My finance view

Oil prices hovered near $93 a barrel Thursday in Asia as traders mulled whether concern over Europe’s debt crisis justifies extending a sharp sell-off during the last two weeks.

Benchmark oil for June delivery was up 26 cents to $93.07 a barrel at late morning Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $92.81 in New York on Wednesday.

Brent crude for July delivery was down 46 cents at $109.29 per barrel in London.

Crude has plummeted about 12 percent from $106 two weeks ago amid investor worries that economic growth in the U.S. and China will slow more than previously expected. This week, political turmoil in Greece and growing anti-austerity sentiment in Europe have raised fears of a debt default and economic recession, which would undermine crude demand.

Some analysts say a slowly improving U.S. economy and signs of growing oil demand in developing countries should keep the crude price from collapsing further.

“A drastic weakening of sentiment brought oil prices down sharply, with sovereign debt fears a key element in a mounting loss of faith in economic, and hence demand, prospects,” Barclays said business card. “Crude oil prices may well remain capped on the upside in the next few weeks by fears of major economic upheavals.”

“However, given the actual economic and oil demand picture, Brent prices are more likely to remain protected around $110 rather than attempting to break through to a more extreme downside,” Barclays said.

Should crude continue to fall or at least maintain the recent pullback, it should translate to lower prices for oil products such as gasoline, which would ease global inflation pressures and give policymakers more room to implement stimulus measures or loosen monetary policy to boost economic growth.

In other energy trading, heating oil was down 1.2 cents at $2.89 per gallon and gasoline futures slid 1.5 cents at $2.85 per gallon. Natural gas rose 1 cent at $2.63 per 1,000 cubic feet.

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JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder, a person familiar with the matter said Sunday.

The bank will accept the resignation of Ina Drew, its chief investment officer, the person told The Associated Press, speaking on condition of anonymity because the person was not authorized to discuss the decision publicly.

At least two other executives at the bank will be held accountable for the mistake, the person said.

The casualties come as the bank, the largest in the United States, seeks to minimize the damage caused by the $2 billion trading loss, disclosed Thursday by CEO Jamie Dimon.

Investors shaved almost 10 percent off JPMorgan’s stock price on Friday, and Dimon has said the mistake will complicate the efforts of banks to fight certain regulatory changes three years after the financial crisis.

Drew, 55, is a top lieutenant to CEO Jamie Dimon. She was paid $15.5 million last year and almost $16 million in 2010, making her one of the highest-paid officials at JPMorgan, according to a regulatory filing.

The Wall Street Journal reported earlier Sunday that Drew and two other JPMorgan executives were expected to resign soon.

The Journal also reported that Bruno Iksil, the JPMorgan trader identified as the “London whale” because of the giant bets he placed, was also likely to leave, but the paper reported that it was not clear when that would happen.

The surprise loss has been a black eye for the bank and for Dimon, who is known in the industry both as a master of risk management and as an outspoken opponent of some proposed regulation since the crisis.

JPMorgan’s disclosure has led lawmakers and critics of the banking industry to call for tougher regulation of Wall Street. Many post-crisis rules governing risk-taking by banks are still being written.

Dimon said in a TV interview aired Sunday that he was “dead wrong” when he dismissed concerns about the bank’s trading last month.

“We made a terrible, egregious mistake,” Dimon said in an interview that was taped Friday and aired on NBC’s “Meet the Press.” “There’s almost no excuse for it.”

Dimon said he did not know the extent of the problem when he said in April that the concerns were a “tempest in a teapot.”

The loss came in the past six weeks. Dimon has said it came from trading in so-called credit derivatives and was designed to hedge against financial risk, not to make a profit for the bank.

A piece of financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. Dimon has said the trading involved in the $2 billion loss would not have fallen under the rule.

Rep. Barney Frank, D-Mass., told ABC’s “This Week” that he hopes the final version of the Volcker rule will prevent the type of trading that led to the massive loss at JPMorgan.

Dimon conceded to NBC that the bank “hurt ourselves and our credibility” and expects to “pay the price for that.” Asked what the price should be, Sen. Carl Levin, D-Mich., said that banks will lose their fight to weaken the rule.

“This was not a risk-reducing activity that they engaged in. This increased their risk,” Levin told NBC.

“So we’ve got to be very, very careful that the regulators here are not undermined by this huge effort to weaken the rule by putting in a huge loophole” that includes the trading involved in the JPMorgan loss, he said.

