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 — 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 it’s 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 election’s 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 BusinessA few years ago I attended a conference for women business owners. Full StoryIn this season of hope and joy, it was sobering to me last night to see on the evening news a... Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: Gen. Wm. T. Sherman concludes March to the Sea, secures Savannah, Ga., offers the city as Christmas gift to Pres. Lincoln; N.Y.'s Lincoln Tunnel opens in 1937; first gorilla born in captivity, Colo, celebrates 58th birthday today.
- TOMORROW'S HEADLINES TODAY: Vermont Gas Systems puts Phase 2 on hold as the latest estimate for Phase 1 takes a 27 percent leap upward, to a total of $157 million; U.S. Attorney Tristram Coffin quits for job with private firm; police cite man in pot bust.
- RICHARD'S POOR ALMANACK: In 1972, Christmas bombing of North Vietnam ordered by President Richard Nixon, most lethal strikes of the war; in 1989, U.S. invades Panama to depose, arrest and charge Gen. Manuel Noriega with drug trafficking, racketeering.
- TOMORROW'S HEADLINES TODAY: Gov. Peter Shumlin announces demise of his single-payer health insurance initiative; convicted first-degree murderer Alan Prue sentenced to 50 years for killing teacher Melissa Jenkins; veterans chafed about park naming snub.
- RICHARD'S POOR ALMANACK: In 497 BC, first Saturnalia festival celebrated in Rome, Scandinavians retain 'Yule Goat' as symbol of season, Krampus, evil side of holiday cheer, terrorizes children into better behavior, more advice from Christopher Hitchens.
- RICHARD'S POOR ALMANACK: In 533 AD, Byzantine Emperor Justinian I gets the old empire back together again routing the Vandals from Carthage; in 1890, Lakota Chief Sitting Bull is killed at his home in South Dakota; in 1970, Soviets land probe on Venus.