OPEC oil producers are consulting about a supply boost but many in the group remain sceptical, saying high prices are due to fears of shortage and world supply is comfortable despite the loss of Libyan crude. Get the full story »
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Rising fuel costs ground United’s growth plans
With fuel costs soaring, the parent company of United Airlines said Monday that it is curtailing growth plans for 2011 and cutting its domestic flying more deeply than it had planned.
United Continental Holdings Inc. said that its system-wide capacity would remain flat for the year, and that it would curb capacity by offering fewer flights on some routes, exiting less-profitable routes and postponing the start of some new flights, such as planned service from Newark, N.J., to Cairo slated to launch this spring. Get the full story »
U.S. airlines hike fares, surcharges for costly fuel
A Southwest Airlines plane being refueled. (Justin Sullivan/Getty Images)
U.S. airlines are raising fares and rolling out surcharges as runaway fuel prices threaten to eat into profits.
Fuel surcharges are being added on international routes. JetBlue Airways Corp said on Monday it recently implemented a $45 one-way surcharge in select Caribbean markets. Delta Air Lines Inc said its surcharges vary by market.
Fees are also going up for passengers checking more than two pieces of luggage, and more carriers are ditching free snacks to save money, said Tom Parsons, chief executive of travel site Bestfares.com. Get the full story »
Chicago-area gas prices up 11% in last month
Gas prices continued to rise Monday, driven higher for nearly two weeks straight by the turmoil in Libya, with analysts expecting prices to keep climbing.
In the Chicago area, gas prices have risen 11 percent, or 37 cents, in the last month to an average of $3.716, according to a daily survey by motorist group AAA. U.S. gas prices have increased for 13 days in a row, rising nearly 34 cents in that time, the second-biggest price jump in the history of the gasoline market, according to the Lundberg Survey. Get the full story »
U.S. may tap oil reserves as gas prices rise
The U.S. government reiterated that it could tap its strategic oil reserves in order to safeguard economic growth as surging gasoline prices increase pressure for action. Get the full story »
U.S. nuclear output falls; Exelon slows reactor
From Bloomberg News | Chicago-based Exelon Corp. slowed its 1,134-megawatt Limerick 1 reactor located 30 miles northwest of Philadelphia to 90 percent of capacity from full power yesterday, with the 1,134-megawatt Limerick 2 now at 99 percent of capacity. The move came as total U.S. nuclear-power output fell 1.1 percent after PPL Corp. slowed its Susquehanna 1 reactor in Pennsylvania on Thursday, the Nuclear Regulatory Commission said.
Oil continues to climb on Libya conflict
Crude oil rose by more than $1 on Friday, with Brent hovering around $116, as fighting in Libya intensified with fresh reports of air strikes, and on protests in Saudi Arabia’s oil-producing Eastern Province.
Illinois ranks 8th nationally in green buildings
The U.S. Green Building Council reported that Illinois has 3.09 square feet of LEED-certified commercial and institutional green buildings per capita — ranking it eighth in the nation. Get the full story »
Oil settles at 2-1/2 year high on Libya violence
Oil rose to settle at its highest level since August 2008 Wednesday after an airstrike near Libya’s oil infrastructure raised more fears the OPEC nation’s oil sector could become a target in embattled leader Muammar Gaddafi’s efforts to hold power. Get the full story »
Gas prices top $4 at some Chicago stations
For the first time since the summer of 2008, gasoline prices in Chicago have climbed over the $4 mark.
Prices have climbed above $4 at some stations such as the BP station at Lawrence Avenue and Marine Drive in Uptown which is charging $4.09 for a gallon of regular this morning. Though, AAA reports Chicago gas prices average out at $3.59, which is significantly higher than last year’s $2.80 for a gallon of regular Get the full story »
Exelon, ADM may be in Buffett’s sights
From Bloomberg News | Billionaire Warren Buffett said in his annual letter that wants to use his almost $40 billion pile of cash to pursue bigger acquisitions. That may put companies from Archer Daniels Midland Co. to General Dynamics Corp. and Exelon Corp. in his sights. Get the full story>>
U.S. oil holds near $100 a barrel
Oil prices held near $100 a barrel Wednesday amid investor concern that the unrest in Libya could spread across the Middle East. The benchmark U.S. oil contract, West Texas Intermediate, was up 39 cents to $100.02 a barrel for April delivery. Get the full story »
U.S. gasoline demand undeterred by high prices
U.S. retail gasoline demand rose 3.1 percent in the latest week despite a sharp jump in pump prices as warmer weather boosted use of the fuel, MasterCard Advisors’ SpendingPulse report showed Tuesday.
Average gasoline demand climbed to 9.118 million barrels per day in the week to Feb. 25. Year-over-year demand shot up 3.8 percent for a seventh straight week of gains, MasterCard said.
Over the latest four weeks, U.S. gasoline consumption rose 2.6 percent year-on-year. Get the full story »
Demand for gasoline rising with prices
U.S retail gasoline demand rose 3.1 percent in the latest week despite a sharp jump in pump prices as warmer weather boosted demand , MasterCard Advisors’ SpendingPulse report showed Tuesday.
Average gasoline demand climbed 3.1 percent, to 9.118 million barrels per day, in the week to Feb. 25. Get the full story »
