Not Logged In Log In   Sign Up   Points Leaders
Follow Us    7:08 AM

Recent Gas News/GasBuddy Blog

12
votes
pump to homepage help
Cheap gas, powerful vehicles make it hard to meet CAFE

USA Today -- DETROIT -- There is a growing rift between the bigger and more powerful vehicles consumers want to buy and the fuel-efficient vehicles the government wants automakers to make — and the disconnect was eye-poppingly evident at the just concluded auto show here.

The crowds were deep around the 600-horsepower Ford GT and Acura NSX supercars, a 640-horsepower Cadillac CTS-V and the larger-than life Ford F-150 Raptor and Ram Rebel performance pickups. There was also a sexy little Alfa Romeo 4C convertible to ogle and an array of elegance on display from Jaguar, BMW, Mercedes-Benz and Lexus.

Conversely, there were barely a handful of new electric or hybrid vehicles -- the second-generation 2016 Chevrolet Volt hybrid and Chevy Bolt electric vehicle concept,
 (go to article)

Submitted 3 minutes ago By:
2 Comments
Not Newsworthy
17
votes
pump to homepage help
Oil slips to $49 on huge U.S. stock build, firm dollar

Reuters -- Oil slipped to $49 a barrel on Wednesday after an industry report said U.S. crude stocks rose by the most in two decades last week, and as a firmer dollar added to pressure on prices.

The American Petroleum Institute said late on Tuesday that U.S. crude stocks jumped by a massive 12.7 million barrels last week, triple the volume expected, and including a 2 million barrel increase at Cushing, Oklahoma, the delivery point of the U.S. oil contract. [API/S]

If confirmed by official data from the U.S. Energy Information Administration at 1530 GMT on Wednesday, the weekly rise would be the biggest since March 1994, according to EIA data, and follows a 10.1 million barrel build last week. [EIA/S]

"Crude oil stocks in the U.S. still appear to be growing incessantly," Commerzbank analyst Carsten  (go to article)

Submitted 25 minutes ago By:
17 Comments
Not Newsworthy
14
votes
pump to homepage help
8 Potential EV and Hybrid Battery Breakthroughs

Popular Mechanics -- Why wild new battery technology could soon mean EVs with a 500 mile range.

BY PHIL BERG

Today, a mere handful of Tesla Roadsters, Chevy Volts, Nissan Leafs, Fisker Karmas, and Mitsubishi MiEVs have been sold. But in the next few years sales of electric and plug-in hybrid gasoline–electric cars may reach 1 percent of the giant annual new-car market—approximately 150,000 cars. Toyota, the current market leader, sells mostly nickel-metal-hydride (NiMH) battery packs. But many of the newest plug-in hybrid and pure electric cars are powered by lithium-ion batteries, currently considered the best battery technology for range, power, and recharging time. And the upcoming all-electric Prius and RAV4 and the new plug-in hybrid Prius use lithium-ion technology too.

But while lithium-ion  (go to article)

Submitted 27 minutes ago By:
8 Comments
Not Newsworthy
17
votes
pump to homepage help
Gas prices finally stop falling

CNN Money -- The steady four-month decline in gas prices which has saved motorists more than a dollar per gallon has ended, at least for the moment.

The average price of a gallon of regular gas edged up a fraction of a penny to take the national average to $2.04 from $2.03 on Tuesday, according to AAA. It marked the first increase in 123 days, the longest such streak on record. Wednesday, the average price stayed unchanged.  (go to article)

Submitted 60 minutes ago By:
21 Comments
Not Newsworthy
19
votes
pump to homepage help
Gas tax hike idea fuels Michigan resistance

Detroit News -- Washington — A proposal to raise the federal gas tax to fix and build America's roads and bridges is proving unpopular with members of Michigan's congressional delegation.

Sen. Bob Corker, R-Tennessee, and Chris Murphy, D-Connecticut, have reintroduced legislation to raise the gas tax by 12 cents a gallon over two years, and then index it to inflation.

While Corker is open to other ideas, he and others have said they want a long-term fix to reverse the revenue slide in the federal highway trust fund.

But opponents in Michigan's congressional delegation sees a rise in the 18.4-cents-per-gallon tax for the failing highway trust fund as hitting middle-class and lower-income drivers too hard.

Even Gov. Rick Snyder, who unsuccessfully backed a hike in Michigan's gas tax but settled for a  (go to article)

Submitted 1 hour ago By:
28 Comments
Not Newsworthy
20
votes
pump to homepage help
Houston man accused of lying about blowout preventer tests

Fuel Fix -- The U.S. Attorney’s Office in New Orleans says a 49-year-old Houston man is accused of lying about a blowout preventer test on an offshore oil and gas platform in 2012.

A bill of information charges Race Addington with two counts of making false statements to federal agencies about tests run Nov. 27, 2012, when he was well site supervisor.

The pressure chart recording the tests showed one required component wasn’t tested, and wasn’t signed or dated, according to the bill of information.

