Not Logged In Log In   Sign Up   Points Leaders
Follow Us    12:28 PM

Recent Gas News/GasBuddy Blog

12
votes
pump to homepage help
When Gas Is This Cheap, Who Needs QE?

Fox Business -- While the U.S. gets ready to end QE, it seems the U.S. is getting stimulated in a different way, courtesy of Big Oil.
Consumer confidence soared in October, as gas prices fell, proving once again that the way to win the heart of America is cheap gas prices. In fact, the Conference Board said consumer sentiment hit 94.5, the highest level since October 2007, the same month that then Fed Chairman Ben Bernanke started to lower U.S. interest rates as he started to realize that failures in the subprime market were indicative of a much larger unfolding economic crisis.
 (go to article)

Submitted 23 minutes ago By:
4 Comments
Not Newsworthy
14
votes
pump to homepage help
It Looks Like $80 Oil Is Here to Stay

Bloomberg Business Week -- The oil selloff appears to be permanent. Record-breaking increases in U.S. production, a resurgent Libya, and Saudi Arabia lowering its prices in a bid to keep its share of Asian customers—all of it has combined to knock oil prices down 25 percent since June, and there might be more room to fall.  (go to article)

Submitted 32 minutes ago By:
6 Comments
Not Newsworthy
13
votes
pump to homepage help
Smog masks part of China Fashion Week

Seeking Alpha -- How bad is the smog in Beijing?

The China Fashion Week show in the nation's capital included the introduction of new lines of face masks from well-known designers.

Twice this month smog in Beijing has soared past the 400 level on a pollution index which marks 300 as a hazardous level.

The worsening smog situation in China has led many cities to take new measures to support the electric vehicle industry.

Related stocks: F, GM, OTCQX:VLKAY, TSLA, TM, HMC, OTCPK:NSANY.
 (go to article)

Submitted 35 minutes ago By:
3 Comments
Not Newsworthy
12
votes
pump to homepage help
Honda Debuts “SENSING” Driver Assist System

Gas2 -- Known better as the Acura RLX Sport Hybrid here in America, the Honda Legend is a mid-size luxury car for the Japanese market where Acura just doesn’t exist (it’s an American thang). Honda hopes to move closer to a collision-free society with its SENSING system, which uses a millimeter-wave radar mounted in the grille and monocular camera on the upper inside of the windshield. These two systems enable the Legend to “see” potential pedestrian threats up to 60 meters out, and the radar system can read their speed to see if they prove to be a collision threat. If the car detects an accident is imminent, it’ll start apply the brakes automatically while alarms sound, and if the driver still doesn’t react it will actually steer and stop the car for you in an effort to avoid a crash.  (go to article)

Submitted 47 minutes ago By:
2 Comments
Not Newsworthy
16
votes
pump to homepage help
Wind turbines are sucking money out of Ontarians’ wallets

Toronto Sun -- TORONTO - Wind turbines are sucking money out of Ontarians’ wallets, a new report says.

What Goes Up, a Fraser Institute report by Ross McKitrick and Tom Adams to be released Thursday, makes a number of controversial recommendations to ease the upward pressure on electricity bills.

The Ontario government should announce an immediate moratorium on new wind and solar power facilities, and revisit existing contracts that commit Ontarians to paying well above market rates for renewable electricity, the authors conclude.

“Wind and solar power systems provide less than 4% of Ontario’s power but account for 20% of the cost paid by Ontarians, yet the government wants to triple the number of wind and solar generators,” energy analyst Adams said in a statement. “That’s a good deal for wind and so  (go to article)

Submitted 1 hour ago By:
9 Comments
Not Newsworthy
17
votes
pump to homepage help
These countries are getting killed by cheap oil prices

CNN Money -- The price is not right for many oil rich nations.  (go to article)

Submitted 1 hour ago By:
15 Comments
Not Newsworthy
17
votes
pump to homepage help
Faulty GM ignition switch linked to 2nd crash death in Canada

CBC News -- To date, GM has stated that one of the 29 wrongful death claims it has accepted was a Canadian, but has declined to identify the victim.