Dimon said the bank is open to inquiries from regulators. He has also promised, in an email to the bank’s employees and in a conference call with stock analysts, to get to the bottom of what happened and learn from the mistake.

Dimon told NBC that he supported giving the government the authority to dismantle a failing big bank and wipe out shareholder equity. But he stressed that JPMorgan, the largest bank in the United States, is “very strong.”

Addressing public anger toward Wall Street, Dimon said he wants a more equitable society and does not mind paying higher taxes. But he said attacking all of business is “very counterproductive.”

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The head of Greece’s second-placed Radical Left Coalition has written to top European officials urging them to re-examine the country’s strict austerity program.

In a letter Thursday, Alexis Tsipras said the strong anti-austerity vote in Sunday’s election, which produced a hung parliament, stripped Greece’s bailout commitments of “political legitimacy.”

Tsipras says the punishing cutbacks have failed to address the country’s problems, are destroying the recession-bound economy and threatening to create a Greek “humanitarian crisis.”

He urged top EU officials to “re-examine the entire framework of the current strategy.”

The letter was addressed to European Union President Herman Van Rompuy, European Commission President Jose Manuel Barroso and European Central Bank chief Mario Draghi.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

ATHENS, Greece (AP) _ Greek power-sharing talks entered a third and final round Thursday, as parties in the crisis-hit country struggled to hammer out a coalition deal after general elections produced no outright winner.

The mandate to seek coalition partners passed to Socialist leader Evangelos Venizelos, whose traditionally dominant PASOK party was hammered in Sunday’s poll, pushed into third place with just 13.2 percent of the vote.

He is the third party leader to try to find an agreement. Antonis Samaras, whose conservative New Democracy won the most votes, and runner-up Alexis Tsipras, who heads the Radical Left Coalition, or Syriza, have already tried and failed.

A major stumbling block has been Tsipras’ insistence that Greece’s tough austerity program, which is part of its international bailout commitments, be canceled or frozen. Both Samaras and Venizelos argue such a move would be catastrophic for the country, and would lead Greece out of the euro.

Venizelos has three days in which to seek some form of agreement, although since all the party leaders have already met during the previous two rounds, that looks unlikely.

“Things are not easy,” he said. “I am not declaring myself optimistic. But I am declaring myself responsible, and dedicated to this aim that I believe serves the national interest.”

If his efforts fail, President Karolos Papoulias will convene all the leaders in a last-ditch attempt to cobble together a coalition. If that is also unsuccessful, new elections will be called for early June, prolonging the political uncertainty.

Speaking earlier in parliament, Venizelos said he believed an agreement was possible.

“If the parties show a minimum level of responsibility, we believe this parliament can produce a government that is viable, responsible and one that can do something better for this country,” he said.

Venizelos, however, sharply criticized a proposal by Syriza to impose a moratorium on debt payments.

“This would lead the country to formal bankruptcy, cutting it off the international banking system, and world markets, halting imports and exports and lines of credit to businesses. Greece would become Albania of the 1960s.”

Markets, in the doldrums since Greece’s election stalemate, partially rebounded Thursday, with shares on the Athens Stock Exchange up 2.15 percent at 628.64 in early afternoon trading.

But new unemployment figures released Thursday showed the jobless rate reaching 21.7 percent in February, after more than 900 people lost their jobs every day on average in the prior 12 months.

In return for billions of euros in rescue loans from other European Union countries and the International Monetary Fund, Greece imposed harsh austerity measures that saw salaries and pensions slashed, tens of thousands of people lose their jobs and businesses close down.

Anger at the past two years of austerity and the deep financial crisis saw voters desert the formerly dominant two main parties and flock to smaller parties on the right and left. Syriza saw a strong boost, bringing the party into second place with 16.8 percent.

“The people have punished PASOK, because they considered it responsible for the crisis,” Venizelos said.

But, Venizelos said the election result was a clear message that the Greek people rejected the dominance of any one party.

“It is clear from the result that the people want a coalition government, handing no clear mandate to any single party,” Venizelos told his party’s deputies. “The Greek people want to remain in the euro.”

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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.

It’s a welcome trend for motorists, with the summer driving season just around the corner. And it eases some pressure on the U.S. economy, which has shown only agonizingly slow growth in the nearly three years since the Great Recession ended.

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. At the same time, there is mounting evidence that world oil supplies are growing.

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.

Now 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.