Addington allegedly had workers fake a test and showed that chart to federal inspectors on Nov. 29, 2012. He’s also accused of lying to investigators the following month.

If convicted on both counts, he could get up to 10 years in prison and $500,000 in fines.

The bill of information does not identify  (go to article)

Submitted 2 hours ago By:
23 Comments
Not Newsworthy
18
votes
pump to homepage help
Offshore drilling plan targets Atlantic and Arctic waters

Fuel Fix -- The Obama administration on Tuesday unveiled a plan to sell offshore drilling leases in Atlantic and Arctic waters that immediately alienated both the oil industry and environmentalists.

Oil industry leaders said the draft plan for selling drilling rights from 2017 to 2022 does not go far enough, because it excludes promising territory along the Northeast and off Florida’s east coast, while also locking up some Arctic waters previously open to development.

At the same time, environmentalists blasted the proposal, arguing that any drilling along the East Coast — even when limited to areas off just a handful of mid- and south-Atlantic states — could put the entire Eastern Seaboard at risk from oil spills.

Read more: Obama administration opens door to Atlantic drilling

The draft program,  (go to article)

Submitted 2 hours ago By:
22 Comments
Not Newsworthy
26
votes
pump to homepage help
Obama’s Plan: Allow Drilling in Atlantic, but Limit It in Arctic

NY Times -- WASHINGTON — The Obama administration moved Tuesday to open up a vast stretch of East Coast waters to oil and gas drilling, a decision that could have a profound impact on the economic and environmental future of states from Virginia to Georgia. The move also adds a new dimension to the legacy of President Obama.

In an announcement that outraged environmentalists and brought grudging cheers from the oil and gas industry, the Interior Department unveiled the latest part of its five-year plan for the government to sell leases for oil and gas development in federal waters from 2017 to 2022.
 (go to article)

Submitted Today By:
56 Comments
Not Newsworthy
30
votes
pump to homepage help
Natural gas prices bounce as blizzard blows

CNN -- Prices for natural gas are bouncing this morning in New York as a blizzard blasts through the northeastern United States.
Natural gas futures are up 3.5% to roughly $3 per million British thermal units on the New York Mercantile Exchange.
Traders appear to be expecting a surge in heating demand because of the blizzard.
Roughly half of American households use natural gas for heating and cooking.
The bounce comes as prices have taken a sharp fall over the last few weeks. Natural gas prices have plunged by about 35% since late November as unusually warm temperatures in the eastern United States have crimped overall demand.
Raymond James energy analyst Pavel Molchanov said natural gas prices have "always been notoriously weather-sensitive."
"Right now, in the midst of an epic blizzard (and thi  (go to article)

Submitted Today By:
71 Comments
Not Newsworthy
30
votes
pump to homepage help
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump

BloombergBusiness -- The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.

Iraqi crude production is climbing from a 35-year high as it adds growing Kurdish supplies to its exports while southern oilfields remain unscathed by Islamic State militants. Finding customers for the new output means offering more attractive terms than rivals in the Organization of Petroleum Exporting Countries say Citigroup Inc. DNB ASA and Barclays Plc.

Oil’s biggest slump in six years gained momentum in October as a wave of discounts by Middle Eastern producers signaled OPEC members were intent on defending market share against booming shale output from the U.S. The price of Saudi crude for Asian buyers was cut to the lowest in at least 14 years last month, a move followed by Iraq...  (go to article)

Submitted Today By:
158 Comments
Not Newsworthy
32
votes
pump to homepage help
Vessel weighs anchor as oil dispute hangs in scales of justice

Fuel Fix -- An oil tanker anchored off the coast of Galveston since July amid an international legal dispute finally has sailed.

The United Kalavryta carried 1 million barrels of crude from Iraq’s semi-autonomous Kurdistan region. The Baghdad government considered the crude stolen property that had been smuggled out of the country.

As lawyers for Iraq and the Kurdistan Regional Government debated the fate of the crude in U.S. federal court maritime companies became skittish about becoming involved in the imbroglio and were unwilling to unload the crude for its unidentified buyer.

So the tanker and its cargo remained in international waters about 60 miles off Galveston. Since July the price of crude oil has fallen by more than half diminishing the value of the tanker’s cargo.

