Gas Prices, Good News | featured news

Oil prices plummeted by almost 9 percent on Thursday as traders worried that American drivers were beginning to balk at the price of gasoline.

Big chains report an 8.9% increase from a year earlier, led by discounters and apparel stores. A later Easter is considered only partly responsible for the big jump.

General Motors' U.S. sales of cars and truck jumped 27 percent in April as the economy continued to improve and $4 a gallon gasoline pushed buyers into more efficient vehicles.

Americans earned and spent more in March, but much of the extra money went toward more expensive gasoline.

Bad weather, higher gasoline prices and a later Easter were expected to result in the first monthly retail sales decline since 2009, but consumers continued to spend in March, giving retailers a modest 1.7% gain over the same period last year.Retailers delivered another decent performance last month, with shoppers continuing to spend despite poor weather, high gasoline prices and a later Easter.

Analysts project that sales will increase across the industry, despite worries about rising gasoline prices and production stoppages in Japan.

Retailers are reporting solid revenue gains for February, extending the strong spending momentum seen during the holiday season. Worries are growing, however, that rising gas prices...

New U.S. housing starts and permits surged in May from record lows, while producer prices rose at a slower pace despite higher gasoline prices, boosting prospects for the economy's recovery from recession.