The picture of the oil market is the reverse of just a few months ago. Then, world oil demand looked to be rising quickly at the same time that world supplies were threatened by a host of small production outages and the potential for drastically reduced production from Iran, the world’s third-biggest exporter.

Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season arrived in the developed world. The price of U.S. benchmark oil rose to about $110. The price for international oil used to make most of the gasoline in the U.S. spiked even higher, to $128 per barrel.

Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide, another burden for U.S. consumers already suffering from high unemployment and pitiful wage growth.

Now the worst of those price fears have melted away for a number of reasons:

• Falling demand: A spreading recession in Europe and slow growth in the U.S. suggests energy consumption, which fell 0.4 percent worldwide in the first quarter, will remain weak.

• Growing supplies: Saudi Arabia and other OPEC members are pumping more oil. Energy companies are employing cutting-edge drilling technology to ramp up production across the globe. World oil supplies grew on average by 1.35 million barrels per day in the first quarter, and producers should easily meet demand in the coming months.

• Easing political tensions: The West’s nuclear standoff with Iran appears to be cooling off. The threat of conflict — and less Iranian crude on the market — helped push oil prices past $100. But now Iran and the West are planning talks.

The price of oil hasn’t dropped this much since Dec. 14, 2011, when it fell by $5.19, or 5.2 percent, to $94.95 per barrel.

Oil prices may drift even lower in coming weeks.

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Poland

Oil prices hovered near $103 a barrel Tuesday in Asia amid investor worries that Europe’s debt crisis will undermine economic growth and crude consumption.

Benchmark oil for June delivery was down 13 cents to $102.98 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 77 cents to settle at $103.11 in New York on Monday.

Brent crude for June delivery was up 15 cents at $118.87 per barrel in London.

Traders are concerned fiscal austerity measures designed to lower European debt levels may trigger a recession this year. On Monday, a survey showed the eurozone’s manufacturing and services sectors unexpectedly fell in April.

“Developments in the euro area continue to drive sentiment,” said Gerald Lyons, chief economist at Standard Chartered. “The biggest threat facing the world economy is a collapse of one or more euro area economies.”

Crude has traded between $100 and $110 for most of this year as the U.S. economy improved more than expected but crude demand remained weak business card.

Some analysts are optimistic that crude demand in the U.S. and China, the world’s two largest oil consumers, is about to rebound. Economic sanctions by Western powers against Iran may also cut crude output from the OPEC member, tightening global supplies.

“We’re looking at the bottom in U.S. gasoline demand, the bottom of the China slowdown and we are just starting to feel the pinch on Iranian sanctions,” said Carl Larry at Oil Outlooks and Opinions. “Outside of another economic meltdown, there’s not much that we can see that is going to bring this oil price back down.”

In other energy trading, heating oil was down 0.4 cents at $3.14 per gallon and gasoline futures fell 0.4 cents at $3.14 per gallon. Natural gas rose 1.2 cents at $2.02 per 1,000 cubic feet.

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A polluted drainage ditch that once flowed with industrial waste from Lake Charles, La., petrochemical plants teems with overgrown, wild plants today.

A light-rail line zips past the spot where a now-defunct Portland, Ore., gasoline station advertised in 1972 that it had run out of gas.

A smoking Jersey City, N.J., dump piled with twisted, rusty metal has disappeared, along with the twin towers of the World Trade Center in lower Manhattan that were its backdrop.

Forty years after the Environmental Protection Agency sent an army of nearly 100 photographers across the country to capture images at the dawn of environmental regulation, The Associated Press went back for Earth Day this year to see how things have changed. It is something the agency never got to do because the Documerica program, as it was called, died in 1978, the victim of budget cuts.

AP photographers returned to more than a dozen of those locations in recent weeks, from Portland to Cleveland and Corpus Christi, Texas. Of the 20,000 photos in the archive, the AP selected those that focused on environmental issues, rather than the more general shots of everyday life in the 1970s.

Gone are the many obvious signs of pollution _ clouds of smoke billowing from industrial chimneys, raw sewage flowing into rivers, garbage strewn over beaches and roadsides _ that heightened environmental awareness in the 1970s, and led to the first Earth Day and the EPA’s creation in 1970. Such environmental consciousness caused Congress to pass almost unanimously some of the country’s bedrock environmental laws in the years that followed.

Today’s pollution problems aren’t as easy to see or to photograph. Some in industry and politics question whether environmental regulation has gone too far and whether the risks are worth addressing, given their costs.