It now is headed...  (go to article)

Submitted Today By:
672 Comments
Not Newsworthy
26
votes
pump to homepage help
Ottawa faces deficit with low oil prices, budget watchdog says

Toronto Star -- Plunging oil prices will cost the federal government as much as $7.6B a year in lost revenue and could spell several more yrs of deficit budgets
In a report released Tue, the budget watchdog assessed the shock of dropping oil prices on the federal fiscal picture and said worst case, it would mean a deficit of $1.2B this year and a deficit of $400M in 2015-16, even after exhausting a $3B contingency fund
Officials with the parliamentary budget officer said that the government has enough wiggle room in its budget to show a surplus despite the oil price hit, allowing the Conservatives to keep their vow of a balanced budget
“There are many ways that the government can actually find some revenues or some savings on the spending side to make sure the balance is there  (go to article)

Submitted Today By:
79 Comments
Not Newsworthy
30
votes
pump to homepage help
Why The Damage To The Economy Caused By The Oil Crash Is Going To Get Progressively Worse

Financial Content -- We are really starting to see the price of oil weigh very heavily on the economy and on the stock market. On Tuesday, the Dow was down 291 points, and the primary reason for the decline was disappointing corporate sales numbers. For example, heavy equipment manufacturer Caterpillar is blaming the “dramatic decline in the price of oil” for much lower than anticipated sales during the fourth quarter of 2015. Even though Caterpillar is not an “energy company”, the price of oil is critical to their success. And the same could be said about thousands of other companies. That is why I have repeatedly stated that anyone who believes that collapsing oil prices are good for the U.S. economy is crazy. The key to how much damage this oil collapse is going to do to our economy is not how low pri  (go to article)

Submitted Today By:
606 Comments
Not Newsworthy
33
votes
pump to homepage help
U.S. Gas Prices End Their Record-Breaking Streak of Daily Declines

The Wall Street Journal -- For the first time in four months, gasoline is a little more expensive today than it was yesterday.

The national average price for a gallon of regular gas was $2.038 on Tuesday, up from $2.033 on Monday, according to auto club AAA. That half-cent increase was the first overnight price rise since Sept. 25 and ended the longest streak of daily price declines on record.

AAA said on Monday that prices have slowed their decline in recent days, “largely reflective of a number of Midwestern states where prices have moved higher over the past week due to a series of refinery issues in the region.” The winter storm in the Northeast could briefly send prices higher on worries about distribution, AAA said, but “the longer-term impact is expected to be downward pressure on pump prices from lower  (go to article)

Submitted Today By:
752 Comments
Not Newsworthy
28
votes
pump to homepage help
He called $50 oil, now he says it’s going lower

MarketWatch -- Last November, when I was trying to figure out where oil prices were going, I spoke with Shawn Driscoll, manager of the T. Rowe Price New Era Fund PRNEX, +0.06% , a mutual fund that focuses on natural resource stocks.

Brent crude LCOH5, -1.33% was trading at $80 a barrel, and there was speculation that the Organization of Petroleum Exporting Countries would halt its slide by cutting production at its upcoming meeting, scheduled for Thanksgiving Day.
Driscoll was having none of it. Oil, gold, and other commodities, he told me, were in a secular bear market that could last another decade. He said oil would bottom out around $50 over the next 10 years.

Actually it took less than 10 weeks, as Brent traded under $48 a barrel on Monday. I usually don’t revisit columns or sources that quickly  (go to article)

Submitted Yesterday By:
70 Comments
Not Newsworthy
27
votes
pump to homepage help
US ultra-low-sulfur diesel prices surge as blizzard boosts fuels demand

Bloomberg -- Diesel jumped to the highest in more than a week on concern that a blizzard from New York to Boston may increase fuel demand and disrupt deliveries.

Prices of ultra-low sulfur diesel, a proxy for heating oil, gained as much as 2.4% in New York. As much as 24 inches of snow may fall in New York, while Boston and eastern New England may see as much as 36 inches, the National Weather Service said.

“As the storm goes through the region, heating oil deliveries to the consumer are going to be shut down due to the road closures,” said Andy Lipow, president of Lipow Oil Associates, an energy consulting firm in Houston, Texas. “There will be additional demand for diesel fuel to run emergency generators. One of the concerns is that this storm can impact refinery operation.”

Diesel futures climbed  (go to article)

Submitted Yesterday By:
45 Comments
Not Newsworthy
26
votes
pump to homepage help
Pump Prices Break 123-Day Losing Streak With a Half-Penny Rise

Bloomberg -- Just when the U.S. was pennies away from reaching $2 a gallon at the pump, prices rebounded.

Retail gasoline in the U.S. climbed 0.5 cent yesterday to average $2.038 a gallon, keeping Americans from filling up on $2 fuel for the first time since March 2009, data compiled by the motoring club AAA said. The rise breaks an unprecedented 123-day streak of consecutive declines.

A combination of stabilizing oil prices and refinery upsets curbing fuel production have put an end to the slide in gasoline that the U.S. government has estimated will save the average household $750 this year. Prices have dropped by more than $1 a gallon in four months.

“With seasonal refinery maintenance around the corner, it was just a matter of time that you saw gasoline prices go up,”a spokesman for AAA, said by  (go to article)

Submitted Yesterday By:
44 Comments
Not Newsworthy
23
votes
pump to homepage help
US crude oil settles up $1.08, at $46.23 a barrel

Reuters -- WTI crude rose more than 3 percent on Tuesday as a weaker dollar propped up commodities priced in the currency, prompting short-covering in a market that has sold off with little pause over the past seven months.

