Oil Prices Rise After Drop in US Unemployment Rate

Fair

62°

Feels Like: 61 °
More Weather

Conditions at Wausau Downtown Airport, WI

Posted: Fri 9:30 AM, Feb 03, 2012

A A

Reporter: Associated Press

Back to HomePage

Oil Prices Rise After Drop in US Unemployment Rate

To view the lowest gas prices in your area click here

NEW YORK (AP) -- Oil prices are rising on a new government showing that the U.S. economy added more jobs last month, which equates to more people making the morning commute in cars, among other things.

Benchmark crude added 69 cents to $97.05 per barrel in New York on Friday, while Brent crude added $1.68 to $113.75 per barrel in London.

The Labor Department says that the U.S. economy added 243,000 jobs in January. That was an unexpectedly big jump for the first month of the year and the unemployment rate fell to 8.3 percent. The government says companies hired across the pay scale, from high-salary professional services to manufacturing.

At the pump, gasoline prices rose by 1.2 cents to a national average of $3.467 per gallon.

Next Story >

Read Comments

All comments must adhere to the WSAW.com discussion rules.

by Anonymous on Feb 3, 2012 at 04:15 PM

No one "raises" oil prices by themselves. Unless you believe XOM also lowered oil prices to $37 in 2009? Come on. If employment is higher, there is more demand for oil. Believe it or not, there is not unlimited oil supply, and it's getting more and more expensive to extract it. Mr./Ms. m75fr1, please stay home on the next election day. We're all better off if the ignorant don't presume to make decisions for the rest of us.

[ Report Abuse ]

You have successfully replied to this comment.
- by Peter Garrett on Feb 4, 2012 at 04:05 PM in reply to
  
  Believing myths spread by the green movement who want us all living in mud huts wearing leaves and eating roots. If you think artificially high energy prices created by hysteria spread by radical greens is a good thing, you can drop out of the oil consumption club and build your mud hut. More "rare" oil for the rest of us.
  
  [ Report Abuse ]
  
  You have successfully replied to this comment.
by m75fr1 on Feb 3, 2012 at 01:09 PM

any excuse is now a good excuse to raise oil prices what a joke! Want to slow the Economy back to a crawl raise the oil prices and gas will follow and put people back out of work. Oil controls this country like it or not. It is all about the money they make. Shameless!

[ Report Abuse ]

You have successfully replied to this comment.
by Anonymous on Feb 3, 2012 at 12:12 PM

It's no longer about supply and demand, I'ts about supply and control.

[ Report Abuse ]

You have successfully replied to this comment.
by kris Location: Chicago on Feb 3, 2012 at 11:08 AM

This proves beyond a shadow of a doubt the republicans do not want a black-man in the White house. Here is why oil-companies pander to the right pro-business really want the government off their backs. 2nd. Many companies beyond the energy sector really do not want to hire anybody right now because they are sitting on a boatload of cash. And if the tax incentives are favorable for them to outsource why should they hire domesticly? 8.4 to9.2% unemployment will always be high with these conditions. Even Mitch McConnell wants Obama a one term President. It's time to relregulate the oil industry. If prices are artifically high then no one is going to put money back into the economy meaning it's going to affect losss in sales revenues translation more of a reduction in the work force. This is how they want to get rid of Obama!!!!!!!

[ Report Abuse ]

You have successfully replied to this comment.
- by mitch on Feb 3, 2012 at 12:52 PM in reply to kris
  
  I too want to see Obama as a one term prez...you should be happy we have (what's left of)a pro-biz economy....regulating the oil industry will only lead to one thing, higher prices. No matter how much you want to believe gov intervention is good , the government hinders growth thru regulation and you know that as well as i do...If you want to get a handle on oil prices, i've got two words for you..."Keystone Pipeline"
  
  [ Report Abuse ]
  
  You have successfully replied to this comment.
  - by kris on Feb 3, 2012 at 01:20 PM in reply to mitch
    
    Companies could easily give out the jobs. Ever since he became president. It just gets to all your craw seeing a black man in the white-house. In some heavily midwestern states hevily republican areas they have some of the most pristine aquifiers in the world. Especially with cost cutting and cutting corners that companies do especially Koch BP etc... You really want to get people sick and destroy this fragile eco-system, not only that you also destroy the farming industry and the tourism industry. Mitch your more pro polluting, eco destroying pro death and top of it a closet racist. If you want the Pipeline Vote for Ginrich or Romney . The Pipeline and oil prices are two different issues especially when deregulation (NOT THE PRESIDENT) is responsible for high gas prices. Oil companies can make more money by dropping the prices and people still can have money to put money in the economy. This is not about how Obama failed it's how the game is much more transparent and nothing but sheer greed plain and simple. Obama may have a hard time getting re-elected but at least not many are going to vote for Bozo or Cookie.
    
    [ Report Abuse ]
    
    You have successfully replied to this comment.
  - by Anonymous on Feb 3, 2012 at 02:52 PM in reply to mitch
    
    Did you mention the riders that were on the keystone bill? NO. And why did you not mention them? Because it would mean that you have to agree with Obama.It wasn't the pipeline that Mr. Obama was against, it was all the garbage that was attached. "Clean bill only".
    
    [ Report Abuse ]
    
    You have successfully replied to this comment.
  - by Aaron on Feb 4, 2012 at 10:10 AM in reply to mitch
    
    Why do we keep calling it a pipeLINE? A line requires connection of the end points. In the case of a pipe, it's usually not straight. It'll probably even follow the approximate curvature of the Earth at the very least. We should call it "Keystone 2-Points" without the connection schematic.
    
    [ Report Abuse ]
    
    You have successfully replied to this comment.
by Too early to do this! on Feb 3, 2012 at 11:04 AM

This is what sent us nearer a depression last year - now that the US politicians are attacking the average middle class worker lowering wages the jobs numbers are a false indication of the strength of the nation- less spendable income will override this news as consumers tighten their belts. If energy cost rise, consumer spending will dive and the economy will again move in the downward trend.

[ Report Abuse ]

You have successfully replied to this comment.
- by Anonymous on Feb 3, 2012 at 02:54 PM in reply to Too early to do this!
  
  Funny thing about tightening the belts, prices get raised to maintain revenue. And when things get good, those prices NEVER come back down.
  
  [ Report Abuse ]
  
  You have successfully replied to this comment.