Oil jumps as US picks a presidentBy SAMANTHA BOMKAMP
The Associated Press | November 07,2012AP PHOTO
People wait in line with containers to purchase gasoline at filling station in Metuchen, N.J. The price of oil is slightly higher Monday, as investors remain cautious ahead of the U.S. presidential election.NEW YORK ó The price of oil jumped the most in a month Tuesday as investors, along with voters across the country, awaited the results of the U.S. presidential election.
Benchmark crude rose $3.06, or 3.5 percent, to finish at $88.71 in New York.
But itís still a far cry from the rise in oil the last time U.S. presidential ballots were cast in the midst of the financial crisis. Crude gained more than 10 percent on Nov. 4, 2008, as the Dow Jones industrial average rallied 305 points. On election day in 2000, the most hotly contested election in U.S. history, oil gained a more modest 1.6 percent.
What the market is signaling about the electionís outcome is unclear. Analyst Phil Flynn said an Obama administration in favor of tougher regulations could boost oil prices by making it tougher to boost production. But a Republican administration that supports major oil companies could also, in theory, lead to higher prices.
Other factors may have boosted oil Tuesday. Traders are still assessing the full impact of Superstorm Sandy on gasoline supplies and fuel demand in the Northeast. One major refinery owned by Phillips 66 remains offline. And Greece holds a critical vote this week on a new austerity package that will impose further wage and benefit cuts.
Brent crude, which is used to price international varieties of oil, surged $3.34, or 3.1 percent, to $111.07 in London.
Meanwhile, most drivers are continuing to get a break at the pump. The national average for gasoline fell nearly a penny to $3.46 a gallon. The price of gas has fallen 4 percent in a week and 9 percent since last month.MORE IN National / World BusinessWASHINGTON ó The Supreme Court was sharply divided Wednesday in the latest challenge to President... Full StoryNEW YORK ó There was a time you could count on phones getting larger each year. Full Story
- Most Popular
- Most Emailed
- talk-pix.com PODCASTS TEMPORARILY DISABLED: Navigate browser to talk-pix.com to access complete ALMANACK archive.
- RICHARD'S POOR ALMANACK: On this day 1739, 'Richard Palmer' identified in prison at York Castle as the notorious outlaw DICK TURPIN; IN 1836, Battle of the Alamo begins near San Antonio de Bexar, Texas; 1896, the Tootsie Roll invented by LEO HIRSCHFELD.
- RICHARD'S POOR ALMANACK: On this day in 1472, Orkney, Shetland islands put up as collateral by Norway to Scotland in lieu of dowry for MARGARET OF DENMARK on her marriage with JAMES III, king of Scotland; 1962, JOHN GLENN first American to orbit Earth.
- TOMORROW'S HEADLINES TODAY: City mayoral candidates debate campaign issues; Hartford, Conn., woman still missing; Neal Goswami reports attempts to legislate suicide; local woman loses 100 pounds through TOPS program.
- RICHARD'S POOR ALMANACK: On this day in 1878, JOHN TUNSTALL murdered near Lincoln, New Mexico, by the outlaw JESSE EVANS; in 1930, ELM FARM OLLIE first cow to fly in aircraft, first to be milked airborne; 1955, nuke test WASP; '79, snow in Sahara.
- TOMORROW'S HEADLINES TODAY: Rutland Herald News Editor Alan J. Keays and staff writer Gordon Dritschilo discuss stories planned for the February 18, 2015, edition of the newspaper: Winter budgets maxed, legal marijuana, Springfield bank job, USPS slowdown