Even so, gains in oil were capped by fears of another large build in U.S. crude stocks, traders said.
 (go to article)

Submitted Yesterday By:
42 Comments
Not Newsworthy
24
votes
pump to homepage help
Keystone Backers Predict Final U.S. Senate Passage by Weekend

Bloomberg -- The U.S. Senate is on track to pass legislation to approve TransCanada Corp. (TRP)’s Keystone XL oil pipeline by the end of the week, Majority Leader Mitch McConnell said.

The Keystone legislation stalled in the Senate on Monday as Democrats raised objections about the number of amendments they’ve been allowed to offer.
 (go to article)

Submitted Yesterday By:
50 Comments
Not Newsworthy
22
votes
pump to homepage help
Pay Attention! Your Car is Watching You

NBC News -- The next wave of technology designed to keep drivers from getting distracted or dozing off could soon be watching you behind the wheel.
Eye-monitoring systems are quickly becoming a focus for automakers and suppliers working on advanced driver assistance systems, known as ADAS.
empty
"If your eyes are looking away from the road, the vehicle will understand that you are paying attention to something else," said Nick Langdale-Smith, a vice president at Seeing Machines.  (go to article)

Submitted Yesterday By:
44 Comments
Not Newsworthy
21
votes
pump to homepage help
Germany Set to Open Up Autobahn to Self-Driving Vehicles

NBC News -- MAINZ, Germany — Prototypes of driverless cars are set to get the go-ahead on a stretch of Germany's busy A9 autobahn.
For years, the country's car makers have been developing models with "autonomous driving" technology —passenger vehicles and trucks that can self-drive in cities and on highways without human interference.  (go to article)

Submitted Yesterday By:
32 Comments
Not Newsworthy
20
votes
pump to homepage help
How low can oil go?

Fortune -- The American consumer got a surprise gift this holiday season:  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
22
votes
pump to homepage help
Should I buy an Acura TLX or just buy a loaded Honda Accord?

Consumer Reports via Yahoo! Autos -- What do you really get with an Acura TLX that you don’t get from a loaded version of its corporate cousin, the Honda Accord? To find out, we compared our four-cylinder TLX, which stickered at $35,920, with a $33,090 Accord EX-L V6. Both did well in our road tests, but the Accord finished with 84 points vs. the TLX’s 80.

In addition to costing about three grand less, the Accord’s 278-hp, 3.5-liter V6 has 72 more ponies than the TLX’s 206-hp four-cylinder.

The Accord is a full second quicker than the TLX to 60 mph. But with the TLX, you get a modern eight-speed, dual-clutch transmission, which has a more direct and sporty feel than the Accord’s conventional six-speed.  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
33
votes
pump to homepage help
New-generation solar panels far cheaper, more efficient

Yahoo! Tech -- A new generation of solar panels made from a mineral called perovskite has the potential to convert solar energy into household electricity more cheaply than ever before, according to a study from Briain's Exeter University.

Super-thin, custom-colored panels attached to a building's windows may become a "holy grail" for India and African countries, one of the authors of the study told the Thomson Reuters Foundation.

"In those countries these types of material will be like a holy grail: they can both shade windows ... and at the same time produce electricity," he said.

Unlike other solar panels, those made of perovskite can absorb most of the solar spectrum and work in various atmospheric conditions, rather than only in direct sunlight.  (go to article)

Submitted Yesterday By:
38 Comments
Not Newsworthy
22
votes
pump to homepage help
Can Dodge rebuild Pontiac excitement?

Automotive News -- General Motors CEO Mary Barra, at the recent Automotive News World Congress, said the company doesn’t miss any of the brands that were discontinued during the company’s 2008-09 bankruptcy and restructuring -- Saturn, Saab, Hummer and Pontiac.

You can take that to mean that none will ever be revived by GM, at least while Barra is in power.

But that doesn’t mean displaced customers of two of the brands -- Hummer and Pontiac -- have nowhere to go.

Fiat Chrysler Automobiles is building a lineup that would be a natural home for displaced Hummer and Pontiac customers.

Looking at Jeep’s staggering global growth and the worldwide explosion in popularity of SUVs and crossovers, you have to think a Hummer customer’s first choice would be a Jeep...

But I see the biggest migration of GM customers  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
22
votes
pump to homepage help
US oil tycoons get even richer amid price collapse

CNBC -- Despite the precipitous fall in oil prices in recent months, the fortunes of many of America's top oil magnates have actually grown, according to Wealth-X's ranking of the wealthiest U.S. oil barons.
Topping the list, David and Charles Koch, whom each boast a net worth of almost $45 billion making them the richest oil tycoons in the U.S. and the world, saw their wealth grow by 7 percent since last June – when the oil rout began.
"Koch brothers' fortunes have actually grown due to the fact that their industrial conglomerate, Koch Industries, has a large, diversified investment portfolio with significant holdings in pipelines and refineries," said Wealth-X.
The price of oil has more than halved since mid-2014 amid feeble global demand compounded by strong supply growth.
Another major sh  (go to article)

Submitted Yesterday By:
28 Comments
Not Newsworthy
19
votes
pump to homepage help
Bond king: Oil won't go back to $90 this year

CNN Money -- Don't buy all that talk about oil shooting back up to $90 a barrel. That's the message from bond king Jeffrey Gundlach.

