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Keyword: gasprices

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  • Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage

    05/22/2015 10:10:17 AM PDT · by thackney · 84 replies
    AP via Calgary Herald ^ | 05.19.2015 | CHRISTOPHER S. RUGABER
    Full Title: Cheaper oil isn't such a benefit for US economy anymore as pullbacks in drilling cause damage If there was one thing most economists agreed on at the start of the year, it was this: Plunging oil prices would boost the U.S. economy. It hasn't worked out that way. The economy is thought to have shrunk in the January-March quarter and may barely grow for the first half of 2015 — thanks in part to sharp cuts in energy drilling. And despite their savings at the gas pump, consumers have slowed rather than increased their spending.... So what did...
  • Summer gasoline prices to be down more than $1 from last summer

    04/08/2015 6:55:11 AM PDT · by thackney · 19 replies
    Energy Information Administration ^ | APRIL 8, 2015 | Energy Information Administration
    U.S. drivers are projected to pay an average of $2.45/gallon (gal) for regular grade gasoline this summer (April through September), according to EIA's Short-Term Energy and Summer Fuels Outlook released yesterday. This year's projected average summer price is down from a $3.59/gal average during summer 2014. The lower retail price this summer reflects a significant drop in world crude oil prices from last summer. As the main input cost in the refining process, crude oil is the major driver of retail gasoline prices, and U.S. gasoline prices tend to follow prices of the international benchmark Brent crude. For summer 2015,...
  • The U.S. oil boom is moving to a level not seen in 45 years

    04/04/2015 3:25:06 PM PDT · by thackney · 23 replies
    Market Watch ^ | Apr 3, 2015 | Myra P. Saefong
    U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy. If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies. The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970. Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information...
  • Don't expect oil prices to rebound anytime soon

    04/02/2015 12:15:57 PM PDT · by Perkinsbob54 · 12 replies
    High Country News ^ | 3/8/15 | Jonathan Thompson |
    It’s not even 8 a.m. and rush hour is on in northwestern New Mexico. Dozens of big white trucks and water tankers, neon flags flying, head north to the gas patch. I’m driving south, through Aztec, and as I pass the retro-orange A&W on the edge of town, I pull up alongside a drilling rig. The thing’s huge, too huge, it seems, to be rolling along the same road as my little Nissan. Yet the strange, rolling infrastructure has been a familiar site around here for decades — back in 1948, when a UFO purportedly crashed out on a nearby...
  • Crude falls as Iran deal to include lifting of all oil sanctions

    04/02/2015 11:01:06 AM PDT · by jimbo123 · 5 replies
    Forex Live ^ | 4/2/15 | Adam Button
    WTI crude fell below the earlier lows near $48.50 and down to $48.23 as reports reveal that once the deal is completed (presumably on June 30) all oil and banking sanctions against Iran will be lifted.
  • Gasoline use at lowest rate in three decades

    03/27/2015 8:05:48 AM PDT · by fruser1 · 19 replies
    Average fuel consumption by American drivers is at its lowest level in at least 30 years, says a University of Michigan researcher... "Despite population growth of 8 percent, the absolute amount of fuel consumed by light-duty vehicles decreased by 11 percent during the period 2004—the year of maximum consumption—through 2013," said Sivak, a research professor at UMTRI and director of the Sustainable Worldwide Transportation research consortium... Sivak said that although economic factors likely contributed to declining rates of vehicle ownership and distance driven, other societal changes such as increased telecommuting, use of public transportation and urbanization of the population, along...
  • Why California? Someone Has to Clean Up the Mess

    03/15/2015 6:16:20 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | March 15, 2015 | John Ransom
    Brian Smith wrote: Since Ransom was kind enough to respond to me I will respond to him. The support that Obama has given for rebels Libya, Egypt, and Iran was necessary and wise because the conclusion is inevitable (the dictators are falling) and the sad fact is we (The United States and our policies) are largely resposible for putting them there. As far as Iraq as concerned we were also responsible for propping up Saddam Hussien. As the Russians learned in Afghanistan a military victory in the region is meaningless. - Kerry, Obama Seek Regime Change for Syria, Egypt...But Not...
  • Crony Biofuel Politics Wag the Dog

