Inside these posts: Crude oil

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U.S. gas prices rise 9 cents, hitting April record

Chicago gas prices jumped 18 cents last week. (Joe Raedle/Getty)

U.S. gasoline prices soared nearly 9 cents over the last week to $3.68 a gallon, the highest pump price on record for April, the Energy Department said on Monday.

The national price for regular unleaded gasoline is up 86 cents from a year ago, based on the department’s weekly survey of fuel prices at service stations. Cleveland and Chicago had the biggest weekly gasoline price increases, rising 19 and 18 cents a gallon, respectively. Get the full story »

Crude prices retrace up on Saudi unrest

Brent and U.S. crude oil futures pared losses on Thursday, beset by deeper geopolitical concerns on witness reports that police fired upon protesters in Saudi Arabia’s Eastern province. 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 »

Oil prices fall on jobs report, stronger dollar

Oil prices fell Friday after the government reported a sharp drop in the unemployment rate, which helped boost the dollar against foreign currencies. Get the full story »

Higher demand, crude prices lift Exxon profit 53%

Exxon Mobil Corp. reported a 53 percent increase in quarterly profit Monday as an improving world economy sparked higher demand for fuel and chemicals as crude oil prices rose.

It reported a fourth-quarter profit of $9.25 billion, or $1.85 per share, up from with $6.05 billion, or $1.27 per share a year earlier.

BP challenges U.S. estimates of oil spill rate

BP is mounting a new challenge to U.S. government estimates of how much oil flowed from the runaway well deep below the Gulf of Mexico. The issue will be critical in determining the size of federal pollution fines the company will pay.

Toxic chemicals found deep at oil spill site

Toxic chemicals at levels high enough to kill sea animals extended deep underwater soon after the BP oil spill, U.S. researchers reported Tuesday.

They found evidence of the chemicals as deep as 3,300 feet

and as far away as 8 miles in May, and said the spread likely worsened as more oil spilled. Get the full story »

Shell CEO criticizes Gulf spill

The head of Royal Dutch Shell says that his company would never have made the mistakes that led to BP’s devastating Gulf of Mexico oil spill. Get the full story »

Enbridge to reopen Illinois oil pipeline

Enbridge Energy Partners said it has finished repairs on its line 6A pipeline shut down last week due to a leak in a Chicago suburb and plans to restore service Friday morning.

The company said the leak was stopped Sunday evening after it found a hole in the 34-inch pipe in an industrial area of Romeoville. Enbridge said 6,100 barrels of crude oil were released during the spill, and only a small portion escaped from the immediate area before its crews began vacuuming up the oil. Get the full story »

Offshore oil rig in Gulf of Mexico explodes

An offshore oil rig exploded in the Gulf of Mexico on Thursday, west of the site of the April blast that caused the massive oil spill.

Oil, gas prices rise on China currency move

China’s move to end its currency’s peg to the dollar initially fanned enthusiasm for crude, since a stronger yuan will make dollar-based commodities such as oil cheaper in China and bolster demand, but oil prices gave up earlier gains Monday afternoon as uncertainty set in about how quickly China may implement currency changes trimmed oil prices.

Crude gained 64 cents, to settle at $77.82 a barrel, on the New York Mercantile Exchange after rising as high as $78.92.

Retail prices for gasoline in the United States have climbed over the last week and are headed back toward a national average of $2.80 to $2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service. Get the full story »