Republican presidential contender Mitt Romney has called for the firing of EPA chief Lisa Jackson, while GOP rival Newt Gingrich has said the EPA should be replaced altogether. Jackson has faced tough questioning on Capitol Hill so often the in past two years that a top Republican quipped that she needs her own parking spot.

“To a certain extent, we are a victim of our own success,” said William Ruckelshaus, who headed the EPA when it came into existence under Republican President Richard Nixon and was in charge during the Documerica project. “Right now, EPA is under sharp criticism partially because it is not as obvious to people that pollution problems exist and that we need to deal with them.”

Environmental laws that passed Congress so easily in Ruckelshaus’ day are now at the center of a partisan dispute between Republicans and Democrats. Dozens of bills have been introduced to limit environmental protections that critics say will lead to job losses and economic harm, and there are those who question what the vast majority of scientists accept _ that the burning of fossil fuels is causing global warming.

In the 1970s, the first environmental regulations were just starting to take effect, with widespread support. Now, according to some officials in the oil and gas and electric utility industries, which are responsible for the bulk of emissions and would bear the greatest costs, the EPA has gone overboard with rules.

For instance, Documerica photographers captured a wave of coal-fired power plants under construction. Republicans and the industry now say environmental regulations are partly to blame for shuttering some of the oldest and dirtiest coal plants.

Jim DiPeso of ConservAmerica, a group that recently changed its name from Republicans for Environmental Protection, says the EPA is caught in the center of a perfect storm. “This time of greater cynicism about government, more economic anxiety and the fact that the problems are not immediately apparent, has created this political problem for EPA,” he said.

In an interview, Jackson said she believes that people in the United States still want to protect the environment. “There’s a large gulf between the rhetoric inside the Beltway to do everything from cut back on EPA to get rid of the whole place, and what the American people would actually stand for,” she said. “It’s very easy to make rash statements without thinking about what that means to the health of everyday Americans.”

A 2010 Pew Research Center survey showed that 57 percent of those questioned held a favorable view of the EPA, compared with a 1997 poll that showed 69 percent with a positive view of the agency. A CNN/Opinion Research Corp. poll taken last year found that 71 percent of people surveyed said that the government should continue provide money to the EPA to enforce regulations to address global warming and other environmental issues.

“We are not done. We still have challenges we have to face,” Jackson said.

The agency last year began a volunteer photography project called State of the Environment. More than 620 people have participated and submitted 1,800 photographs, but only a few are at the same sites at the 1970s project.

Images always have spurred environmental consciousness. A 1980s satellite picture of the ozone hole helped lead to a ban on the chemicals in aerosol cans and refrigerants that were responsible. Underwater video of oil spewing into the Gulf of Mexico in 2010 opened the public’s eyes to the gravity of the largest offshore oil spill in U.S. history.

But a second Documerica project, with professional photographers, would be impossible today, given budget cuts facing the agency and the wariness of industry barring access by photographers.

Lyntha Scott Eiler, 65, shot photographs for Documerica around her then-home in northern Arizona, as well as one of the early emissions testing sites for automobile exhaust in Hamilton County, Ohio. At the Navajo Generating Station in Arizona, Eiler got right down in a strip mine “where the shovels were.”

“They weren’t afraid of the EPA, so it was, `What else you do you want to get a photograph of?,’” Eiler said. “You probably would have a hard time doing that today.”

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European nations and Russia have proposed rival U.N. resolutions that would expand the number of U.N. cease-fire monitors in Syria from 30 to 300.

The key difference in the texts _ circulated Friday morning to the Security Council and obtained by The Associated Press _ is whether there should be any conditions on the deployment of the larger observer force.

The draft proposed by Russia, Syria’s closest ally, does not include any conditions.

The European draft says the expanded force would be deployed “expeditiously” after Secretary-General Ban Ki-moon notifies the council that Syria has implemented its pledge to withdraw all troops and heavy weapons from cities and towns “to his satisfaction.”

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

GENEVA (AP) _ The United Nations hopes to have 30 cease-fire monitors in Syria next week and plans are already being made for the deployment of up to 300, a spokesman for international envoy Kofi Annan said Friday, as France called on the international community to prepare for the possible failure of the increasingly fragile peace deal.

Seven observers are on the ground and another two will arrive on Monday, said Annan’s spokesman.

“During the course of next week we hope that those that we are seconding from missions in the area who can move quickly will be there and we will make the numbers up to 30,” Ahmad Fawzi told reporters in Geneva.