"I bet a great deal of money that oil is not going to end the year at $90," Gundlach said at ETF.com's Inside ETF Conference.  (go to article)

Submitted Yesterday By:
12 Comments
Not Newsworthy
25
votes
pump to homepage help
Uber says ride services reduce drunk driving

Reuters -- Uber, a ride service facing legal challenges around the world, on Tuesday released a survey showing that people are less likely to drive home after drinking alcohol after such businesses started operating in their cities.

The results of the survey, done with advocacy group Mothers Against Drunk Driving, were based on a December poll of 807 adults in the largest U.S. cities where Uber operates. They come as Uber tries to establish solid legal footing for its service.
 (go to article)

Submitted Yesterday By:
24 Comments
Not Newsworthy
34
votes
pump to homepage help
Police chasing Waze to remove cop location feature

GasBuddy Blog -- Waze AppFor commuters and motorists across the country, the smartphone app Waze exists to save you time on your commute, notify you of hazards, and give you a heads up when police are spotted. It's the last feature I listed that has caught the ire of law enforcement officials, who want Google-owned Waze to remove spotter reports of police officers.

According to an Associated Press story, LAPD Chief Charlie Beck complained to Google's CEO in a December 30 letter that the information users send about police officers could be "misused by those with criminal intent to endanger police officers and the community." I wonder what top brass at LAPD and other law enforcement organizations think about listing the addresses of their precincts and headquarters- since criminals could easily target dozens of officers instead of just one or two- as they do on their website, evident in the picture below.

Some organizations, like the Bedford County Sheriff Departme  (go to article)

Submitted Yesterday By:
PD
1366 Comments
Not Newsworthy
22
votes
pump to homepage help
NEB urged to make Energy East meetings public

Canadian Press - HALIFAX -- Anti-pipeline group Stop Energy East Halifax said the invite-only meetings should be open to the public
About a dozen people staged a rally January 26 in Halifax as the board met with groups during closed-door meetings to discuss the project.Members held signs and a makeshift pipeline with the words “tar sands
Over the next week, NEB officials will meet with groups in the 4 Atlantic provinces to discuss how it can improve its pipeline safety and environmental protection programs
Board officials will meet with FN groups and property owners along the pipeline’s route will either be met with directly or will be represented by political leaders such as mayors
“We’re willing to meet with Canadians in their kitchens,” adding they have such a meeting in NB later this week, encouraged the pub  (go to article)

Submitted Yesterday By:
14 Comments
Not Newsworthy
29
votes
pump to homepage help
BP will freeze pay for most of its employees

Fuel Fix / Houston Chronicle -- HOUSTON — Oil giant BP said it will freeze most of its employees pay in 2015, after a collapse in crude prices has left oil companies scrambling to cut costs.

The announcement came today in an internal message to employees, said BP spokesman Brett Clanton in an emailed statement
 (go to article)

Submitted Yesterday By:
49 Comments
Not Newsworthy
27
votes
pump to homepage help
Private companies know where you've been, thanks to license plate cameras

Syracuse.com -- Companies that collect the data are operating in a virtual Wild West. There are almost no laws regulating who can collect license plate data and what can be done with it. In Syracuse, for instance, Destiny USA is collecting license plate data from the mall parking lots.  (go to article)

Submitted Yesterday By:
56 Comments
Not Newsworthy
27
votes
pump to homepage help
Goldman Sachs’s Cohn Says Oil Prices May Hit $30 in Extended Slump

Bloomberg -- Oil prices will probably continue to decline and could reach as low as $30 a barrel, according to Gary Cohn, president of Goldman Sachs Group Inc.

“We’re probably in the lower, longer view,” Cohn, a former oil trader, said Monday in an interview with CNBC.
 (go to article)

Submitted Yesterday By:
41 Comments
Not Newsworthy
34
votes
pump to homepage help
Installation of ND pipeline that spilled 3 million gallons of saltwater had no state inspection

Fargo-Moorhead Forum -- State oversight of more than 20,000 miles of underground pipelines has been “very, very minimal” as it struggles to hire qualified inspectors, a spokeswoman for the North Dakota Industrial Commission says.

New rules approved by the Industrial Commission that took effect last year govern small gathering pipelines such as the pipeline that spilled nearly 3 million gallons of saltwater near Williston this month, the state’s largest spill on record.