    03/14/2015 9:47:48 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | March 14, 2015 | Paul Driessen
    Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad warned, referring to Renewable Fuel Standards that require refiners to blend increasing amounts of ethanol into gasoline. “It is the Holy Grail, and I will defend it,” said Rep. Steve King, another Iowa Republican. It is vital for reducing carbon dioxide emissions and preventing dangerous climate change...
  • Low Oil Price May Stifle Deepwater Drilling And Oil Sands But Not Fracking

    03/01/2015 8:53:15 AM PST · by thackney · 27 replies
    Forbes ^ | 3/01/2015
    Saudi Arabia and OPEC may have dropped oil prices to stifle production in the U.S. and other competing nations, but they didn’t drop it enough to stifle the U.S. oil and gas boom from fracking, a senior expert with McKinsey and Company said in Chicago. “If the Saudis think they’re going to put U.S. shale players out of business, they’re probably not, although there will be less drilling,” Joe Quoyeser told about 125 people, mostly graduate students, at Northwestern University’s Kellogg Energy Conference on Wednesday. ”But there are other elements of oil supply that are needed to balance the market...
  • Even Amidst Low Oil Prices, Staying the Course Will Ultimately Benefit Consumers, Producers

    02/11/2015 5:24:48 PM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 11, 2015 | David Holt
    In less than a decade, the one-time feeble U.S. energy sector has accomplished a record-breaking 180-degree turnaround thanks to advancements in new technologies. In fact, at the current rate, the nation is likely to hit production marks not seen since the 1970s. As such, we now live in a more energy self-sufficient nation, one that is inching closer every day to energy independence. While we utilize roughly 25 percent of the world’s oil on a daily basis, about 40 percent of the petroleum we consume is imported, down from 60 percent not too long ago. Consumer Energy Alliance (CEA) has...
  • Obama on Low Gas Prices: "You're Welcome" (with video!)

    02/06/2015 12:05:19 PM PST · by i88schwartz · 54 replies
    RealClearPolitics ^ | February 6, 2015 | RealClearPolitics
    "We're as free of foreign oil as we've been in 30 years," Obama said. "We've doubled the amount of clean energy that we're producing. A lot of families are saving a lot of money at the gas pump, which is putting some smiles on folks' faces." "You're welcome," Obama said to tepid applause.
  • Defense Against Demagogues

    01/28/2015 1:10:59 PM PST · by Kaslin
    Townhall.com ^ | January 28, 2015 | Walter E. Williams
    When gasoline sold at record prices, Sen. Bernie Sanders, I-Vt., said, "I think it's time to say to these people, 'Stop ripping off the American people.'" When the average price of regular gas was close to $4 a gallon, Sen. Chuck Schumer, D-N.Y., called for Congress to look into breaking up giant oil companies. The claim was that "Wall Street greed (was) fueling high gas prices." Today in some places, gasoline is selling for less than $2 a gallon, less than half of its peak price in 2008. The idiotic explanation that attributed high oil prices to greed might now...
  • World price of oil -- where is OPEC now?

    01/27/2015 7:04:25 AM PST · by rktman · 53 replies
    americanthinker.com ^ | 1/27/2015 | Fred Singer
    The world price of crude oil, which has been around 100 dollars a barrel for the past 6 years, has suddenly collapsed and is now tending below 50 dollars. Many are trying to understand this rapid decrease and have proposed various explanations. Of course, the ready explanation is simply in terms of supply and demand; but this just begs the question. The supply of oil has increased sharply in recent months – mainly because of the prolific production of shale oil in the United States, thanks to the technologies of fracking and horizontal drilling. In fact, the US is now...
  • Low Oil Price Brings Layoffs at Energy Firm Baker Hughes (BHI)

    01/21/2015 2:45:39 PM PST · by SeekAndFind
    ABC News ^ | 01/21/2015 | Richard Davies
    Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead. Speaking to analysts about the layoffs, he said, “This is...
  • Congress Should Pump the Brakes on Gas Tax Hike

    01/16/2015 8:40:50 AM PST · by Kaslin · 6 replies
    Townhall.com ^ | January 16, 2015 | Eric Peterson
    While few Americans were fortunate enough to see a holiday bonus this year, there is one gift that American motorists have been enjoying of late; lower gas prices. Currently sitting at more than a dollar below the average price last year, U.S. drivers are projected to save somewhere between $380 and $750 dollars during 2015 if the prices hold. While wages have remained stubbornly flat for most workers, gas prices have provided a rare glimmer of hope for American workers, who have been struggling with an anemic job market, labor participation rates not seen since the 1970s, and median family...
  • Where will the next price implosion be? Oil has fallen off a cliff, What industry is next?

