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 BusinessSAN FRANCISCO — Calling it “ridiculous” and “baseless,” IBM on Monday dismissed a report that... Full StoryThe election result in Greece reflects a growing European backlash against austerity policies. Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: On this day in 1393, quick thinking teen girl saves King Charles IV of France from burning alive at masquerade ball; in 1760, Vermont town of Pownal created by N.H. Gov. Benning Wentworth; Canuplin, Filipino movie star, born.
- RICHARD'S POOR ALMANACK: On this day, 1700, Cascadia Earthquake, Magnitude 9 plus, strikes West Coast with tsunami effects felt as far away as Japan; in 1885, troops loyal to Sudanese Mohammad Ahmad conquer Khartoum; in 1992, Boris Yeltsin untargets U.S.
- RICHARD'S POOR ALMANACK: On this day in 971 AD, Southern Han war elephant corps defeated by Song Dynasty troops bowmen; in 1870, Montana, Marias massacre, U.S. kills 173 Native Americans; in 1941, Charles Lindbergh recommends neutrality pact with Nazis.
- TOMORROW'S HEADLINES TODAY: Bryanna Allen reports Castleton Downtown hosts open house, fire in Springfield leaves family without a roof of their own, suspected Bosnian war criminal trial goes to jury, Brent Curtis reports Rutland Town budget set to rise.
- TOMORROW'S HEADLINES TODAY: Bill in Legislature proposes naming beagle Vermont state dog; Associated Press looks back at year in opiate abuse; Shapiro's in Brandon soon to close after 75 years; probe shows illegal online gun sales booming.
- RICHARD'S POOR ALMANACK: On this day in 1861, JEFFERSON DAVIS resigns from the U.S. Senate to become president of the Confederate States of America, in 1908, NYC passes law forbidding women from smoking in public; in 1968, B-52 crashes, loses H-bomb.