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Oil tumbles, gas prices at record levels

NEW YORK -- Oil prices fell sharply Thursday after the Energy Department reported unexpected declines in crude oil and gasoline supplies last week, but said the drop in crude inventories was due to temporary delays in unloading oil tankers along the Gulf Coast. according to the Associated Press.

A stronger dollar and concerns about gas demand also weighed on prices.

Retail gas prices, meanwhile, rose to a new record above $3.95 a gallon.

Light, sweet crude for July delivery fell $4.23 to $126.80 a barrel on the New York Mercantile Exchange, their lowest level since early last week.

Posted by Peter C. T. Elsworth  at 3:02 PM to Crude oil market , Gas prices | Permalink | Comments 0

GM says 19,000 US hourly workers taking buyout offers

DETROIT -- General Motors Corp. said Thursday that a quarter of its U.S. hourly workers will take the company's latest buyout and early retirement offers, opening the door for new hires who will make less money, according to the Associated Press.

The automaker said Thursday that 19,000 workers had agreed to take the buyout offers and leave the company by July 1. GM offered buyouts to all 74,000 of its U.S. hourly workers in February.

Posted by Peter C. T. Elsworth  at 2:59 PM to GM | Permalink | Comments 0