U.S. Steel today reported a fourth quarter profit of $275 million, capping its first profitable year since 2008.
The earnings, which amounted to $1.83 per share, topped Wall Street estimates. Sales fell 5 percent to $4.07 billion but also topped estimates.
The news sent U.S. Steel shares higher in after-hours trading.
For all of 2014, the Pittsburgh steel producer reported net income of $102 million, or 69 cents per share, vs. a 2013 loss of $1.65 billion, or $11.37 per share. Sales rose less than 1 percent to $17.51 billion.
Locator map of the Harrisburg metro area in the south central part of the of . Red denotes the Harrisburg-Carlisle Metropolitan Statistical Area, and yellow denotes the Lebanon Micropolitan Statistical Area, which is included in the Harrisburg-Carlisle-Lebanon CSA. (Photo credit: Wikipedia)
The lowest price for gas in the area continues to be $3.29 a gallon, according to GasBuddy.com.
English: basic map of USA (Photo credit: Wikipedia)
NEW YORK — U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world’s biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.
The boom has surprised even the experts.
“Five years ago, if I or anyone had predicted today’s production growth, people would have thought we were crazy,” says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm.
The global oil balance is already tighter than forecasters expected just a few months ago, because of disruptions in oil output from nations outside the Organization of Petroleum Exporting Countries and by the effectiveness of sanctions against Iran, which is exporting about 750,000 to 1 million fewer barrels a day than it was a year ago.
“The story has been one of a strong stock market, a weaker dollar and continuing geopolitical events,” said Adam Sieminski, head of the federal Energy Information Administration.
He said political strife in Syria, Yemen and Sudan cut off some supplies while the latest price surge was “driven by central bank moves in both the U.S. and Europe” and by “optimism about the economy, which changes expectations about what demand will be going over the course of the next six to 12 months.”
WASHINGTON (Reuters) – Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
Now it is official and not just our imagination that money is not going as far as it used to! The Consumer Price Index made its highest jump in two years last month. Gas and food were the biggest culprits attributing to the gain. Without those two items, there was only a .2 percent rise.
Gas prices rose 4.7 percent last month alone! Food costs increased .6 percent. Unfortunately, more prices increases are down the road.