Oil drops below $100 per barrel; gas to follow
NEW YORK -- (AP) The price of oil plunged to its lowest level in nearly six months Friday, falling below $100 per barrel for the first time since February. A drop in gasoline prices can't be far behind.
Oil fell $4.05, or 4 percent, to $98.49, after a weak U.S. jobs report offered the latest evidence that the global economy is weakening, possibly reducing demand for oil.
For the week, oil fell more than $6 and is now about $12 below its February high. U.S. gasoline prices have fallen to $3.80 per gallon from a peak of $3.94 in early April.
They could go as low as $3.50 per gallon by July 4, according to Tom Kloza, Chief Oil Analyst at the Oil Price Information Service.
In the Buffalo Niagara region, a gallon of regular remains 26 cents above the national average. On Friday, gas averaged $4.06 a gallon, down 3 cents from a week ago.
Treasury selling AIG shares
NEW YORK (AP) -- The Treasury Department is selling $5 billion worth of stock in bailed-out insurance giant American International Group for $30.50 per share.
AIG will buy about $2 billion worth of the stock. The remaining $3 billion will be offered to investors in a public offering. The government may sell another 24.6 million shares if there's demand for the stock.
Treasury has owned a majority of AIG since the 2008 financial crisis. AIG, based in New York, received the biggest bailout of any single company, worth a total of $182 billion.
This is Treasury's third sale of AIG shares. After the sale, Treasury will have a 63 percent stake in AIG stock.
AIG shares closed Friday at $32.83.
Black deported to Canada
MIAMI -- Former media mogul Conrad Black arrived back in Canada on Friday, hours after he was deported from the United States following his release from prison after serving about three years for defrauding investors.
Immigration and Customs Enforcement spokesman Nestor Yglesias said Black was back in his home country but didn't reveal which city. The announcement came hours after Black was released from a federal prison in Miami.
Black, whose empire once included the Chicago Sun-Times, the Daily Telegraph of London, the Jerusalem Post and small papers across the U.S. and Canada, had returned to prison last September to finish serving his sentence.
In the Western New York and Western Pennsylvania regions, Black owned the Olean Times Herald, Bradford Era and Salamanca Press.
$5 million ruling in bias suit
KANSAS CITY, Mo. (AP) -- A former Kansas City woman who converted to Islam in 2005 said she was harassed for years at AT&T and that the abuse boiled over in 2008 when her boss snatched her head scarf and exposed her hair.
A Jackson County jury on Thursday awarded Susann Bashir $5 million in punitive damages in her discrimination lawsuit, along with $120,000 in lost wages and other actual damages.
The Kansas City Star reported Saturday that the award appears to be the largest jury verdict for a workplace discrimination case in Missouri history.
Chrysler recalls vehicles
Chrysler is recalling 119,072 cars after discovering that the anti-lock brake and electronic stability control systems can fail because of an overheated power supply.
The model year 2011 and 2012 Chrysler 300s and Dodge Chargers will have a fuse changed and relocated. Chrysler Group LLC will cover the repair costs.
The condition first surfaced on a Michigan State Police training vehicle. Chrysler told the National Highway Traffic Administration that it is not aware of any crashes, injuries or fires related to the overheating.
Vehicle owners may contact Chrysler at (800) 853-1403.