    01/14/2015 6:37:10 AM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 01/14/2015 | James Longstreet
    We have witnessed the price implosion of oil, and the subsequent decline in gasoline prices. Is this the beginning of a trend, and what industry will admit and be subject to an inability to control its pricing structure? Cable television? The cost of cable television is a broken promise. Originally, for those old enough to remember, the promise of cable television was that though it may involve a charge, something new for television, there would be no commercials. Anyone remember? Now, the cable providers have it both ways. There are commercials, and infomercials, on which they receive money from not...
  • Where to Find the Cheapest Gas in the Country

    01/13/2015 5:34:59 AM PST · by thackney · 51 replies
    ABC News ^ | Jan 13, 2015 | GOOD MORNING AMERICA
    The cheapest gas in the country costs less than a bottle of soda or cup of coffee. A gas station in Tomball, Texas -- Stripes -- is selling a gallon of regular unleaded gas for $1.42 this morning. The price is 62 cents below the national average of $2.14 a gallon, which is among the country’s lowest levels for gas prices in five years. Stations in 45 states are selling gas for under $2 a gallon, according to Gasbuddy.com.
  • Can a rebrand make Republicans raise the gas tax?

    01/13/2015 2:11:14 AM PST · by Tolerance Sucks Rocks · 42 replies
    PRI.org ^ | January 12, 2015 | PRI
    Gas prices are the lowest they've been in five years — a welcome relief for many drivers. But now that fuel prices are falling, some lawmakers are talking in a serious way about raising the gas tax — Republican lawmakers. The debate is at an early stage, and it’s fair to say House conservatives will hate the idea. But a few powerful GOP senators are signaling they're open to the idea. Even House Speaker John Boehner, who personally opposes raising the gas tax, hasn't ruled it out. “Some Republicans in the Senate are speaking up,” says Todd Zwillich, The Takeaway's...
  • Average Gas Prices Drop Below $2.00 per Gallon in Two States

    01/05/2015 6:31:56 AM PST · by Enlightened1 · 41 replies
    (WASHINGTON, December 29, 2014) Average gas prices in two states – Missouri ($1.93) and Oklahoma ($1.98) – have dropped below $2.00 per gallon for the first time since 2009. The national average has fallen 95 days in a row for a total of $1.06, and prices have plummeted $1.38 (nearly 40 percent) since the start of June. The national average price for regular unleaded gasoline is $2.29 per gallon, and motorists are saving 11 cents per gallon compared to one week ago, 49 cents compared to one month ago and $1.02 per gallon compared to this same date last year....
  • The Ironies of Oil

    01/01/2015 7:50:34 AM PST · by Kaslin · 22 replies
    Townhall.com ^ | December 31, 2014 | Victor Davis Hanson
    Gasoline prices are on the verge of crashing down to below $2 a gallon. The price of oil may dip below $50 a barrel. Even with renewed demand from a global economic resurgence, energy prices continue to fall. The U.S. has suddenly become the world's largest combined producer of oil and natural gas. That fact -- along with a desire to weaken hostile Iran and Russia -- has prompted the oil-rich Gulf sheikdoms to keep pumping oil even as the price falls. In their game of petro-chicken, the desperate sheiks hope that either their poorer enemies will run out of...
  • The reason for lower gas prices: Saudi Arabia and fracking

    12/22/2014 7:21:19 AM PST · by shepardspie33 · 18 replies
    Red Dirt Report ^ | December 22, 2014 | Brian Woodward
    ... While the U.S. does not export crude oil, its increased production has curbed imports, resulting in excess supply. Although the fracking boom has helped to increase supply and steal market share from the Middle East, it is the Saudi response to the increased production from North American shale that has sent the price of oil tumbling. In September 2014, in the face of falling oil prices, Saudi Arabia chose to increase oil production by half a percent. Days later on Oct. 1, they discounted oil exports to leading Asian customers. These actions set off a rapid decline in international...
  • Guess What Happened The Last Time The Price Of Oil Crashed Like This?

