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Oil eclipses $80 a barrel, hits all-time high

By Times Wires
Published September 13, 2007

NEW YORK

Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity. The report from the Energy Department's Energy Information Administration suggested oil supplies are tightening as demand remains strong. Light, sweet crude for October delivery rose $1.68 to settle at a record $79.91 on the New York Mercantile Exchange after rising as high as $80.18 earlier. Despite Wednesday's jump, oil is still well below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today.

WASHINGTON

U.S., China reach auto safety accord

The government on Wednesday signed an agreement with China that will improve information sharing on auto safety after the summer recall of thousands of defective Chinese-made tires. The "memorandum of understanding" signed by the National Highway Traffic Safety Administration and China's National Reform and Development Commission will "strengthen cooperation and communication" on several motor vehicle regulation and safety issues. In June, NHTSA ordered a U.S. importer, Foreign Tire Sales Inc., to recall as many as 450,000 tires it had bought from Hangzhou Zhongce Rubber Co. NHTSA Administrator Nicole Nason said given the interest expressed by Chinese automakers to sell vehicles in the United States in the future, "we think it's valuable to have this agreement in place now."

LOS ANGELES

Countrywide sued over 401(k) losses

Some Countrywide Financial Corp. employees have sued the mortgage lender, claiming they suffered heavy losses in their 401(k) retirement accounts after the company failed to warn them about the depth of its financial troubles. The lawsuit seeks class-action status and names as defendants Countrywide chairman and chief executive Angelo Mozilo and benefits committee members in charge of the retirement plan.

TAMPA BAY AREA

Two more Kohl's to open in October

Kohl's Inc. will open its fourth and fifth stores in the Tampa Bay area on Oct. 3. The moderately priced department store chain's new locations are at 8333 Little Road in New Port Richey and 4820 Park St. N in Seminole. Kohl's, which operates 929 stores in 47 states, said a total of 300 people will work in the two new stores.

BENTONVILLE, ARK.

Low prices again Wal-Mart's focus

Wal-Mart Stores Inc. launched a new marketing campaign Wednesday that underscores its renewed focus on low prices as a key to growth after disappointing results from last year's push into trendier clothes and merchandise. Wal-Mart said its new advertising will stress how much U.S. consumers can save by shopping at the world's largest retailer. The new ads will carry the tag line "Save Money. Live Better."

[Last modified September 13, 2007, 01:17:39]