Crude oil down, lowest since May 2
Oil traders sent crude prices tumbling as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.
Crude oil finished the day just above $119 a barrel — its lowest settlement price since early May.
Crude’s decline is giving Americans more relief at the pump. A gallon of regular gasoline on average fell another penny overnight to $3.871, according to auto club AAA, the Oil Price Information Service and Wright Express.
Light, sweet crude for September delivery fell $2.24 to settle at $119.17 a barrel on the New York Mercantile Exchange, the lowest close since May 2.
Procter & Gamble profit up 33 percent
The Procter & Gamble Co. reported a 33 percent jump in fourth-quarter profit Tuesday as the consumer products maker battles soaring energy and commodity costs with higher prices and product improvements.
The maker of Tide detergent, Olay skin care and Pampers diapers said it earned $3.02 billion, or 92 cents per share, up from $2.27 billion, or 67 cents per share, a year earlier. Excluding tax benefits, P&G earned 80 cents per share.
Valley retail stores will offer recycling
RC Willey furniture stores will be accepting electronic items for recycling Thursday through Saturday at 20 N. Stephanie St. in Henderson and 3850 S. Town Center Drive in Las Vegas.
The Utah-based home furnishings chain has joined with Sony Electronics and Waste Management Recycle to dispose of electronic devices such as computers, cell phones, printers and televisions.
According to the U.S. Environmental Protection Agency, about 20 percent of discarded electronics were recycled in 2005, leaving more than 2 million tons for the nation’s landfills.
Recycling will become more urgent in February when television stations transition from analog broadcasting to digital. Older TV sets will not be able to pick up the digital transmission without the use of a converter box.
Because of the disposal costs for these sets, thrift stores such as Goodwill and Salvation Army will probably refuse them as a donation.
Prices for Treasurys show little reaction
Treasury bond prices showed little reaction Tuesday to the Federal Reserve’s widely expected decision to leave short-term interest rates unchanged.
The 10-year Treasury note fell 0.40 points to 98.81 points. Its yield rose to 4.02 percent from 3.97 percent late Monday, according to BGCantor Market Data. Yields move in the opposite direction from prices.
The 30-year long bond fell 0.81 points to 95.68 points. Its yield rose to 4.64 percent from 4.59 percent Monday.