An investigation by CBC's the fifth estate and Radio-Canada’s Enquete now adds the Kulish crash as a 2nd Canadian fatality under investigation as part of the ignition switch problem

“A sudden failure within the ignition switch appears to be a possible and probable explanation," says a preliminary Transport Canada report into the crash

"According to the data retrieved from the car's ACM, the driver's frontal airbag never deployed because the ACM never commanded its deployment

GM is facing claims of at least 150 more fatalities and hundreds of injuries

“He died for no reason. He died for a 57-cent piece that should have been fixed over 10 years ago an  (go to article)

Submitted 1 hour ago By:
13 Comments
Not Newsworthy
22
votes
pump to homepage help
Millenials Drive Less

Orlando Sentiinel -- Christina Cook often rides her bike from her home near downtown Orlando to day care, where she drops off her young son. She prefers the bike to the family car, a 2003 Camry with almost 200,000 miles on the odometer.

"We enjoy it [biking]," she said. "I've never felt I was inconvenienced."
lRelated

News

See all related
8

Cook, 26, is like a lot of her contemporaries, the generation of millennials who are not as enamored with the automobile as their elders — who flocked to the internal-combustion engine as a symbol of freedom and a passport to far-flung suburban homes.

A recent study by the nonprofit consumer group U.S. PIRG based in Boston found that millennials — or those born roughly from 1983 to 2000 — are driving less in favor of walking, biking and catching the bus or train, if on  (go to article)

Submitted 3 hours ago By:
30 Comments
Not Newsworthy
23
votes
pump to homepage help
Shell Profit Increases as Refining Trumps Lower Oil Prices

Bloomberg -- Royal Dutch Shell Plc (RDSA) said third-quarter profit rose 31 percent, beating estimates, as earnings from refining and natural gas countered the impact of lower crude prices at Europe’s biggest oil company.
*
Even as Shell’s oil production slumped and prices fell since June, a mix of better refining margins, lower spending and higher earnings from selling natural gas around the world bolstered profit. *
The drop in oil prices “underlines the importance of our drive to get a tighter grip on performance management, keep a tight hold on costs and spending, and improve the balance between growth and returns,” Van Beurden said in the statement.

The third-quarter results have borne only a third of the impact of the fall in prices, Henry said.
 (go to article)

Submitted Today By:
54 Comments
Not Newsworthy
27
votes
pump to homepage help
Why Oil Prices Went Down So Far So Fast

Bloomberg -- The reasons oil prices started sliding in June were hiding in plain sight: growth in U.S. production, sputtering demand from Europe and China, Mideast violence that threatened to disrupt supplies and never did.

After three-and-a-half months of slow decline, the tipping point for a steeper drop came on Oct. 1, said Ray Carbone, president of broker Paramount Options Inc. That’s when Saudi Arabia cut prices for its biggest customers. The move signaled that the world’s largest exporter would rather defend its market share than prop up prices.

“That, for me, was the giveaway,” Carbone said in an Oct. 28 phone interview from his New York office. “Once it started going, it was relentless.”

The 29 percent drop since June of the international price caught traders and forecasters by surprise.  (go to article)

Submitted Today By:
57 Comments
Not Newsworthy
43
votes
pump to homepage help
Crashes double at Houston intersections after red light cameras pulled

Houston Chronicle -- Auto crashes more than doubled at busy Houston intersections after red light cameras were pulled from those areas, according to figures released by the Houston Police Department.  (go to article)

Submitted Today By:
198 Comments
Not Newsworthy
33
votes
pump to homepage help
As Infrastructure Crumbles, Trillions Of Gallons Of Water Lost

NPR -- Yes, fixing all this infrastructure will affect vehicular transportation all over the country--because most of it is laid in road rights of way.  (go to article)

Submitted Today By:
42 Comments
Not Newsworthy
33
votes
pump to homepage help
California tightens emissions regulations on refineries... again

GasBuddy Blog -- California’s  Bay Area Air Quality Management District (BAAQMD), the public agency responsible for regulating stationary sources of air pollution in the nine counties that surround San Francisco Bay, has launched an aggressive plan to cut emissions from the region’s five refineries.By unanimous vote on Oct. 15, BAAQMD’s board passed a resolution that commits the agency to completing a series of actions over the next several months to further a newly announced goal of reducing local refinery emissions. ...  (go to article)

Submitted Today By:
PD
919 Comments
Not Newsworthy
34
votes
pump to homepage help
The Cheapest States for Gas

Yahoo Travel -- If you want to see how big a difference geography can play in gas prices, have we got the chart for you.  (go to article)

Submitted Today By:
87 Comments
Not Newsworthy
41
votes
pump to homepage help
NY state to open upstate fuel reserve in November

25CNBC-REUTERS -- A strategic fuel reserve at six locations in upstate New York is expected to be operational in November to ensure gasoline and diesel fuel are available to emergency responders in the event of an emergencies like 2012's Hurricane Sandy.

