Oil Prices Plummet In Uncertain Market

Oil prices are falling, as traders dial back their expectation for the global demand for oil. But drivers are still waiting for the price of gasoline to drop as well.

The price of oil closed on Tuesday at about $79 a barrel — the lowest since last September.

Crude oil prices were on the rise at the beginning of the year. Unrest in the Middle East put pressure on supplies, and traders had a more optimistic outlook about the demand for oil, explains Richard Soultanian, an oil industry analyst with NUS Consulting Group.

"If the economy's going to grow and there's lots of money around, that means people are going to use more of everything — more copper, more silver, more oil, more gasoline. So [traders] started to bid the price of all that up," Soultanian says.

Those initial forecasts for growing economic activity eventually fell apart. The price of crude started to dip in late spring, but it plummeted in recent days. According to Soultanian, slower-than-expected growth in the U.S. economy and an unstable stock market after the degrading of the federal government's credit rating have been a stark reality check for oil traders.

"The economy is much weaker than people expected," Soultanian says. "The global markets are very concerned about the possibility of another financial crisis."

Source: http://www.npr.org/2011/08/10/139249635/oil-prices-plummet-in-uncertain-market?ft=1&f=1003

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While London Calms Down, Riots Spread Across UK

There were 10,000 more police officers out on the streets of London Tuesday night. They are trying to stop days of rioting. Gangs of youths have attacked police, burnt buildings and looted stores in escalating violence since Saturday night.

Source: http://www.npr.org/2011/08/10/139345513/while-london-calms-riots-spread-across-uk?ft=1&f=1004

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Japan Rethinks Its Relationship With The Atom

Over the weekend, Japan commemorated the 66th anniversary of the American bombing of Hiroshima. Some used the event to protest nuclear energy. This spring's massive earthquake caused a meltdown at a nuclear plant north of Tokyo. The recent disaster has many Japanese re-thinking their nation's relationship with nuclear energy.

Source: http://www.npr.org/2011/08/08/139080238/japan-rethinks-its-relationship-with-the-atom?ft=1&f=1007

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Are The Moon's Mountains Due to A Cosmic Collision?

The shape and composition of the highlands region on the far side of our moon may be due to an ancient sticky collision with another smaller companion satellite, scientists report this week in the journal Nature. Planetary Scientist Erik Asphaug describes the evidence for an ancient cosmic collision.

Source: http://www.npr.org/2011/08/05/139025769/are-the-moons-mountains-due-to-a-cosmic-collision?ft=1&f=1007

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Untangling What's Next For The U.S. Economy

Gold prices are up, while oil prices, interest rates and global markets are down. Louise Story of the New York Times explains how the S&P downgrade is affecting the U.S. economy. Christina Romer, President Barack Obama's first Chair of the Council of Economic Advisors, and economist Russell Roberts also weigh in.

Source: http://www.npr.org/2011/08/08/139121389/untangling-whats-next-for-the-u-s-economy?ft=1&f=1014

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Airlines roll back fare increases as federal taxes return

(CNN) -- The tax holiday is over for U.S. airlines.

Many carriers dropped fares Monday as federal taxes were added back into the total ticket price for travelers after a 16-day Federal Aviation Administration shutdown. Most U.S. airlines raised base fares last month when taxes were suspended, pocketing the money that would have gone to the government and swallowing the potential price break for consumers.

Southwest Airlines and its subsidiary AirTran were the first carriers to drop fares to account for reinstated taxes, according to FareCompare founder Rick Seaney.

Airline spokeswoman Brandy King confirmed the fare drop for Southwest and AirTran Airways. "Customers will not see a difference in fare," she said.

American Airlines said it has "reduced some fares in certain markets based on competitive action by other airlines. As always, we cannot discuss any future action that may or may not occur."

It won't be clear until Tuesday whether airlines will do a complete rollback across geographic areas to pre-shutdown levels, Seaney said.

"Consumers should be careful about pulling the trigger on ticket purchases today as prices will continue to drop by 10-15% over the next 24 hours," Seaney said.

FareCompare also lists Delta, Frontier, JetBlue, US Airways, Virgin America and United/Continental among airlines that lowered fares Monday.

The Internal Revenue Service ordered airlines to resume collecting taxes by 12:01 a.m. Monday after Friday's temporary extension of FAA funding.

U.S. airlines collected an estimated $25 million a day during the more than two-week shutdown. Alaska and Spirit Airlines did not raise fares, passing the tax break on to consumers.

Fliers won't get air travel tax refund

Despite previous indications to the contrary, travelers who paid ticket taxes in advance for travel completed during the shutdown are not eligible for refunds, according to IRS guidance issued Friday.

Congress retroactively reinstated the ticket taxes during the lapse in funding. Passengers who paid the taxes won't receive refunds, the IRS said, and taxes that were not paid by airlines and passengers won't be collected.

Source: http://rss.cnn.com/~r/rss/cnn_allpolitics/~3/1DRQsBrOmCs/index.html

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