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GM-UAW Bargainers Talking Again

DETROIT -- Bargainers for General Motors Corp. and the United Auto Workers resumed contract negotiations Monday amid optimism that they are getting closer to reaching a critical contract agreement, according to the Associated Press.

Negotiations resumed about 11 a.m. Eastern, GM spokesman Dan Flores said. The talks had stopped about 3 a.m. after a marathon 16-hour session.

Posted by Peter C. T. Elsworth  at 2:21 PM to GM , Unions | Permalink | Comments 0

Oil Sets New Record Ahead of Fed Meeting

NEW YORK -- Oil futures set another trading record and other energy futures rose Monday on expectations the Federal Reserve will cut the benchmark federal funds rate, a move the market expects will support the economy and ensure its thirst for oil and gasoline, according to the Associated Press.

Oil futures rose as high as $80.50 on Monday. Oil prices set several new records over $80 a barrel last week for a number of reasons, including perceptions that problems in the subprime mortgage industry would have a minor effect on the economy.

Posted by Peter C. T. Elsworth  at 2:19 PM to Crude oil market | Permalink | Comments 0

Mileage Ratings Are Still Estimates, Though Closer to Reality

SOME Americans are skeptical of almost anything the government says. But even the most cynical citizens find it hard to dispute a much-repeated statement from one federal agency: Your actual mileage may vary, according to the New York Times.

But starting with the 2008 models, shoppers can have more faith in the window stickers that they study in dealership showrooms; for the first time since 1984, the E.P.A. is revising its method for calculating fuel economy to better reflect realities of the road.

Posted by Peter C. T. Elsworth  at 10:35 AM to Fuel economy | Permalink | Comments 0

A Place in the Sun From the Beach to the Desert

THE dune buggy always seems like one of those all-American lifestyle gadgets that just arrived one day — like the surfboard, the skateboard and the snowmobile — more or less fully formed and ready to ride.

But the dune buggy did have an inventor and can trace its roots back to its Adam, an elemental machine called Old Red. And this year brings an anniversary of perhaps the most important moment in its history, according to the New York Times.

Posted by Peter C. T. Elsworth  at 9:40 AM to Collecting | Permalink | Comments 0

Chrysler recalls 300,000 SUVs, 70,000 cars

WASHINGTON — Chrysler said Friday it would recall nearly 300,000 sport-utility vehicles to fix potential braking problems while driving uphillm according to USA Today.

The recall involves more than 156,000 Jeep Grand Cherokees and Commander SUVs from the 2006-2007 model years, more than 90,000 2007 Jeep Wrangler SUVs and nearly 50,000 2007 Dodge Nitro SUVs.

Posted by Peter C. T. Elsworth  at 9:38 AM to Chrysler | Permalink | Comments 0

Goldman sees oil surging to $85 by year end

LONDON - Goldman Sachs Monday forecast U.S. oil prices will surge to $85 by the end of the year, and said crude could climb as high as $90 due to tight supplies, according to Reuters.

Their estimate was $13 higher than its previous forecast, and came after oil's rally to a record high of $80.36 a barrel on Friday.

Posted by Peter C. T. Elsworth  at 9:36 AM to Crude oil market | Permalink | Comments 0

Oil Prices Fall on Profit Taking

Oil prices dropped to extend the previous session's decline Monday when concerns faded about storms affecting oil rigs, refineries and pipelines in the Gulf of Mexico, according to the Associated Press.

Light, sweet crude for October delivery lost 70 cents to $78.40 a barrel in electronic trading on the New York Mercantile Exchange midday in Europe.

Posted by Peter C. T. Elsworth  at 9:35 AM to Crude oil market | Permalink | Comments 0

GM, UAW Negotiate Until 3 a.m.

DETROIT -- Bargainers for General Motors and the United Auto Workers took a break early Monday amid optimism that they are getting closer to reaching a critical contract agreement, according to the Associated Press.

Negotiations came to an end just before 3 a.m. after a marathon 16-hour session on Sunday and Monday, said GM spokesman Tom Wickham.

Posted by Peter C. T. Elsworth  at 9:30 AM to GM , Unions | Permalink | Comments 0