facebooktwitterRSS
- Advertisement -
  • Most Commentedmost commented up
  • Most Emailedmost emailed up
  • Popularmost popular up
- Advertisement -
 

« News Home

Oil price tumbles as unemployment claims rise



Published: Thu, May 5, 2011 @ 11:24 a.m.

NEW YORK (AP) — Oil is tumbling more than 3 percent after the government reported a jump in applications for unemployment benefits.

The Labor Department report added to growing concerns about weaker oil and gasoline demand in the U.S. Industry and government surveys have indicated that Americans are buying less fuel as pump prices rise.

The rise in claims for unemployment benefits suggests that fewer people are driving to work. That should depress gasoline demand even further, analysts say.

Benchmark crude dropped $3.56 to $105.70 per barrel on the New York Mercantile Exchange.

Retail gasoline prices rose for the 44th consecutive day to a national average of $3.985 per gallon.


Comments

1Armyguy28(26 comments)posted 2 years, 11 months ago

Yea because Obama has a say in how gas prices fluctuate from investing on Wall St and its his policies doing it. /s

Suggest removal:

2commoncitizen(949 comments)posted 2 years, 11 months ago

Isn't it amazing when Bush was president, the gas prices went up because he was "tied into big oil", now that Obama is president and oil prices aren't anywhere close to the $150.00/barrel when Bush was in office (now $10570/barrel),YET gas prices are just as high as then----WHY?

Suggest removal:


News
Opinion
Entertainment
Sports
Marketplace
Classifieds
Records
Discussions
Community
Help
Forms
Neighbors

HomeTerms of UsePrivacy StatementAdvertiseStaff DirectoryHelp
© 2014 Vindy.com. All rights reserved. A service of The Vindicator.
107 Vindicator Square. Youngstown, OH 44503

Phone Main: 330.747.1471 • Interactive Advertising: 330.740.2955 • Classified Advertising: 330.746.6565
Sponsored Links: Vindy Wheels | Vindy Jobs | Vindy Homes | Pittsburgh International Airport