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Gas prices hit $4 per gallon average across U.S.

NEW YORK (Reuters) – The average price for a gallon of gasoline in the United States rose 11.98 cents in the past two weeks, but last week’s fall in crude oil prices may signal lower costs to come, an industry analyst said on Sunday. The national average for self-serve, regular unleaded gas…

Amazon cuts MP3 prices in attempt to close in on iTunes

Web retail giant Amazon.com has lowered its individual-song MP3 prices drastically, in an attempt to cut in on Apple iTunes’ 70 percent market share. Amazon has lowered the price on select top-selling tracks to just 69 cents. Apple charges almost twice as much for in-demand hits, which cost $1.29 each.…

Soaring food prices a threat across Asia

MANILA (AFP) – Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report on Tuesday. Coupled with skyrocketing oil prices, the spike poses a serious setback for developing Asia…

Gold tops $1,500 an ounce for first time

LONDON (AFP) – The price of gold topped $1,500 for the first time on Wednesday as a weaker dollar plus fears over high inflation and debt attracted investors into the traditional safe-haven precious metal. Gold reached $1,505.65 an ounce at 0945 GMT on the London Bullion Market. It later traded…

World food prices dip for the first time in eight months

ROME (AFP) – World food prices fell for the first time in eight months in March after record highs largely due to oil prices, though the situation remains volatile, the UN’s food agency said on Thursday. The Food and Agriculture Organisation’s Food Price Index dropped to an average 230 points…

Corn prices hit record highs in Chicago

NEW YORK — Corn prices surged to record peaks in the United States Thursday amid tight supply and fierce demand driven in part by rapid expansion of biofuels production. With demand outpacing supply despite a massive runup, and high oil prices adding to the pressure, analysts saw little respite in…

Gold price hits record high above $1,450 an ounce

LONDON – The price of gold hit a record high above $1,450 an ounce in trading here Tuesday as the ‘safe haven’ metal won support from geopolitical unrest and surging global inflation, traders said. Gold reached $1,450.65 an ounce at 1515 GMT on the London Bullion Market, beating the previous…

UN food rights expert urges trading regulation

GENEVA – The UN expert on food rights on Tuesday urged regulation of agriculture commodities trading to stop a speculative bubble that is artificially helping to drive up food prices. Olivier De Schutter, the UN special rapporteur on the right to food, warned that the situation may be amplified by…

Airlines hike fares, surcharges for costly fuel

ATLANTA (Reuters) – U.S. airlines are raising fares and rolling out surcharges as runaway fuel prices threaten to eat into profits. Fuel surcharges are being added on international routes. JetBlue Airways Corp said on Monday it recently implemented a $45 one-way surcharge in select Caribbean markets. Delta Air Lines Inc…

White House says they may tap strategic oil reserves to ease gas prices

WASHINGTON (Reuters) – White House Chief of Staff William Daley said on Sunday the Obama administration was considering tapping into the U.S. strategic oil reserve as a way to help ease soaring oil prices. Speaking on NBC television’s “Meet the Press,” Daley said: “We are looking at the options. The…

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