Approximately 2.5 million gallons of gasoline and ultra-low sulfur diesel (ULSD) will be kept in the reserve in terminals in Rensselaer, Brewerton, Rochester, Marcy, Vestal and Buffalo, Gov. Andrew Cuomo's office said in a release.

Sandy battered the Northeastern coast at the end of October 2012, destroying homes and buildings, closing refineries and leaving motorists without fuel and exposing vulnerabilities in the fuel distribution network.

The reserve will be administered by the New York State Energy Research and Development Authority using $10...  (go to article)

Submitted Today By:
882 Comments
Not Newsworthy
37
votes
pump to homepage help
Why OPEC's losing its ability to set oil prices

25CNBC -- OPEC's glory days of steering global oil prices may be at an end.

U.S. shale oil will replace the Organization of the Petroleum Exporting Countries as the first-mover "swing producer," according to a Goldman Sachs report from the weekend—meaning OPEC is losing its power to set global prices for crude.

Saudi Arabia, the world's largest oil exporter, no longer has "the ability to push prices lower than the production costs of U.S. shale" because any cuts from the kingdom would "accommodate the further expansion of U.S. shale, as well as reduce Saudi profits," Goldman said.

The shift in pricing power became apparent to Goldman when U.S. shale's spare capacity, at around 5 million barrels per day, exceeded Saudi Arabia's spare capacity of 1.5 million. Spare capacity refers to the amount...  (go to article)

Submitted Today By:
62 Comments
Not Newsworthy
43
votes
pump to homepage help
OPEC Head Tells Oil Market to Stop Panicking About Prices

Bloomberg News -- Everyone in the oil market should stop panicking because crude supply and demand will return to equilibrium, OPEC’s Secretary-General said.

Members of OPEC, who pump about 40 percent of the world’s oil, aren’t waging a price war and haven’t demanded an emergency response to the plunge in crude futures, Abdalla El-Badri said at the Oil & Money conference in London yesterday. While the direction of oil prices, which have collapsed about 25 percent since June, remains unclear in the short term, they will have to rebound to guarantee long-term supply, he said.

“We don’t see really fundamental changes in the supply side or the demand side,” El-Badri told reporters during a briefing at the event. “Unfortunately everyone is panicking. The press is panicking, consumers are panicking. We really s  (go to article)

Submitted Today By:
133 Comments
Not Newsworthy
27
votes
pump to homepage help
WTI Falls From 1-Week High as U.S. Supplies Expand; Brent Drops

Bloomberg News -- West Texas Intermediate retreated from a one-week high after government data showed crude stockpiles rose as output surged to a record high in the U.S., the world’s biggest oil consumer. Brent slid in London.

Futures fell as much as 0.6 percent in New York. Crude stockpiles gained for a fourth week as production increased to 8.97 million barrels a day, the fastest rate since January 1983, according to the Energy Information Administration. Supply and demand will return to equilibrium and OPEC members aren’t waging a price war, Secretary-General Abdalla El-Badri said yesterday.

“Expanding stockpiles are putting downward pressure on oil,” Kang Yoo Jin, a commodities analyst at Woori Investment & Securities Co. in Seoul, said by phone today. “Oversupply concerns in the market are not easing  (go to article)

Submitted Today By:
24 Comments
Not Newsworthy
41
votes
pump to homepage help
Bank of Canada’s Stephen Poloz says low oil prices could cut quarter point off nation’s growth

Canadian Press -- If the low price of oil persists, it will knock a quarter-point off the growth of Canada’s gross domestic product in 2015

Losing a 0.25% off the country’s economic growth would be big enough to make him concerned

Slowing the economy by 0.25% is significant when the bank is predicting moderate growth in the 2-2.5% range

The central banker says a quarter point matters a lot when Canada needs more than 2% growth to help close the output gap and help create jobs
 (go to article)

Submitted Today By:
820 Comments
Not Newsworthy
33
votes
pump to homepage help
Dark side of the boom: Diving oil prices could curb U.S. production

Kansas City Star -- Kenneth White has spent 30 years in the oil business, and as owner of White Exploration Inc. in Wichita he’s more than a casual observer of the recent 25 percent drop in oil prices.

Any decision to drill for more oil is tied to its price, and although he’s not cutting back yet, the question looms for White and the rest of the country’s oil industry.

If prices “continue to go down or stay down, you’ll see a bit of a slowdown,” he said.