Meadowlark Midstream, a subsidiary of Summit Midstream Partners, learned of the rupture of a 4-inch pipeline on Jan. 6 and last week estimated the spill amount to be 70,000 barrels, or nearly 3 million gallons. Some of the produced water entered Blacktail Creek and eventually the Little Muddy River. Cleanup efforts are ongoing.

The installation  (go to article)

Submitted Yesterday By:
41 Comments
Not Newsworthy
26
votes
pump to homepage help
U.S. crude exports boosted as Enterprise signs term contracts

Reuters -- U.S. exports of condensate have been given an important boost after pipeline company Enterprise Products Partners LP agreed annual contracts with at least two major trading companies to sell the light crude, trade sources said.

Oil producers have been pressing to lift a 40-year-old U.S. ban on crude exports and the Department of Commerce broke its year-long silence in December and began approving a backlog of requests to sell processed light oil abroad.

Enterprise is selling 40,000 barrels per day (bpd) under the contracts, which should give it a headstart before other firms get the nod to export condensate produced from shale operations.

It has contracts with Petro-Diamond Singapore (PDS), the oil trading arm of Mitsubishi Corp, and independent oil trader Vitol, for 1.2 million barrels  (go to article)

Submitted Yesterday By:
30 Comments
Not Newsworthy
37
votes
pump to homepage help
White House Tells Alaskan Senator to Chill Out on ANWR

Bloomberg -- The White House has a message for Alaska Senator Lisa Murkowski: tone it down.

On Sunday, Murkowski fired off a blistering critique of the president's proposal to designate large swaths of the Arctic National Wildlife Reserve as wilderness, thereby preventing it from being available for oil drilling, which she characterized as a "stunning attack on our sovereignty," and vowed that Alaska would "fight back with every resource at our disposal.” A day later, Murkowski ratcheted up the rhetoric even further at a press conference in Washington, saying that the Obama administration "had effectively declared war on Alaska."

White House counselor John Podesta told reporters on Monday that the Department of the Interior's plan to ask Congress to extend the protected status to an additional ...  (go to article)

Submitted Yesterday By:
72 Comments
Not Newsworthy
37
votes
pump to homepage help
Saudi Arabia Is Putting Aside Billions For Its Own Gas-Fracking Revolution Read more: http://www.bu

Business Insider -- Saudi Arabia wants its own gas-fracking revolution.
The country's colossal state-run oil firm, Saudi Aramco, is investing another $7 billion (£4.64 billion) in unconventional gas (shale) drilling in the country. That's more than double what the company had previously planned, according to the Financial Times.

That's at the same time that the plunging price of oil, widely accredited to Saudi Arabia's policies, is helping to stymie growth in US shale.

While Saudi Arabia apparently has the shale reserves it needs, what it doesn't have is the water that is blasted into the earth to free up oil and gas in the process known as hydraulic fracturing, or fracking. According to Bloomberg and Baker Hughes, Saudi Arabia may have the world's fifth-largest shale reserves, adding to its already treme  (go to article)

Submitted Yesterday By:
35 Comments
Not Newsworthy
49
votes
pump to homepage help
Pennsylvania motorists now pay highest gas taxes in U.S.

GasBuddy Blog -- It's official.  Pennsylvania has passed New York and California by earning the dubious distinction of having the highest gasoline taxes in the nation. Combined with the federal gas tax of 18.4 cents per gallon, Pennsylvania's state tax of 50.5 cpg. brings the combined tax to 68.9 cents per gallon.  Californians pay 63.7 cents per gal., NewYorkers pay 63.4 cents per gal., according to the American Petroleum Institute..

Adding insult to in jury, Pennsylvania plans to take even more money away from its residents later this year. On July 1, annual passenger car and motorcycle registration will rise by $1 to $37 and $19, respectively. Pickup truck registration will rise $1.50, to $60 and antique, classic and collectible vehicle registration by $2, to $77.Vehicle inspection stickers that now cost $5 could also rise, as of July 1. And the base license fee, which does not include the cost of the photo, will rise $1, to $22 on July 1. ...  (go to article)

Submitted Yesterday By:
PD
2151 Comments
Not Newsworthy
43
votes
pump to homepage help
Analyst: End to gas below $2 coming soon

Fox 5 -- LAS VEGAS (FOX5) -
While we bask in the relief of $1.99 a gallon gasoline, one analyst said Monday the steep price drop shouldn't last very long.
According to Patrick DeHaan of GasBuddy.com, the $1.99 price seen around the country should be the lowest the recent drops will get before a standard seasonal lift.

“Refineries have been processing less crude oil and thus producing less gasoline, which will contribute to a soft bottoming out of the national average before a small recovery back in the very low $2's," said DeHaan, a senior petroleum analyst with gas price indicating website.

DeHaan, though, said 2015 should have far lower prices than the previous year.

“We'll be subject to a seasonal lift in gasoline prices as refineries slow production to do maintenance and to make  (go to article)

Submitted Yesterday By:
1013 Comments
Not Newsworthy
34
votes
pump to homepage help
Collapsing Oil Prices Are Forcing Small US Producers To Shut Down Wells

Business Insider -- HOUSTON (Reuters) - Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn.

