Prices at the pump fall to seven-week low
Crude oil tumbles below $123 a barrel
updated 2:12 p.m. CT, Fri., July. 25, 2008
NEW YORK - Oil prices sank to their lowest point in weeks Friday as investors questioned whether crude has cooled enough to reflect a serious deterioration in demand. Prices at the pump eased to nearly $4 a gallon, and AAA said a gallon of gas could cost as much as 25 cents less by Labor Day.
Light, sweet crude for September delivery fell $2.23 to settle at $123.26 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $122.50, its lowest point since June 5.
In the latest sign that Americans continue to struggle with soaring energy prices, filling station operators hungry for business ratcheted down the average price for a gallon of regular by 2 cents, according to auto club AAA, the Oil Price Information Service and Wright Express.
With gas prices soaring, foreclosures going through the roof, the exorbitant cost of food, banks closings, what is a person to do? Bank Foreclosures:
When homeowner or mortgage loan borrower fails to make three consecutive installment payments the lender is legally entitled to require the borrower to pay off the entire principal unpaid balance.Foreclosures experienced a startling rise this year - up 72 percent since the beginning of 2005, according to RealtyTrac.
FDIC takes over Nevada bank
By BRENDAN RILEY, Associated Press Writer
Friday, July 25, 2008
FDIC takes over Nevada bank
By BRENDAN RILEY, Associated Press Writer
Friday, July 25, 2008
(07-25) 19:36 PDT CARSON CITY, CA (AP) --
Twenty-eight branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.
Twenty-eight branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.
Bill Uffelman of the Nevada Bankers Association said Friday the FDIC action "is a reflection of the times for the banks. It's a poor economy." He described 1st National Bank of Nevada as being in the top half of banks in the state.
Uffelman cautioned against the sort of consumer concern that prompted many customers of IndyMac Bank branches to wait for hours in line to withdraw funds across Southern California last week after that bank was seized by federal regulators. He noted that all FDIC-insured bank deposits are guaranteed by the FDIC up to $100,000.
The closure is one of seven FDIC-insured bank closures around the country this year.
Uffelman cautioned against the sort of consumer concern that prompted many customers of IndyMac Bank branches to wait for hours in line to withdraw funds across Southern California last week after that bank was seized by federal regulators. He noted that all FDIC-insured bank deposits are guaranteed by the FDIC up to $100,000.
The closure is one of seven FDIC-insured bank closures around the country this year.
Worldwatch Institute
Food Prices Surging, Raising Hunger Concerns
by Alana Herro on June 6, 2007
The prices of farm commodities like wheat, corn, milk, and oils are rising.
The growth of biofuels, the impacts of climate change, and the rising prosperity of developing nations are all driving retail food prices to their biggest annual increase in 30 years, according to the Financial Times (FT). Experts worry that the continuing climb of wheat, corn, milk, and plant-oil prices are indicative of long-term inflation. “There is growing concern within the food industry that the present upswing in soft commodity prices is structural rather than cyclical,” John Parker, food analyst at Deutsche Bank, told the FT.
The prices of farm commodities like wheat, corn, milk, and oils are rising.
The growth of biofuels, the impacts of climate change, and the rising prosperity of developing nations are all driving retail food prices to their biggest annual increase in 30 years, according to the Financial Times (FT). Experts worry that the continuing climb of wheat, corn, milk, and plant-oil prices are indicative of long-term inflation. “There is growing concern within the food industry that the present upswing in soft commodity prices is structural rather than cyclical,” John Parker, food analyst at Deutsche Bank, told the FT.
How is the average to below average wage earner going to survive in this type of economy? Blog me back, I would like to hear your comments on the subject.
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