The plight of oil producers probably won’t elicit much sympathy from motorists who are enjoying the lowest gasoline prices in four years. Prices in Kansas and Missouri have fallen below $3 a gallon, down 33 cents in just the last month. Average households, if prices stay down, will save $500 or more annually at the pump.  (go to article)

Submitted Today By:
135 Comments
Not Newsworthy
43
votes
pump to homepage help
Fracking-well explosion forces 400 families from homes in eastern Ohio

Columbus Dispatch -- From his fishing boat on a rural Jefferson County pond, Mike Poole could see the natural-gas wellhead less than a tenth of a mile away.

Poole spent part of his Tuesday afternoon on that boat with a friend and his dog. The well, at that time, was just part of the landscape.

By Tuesday evening, though, it had forced him from his home in Bloomingdale, Ohio.

Poole, who lives above the Mingo Sportsmans Club less than a mile from the well, was one of about 400 families to be evacuated after the well ruptured on Tuesday night, spewing natural gas and methane into the air.

Jefferson County’s emergency-management officials worried about what those gases could do to people and homes.

Methane can become explosive in small amounts, and can cause headaches and dizziness.

 (go to article)

Submitted Today By:
1050 Comments
Not Newsworthy
33
votes
pump to homepage help
Kasich: Fracking tax is a ‘complete ripoff’ for Ohioans

Columbus Dispatch -- A week before he’s expected to easily win a second term, a combative Gov. John Kasich voiced readiness to increase taxes and regulations on Ohio’s oil and gas industry.

Thwarted twice already by his fellow Republicans in the legislature — many of whom receive substantial campaign contributions from oil and gas interests — Kasich called the current 20-cents-a-barrel severance tax “a total and complete rip-off to the people of this state. It’s outrageous.”  (go to article)

Submitted Yesterday By:
30 Comments
Not Newsworthy
29
votes
pump to homepage help
Drilling for oil and gas is on the decline in Michigan

MPR -- News of a decline might sound surprising since there has been so much excitement and controversy over horizontal hydraulic fracturing, or "fracking," in recent years.

But not many high-volume, horizontal wells were actually drilled since 2010, and the company that led the recent fracking boom has left the state.

That leaves the industry and its watchdogs wondering where new action will come from.

The oil and gas business has been around in Michigan for almost 100 years.

Drilling activity peaked in the late 1980s and early 1990s, when oil and gas companies went after natural gas in a layer of the earth called the Antrim Shale  (go to article)

Submitted Yesterday By:
epf
32 Comments
Not Newsworthy
26
votes
pump to homepage help
Oil industry says US EPA's refinery emissions rule would cost $20 billion

Platts -- The US Environmental Protection Agency's proposed regulations on toxic air emissions from oil refineries would cost the industry $20 billion, according to trade groups representing oil producers and refiners.

In comments filed with the EPA Tuesday, the American Petroleum Institute and and American Fuel and Petrochemical Manufacturers said the proposed rule would be too onerous and could actually lead to higher greenhouse-gas emissions.

"EPA's proposed regulations could drive up costs and roll back environmental progress, forcing refineries to increase emissions by installing hundreds of costly new flare systems at a time when industry has been working with EPA to reduce flaring," API Director of Regulatory and Scientific Affairs Howard Feldman said in a statement.

Tuesday was the deadli  (go to article)

Submitted Yesterday By:
48 Comments
Not Newsworthy
26
votes
pump to homepage help
U.S. Oil Output Surges to Highest Since 1980s on Shale

Bloomberg -- U.S. crude production climbed to the highest level in at least three decades last week as the shale boom moved the country closer to energy independence.

Output rose 0.4 percent to 8.97 million barrels a day, according to weekly Energy Information Administration estimates that began in January 1983. The EIA’s monthly data, which goes back to 1920 and is based on data collected by state and federal agencies, shows production at the highest since 1986.

“The flip side of the growth in domestic crude production is the drop in imports,” Mike Wittner, head of oil market research at Societe Generale SA in New York, said by phone. “This structure ain’t going to change anytime soon.”

U.S. crude production will grow by a million barrels a day this year and next to reach 9.5 million in 2015, the m  (go to article)

Submitted Yesterday By:
43 Comments
Not Newsworthy
33
votes
pump to homepage help
Cheap gas is back.

CNN Money -- About two-thirds of the stations nationwide are now charging $3 or less for a gallon of regular, according to the Oil Price Information Service.

The national average has plunged to $3.02 a gallon, according to AAA, its lowest level in nearly four years. And twenty states actually have averages below $3.