    12/20/2014 8:06:02 PM PST · by NKP_Vet · 85 replies
    http://www.prophecynewswatch.com ^ | December 6, 2014 | Michael Snyder
    There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months. Well, now it is happening again, but this time the stakes are even higher. When the price of oil falls dramatically, that is a sign that economic activity is slowing down. It can also have a tremendously destabilizing affect on financial...
  • Rapid fall in oil prices may portend global recession

    12/16/2014 4:56:58 AM PST · by thackney · 47 replies
    NY Post ^ | December 14, 2014 | Jonathon M. Trugman
    Cratering crude-oil prices may be a blessing to cash-strapped American consumers, but it’s a double-edged sword when it comes to the overall economy. The problem for the overall economy is not so much the drop in oil prices as it is the velocity at which oil prices have fallen. The plunge from a peak of just over $100 per barrel in the early summer to today’s $58 — a massive 42 percent drop in just a few short months, most of which has come in the last 90 days — could make anyone’s head spin. The rapid fall in crude...
  • In These 13 States, Gas Is Selling for Below $2 a Gallon

    12/15/2014 7:56:37 PM PST · by 2ndDivisionVet · 28 replies
    The Daily Signal ^ | December 15, 2014 | Natalie Johnson
    Just two weeks ago a sole gas station in Oklahoma swept headlines for dropping gas prices below $2 a gallon. Today, 13 states have joined that list and the trend is expanding. Gas for less than $1.90 a gallon can be found in at least one station in Oklahoma, Louisiana and Ohio, according to CNN. CNN cites ten additional states– Alabama, Arizona, Colorado, Indiana, Mississippi, Missouri, Nebraska, New Mexico, Texas and Virginia– that now have gas below $2 a gallon. “What we’re seeing is markets at work,” Heritage Foundation economist Nick Loris said. “Significant increases in supply and a relatively...
  • Remember When MSM Mocked Michele Bachmann for $2 Gas Pledge?

    12/13/2014 6:01:14 AM PST · by governsleastgovernsbest · 30 replies
    NewsBusters ^ | Mark Finkelstein
    So who's crazy now? In 2011, the MSM mercilessly mocked Michele Bachmann for saying that if she became president, gas prices would fall to under $2/gallon. Typical was Time magazine, which called her prediction "fantasy." Time mocked Bachmann's drill, baby, drill policy, sniffing that if implemented, "prices at the pump might drop a whole 3 cents a gallon." But on CBS This Morning, there was top oil analyst Tom Kloza, saying that by Christmas, gas prices would be in the range of . . . $1.99-2.29 [I saw $2.18 here in Texas yesterday]. So who's crazy now, and where does...
  • Saudi Oil Minister Naimi: Why Should We Cut Production?

    12/10/2014 2:39:09 PM PST · by thackney · 24 replies
    Reuters via Rig Zone ^ | December 10, 2014 | Mitra Taj & Valerie Volcovici
    Saudi Oil Minister Ali al-Naimi on Wednesday shrugged off suggestions that the world's biggest crude exporter might cut production to reverse the deepest price slump in years, saying the kingdom's output had remained steady through last month. Naimi's comments on the sidelines of an annual U.N. climate change conference in Lima, Peru, stuck to the message he laid out at OPEC's meeting two weeks ago: The market would be left to balance itself without the kingdom's intervention. That stance was seen as a shift from longstanding Saudi policy to act as a swing supplier. Oil prices have dropped $13 a...
  • Why Gasoline Prices Are Down -- And How to Keep It That Way

    12/06/2014 12:16:40 PM PST · by Kaslin · 32 replies
    Townhall.com ^ | December 6, 2014 | Ed Feulner
    If you’re like most Americans, you haven’t been questioning the welcome drop in gasoline prices. You just fill ’er up and feel grateful that you’re spending less.But why has this remarkable drop come about? And what can we do to help keep prices lower?Some of it, unfortunately, is beyond our control. Worldwide demand for oil is down now. That always causes the cost of gasoline to drop.But the other side of the equation -- the part that is under our control -- has gone largely unheralded in many media accounts: the boom in U.S. energy production. Simply put, we’re producing...
  • Gas Tax Campaign Gets Ugly Fast (also Ben Carson and guns)

    12/06/2014 12:35:02 AM PST · by iowamark · 16 replies
    The Iowa Republican ^ | 12/6/2014 | Craig Robinson
    It’s pretty clear, there is going to be a major push to raise the state’s gas tax during the upcoming legislative session. While that should surprise no one, I was shocked to see the over-the-top TV ad that the pro-gas tax crowd is currently using to advance the issue. That’s right, school children are going to die if we don’t raise the gas tax. This outrageous ad makes all those negative ads in the U.S. Senate race look like child’s play. Talk about jumping the shark. The ad begins with the claim that there are currently 5,000 deficient bridges in...
  • First U.S. gas station drops below $2 a gallon (OKC)

