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NEW YORK – Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them. Not so. On Thursday, for example, crude oil closed just under $34 a barrel, its lowest point for 2009. But the national average price of a gallon of gas rose to $1.95 on the same day, its peak for the year. On Friday gas went a penny higher. To drivers once again grimacing as they tank up, it sounds like a conspiracy. But it has more to do with an energy market turned upside-down that...

Diesel prices in many parts of the world should drop below gasoline this summer for the first time since mid-2007 as refinery projects lift output and slumping economies slash transport and manufacturing demand. The expected shift would restore the typical balance between the two fuels, market participants around the world said. Diesel, closely related to heating oil, traditionally has been more costly in the Northern Hemisphere winter but cheaper in the summer when temperatures rise and U.S. gasoline use peaks. "I'd say there's a fairly good chance that we could see gasoline regain its price premium this summer for the...

Bay State businesses blasted an eye-popping 27-cent gas tax hike proposal yesterday being considered by Gov. Deval Patrick, saying the increase will send companies and customers fleeing across the state’s borders. Critics also condemned the proposed boost - which would raise the tax to a highest-in-the-nation 50.5 cents - as a double whammy for drivers inside Route 128 who would still face tolls on top of the hike.

If New York Times columnist Friedman has his way, gas taxes will go up. Way up. He wants to slap an additional $2.40 per gallon in taxes on top of the 18.4¢ you already pay. “Today’s financial crisis is Obama’s 9/11,” Friedman wrote. “The public is ready to be mobilized. Obama is coming in with enormous popularity. This is his window of opportunity to impose a gas tax. And he could make it painless: offset the gas tax by lowering payroll taxes, or phase it in over two years at 10 cents a month.” Do the math. 10 cents a...

The death toll from an oil tanker explosion over the weekend has risen to 115 after more patients died of severe burn injuries. A statement from the Kenyan government put the death toll from the explosion at 115 after seven more people passed away at the Nakuru Provincial hospital and two in Kenyatta National hospital while undergoing treatment. "Overnight an additional nine patients passed away in hospitals-- seven in Nakuru Provincial Hospital and two in Kenyatta National Hospital. This brings the number of the deceased from the oil fire tragedy to 115," a statement from government spokesman's office said on...

An overturned gasoline tanker exploded as hundreds of people were trying to scoop up free fuel, killing at least 111 people and wounding 200 in one of Kenya's deadliest accidents, officials said Sunday. Hundreds of people were surrounding the overturned truck and blocking a road in the town of Molo on Saturday night when the petrol ignited in a blast that was felt for miles, said Charles Kamau, 22, who ran from his car as flames shot into the air. Everybody was screaming and most of them were running with fire on their bodies, they were just running into the...

Refinery Yields “Refinery yield” is the measure analysts use to assess how the breakdown of petroleum products coming from crude or unfinished oils varies over time. Refiners can adjust product yields in response to changing product prices and other market conditions. Yield changes are made by varying how refinery process units are used and the type of crude oil that is used. EIA receives many questions about yields, including how much they may vary, why they add up to greater than 100 percent, and how to estimate yields from weekly data, which does not contain adequate detail to determine refinery...

[A] big obstacle remains to the greening of American drivers: the price tag. With gas prices likely to remain low as consumers grapple with recession, drivers are going to need extra motivation to swap their gas gluttons for the novel, environmentally friendly cars and trucks. If the incoming Obama administration is serious about its commitment to boost the fuel efficiency of the American fleet, it must put in place a mix of policies, beyond tightening fuel-economy standards for carmakers, to steer drivers to the new cars. The price of Ford’s new hybrid Fusion sedan, estimated to travel a whopping 41...

DETROIT - Deep inside the research centers of General Motors Corp., Ford Motor Co. and Chrysler LLC, the companies are spending billions to develop plug-in electric cars at a time when gasoline has dropped below $2 per gallon. If their fears come true, gas prices will be so low when they start rolling out the cars next year that people won’t buy them and all the high-priced research will have gone to waste. At GM and Chrysler, which have nearly run out of cash and are surviving on government loans, the companies can’t afford to make mistakes in spending limited...

Released on January 14, 2009 (Next Release on January 22, 2009) What a Difference a Year Makes The monthly energy supply, demand, and price forecast published in the Short-Term Energy Outlook (STEO) was extended by one year, through December 2010, in the issue released yesterday by the Energy Information Administration (EIA). Unexpected economic and energy market events will surely arise to upset forecasters’ most carefully considered expectations. We can see how much such events can change expectations by looking at the STEO forecasts for 2009 that were published beginning with the January 8, 2008 edition. In January of last year...