In fact, most drivers are actually paying less than $3, despite what the AAA numbers suggest. That's because places with high priced gas like Hawaii, Alaska and cities like San Francisco and New York are distorting the national average.

Related: What gas costs in your state

U.S. oil production has jumped, sending crude oil prices lower here. A stronger U.S. dollar also helps keep oil prices down.

At the same time, demand is weak thanks to more fuel efficient vehicles in the U.S. and s  (go to article)

Submitted Yesterday By:
70 Comments
Not Newsworthy
26
votes
pump to homepage help
Lac-Mégantic: Lisa Raitt announces rail safety rules based on crash findings

CBC News -- New requirements for hand brakes and other safety devices to ensure parked trains stay put are among the changes Transport Canada will enforce in response to the 2013 rail disaster in Lac-Mégantic, Que.  (go to article)

Submitted Yesterday By:
17 Comments
Not Newsworthy
20
votes
pump to homepage help
Chrysler recalls over 566,000 trucks, SUVs

Associated Press -- DETROIT — Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control.

The recalls bring the newly merged company's total for the year to 6.4 million vehicles worldwide and 5.1 million in the U.S. as it continues to struggle with reliability problems. It was not immediately clear whether those totals were annual records.

On Tuesday, its longtime quality chief abruptly left after Fiat Chrysler performed poorly in Consumer Reports magazine's annual reliability rankings.

The largest of two recalls announced Wednesday covers almost 382,000 Ram 2500 and 3500 pickups and Ram 4500 and 5500 chassis cabs from 2010 through 2014.
 (go to article)

Submitted Yesterday By:
29 Comments
Not Newsworthy
23
votes
pump to homepage help
'Zombie' woman arrested twice in 3 hours for DWI

KCCI 8 Des Moines -- Police say a woman dressed as a zombie was arrested for two DWI's within three hours last weekend.

WROC reported that police in Gates, New York stopped 26-year-old Catherine Butler twice on a road near the police station. She had been celebrating at a Halloween party.


 (go to article)

Submitted Yesterday By:
47 Comments
Not Newsworthy
24
votes
pump to homepage help
Fiat Chrysler To Spin Off Ferrari

Associated Press (AP) Published in MBT -- MILAN (AP) — Fiat Chrysler Automobiles said Wednesday it will spin off sports car maker Ferrari into a separate company.

The company said in a statement that spinning off Ferrari was part of a plan to raise capital to support the new merged carmakers' future growth.

Fiat Chrysler CEO Sergio Marchionne said in a statement that it was "proper that we pursue separate paths for FCA and Ferrari" following the completion of the merger of Chrysler and Fiat with a listing on the New York Stock Exchange earlier this month.
 (go to article)

Submitted Yesterday By:
26 Comments
Not Newsworthy
23
votes
pump to homepage help
WTI Gains as Supply Grows Less Than Expected; Brent Rises

Bloomberg -- West Texas Intermediate gained for a second day after an Energy Information Administration report showed growth in U.S. inventories slowed. Brent climbed.

Stockpiles rose 2.06 million barrels in the seven days ended Oct. 24, following a combined increase of 21 million in the previous three weeks, the EIA said. Refineries reduced their operating rate by 0.1 percentage point. Brent touched a two-week high after OPEC’s Secretary-General said the recent plunge in prices doesn’t reflect the balance between supply and demand.

“Crude may be establishing a floor here on a short-term basis,” said Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC. “Refinery utilization rates are probably at their nadir. Inventories will stop building by a dramatic amount simply due to the  (go to article)

Submitted Yesterday By:
11 Comments
Not Newsworthy
35
votes
pump to homepage help
Why millennials prefer transit to car ownership

GasBuddy Blog -- Do you remember how anxious you were to get your first car?  Do you remember how you worked and scrimped and saved and perhaps pleaded with parents for a loan to help you close in on the dollars you needed to buy those wheels? Do you remember how well you took care of it?  Or how much work went into making it ‘road-worthy’? ( I should note here that my first car was a ’68 Mercury Cougar XR-7, British racing green; 29,000 mi. Purchased for $500.) Oddly enough, the young men and women of the millennial generation --those at the age where they would presumably be purchasing their first vehicle-- are reportedly much less enamored with attaining that touchstone than their parents were. Why do you think that is? ...  (go to article)

Submitted Yesterday By:
PD
1558 Comments
Not Newsworthy
22
votes
pump to homepage help
OPEC Head Tells Oil Market to Stop Panicking About Prices

Bloomberg.com -- veryone in the oil market should stop panicking because crude supply and demand will return to equilibrium, OPEC’s Secretary-General said.