    12/03/2014 6:51:05 PM PST · by DaveMSmith · 47 replies
    An Oncue Express station in Oklahoma City was selling the motor fuel for $1.99 a gallon Wednesday, becoming the first one to drop below $2 in the U.S. since July 30, 2010, Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc., said by email from Chicago. "We knew when we saw crude oil prices drop last week that we'd break the $2 threshold pretty soon, but we didn't know if it would happen in South Carolina, Texas, Missouri or Oklahoma," said DeHaan, senior petroleum analyst for Gasbuddy. "Today's national average, $2.74, now makes the current price we pay a...
  • Putin's Kremlin Losing the Oil Price War -- And That's Good

    12/03/2014 2:03:49 PM PST · by Kaslin · 12 replies
    Townhall.com ^ | December 3, 2014 | Austin Bay
    Free enterprise is proving to be Russian dictator Vladimir Putin's most potent foe. Moscow's February 2014 invasion of Ukraine's Crimean peninsula and its immediate annexation drastically altered international diplomatic calculations. In a year marked by the homicidal rise of the Islamic State and Chinese probes of East Asian maritime borders, Putin's destruction of post-Cold War security arrangements is the most dangerous challenge to global peace. Yet U.S. and Western European attempts to penalize the Kremlin its Crimean theft and blunt its relentless "slow war of moral attrition" in Eastern Ukraine have been erratic. Though France's decision to halt its sale...
  • Newt Gingrich's Lower Gas Price Promise

    February 28, 2012 Newt Gingrich's lower gas price promise 2012 candidate guarantees he can lower gas to $2.50 a gallon and explains how he will do this
  • GOP oil titan: Keystone’s irrelevant (Harold Hamm)

    11/15/2014 4:11:28 PM PST · by Olog-hai · 40 replies
    Politico ^ | 11/14/14 2:26 PM EST | Updated 11/14/14 8:42 PM EST | Darren Goode
    Republican oil mogul Harold Hamm says Congress is wasting its time debating the Keystone XL pipeline. “It’s not relevant at all, in my opinion. And here we are making it relevant now? Forget it,” the billionaire CEO of Oklahoma-based Continental Resources told Politoco in an interview Friday, just before the House passed a bill aimed at approving the pipeline. […] Hamm said his company, which had planned to use Keystone to ship some of its North Dakota crude, is already using other pipelines for half of its oil. And the percentage is growing. “We’re supporting other pipelines out there; we’re...
  • Fill 'Er Up: U.S. Says Gas Prices to Average Below $3 a Gallon in 2015

    11/13/2014 1:36:05 PM PST · by SeekAndFind
    NBC News ^ | 11/13/2014
    Despite losing at least eight seats, and probably nine before all the votes are counted by 2015, Senate Majority Leader Harry Reid (D-NV) has not faced much in the way of a public pushback from his fellow Democrats… until today. Purple state Democrat Sen. Claire McCaskill (D-MO) revealed on Thursday that she will not back Reid in his role as minority leader in the next Congress.The revelation came as a surprise when she was asked by reporters if she would stand by Reid. “I will not,” McCaskill replied.“Yesterday, I met with Harry Reid and told him I would not...
  • Gas is Cheaper. Where are the Grandstanding Politicians?

    11/12/2014 11:39:02 AM PST · by Kaslin · 44 replies
    Townhall.com ^ | November 12, 2014 | Jeff Jacoby
    Oil prices are plunging. Gasoline is now cheaper than milk. Why doesn't Washington do something already?Since peaking in June, the price of oil has tumbled by 25 percent. Texas light sweet crude futures have fallen to around $77.40 a barrel, a three-year low, while Brent oil, the global benchmark, sank on Monday to its lowest price in four years.With cheaper oil has come cheaper gasoline. The national average price for a gallon of regular is now just $2.926. Drivers haven't seen pump prices this low since December 2010. Nor have they seen such a sustained decline — the price has dropped...
  • Oil Prices Likely to Keep Falling as US Output Booms