Highlights This edition of the Short-Term Energy Outlook is the first to include monthly forecasts through December 2010. The energy forecast is sensitive to economic conditions. In this forecast, U.S. real gross domestic product (GDP) is expected to decline by 2 percent in 2009, leading to decreases in domestic energy consumption for all major fuels. Economic recovery is projected to begin in 2010, with 2 percent year-over-year growth in GDP. In the past 6 months, the monthly average price of West Texas Intermediate (WTI) crude oil has fallen from $133 per barrel in July to $41 in December. WTI prices...

Eleven Northeast and Mid-Atlantic states will cooperate to develop a regional Low Carbon Fuel Standard (LCFS). The 11 states—the 10 members of the Regional Greenhouse Gas Initiative (RGGI) plus Pennsylvania—will work together to create an emissions-performance standard that will eventually provide incentives for energy providers to use lower-carbon fuels. In June, Massachusetts Governor Deval Patrick sent a letter to the governors of all 10 RGGI states inviting them to work with Massachusetts on developing a Low Carbon Fuel Standard that would apply to the entire region, creating a larger market for cleaner fuels, reducing emissions associated with global climate change,...

Billions of dollars collected from motorists from gasoline taxes, tolls, and registration fees are being diverted by state and local governments into uses that have nothing to do with roads and highways. According to the latest figures from the Federal Highway Administration, motorists gave state and local government $40.3 billion in 2005 for the ability to drive and own a vehicle. Gasoline taxes accounted for $20.5 billion in revenue while registration fees and miscellaneous taxes generated $13.5 billion. State and local toll roads also collected $6.4 billion from motorists. After accounting for administration and overhead, $28.5 billion remained for all...

He's right , you know .

The price of gasoline is low, but in Rochester and across Western New York, drivers pay more for gas than elsewhere. Congresswoman Louise Slaughter wants to know why. The Democrat from Fairport is sending letters to the heads of Sunoco, Citgo, and ExxonMobil, seeking answers. Rep. Slaughter said that on January 2nd, gas was selling at the Sunoco station on Culver Road for $1.88. In New Jersey and Massachusetts, Slaughter drivers were paying $1.45 and $1.60, respectively. According to AAA, the average price for gasoline nationwide was $1.67 on Thursday. In Rochester, the average is $1.78.

Oregon is among a growing number of states exploring ways to tax drivers based on the number of miles they drive instead of how much gas they use, even going so far as to install GPS monitoring devices in 300 vehicles. The idea first emerged nearly 10 years ago as Oregon lawmakers worried that fuel-efficient cars such as gas-electric hybrids could pose a threat to road upkeep, which is paid for largely with gasoline taxes. "I'm glad we're taking a look at it before the potholes get so big that we can't even get out of them," said Leroy Younglove,...

With the high cost of gasoline and diesel fuel impacting costs for automobiles, trucks, buses and the overall economy, a Temple University physics professor has developed a simple device which could dramatically improve fuel efficiency as much as 20 percent. According to Rongjia Tao, Chair of Temple's Physics Department, the small device consists of an electrically charged tube that can be attached to the fuel line of a car's engine near the fuel injector. With the use of a power supply from the vehicle's battery, the device creates an electric field that thins fuel, or reduces its viscosity, so that...

http://news.yahoo.com/s/ap/20090102/ap_on_bi_ge/gas_tax_10 WASHINGTON – Motorists are driving less and buying less gasoline, which means fuel taxes aren't raising enough money to keep pace with the cost of road, bridge and transit programs. That has the federal commission that oversees financing for transportation talking about increasing the federal fuel tax. A 50 percent increase in gasoline and diesel fuel taxes is being urged by the commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads.

A 50 percent increase in gasoline and diesel fuel taxes is being urged by a federal commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads. The National Surface Transportation Infrastructure Financing Commission, a 15-member panel created by Congress, is the second group in a year to call for higher fuel taxes. With motorists driving less and buying less fuel, the current 18.4 cents a gallon gas tax and 24.4 cents a gallon diesel tax fail to raise enough to keep pace with the cost of road, bridge and...

Panel wants fuel taxes hiked to fund highwaysBy JOAN LOWY, Associated Press Updated 04:20 p.m., January 1, 2009 WASHINGTON (AP) — A 50 percent increase in gasoline and diesel fuel taxes is being urged by a federal commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads. **SNIP** With motorists driving less and buying less fuel, the current 18.4 cents a gallon gas tax and 24.4 cents a gallon diesel tax fail to raise enough to keep pace with the cost of road, bridge and transit programs. **SNIP** A...