Members of OPEC, who pump about 40 percent of the world’s oil, aren’t waging a price war and haven’t demanded an emergency response to the plunge in oil futures, Abdalla El-Badri said at the Oil & Money conference in London today. While the direction of oil prices, which have collapsed about 25 percent since June, remains unclear in the short term, they will have to rebound to guarantee long-term supply, he said.

“We don’t see really fundamental changes in the supply side or the demand side,” El-Badri told reporters during a briefing at the event. “Unfortunately everyone is panicking. The press is panicking, consumers are panicking. We really should t  (go to article)

Submitted Yesterday By:
17 Comments
Not Newsworthy
23
votes
pump to homepage help
Calls for $100-a-Barrel Oil Show Many Betting on Rebound

Bloomberg -- (Corrects Standard Chartered Brent price forecast in 19th paragraph.)

For all the noise about oil’s collapse, the market is saying not that much has really changed: Higher prices will be back soon enough because the current slowdown in demand growth will prove fleeting.

While Brent crude for next month delivery has fallen 25 percent since June to $86.03 a barrel yesterday, the price for 2020 contracts was down less than one-fourth that to $91.53.

Today’s prices can’t “be considered the new normal, or at least not yet,” Paul Horsnell, head of commodities research at Standard Chartered Plc in London, said by e-mail yesterday. “The back end of the curve does seem happier above $90.”  (go to article)

Submitted Yesterday By:
34 Comments
Not Newsworthy
24
votes
pump to homepage help
Greenhouse gas emissions drop brings EU near 2020 target

cbc.ca -- The European Union's environment agency says the bloc's greenhouse gas emissions dropped by nearly 2 per cent last year, putting the EU very close to reaching its emissions target for 2020.

That goal is to reduce emissions of CO2 and other greenhouse gases by 20 per cent compared to 1990 levels.

The European Environment Agency said Tuesday that emissions already have fallen 19 per cent, meaning the 28-nation bloc is likely to achieve a larger reduction than it aimed for.

The EEA projected that 2020 emissions will be 21 per cent or 24 percent lower than they were in 1990, depending on whether planned climate action is implemented in full.

However, some countries weren't on track to meet their individual targets through domestic action, including Germany and Spain.

Most scientists agree  (go to article)

Submitted Yesterday By:
20 Comments
Not Newsworthy
28
votes
pump to homepage help
Next Chevrolet Volt will be more powerful, efficient

Fox News -- Chevrolet has revealed some details about the drivetrain that will power the next generation plug-in hybrid, which will be fully unveiled at the Detroit Auto Show in January.

Following the same template as the current car, which first went on sale in the 2011 model year, the 2016 Volt will continue to be propelled by a combination of two electric motors and a four-cylinder internal combustion engine, but the parts are all-new.  (go to article)

Submitted Yesterday By:
47 Comments
Not Newsworthy
21
votes
pump to homepage help
Fiat Chrysler to spin off sports car maker Ferrari

Yahoo, -Gen Financial -- MILAN (AP) — Fiat Chrysler Automobiles said Wednesday it will spin off sports car maker Ferrari into a separate company.  (go to article)

Submitted Yesterday By:
26 Comments
Not Newsworthy
39
votes
pump to homepage help
EIA: Crude oil, gasoline inventories sink

GasBuddy Blog -- The Energy Information Administration released its weekly report today on the status of petroleum inventories in the United States.

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 2.1 million barrels to a total of 379.7 million barrels. At 379.7 million barrels, inventories are 4.1 million barrels below last year (1.1%) and are near the upper limit of the average range for this time of year.

GASOLINE INVENTORIES:
Gasoline inventories decreased by 1.2 million barrels to 203.1 million barrels. At 203.1 million barrels, inventories are down 10.7 million barrels, or 5.0% lower than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-1.4mb); Midwest (-0.4mb); Gulf Coast (+0.9mb); Rockies (-0.1mb); and West Coast (-0.3mb). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inventories), or  (go to article)

Submitted Yesterday By:
PD
921 Comments
Not Newsworthy
24
votes
pump to homepage help
Chrysler recalls more than 566,000 trucks, SUVs

ABC 13 EyeWitness News -- DETROIT, MI -- Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control.

 (go to article)

Submitted Yesterday By:
34 Comments
Not Newsworthy
35
votes
pump to homepage help
St. Croix Moves to Reopen Oil Refinery

Wall St Journal -- A big oil refinery in the U.S. Virgin Islands that has been closed for two years soon could be operating under new owners.

