Stephen Schork News
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TransCanada Corp.’s Keystone XL oil pipeline, a project backers including Republican Presidential candidate Rick Santorum say will create cheaper U.S. gasoline, instead risks raising prices as much as 20 cents a gallon in the Midwest, Great Plains and Rocky Mountains.
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Oil rose, capping the biggest monthly gain since October, as the Federal Reserve said the economy is expanding at a “modest to moderate pace” and U.S. gross domestic product expanded more than forecast.
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Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
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Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
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Oil traded near the highest price in nine months in New York after euro-area finance ministers agreed on a second bailout for Greece.
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Oil rose to a one-month high after the Greek parliament approved an austerity plan, easing Europe’s debt crisis, and sanctions tightened on Iran. Technical issues halted electronic trading late in the session.
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Oil fell from the highest price in almost five weeks on speculation that U.S. crude supplies are rising and demand for fuel may falter as Europe grapples with lower credit ratings.
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Oil rose to its highest in more than three weeks in New York, reversing earlier declines as concern that tensions with Iran may hinder Middle East exports outweighed debt downgrades for six European nations.
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Oil rose the most in three weeks as the dollar fell against the euro after Federal Reserve Chairman Ben S. Bernanke said the 8.3 percent rate of unemployment in January understates weakness in the U.S. labor market.
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Stephen Schork, president of the Schork Group in Villanova, Pennsylvania, talks with Bloomberg’s Margaret Brennan about the relationship between the price of retail gasoline and the price of a Super Bowl ticket. Schork says gasoline is still an “incredible bargain” after all these years. (Source: Bloomberg)
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