Nearly a quarter of U.S. fuel production had been shut down due to the approach of Hurricane Ike, according to a government assessment released Friday.
By 10:00 A.M. ET, 13 of the 26 Texas refineries, representing a production capacity of 3.6 million barrels of fuel a day, had been shut down, the Energy Department said.
Texas accounts [...]
25% of U.S. production shut
September 12th, 2008 · No Comments
Tags: Business · Finance · Money · News · North America · Oil
Oil … soft demand
September 11th, 2008 · 2 Comments
Oil prices fell Thursday, testing a 5-month low, as the market remained focused on slumping demand and the stronger dollar but also watched the threat that Hurricane Ike poses to the Texas Gulf Coast.
Crude futures traded down 94 cents at $101.64 a barrel, having been as low as $100.18 earlier.
On Wednesday, U.S. light sweet crude [...]
Tags: Business · Finance · Money · North America · Oil
Bailout of Fannie and Freddie might lower mortgage
September 9th, 2008 · No Comments
The federal government’s takeover of Fannie Mae and Freddie Mac may save the battered real estate market from a complete meltdown. But financial experts say the bailout won’t lead to a housing recovery just yet.
Instead, some on Wall Street said the housing sector is in as tough shape today as it was before Sunday’s rescue [...]
Tags: Business · Finance · Money · News · North America
Business owners face a cost spike
July 18th, 2008 · 2 Comments
(Fortune Small Business) — With commodity, fuel and insurance costs hitting record highs, small-business owners are anxious about next week’s federal minimum wage hike, which will require employers in 26 states and the District of Columbia to raise their base to at least $6.55.
Next week’s increase of the current $5.85/hour minimum wage is the second [...]
Tags: Business · Finance · News · North America