The preliminary agreement between Syria and the United Nations on the deployment of U.N. observers says they will have freedom to go anywhere in the country by foot or by car, take pictures, and use technical equipment to monitor compliance with the cease-fire engineered by Annan.

But the issue of using helicopters and aircraft will likely dominate discussions in the coming days, Fawzi told The Associated Press.

The larger contingent of up to 300 also still needs to be approved by the U.N. Security Council.

“As soon as the Security Council adopts a resolution authorizing up to 300 monitors on the ground, we will be ready to deploy very, very rapidly,” Fawzi said.

“We are preparing for the deployment because we feel that it is going to happen sooner or later because it must happen,” he added

In France, Foreign Minister Alain Juppe called on the international community to live up to its responsibilities and warned that if Annan’s peace plan “doesn’t function, we have to envisage other methods.”

U.N. Secretary-General Ban Ki-moon accused Syrian President Bashar Assad on Thursday of failing to honor the peace plan that went into effect a week ago personal loan for poor credit.

Juppe said on France’s BFM television that his country would support a U.S.-backed proposal for a U.N. arms embargo and other tough measures against Syria.

The peace plan is “the last chance before civil war. … We don’t have the right to wait,” he said.

Juppe hosted U.S. Secretary of State Hillary Rodham Clinton and other diplomats in Paris on Thursday to try to work out options for Syria.

Annan’s diplomacy succeeded in getting Russia to back the monitoring mission, but Syria’s ally continues to resist more forceful measures.

“The Russian position is in the process of evolving,” Juppe said without elaborating.

U.N. chief Ban told the Security Council on Thursday that the situation remains “highly precarious,” citing an escalation of violence including “shelling of civilian areas, grave abuses by government forces and attacks by armed groups.”

That view was echoed by Annan’s spokesman.

“The situation on the ground is not good, as we all know,” Fawzi said. “There are casualties every day. There are incidents every day. And we have to do everything we can to stop what’s going on. The killing, the violence in all its forms.”

The observers, who report to Annan daily, will have freedom to install temporary observation posts in cities and towns, to monitor military convoys approaching population centers, to investigate any potential violation, and to access detention centers and medical centers in coordination with the International Committee of the Red Cross and Syrian authorities, the agreement says.

Meanwhile, diplomats meeting Friday in Geneva to discuss the humanitarian situation agreed to a draft plan to provide aid to civilians affected by the fighting.

The plan budgets $180 million to provide food, medicine and other supplies to about 1 million people inside Syria. It comes on top of the aid that is delivered to refugees who have fled abroad.

“The whole infrstructure of the country is under strain,” said John Ging, who heads the coordination and response division of the U.N.’s Office for the Coordination of Humanitarian Affairs.

Ging said the plan, particularly the question of how many aid workers will be allowed into the country, still needs Syria’s approval.

______

Angela Charlton in Paris contributed to this report.

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Japan

Payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.

Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October. Economists polled by Reuters had expected nonfarm employment to increase 203,000 and the jobless rate to hold at 8.3 percent.

The weak employment growth last month likely reflected the fading boost from unseasonably warm winter weather. The payrolls count for January and February was revised to show just 4,000 more jobs created than previously reported.

The drop in the unemployment rate, to the lowest level since January 2009, reflected a drop in the labor force. The separate household survey, from which the jobless rate is derived also showed a drop in employment.

The weak employment gains could hurt President Barack Obama’s chances for re-election in November. The unemployment rate has fallen from 9.1 percent in August.

The painfully slow recovery in the labor market is a concern for Fed Chairman Ben Bernanke, who is keeping open the option of further monetary policy support for the economy if the unemployment rate remains stubbornly high pay day loans.

Minutes of the Fed’s March policy meeting released this week showed policymakers seeing a broadening of the economic recovery, leaving them slightly less inclined to launch a third round of bond purchases, known as quantitative easing, to spur growth.

The private sector added 121,000 new positions in March, while government employment edged down 1,000.

Manufacturing enjoyed another month of strong job gains, with factories adding 37,000 new positions, helped by carmakers trying to meet pent-up demand for motor vehicles. Factory jobs increased by 31,000 in February.

Construction hiring fell 7,000, the second straight monthly decline. In the huge service sector, gains were in healthcare, professional and business services categories. Temporary help fell 7,500 after rising 54,900 in February.

Despite the weak employment gains last month, average hourly earnings rose 5 cents.

The workweek dipped to 34.5 hours from 34.6 hours in February.

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