Monthly Archives: June, 2011
Gasoline prices prompt IRS to increase mileage
Higher gasoline prices have led to the Internal Revenue Service for an unusual mid-year increase to the normal rate kilometers used to drive the cost of business-related deductions to the tax agency said Thursday. The rate will jump to 55.5 cents per mile for travel in July to December, up 4.5 cents from the rate [...]
OPEC Members warn IEA Oil Release Could Backfire
Some OPEC members warned of possible retaliation from some of the world’s largest oil consumers said they would be 60 million barrels of oil a move that immediately sent oil prices sharply lower release. The International Energy Agency, which supplies emergency oil stocks coordinates policy for its 28 members, said Thursday was consulted on the [...]
Crude, Gasoline, Heating Oil Drop on Release IEA: Oil
Crude oil, gasoline and heating oil tumbled in New York after the International Energy Agency said its members would release crude from the strategic reserves. Ethanol also decreased. The agency announced the release of 2 million barrels a day for 30 days starting next week to help a Libyan disruption of supply. Half the amount [...]
FTC Launches Probe Oil Trade
Regulators are to investigate whether oil companies, refiners and traders crude oil market, the latest government action stimulated by the rise in fuel prices this year manipulated. The Federal Trade Commission on Monday said in a letter to Senator Maria Cantwell (D., Washington), that an investigation to determine whether oil traders engaged in anticompetitive behavior [...]
Gold Ticks up near 2-week high, dollar softens
Gold rims on Tuesday and held near the highest in two weeks on a softer dollar against the euro and the growing fear that Greece could end up in default of its debt. BASICS * Spot gold added $ 1.40 to $ 1,541.35 an ounce by 0041 GMT after rising as high as $ 1,545.90 [...]
