Oil price jumps as US averts 'fiscal cliff'

Published on NewsOK Modified: January 2, 2013 at 2:40 pm •  Published: January 2, 2013
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Economists had warned that if Congress did not take action, a series of tax increases and spending cuts due to automatically start this year could have pushed the U.S. into recession. A spike in unemployment and less consumer spending would likely depress energy demand.

Some House Republicans opposed the bill, which keeps middle-class tax rates in place, while raising taxes on the wealthy, and sidesteps $24 billion in spending cuts for the time being. A majority in the House eventually agreed to a simple yes-or-no vote on the bill, which had already passed the Senate by a wide margin.

In other energy futures trading on the New York Mercantile Exchange:

— Wholesale gasoline rose 3 cents to finish at $2.80 a gallon.

— Heating oil added a penny to end at $3.05 a gallon.

— Natural gas fell 12 cents to finish at $3.23 per 1,000 cubic feet.