The Hovensa refinery in St. Croix, a joint venture between Hess Corp. and Venezuela’s national oil company, was one of the largest in the U.S. before the companies shut it down.

In its previous life, the refinery processed heavy oil from Venezuela and sold much of the gasoline and diesel it produced in the U.S. But if the plant reopens it probably will process U.S. oil, getting crude that can’t find a home at stateside refineries working at full tilt.

It also would have some cost advantages over U.S. facilities. The so-called Jones Act requires all goods shipped between U.S. ports to move on vessels built in the U.S. and sailed by American crews. That makes the tank  (go to article)

Submitted Yesterday By:
27 Comments
Not Newsworthy
36
votes
pump to homepage help
Don't panic, OPEC secretary general says after oil price fall

Reuters -- There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.

Abdullah al-Badri said output of higher-cost oil supplies such as shale would be curbed if oil remained at around $85 a barrel, while the Organization of the Petroleum Exporting Countries enjoys lower costs and will see higher demand for its crude in the longer term.

The comments are a further indication that OPEC, which meets in November to set output policy, has no plan to cut supply in a bid to push prices back up. OPEC members have previously said they wanted oil at around $100 a barrel.

"If prices stay at $85, we will see a lot of investment, a lot of oil, going  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
29
votes
pump to homepage help
Keystone pipeline foes energized as tumbling crude prices pinch oil sands

Bloomberg News -- Falling oil prices have energized opponents of the proposed Keystone XL pipeline.

U.S. benchmark crude has tumbled 10% this month, closing at $81.01 a barrel in New York trading last week, and further declines are forecast. At $75, a government analysis said producers may be discouraged from developing Canada’s oil sands without pipelines like Keystone.

“It changes the narrative quite a bit,” Anthony Swift, an international lawyer at the Natural Resources Defense Council in Washington, said of the tumble in crude prices.
 (go to article)

Submitted Yesterday By:
20 Comments
Not Newsworthy
34
votes
pump to homepage help
Why oil is falling again

Reuters -- Brent crude oil fell towards $85 a barrel on Monday after Goldman Sachs slashed its price forecasts, citing abundant supply and lackluster demand despite a pick-up in global economic growth.
The U.S. investment bank said in a research note on Sunday that it had cut its forecast for Brent to $85 a barrel from $100 for the first quarter of 2015 and reduced its projection for U.S. crude to $75 from $90
 (go to article)

Submitted Yesterday By:
24 Comments
Not Newsworthy
34
votes
pump to homepage help
Fracking Companies Become Victims of Their Own Success

The Wall Street Journal -- By Erin Ailworth

Drillers for Pennsylvania’s natural gas are facing a growing threat—from their own productivity.

Hydraulic fracturing and other new drilling techniques have caused the amount of natural gas flowing out of the state’s Marcellus Shale to soar in recent years. Production is expected to hit 16 billion cubic feet a day next month, nearly double what it was 2 years ago, according to a federal-government estimate.

The fracking surge has overwhelmed pipelines, creating a local glut that has caused gas prices to crater and forced drillers to re-evaluate operations. The situation became more pressing this summer, when federal regulators delayed construction of a pipeline meant to help producers move more gas by the end of next year. Some analysts say they don’t expect enough...  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
43
votes
pump to homepage help
While You Were Getting Worked Up Over Oil Prices, This Just Happened to Solar

Bloomberg -- Every time fossil fuels get cheaper, people lose interest in solar deployment. That may be about to change.

After years of struggling against cheap natural gas prices and variable subsidies, solar electricity is on track to be as cheap or cheaper than average electricity-bill prices in 47 U.S. states -- in 2016, according to a Deutsche Bank report published this week. That’s assuming the U.S. maintains its 30 percent tax credit on system costs, which is set to expire that same year.

Even if the tax credit drops to 10 percent, solar will soon reach price parity with conventional electricity in well over half the nation: 36 states. Gone are the days when solar panels were an exotic plaything of Earth-loving rich people. Solar is becoming mainstream, and prices are will continue to drop as  (go to article)

Submitted Yesterday By:
45 Comments
Not Newsworthy
31
votes
pump to homepage help
Oil train wreck would be challenge, Spokane deputy fire chief testifies

The Spokesman Review -- If an oil train exploded in the Spokane metro area, local emergency responders would evacuate the area, a deputy fire chief told state officials Tuesday night.