As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans.

Now, with U.S. crude around $46 a barrel, operators are already closing some small old wells, known as strippers, and tens of thousands of similar wells are on the verge of losing money. A further slide could, by some estimates, idle an equivalent of up to 2 percent of U.S. supply, slowing overall output growth more than expected or even leaving it flat.

Ray Lasseigne, an oilfie  (go to article)

Submitted Yesterday By:
72 Comments
Not Newsworthy
29
votes
pump to homepage help
Haley OK with gas-tax hike if income tax cut, DOT retooled

Aiken Standard -- Gov. Nikki Haley said Wednesday that she will support a gas-tax increase, but only if the Legislature cuts South Carolina’s income taxes and restructures the Department of Transportation.
Haley used her fifth annual State of the State address to lay out her much-anticipated plan to fund road and bridge work – shockingly, by raising gas taxes, an idea she’s repeatedly promised to veto.
The current 16-cents-per-gallon tax has not changed since 1987. At 26 cents, the tax would still be below neighboring North Carolina’s 37.5 cents and in line with Georgia’s current 26.5 cents.
The DOT has said it needs an additional $1.5 billion yearly for the next two decades just to bring roads to good condition. The 41,500-mile system is the nation’s fourth largest, funded largely by one of the nation’s  (go to article)

Submitted Yesterday By:
53 Comments
Not Newsworthy
39
votes
pump to homepage help
Boehner says fixing U.S. infrastructure 'critically important'

Reuters -- House Speaker John Boehner said he agreed with the White House there was room for bipartisan compromise on the issue of fixing crumbling roads and bridges, but that Congress in the past has not opted for an increase in federal gasoline taxes to fund the effort.
Lawmakers face a May deadline to fund massive road, bridge and transit projects, with money in the highway trust fund that pays for the projects set to run out then.
Republicans have been struggling to find a way to pay for legislation with a five-year price tag in the range of $75 billion to more than $100 billion.  (go to article)

Submitted Yesterday By:
96 Comments
Not Newsworthy
37
votes
pump to homepage help
U.S. nudges Caribbean nations to ease their dependence on Venezuelan oil

Fox News Latino-AP -- A decade-long addiction to oil subsidized by Venezuela may be coming to an end for several Caribbean nations, with a nudge from the United States.

Fears that falling oil prices could knock the wheels off the already wobbly economy of oil-dependent Venezuela have sparked apparent interest in alternatives to Petrocaribe, a trade program created by the late President Hugo Chavez that has kept the region dependent on the South American country for energy.

Evidence of that interest will be on display Monday as Caribbean leaders converge in Washington for the first Caribbean Energy Security Summit, hosted by Vice President Joe Biden. Plans for the event have been in the works for months, but with oil recently falling to below $50 a barrel, a sense of urgency has emerged given Venezuela's...  (go to article)

Submitted Yesterday By:
205 Comments
Not Newsworthy
33
votes
pump to homepage help
White House to Propose Allowing Oil Drilling off Atlantic Coast

NY Times -- The Obama administration on Tuesday will announce a proposal to open up coastal waters from Virginia to Georgia for oil and gas drilling, according to a person briefed on the plan.

At the same time, in Alaska, the administration will ban drilling in some portions of the Beaufort and Chukchi Seas, according to the personal familiar with the plans, who could not speak publicly about them until the announcement.

Opening the Eastern Seaboard to oil companies is a prize the industry has sought for decades and is a blow to environmental groups. They argue that the move would put the coasts of Virginia, the Carolinas and Georgia at risk for an environmental disaster like the BP spill that struck the Gulf Coast in 2010, when millions of barrels of oil washed ashore after the explosion of the Dee  (go to article)

Submitted Yesterday By:
51 Comments
Not Newsworthy
49
votes
pump to homepage help
Oil steadies after Opec says prices may have bottomed but risk jump to $200

The National-Reuters -- Brent crude oil prices held above $48 on Tuesday following comments from Opec that prices may have found a floor.

Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out and he warned of a risk of a future jump to $200 a barrel if investment in new supplies was too low.

“Crude oil markets continue to consolidate near term,” ANZ analysts said, adding that Brent traded in the range of $48-$50 last week and showed little direction.

“Opec’s secretary general commented yesterday that prices may have bottomed, but there was no imminent prospect of Opec producers sitting down to discuss cutbacks until mid-year” ANZ said.

March Brent crude rose 17 cents to $48.33 a barrel at 0347 GMT, after settling down 1.3 per cent on Monday.

