On the Radar: Oil prices, heat eases, Jeffs' sentencing
Gas prices in Mill Valley, California, hovered around $4 a gallon in late July.
August 9th, 2011
06:27 AM ET

On the Radar: Oil prices, heat eases, Jeffs' sentencing

Three things you need to know today.

Gas prices: Will steep losses in the world's stock markets bring relief at the gas pump?

Oil prices have fallen more than 17% in the past month, finishing the day Monday at $83.10 a barrel, CNNMoney reports. That's down from almost $100 a barrel just two weeks ago. And at that time prices were expected to rise this year.

The government will issue its monthly price outlook Tuesday. Whether oil prices go up again may depend on whether market forecasters see a weakening of global economic demand after the stock market sell-offs.

Meanwhile, the national average gas price fell about a penny a gallon overnight to $3.65 a gallon, according to AAA's Daily Fuel Gauge Report. The average was $3.70 a week ago.

Heat warnings: The National Weather Service said Tuesday it has dropped excessive heat warnings for most of the U.S.

Eastern Oklahoma and southeastern Louisiana must endure excessive heat watches or warnings for at least another day, forecasters said, while heat advisories are in effect in parts of the Southern Plains and the Southeast.

Polygamist trial: Closing statements are scheduled to begin Tuesday morning in the penalty phase of Warren Jeffs' trial.

The polygamist sect leader was convicted last week on two counts of sexual assault on a child.

The prosecution and the defense will have 30 minutes to offer their statements Tuesday. Deliberations are expected to begin immediately thereafter.

On Monday, the two sides rested their cases, without the defense calling any witnesses.

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Filed under: Crime • Energy • Heat • Justice • On the Radar • Weather
soundoff (95 Responses)
  1. TvNYC

    FYI CNN... Price of oil per barrel stands at $79.30 as of 5:30PM Eastern time. That's another $4 plunge! Gas prices shouldn't be more than $3.10

    But oil companies are big rip offs. Notice all the oil companies today sky rocketed at the NYSE. Can we say rip off. Oil crashes and these companies still rally!!!

    August 9, 2011 at 6:46 pm | Report abuse |
  2. JohnSimon

    I need to understand how a product that has already been built (processed), shipped to it's sales destination, and is sitting on the shelf waiting for sale, can go up when curreent affairs so call dictate. How can oil that has already been processed and shipped to the dealers (gas stations), can go up when something happens in the middle east or sellers on the futures market want to make a profit. I just have never seen a retail product that is already in the store go up as much as gas does. Except when mom's go crazy over a certain christmas toy. Supply and demand dictate prices (so they say), that's the main reason the oil companies shut down a bunch of their processing plants. Thet way when the goverment asks a question, they can say demand out paces supply.

    We need to put the oil exec's in prision, where they belong. They make the bonuses from the bank's seem like chump change. We need to reduce driving as much as possible, that way they will need to lower prices just to attract us back to the pump.

    August 9, 2011 at 10:09 pm | Report abuse |
  3. sheila

    In my area we've seen the price of energy (home), gasoline, and rent sky rocket over the past few years – but not wages. It's hurting.

    August 10, 2011 at 1:32 pm | Report abuse |
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