People injured in the blast would be rescued if possible, and firefighters would work to contain the fire and keep the spilled oil from spreading.

But, “I’m not going to pretend to anyone,” said Andy Hail, deputy chief for the Spokane Valley Department. “We are going to be extremely challenged to respond to a significant event.”

Hail was among the local officials that testified at Tuesday’s hearing on the growth in oil shipments by rail through Washington and steps the state can take to reduce the risk of oil spills and beef up disaster response.

Nearly 3 billion gallons of crude oil will move through the state on trains

 (go to article)

Submitted Yesterday By:
44 Comments
Not Newsworthy
24
votes
pump to homepage help
OPEC Says Shale Drillers First Affected by Oil-Price Drop

Bloomberg -- Producers of “tight oil” from shale rock formations will be hurt by the fall in crude prices before members of OPEC, according to the group’s Secretary-General.

As much as 50 percent of tight oil output is at risk at current prices, while the Organization of Petroleum Exporting Countries is not in a critical situation, Abdalla El-Badri said at the Oil & Money conference in London today.

“First of all, will be the tight oil,” affected by the drop in prices, he said. “There’s no doubt about it.”

Crude collapsed into a bear market this month as Saudi Arabia and other producers deepened price discounts for their oil. Global supplies are rising as the U.S. pumps the most oil in almost three decades and Russia’s output nears a post-Soviet record.

“If prices stay at $85, we will see a lot  (go to article)

Submitted Yesterday By:
31 Comments
Not Newsworthy
41
votes
pump to homepage help
Why aren't gas prices the Democrats' October surprise?

CBS News -- Good news for the wallets of Americans across the country: Gas prices are hovering around $3 a gallon, the lowest they've been in nearly four years. But it's a fact you won't hear Democrats mention on the campaign trail.

At first glance, it seems like the kind of news any Democrat would be happy to brag about, another sign of economic recovery under President Obama's leadership. A recent report by Morgan Stanley predicted that sustained low gas prices could mean households could have as much as $40 billion extra to spend this quarter. And if the tides were turned and gas prices were on the rise, history shows Republicans wouldn't hesitate to blame the president for high prices at the pump.

So why are Democrats so hesitant to take any credit? Three Democratic strategists who spoke with CB  (go to article)

Submitted Yesterday By:
69 Comments
Not Newsworthy
27
votes
pump to homepage help
Economic Pain Looms Large for Iranians in Nuclear Negotiations

NY Times -- For more than a year, President Hassan Rouhani has been dangling the prospect of a bright economic future before the middle classes that elected him, promising to negotiate a deal with the West to limit Iran’s nuclear program and in that way end the sanctions hobbling the Iranian economy.

With the deadline of Nov. 24 fast approaching, it is far from clear whether the two camps will agree on a pact that would meet the West’s demands to extend the time it would take Iran to make a bomb, and fulfill Iran’s demand that it have the nuclear rights other nations enjoy. But American and European officials say they think they have some new leverage: falling oil prices that are adding to Iran’s pain at a time when its oil revenue has dropped by more than half because of sanctions.  (go to article)

Submitted Yesterday By:
epf
18 Comments
Not Newsworthy
26
votes
pump to homepage help
Mexico’s State-Owned Oil Giant, Pemex, Is in Uncharted Waters

NY Times -- For six months, an international team hired by a contractor for Petróleos Mexicanos, Mexico’s state-owned oil monopoly, has been drilling an exploratory well here. Now, the work is nearly done. Drill pipes are stacked like sentries. An underwater robot has been pulled back up from the deep seafloor. A wireline sensor is gathering data to determine how much oil and gas lie below.

An operation like this would attract little attention in the northern part of the gulf, where dozens of deepwater platforms are part of the mosaic fueling America’s energy boom. On the Mexican side, though, the search is just beginning.

 (go to article)

Submitted Yesterday By:
epf
15 Comments
Not Newsworthy
29
votes
pump to homepage help
No cord on board: Cadillac rolls out wireless chargers

fromthegrapevine -- Fasten your seatbelts. Your car charger is going cordless.

Israeli wireless tech company Powermat, which announced in June its plans to equip several Starbucks coffee shops with its wireless charging spots, says it’s joined forces with Detroit automaker General Motors to provide similar technology to its 2015 Cadillac ATS sedans and coupes, to be released in the fall. Toward the end of 2014, GM will add Powermat spots to its Cadillac CTS sport sedan and Escalade SUV.  (go to article)

Submitted Yesterday By:
31 Comments
Not Newsworthy