West Texas Intermediate (WTI) crude for...  (go to article)

Submitted Yesterday By:
1427 Comments
Not Newsworthy
28
votes
pump to homepage help
Ohio gas prices average $1.88 per gallon; price hike expected next month

Norwalk Reflector -- Average retail gasoline prices in Ohio have fallen 10.4 cents per gallon in the past week, averaging $1.88/g yesterday, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio. This compares with the national average that has fallen 2.3 cents per gallon in the last week to $2.02/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices yesterday were 139.5 cents per gallon lower than the same day one year ago and are 19.4 cents per gallon lower than a month ago. The national average has decreased 27.1 cents per gallon during the last month and stands 125.8 cents per gallon lower than this day one year ago.  (go to article)

Submitted Yesterday By:
39 Comments
Not Newsworthy
26
votes
pump to homepage help
Oil firms to hike gasoline prices, cut diesel prices on Tuesday

GMA News -- Oil companies on Tuesday will increase prices of gasoline and slash prices of diesel.

Chevron, effective 6:00 a.m., Tuesday, will increase its gasoline prices by P0.30 per liter and cut prices of its diesel by P0.10 per liter, according to a GMA News' "24 Oras" report on Monday.

Petron, Seaoil, and Phoenix Petroleum will hike their gasoline prices by P0.30 per liter and cut their diesel prices by P0.10 per liter at 6:00 a.m. on Tuesday,

Shell will increase gasoline prices by 0.30 per liter and cut prices of their diesel by 0.10 per liter effective 12:01 a.m., Tuesday

There is no price adjustment for kerosene products.

According to a GMA News "24 Oras" report on Tuesday, the Department of Energy earlier said the price of petroleum products will go up this week as prices in the w  (go to article)

Submitted Yesterday By:
29 Comments
Not Newsworthy
40
votes
pump to homepage help
Justice Department spies on millions of cars: WSJ

Reuters -- Reuters) - The Justice Department has been secretly gathering and storing hundreds of millions of records about motorists in an effort to build a national database that tracks the movement of vehicles across the country, the Wall Street Journal reported on Monday.

The newspaper said the main aim of the license plate tracking program run by the Drug Enforcement Administration was to seize automobiles, money and other assets to fight drug trafficking, according to one government document.

But the use of the database had expanded to include hunting for vehicles linked to other possible crimes, including kidnapping, killings and rape suspects, the paper said, citing current and former officials and government documents.

While U.S. officials have said they track vehicles near the Mexican bor  (go to article)

Submitted Yesterday By:
470 Comments
Not Newsworthy
23
votes
pump to homepage help
Dayton transportation plan calls for tax on Minnes

Star Tribune -- billion transportation proposal to fix the state’s most decrepit roads and bridges over the next decade and improve transit would also sock Minnesotans with significantly higher gas taxes at the pump and some with a higher sales tax.

In a far-reaching plan, Dayton on Monday proposed a 6.5 percent gross receipts tax on gasoline at the wholesale level, meaning drivers would pay an extra 16 cents a gallon at current prices. But as gas prices rise, so would the wholesale tax. At $4 per gallon, the wholesale tax would be 22 cents. That would be on top of the existing state gas tax of 28.5 cents per gallon.

To fund mass transit improvements, the governor is asking for a half-cent increase in the sales tax for the seven-county metro area.

Dayton conceded Monday that “no one wants to pay more t  (go to article)

Submitted Yesterday By:
11 Comments
Not Newsworthy
41
votes
pump to homepage help
Oil slides despite OPEC talk of a floor

Reuters -- Reuters) - Oil fell in see-saw trade on Monday, with U.S. crude ending at its lowest in nearly six years, as traders discounted comments from OPEC's top official about the market finally finding a bottom.

It was an up-and-down session for crude, which gyrated along with the U.S. dollar in the wake of a decisive Greek election victory by the left-wing Syriza party.

Prices initially rallied after OPEC Secretary-General Abdullah al-Badri said oil may have hit a floor and could move higher very soon, the first comments he has made on the subject during crude's seven-month-long price rout.

But the gains proved fleeting as global benchmark Brent LCOc1 fell 1.3 percent to $48.16. U.S. crude CLc1 lost almost 1 percent, settling at $45.15, the lowest settlement price for the existing front-month  (go to article)

Submitted Yesterday By:
1032 Comments
Not Newsworthy
35
votes
pump to homepage help
America’s fracking ‘boom’ is having its worst months ever

Washington Post -- They threw a fracking party in Illinois, and hardly anyone showed up.

More precisely, two months after the state completed a long regulatory process and opened the door to hydraulic fracturing, only one company applied. The state hired 36 employees and five lawyers to handle the expected rush of applicants, reported the Chicago Tribune, “for work that doesn’t exist.”

This after a land rush by energy companies in Southern Illinois that saw them buy tens of thousands of acres anticipating a North Dakota-style energy boom that would create 10,000 jobs.

The disinterest is attributed to the sharp decline in oil and gas prices globally, which makes fracking unprofitable — at best a break-even proposition, at worst a big money-loser.

“Smart people don’t invest in things that break-even,” said  (go to article)

Submitted Yesterday By:
643 Comments
Not Newsworthy