    07/12/2014 8:48:19 AM PDT · by rktman · 12 replies
    moneynews.com ^ | 7/12/2014 | unknown
    New U.S. pipelines and a revival in Libyan supply are increasing the likelihood that oil prices will slump through year-end after climbing in the first six months. Wall Street analysts tracked by Bloomberg predict West Texas Intermediate oil, the U.S. benchmark, will average $100 a barrel in the fourth quarter, down 5.1 percent from June 30, while Brent drops 4.8 percent to $107. Violence in Iraq sent Brent to $115.71 in June, its highest level since September, on concern supplies would be disrupted.
  • Gas Prices Extend Painful Record: July 4 Marks 1,290 Days above $3-a-Gallon

    07/02/2014 11:04:20 AM PDT · by Cheerio · 17 replies
    CNSNews ^ | July 2, 2014 | Julia Seymour
    This Independence Day weekend, drivers won't see any relief from high gas prices. Although prices retreated by a fraction of a cent at the beginning of the week, AAA predicts holiday travelers will pay the most at the pump since 2008. In its monthly gas price report released June 30, AAA said, "With Independence Day only a few days away, today's national average price of gas is $3.68 per gallon. This average is considerably more expensive than recent years for the holiday. The national average on July 4 in previous years was: $3.48 (2013); $3.34 (2012); $3.57 (2011); $2.74 (2010);...
  • AAA: Iraq Civil War Pushing Up Gas Prices in US

    06/23/2014 5:42:02 AM PDT · by massmike · 15 replies
    WASHINGTON — AAA Mid-Atlantic says the civil war in Iraq is pushing up gasoline prices in the United States. Drivers in the District of Columbia are paying $3.89 per gallon. That’s up 5 cents from a week ago and is far above the national average of $3.68 per gallon. In Maryland, AAA says gas prices are up 4 cents this week to an average of $3.67 per gallon. Prices are highest in the Washington suburbs and western Maryland. In Delaware, AAA says gas prices have risen 7 cents over the past week to about $3.68 per gallon. AAA says national...
  • What Iraq's war may mean for the Keystone pipeline

    06/19/2014 6:26:32 AM PDT · by shove_it · 11 replies
    CNBC ^ | 18 Jun 2014 | Javier E. David
    Supporters of the Keystone XL pipeline have found a new talking point: Iraq Violence exploding in one of the world's largest oil-producing nations is ricocheting in the debate over U.S. energy policy. Backers of the pipeline, which would run from Alberta, Canada, to Texas, are pointing to the crisis in Iraq as a rationale for pushing the project forward. Often billed as a possible component for supplying the U.S.'s voracious energy markets with crude oil, TransCanada's long-delayed $5.3 billion pipeline has been mired in delays for six years. On Wednesday, the Senate Energy and Natural Resources committee voted 12-10 to...
  • Russia’s Gazprom cuts gas to Ukraine in a new phase of their conflict

    06/16/2014 12:33:37 PM PDT · by Citizen Zed · 17 replies
    Washington Post ^ | June 16, 2014 | MICHAEL BIRNBAUM AND CAROL MORELLO
    Russia cut off gas supplies to Ukraine on Monday, a move that will inflict immediate pain on its turbulent neighbor and could eventually affect other gas-dependent European nations. The cutoff intensifies pressure on Ukraine, which is contending with an increasingly violent pro-Russian insurgency in its east and with economic challenges that were crippling even before the upheaval sparked by the ouster of Kremlin-friendly President Viktor Yanukovych in February. And if the gas flow is halted for a long time, winter stockpiles across Europe could be depleted, causing problems across the continent, particularly in eastern European countries that depend solely on...
  • U.S. Gasoline Consumption Plummets By Nearly 75%

    05/31/2014 11:02:00 AM PDT · by blam · 55 replies
    Zero hedge - BullionBullsCanada ^ | 5-31-2014 | Jeff Nielsen
    Tyler Durden 05/30/2014Submitted by Jeff Nielsen via BullionBullsCanada blog, Regular readers are familiar with my narratives on the U.S. Greater Depression, and (in particular) some of the government’s own charts which depict this economic meltdown most vividly. The collapse in the “civilian participation rate” (the number of people working in the economy) and the “velocity of money” (the heartbeat of the economy) indicate an economy which is not merely in decline, but rather is being sucked downward in a terminal (and accelerating) death-spiral. However, even that previously published data, and the grim analyses which accompanied it could not prepare me...
  • Gas Price Record Worsens: 1,245 Days above $3 a Gallon

