 11:29 AM CDT

March Retail Sales Fall Flat

Easter partly to blame as chains fall short of expectations

(Newser) - Retailers’ same-store sales were flat in March, due in part to an early Easter, the Wall Street Journal reports. The Thomson Financial Same Store Sales Index, projected to sink 0.1%, fell 1.1%, excluding Wal-Mart. Shoppers weren’t ready to buy for spring on the heels of winter, store...

Thousands Stuck as Asian Budget Airline Folds

Hong Kong airline becomes 4th carrier to go bust this month

(Newser) - Thousands of passengers have been stranded in Hong Kong, London, and Vancouver with the collapse of Asian budget airline Oasis, the New York Times reports. In a sign that the industry's woes are spreading rapidly, the Hong Kong-based airline joins three US budget carriers to have gone under this month...

Pickup Sales Plummet to 10-Year Low

Trucks can't pull their weight as gas prices rev up, housing stalls

(Newser) - US pickup truck sales tumbled in March, hitting their lowest level in nearly a decade. The Big Three all reported double-digit percentage drops in sales this month—the Dodge Ram was down 26%—and large pickups represented barely more than 10% of the auto market. High gas prices added fuel...

Cheap Flights, Passenger Perks Lost in Transit

Soaring fuel prices mean airline fees, shakeups here to stay

(Newser) - The days of discounts and perks on major US airlines have disappeared from the horizon, possibly forever, Marketwatch writes. The stratospheric fuel prices that caused three airlines to shut down last week alone are forcing airlines to boost their bottom lines any way they can. Capacity is being cut back...

Skybus Airlines Goes Bust
Skybus Airlines Goes Bust
Apr 5, 2008 5:37 AM CDT

Skybus Airlines Goes Bust

Low-cost Ohio carrier with $10 fares is airline industry's third casualty in a week

(Newser) - Anybody who wondered how Skybus could make money with its famous $10 airfares can stop: they didn't. The Ohio-based airline has become the latest US carrier to go bankrupt in the face of soaring fuel costs and a sluggish economy, the Columbus Dispatch reports. It made its last flight yesterday...

Northwest Hikes Fares, Cuts Flights

Big carriers scurry to boost bottom line as small airlines go bust

(Newser) - Northwest Airlines is jacking up fares and fees and scaling back domestic operations, the Wall Street Journal reports. The airline, trying to deal with soaring fuel costs and a slowing economy without instituting pay cuts, also plans to freeze hiring. Northwest will keep adding international flights, but will add fuel...

March Auto Sales Hit the Skids
March Auto Sales
Hit the Skids 
Apr 2, 2008 4:00 AM CDT

March Auto Sales Hit the Skids

GM, Chrysler Down 19%, Toyota, Ford Dip 10%

(Newser) - US auto sales plummeted last month, with GM and Chrysler's March sales diving 19%, and Ford and Toyota's down 10%, the Wall Street Journal reports. Rising gas prices, the credit crisis and fear of the future are blamed for the troubling trend. Detroit is bracing for even more bad news...

Congress Grills Oil Execs Over Skyrocketing Prices

Honchos place some blame at legislators' feet

(Newser) - Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas...

Aloha Airlines Shuts Down
 Aloha Airlines Shuts Down 
Mar 31, 2008 7:11 AM CDT

Aloha Airlines Shuts Down

Fierce competition and rising fuel costs push carrier over the edge

(Newser) - Unable to find a buyer and running out of cash, Hawaii’s ubiquitous Aloha Airlines is shutting down operations after today, idling 1,900 workers and ending more than six decades of island-hopping and transpacific flights, the Honolulu Advertiser reports. The airline filed for bankruptcy March 20 because of rising...

Record 28 Million Americans to Get Food Stamps

Slip into poverty a grim economic indicator

(Newser) - In an economic indicator that paints a grim future for swaths of the US population, an all-time record 28 million Americans are expected to be close enough to poverty to receive $36 billion in food stamps in the coming fiscal year, reports the New York Times. There is a surge...

Rising Cost of Essentials Slams Poor Families

Prices of "core" items are rising twice as fast as wages

(Newser) - The rising price of essentials and sluggish growth in wages mean that inflation is hitting low- to middle-income families hardest, the Washington Post reports. Americans are paying 9.2% more for staples—groceries, gas, health care, etc.— than they did in 2006, nearly twice the pace of the growth...

Wowie! Maui Gas Hits $4
Wowie! Maui Gas Hits $4 
Mar 14, 2008 9:45 AM CDT

Wowie! Maui Gas Hits $4

Hawaii is especially hard hit by rising oil prices

(Newser) - The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the...

Consumer Prices Flat in Feb.
 Consumer Prices Flat in Feb. 
Mar 14, 2008 8:41 AM CDT

Consumer Prices Flat in Feb.

Lack of increase means Fed has an open door to a big rate cute next week

(Newser) - Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal. This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate...

Retail Sales Sank in February
Retail Sales
Sank in
February
Mar 13, 2008 9:15 AM CDT

Retail Sales Sank in February

Surprise drop, after January rise, stokes slowdown fears

(Newser) - Stoking fears of recession, US retail sales fell in February by .6%, the Wall Street Journal reports, despite economists' predictions of a 0.1% increase. Sales had been up a revised 0.4% in January. Factors cited in the decline include rising gas prices, falling home values, the credit crunch,...

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