WASHINGTON — A 50 percent increase in gasoline and diesel fuel taxes is being urged by a federal commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads.

There is no sign that California motorists are returning to their gas-guzzling ways even though pump prices have taken a tumble. Third quarter figures just issued show that consumption was down for the 10th consecutive three-month period. That’s a 6.1% decline compared to the same summertime quarter in 2007. That amounts to a quarter-of-a-billion fewer gallons. Diesel consumption fell more than 10 percent for a drop of 84.7 million gallons.

WASHINGTON -- As Barack Obama lobbies for his aid-to-the-states economic stimulus plan, governors are preparing to sharply raise taxes and fees that will hurt the low-to-middle-income families he wants to help. A review of budget proposals being cooked up by governors across the country shows they intend to raise next year's taxes on clothes, shoes, soda, hospitals, health insurers, gasoline, auto licenses and many other expenses that most Americans consider necessities. State officials say they are required by law to balance their budgets and that some tax hikes are necessary to do that, but fiscal analysts say that raising taxes...

With Americans pumping less gasoline and predictions that the trend could continue, refiners are taking steps to boost production of diesel fuel, which is expected to be in higher demand around the world in coming years. The moves are helping refiners stay afloat after gasoline profits evaporated in 2008 amid the sharpest pullback in gasoline usage in more than two decades. But they also suggest a broader shift in focus by the nation's refiners, from the U.S.-centered gasoline business to the faster-growing global diesel market. "Clearly, the global emphasis is on diesel right now," said Sherman Glass, president of Exxon...

Charles Krauthammer has a provocative idea to achieve energy independence, a gas tax. So why even think about it? Because the virtues of a gas tax remain what they have always been. A tax that suppresses U.S. gas consumption can have a major effect on reducing world oil prices. And the benefits of low world oil prices are obvious: They put tremendous pressure on OPEC, as evidenced by its disarray during the current collapse; they deal serious economic damage to energy-exporting geopolitical adversaries such as Russia, Venezuela, and Iran; and they reduce the enormous U.S. imbalance of oil trade which...

Americans have a deep and understandable aversion to gasoline taxes. In a culture more single-mindedly devoted to individual freedom than any other, tampering with access to the open road is met with visceral opposition. That's why earnest efforts to alter American driving habits take the form of regulation of the auto companies--the better to hide the hand of government and protect politicians from the inevitable popular backlash. But it's not just love of the car. America is a nation of continental expanses. Distances between population centers can be vast. The mass-transit mini-car culture of Europe just doesn't work in big...

<p>Retail gasoline prices nationwide tumbled Friday to the lowest level in nearly five years.</p> <p>And while crude futures rose, analysts believed it was a temporary pause in an extended, downward arc as the recession spreads.</p> <p>“We’re paying about a billion dollars per day less than we were in July” for gasoline, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. “We could probably bail out some banks and maybe even some of the auto companies with the savings.”</p>

It's safe to say Tom Campbell, the former congressman exploring a run for governor in 2010, is not your typical Republican. . . . "The price of gasoline has now fallen in our state. Last June it was about $4.60. If you were to put on a gasoline tax of about 18 cents, so we'd still be well under two dollars a gallon," Campbell said.

this is the perfect moment for the other part of many proposals for an energy tax, which is to give the money back to people by lowering the payroll tax. The payroll tax, or FICA, collects about 15% of your wages or salary — half from you and half from your employer. It is expected to bring in close to a trillion dollars in 2009. Using our windfall from plummeting crude-oil prices alone, we could cut the FICA tax by more than half. Including other forms of energy would bring in even more. FICA is, in effect, a tax on...

Steven Chu is Obama's nominee for Energy Secretary.  Here's what he thinks about gas prices: In a sign of one major internal difference, Mr. Chu has called for gradually ramping up gasoline taxes over 15 years to coax consumers into buying more-efficient cars and living in neighborhoods closer to work."Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September. The price of petrol in Europe right now is more than...

John and Ken just had an alert that the Dems in the Calif Senate have made an end run around the state Constitution that requires a 2/3 vote to raise taxes. They have eliminated the $.18 tax on each gallon of gas and plan to asses a $.37 fee. The state House will take up the bill and then it goes to Arnold.

