The upward trend in energy prices showed no sign of abating Wednesday as gasoline set yet another record at the pump and crude oil topped $112 a barrel for the first time in the futures market. The national average price of a gallon of regular unleaded gas rose 1.2 cents to a record $3.343 a gallon, according to a survey of gas stations by AAA and the Oil Price Information Service. With the peak summer driving season still to come and gas following crude higher, the fuel may well reach the retail price of $4 a gallon that the Energy Department has been forecasting.
Boeing 787? Not yet
Boeing Co. pushed back its oft-delayed 787 jetliner by an additional six months Wednesday, postponing the jet's debut in commercial service until the third quarter of 2009. The move further jolted the company's credibility and likely will cost it billions of dollars in additional costs and penalties. The latest delays -- the third revision to its delivery schedule and fourth switch in the plans for first test flight -- underscore the problems Boeing is having keeping to a schedule while leaning heavily for the first time on outside contractors to do most of the manufacturing work. The aircraft touted for its potential to be more fuel-efficient than other large jets is now more than a year behind the original schedule.
Financial grade: F
Young people's financial know-how has gone from bad to worse. High school seniors, on average, answered correctly only 48.3 percent of questions about personal finance and economics, according to a nationwide survey released Wednesday by the Federal Reserve. That was even lower than the 52.4 percent in the previous survey in 2006 and marked the worst score out of the six surveys conducted.
For thousands of people shut out of the housing market as prices doubled from 2001 to 2006, bank-owned homes are real estate's new gold rush.