First, they hand us our Obama-approved tire gauges. Next, they police our odometers. Fresh from North Carolina, here’s the latest Nanny State proposal: Monitoring our odometers and taxing us accordingly. With gas-tax revenues plummeting, the state of North Carolina is looking seriously at taxing motorists for how far they drive. If the “road-use tax” is implemented, it would at first be simple – with the state checking your odometer annually and taxing you based on how many miles you have driven. But transportation experts say new GPS technology could allow the state to

Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) is considering delaying the restart of a catalytic cracker used to make gasoline at its Dutch Pernis oil refinery until the end of January due to economic circumstances, an industry source said. The unit at Europe's biggest refinery in Rotterdam was scheduled to restart at the end of last week, the source had said, after it was shut earlier in December for safety reasons when a fire broke out at a nearby pipeline. "They are thinking about delaying it for economical reasons, they are considering until the end of January,"... Gasoline...

New taxes, deep cuts to education and health care, and a restructuring of the state's economic development programs will be hallmarks of Gov. David Paterson's first budget plan to be released in two days, according to interviews of people briefed on components. The plan will come with a host of revenue raisers — increased taxes on hospitals and insurance policies, for instance — and at least one new assessment, a so-called obesity tax on non-diet soda to raise $404 million. The governor also is contemplating requiring new license plates to raise cash, reviving sales tax on clothing purchases, removing the...

Over the next year, the U.S. government will need to borrow somewhere in the neighborhood of $1 trillion, the most ever by far. Estimates go as high as $2 trillion, depending on how quickly the economy cools and how fast tax revenues fall. The simple question most of America has not asked is this: Where is the money going to come from? The federal government already knows the answer to that question, and it has implications Americans are not ready for but will soon be faced with. America is going cap in hand to Middle East oil exporters. What government...

Two Florida agencies have initiated a formal price gouging investigation into Morgan Stanley Group Inc. and its subsidiary, TransMontaigne Inc., a major gasoline supplier, for allegedly charging unusually high retail gas prices on the Treasure Coast and statewide after Hurricane Ike. The investigation stems from events following Gov. Charlie Crist's Sept. 5 declaration of a state of emergency prior to Hurricane Ike — when the Florida Agriculture and Consumer Services and Florida Attorney General offices received thousands of price gouging complaints on Florida gas prices. About 160 complaints originated from the Treasure Coast in September. Florida Attorney General Bill McCollum...

Highlights The current global economic slowdown is now projected to be more severe and longer than in last month’s Outlook, leading to further reductions of global energy demand and additional declines in crude oil and other energy prices. The monthly average price of West Texas Intermediate (WTI) crude oil has fallen by more than half between July and November, reflecting the fallout from the rapid decline in world petroleum demand. The annual average WTI price is now projected to be $100 per barrel in 2008 and $51 in 2009. The average U.S. prices for regular-grade gasoline and diesel fuel, at...

Utah consumers aren't the only ones reveling in the declining cost of gasoline. These days, there are smiles on both sides of the pump. Whenever the cost of gasoline declines, the state's retailers typically make more money than when the price of the motor fuel is rising, said John Hill, state director of the Utah Petroleum Marketers and Retailers Association. "Most people think we [retailers] make a lot of money when prices rise, but that's not the case." When prices go down, retailers don't have to pay as much for the gasoline they get from refineries, he said. The cost...

The great thing about lunatic lefties, is that they occassionally put on their sign so we can all see who they are. Congress should enact a steep, inflation-indexed hike in gas taxes, one big enough to alter consumer incentives and habits permanently. This would take back some of the de facto economic stimulus consumers have received from the recent drop in gas prices, and it would be a hard sell politically. But surely voters can understand that, even if Congress were to triple the tax to 55.2 cents, gas would still be cheaper, in real terms, than it was in...

Brokaw said as gas prices have gone down, consumers have gone back to purchasing big cars and SUV's. Why can't we put an alternative energy fuel tax on gas to bring it back to $4.00 per gallon. Then people won't be able to drive these big vehicles and fill up up on $20 per tank . This is the mindset we are dealing with in the MSM. In-cred-ible. I think BO was surprised at the outlansdishness of Brokaws idea but he covered it. He reminded Brokaw that consumers are already burdened and we can't put any more demands on them.

Committee considers tax for every mile driven07:56 AM EST on Friday, November 21, 2008 By NATALIE DICK / NewsChannel 36 CHARLOTTE, N.C. -- Imagine being taxed for every mile you drive each year. "I don't like that. I don't like that at all. That's just more money out of our wallets," said Jason Gillespie of Charlotte. "I think that's a crazy idea," agreed Chrissy White. While it may sound outrageous to some, it's an idea being considered by the 21st Century Transportation Committee in Raleigh. Their mission is to come up with new ways to help pay for North Carolina's...

Retrospective Look at Refinery Operations after Hurricanes Thanksgiving is a time for retrospection. While most of us focus on our families, readers of this commentary may also reflect on industry events. Looking back at Hurricanes Gustav and Ike this past September, we are struck by, and can be thankful for, the contrast between these storms and Hurricanes Rita and Katrina in the fall of 2005. While both pairs of hurricanes wreaked tremendous damage, the refining sector and consumers dodged a bullet in 2008. The impacts of these hurricanes are evident in the Gulf Coast (PADD 3) refinery outages shown in...

European gasoline and naphtha prices hit fresh lows Tuesday tracking falling international crude oil values and weak market fundamentals, according to Platts data. The ICE Brent front-month contract had shed over over $100/barrel to $46.43/b 1630 GMT Tuesday from its $147.50/b peak on July 3. Benchmark European premium 10ppm gasoline barges settled at a four-year low Tuesday while crude futures prices fell to a 45 month low, according to Platts data. Platts assessed FOB Rotterdam premium 10ppm gasoline barges at $370.25/mt Tuesday - its lowest value since December 6 2004 when it was $369.50/mt. The fall in the flat price...

Gov. Jon Corzine wants more New Jersey commuters to carpool, so he is expanding the incentives under the state Department of Transportation's "Carpooling Makes Sense" program. Gas cards worth $150 to $200 will be given for newly formed carpools with more than two participants. Under the amended guidelines, carpools with two people will continue to be eligible for $100 gas cards. Car pools with three participants can get the $150 cards, those with four or more can get a $200 card.

Oil prices on Thursday hit levels not seen in more than three years, and retail gasoline prices are now below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback. Benchmark crude fell as low as $48.50 a barrel on the New York Mercantile Exchange, levels last seen on May 18, 2005, when oil hit $46.80 a barrel. Meanwhile, prices at the pump fell again overnight nationally close to $2 a gallon, with the average price in 23 states even less than that.

U.S. Offshore Oil Production Matters Contrary to conventional wisdom about U.S. crude oil production, EIA’s November Short-Term Energy Outlook (STEO) predicts U.S. crude oil production will increase 8 percent from 2008 to 2009. For example, the Petroleum Intelligence Weekly (PIW Nov.10, 2008, pg. 5), commenting on the likely future track of global production, said, “Accelerating decline rates in these two areas [the North Sea and North America] are widely expected to swamp growth from newer non-OPEC regions…” Offshore production from the federal Gulf of Mexico (GOM) is a major part of the STEO’s production story, projecting that it will make...

NEW YORK (Fortune) -- The big game in Washington these days consists of running around dealing with the problems of the Detroit Three automakers, formerly the Big Three. But all the to-ing and fro-ing about how (or whether) to keep General Motors, Ford and Chrysler out of bankruptcy is ignoring the elephant in the room - lower gasoline prices. As you doubtless know, they've fallen about 50% from the record levels they reached in July, making them one of the few bright spots in our economic picture. So let me fulfill my traditional role of skunk in the garden party,...

Gasoline prices may be low again and the public more focused on fixing the U.S. economy, but addressing the nation's energy challenges must remain a top priority, the oil and gas industry's top lobbyist said today in Houston. Indeed, President-elect Barack Obama should begin tackling energy issues during his first 100 days in office, Jack N. Gerard, the new chief executive of the American Petroleum Institute, told reporters during a media briefing today in Houston. Yet it is more likely the nation's economic woes will take precedence early on in the Obama administration, he said. "We're going to do our...

NEW YORK (CNNMoney.com) -- Remember $4 gas? Soon it will be $2 gas. As the nation's economy worsens, the demand for oil and gas wanes. As a result, prices drop. And drop. And drop. The price of gas fell overnight Sunday for the 60th consecutive day. The national average price for a gallon of regular gasoline fell 2 cents to $2.105 a gallon, according to a survey released Sunday by the American Automobile Association. A gallon of gas has dropped nearly in half since hitting an all-time high of $4.114 on July 17. It's been nearly two years since prices...

Retail gasoline prices fell further overnight, bringing the decline since the summer's record high to nearly $2 a gallon, according to figures released Friday. The national average price for a gallon of regular gasoline fell 2.6 cents to $2.152 from $2.178 Thursday, according to a daily survey for the American Automobile Association. The price of gas has dropped $1.962, or 48%, since hitting an all-time high of $4.114 in July. Gas prices have declined for 58 days in a row, tumbling more than $1.70, or 44.2%, in that time. Friday's national average price is the lowest since Jan. 31, 2007,...