    05/22/2014 1:34:55 PM PDT · by Olog-hai · 41 replies
    Cybercast News Service ^ | Julia Seymour
    Memorial Day weekend drivers will continue to take a hit as gasoline prices remain high. May 20 marks the 1,245th straight day that the national average for a gallon of regular gasoline costs more than $3 a gallon, according to AAA data. That’s nearly three-and-a-half years above $3 a gallon.
  • Gas Prices Hit 13-Month Highs, Prompt Macro Concerns

    04/20/2014 3:42:10 PM PDT · by Nachum · 73 replies
    zero hedge ^ | 4/20/14 | tyler durden
    At $3.67, US Regular gasoline prices are their highest since March 2013 having risen over 12% (40c) in the last 2 months. This must be great news, right? It must mean world demand is picking up and driving up prices of crude oil as global trade soars (amid a collapsing Baltic Dry and decelerating Chinese growth). This can't be related to "war premia" right? - as we noted here - because stocks (which always know best) have discounted all this tomfoolery. However, as the following chart shows, each time gas prices have surged up toards the Maginot Line of $3.80,...
  • California to see surge in oil brought in by rail

    04/14/2014 7:56:20 AM PDT · by thackney · 13 replies
    Fuel Fix ^ | April 14, 2014 | Associated Press
    California is preparing for an oil boom — brought in on rail cars. There are no pipelines that bring crude oil into California. For decades, the fuel that powers the state’s 32 million vehicles has come from tanker ships or in-state production. But government regulators predict a surge in U.S. oil production will means a steep increase in the number of trains carrying it to California refineries. The Ventura County Star reported Sunday that the increase in rail traffic will happen quickly, jumping from 9,000 carloads in 2011 to more than 200,000 carloads by 2016, according to California Energy Commission...
  • States With the Highest Gas Prices

    03/21/2014 9:00:50 AM PDT · by SeekAndFind · 11 replies
    Wall Street 24X7 ^ | 03/20/2014 | By Alexander E.M. Hess and Vince Calio
    >Gasoline prices have risen steadily in the past six weeks through March 18. There was an uptick in gas prices in 37 of the past 38 days, and gas is now more expensive than at any point in the past six months. In a number of states, the price of gas is now more than $3.75 per gallon, versus $3.52 nationwide, with gas prices in several other states not far behind. In Hawaii, the price of gas is $4.17 per gallon. Here, as in a number of states, the high price of gas reflects the difficulties involved in transporting oil...
  • The Year of the Dud

    01/02/2014 6:46:50 AM PST · by Kaslin · 13 replies
    Townhall.com ^ | January 2, 2013 | Victor Davis Hanson
    Lots of things that should have happened in 2013 did not. We were supposed to have long ago reached "peak oil" and an age of always-higher gas prices. Wind and solar power -- and a reduced lifestyle -- were our dismal future. But someone or something did not cooperate with gloomy government predictions. After all the failed subsidized green companies, the postponement of the Keystone Pipeline, the radical restrictions of new gas and oil leasing on federal lands, and the promises for radical climate-change legislation curtailing carbon energy use, the United States nevertheless seems awash in old energy. Gas prices...
  • Warren Buffett’s firm acquiring Phillips 66 unit

    12/30/2013 9:07:48 PM PST · by Olog-hai · 21 replies
    Associated Press ^ | Dec 30, 2013 6:12 PM EST
    Warren Buffett’s company has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses. Houston-based Phillips 66 said Monday that Berkshire Hathaway will give up about 19 million of its 27.2 million Phillips 66 shares to acquire a business that makes additives that help crude oil flow through pipelines. …
  • High Oil Prices Taxing American Families—But There’s A Solution

    11/25/2013 4:29:01 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | November 25, 2013 | Ken Blackwell
    At the beginning of this year, many Americans opened their paychecks to find that their take-home pay was suddenly less than it had been the previous month. The payroll tax cut had expired, resulting in the average American worker owing an additional $700 in payroll taxes this year compared to last. For a two-parent household, that’s $1,400 less with which to pay the bills, put food on the table, and fill up the gas tank. But it’s far from the only added expense straining family budgets. Oil prices, in particular, have skyrocketed over the past decade, imposing higher direct and...
  • Failing to Build Keystone Pipeline is Criminal Negligence

    10/26/2013 10:28:55 AM PDT · by SeekAndFind · 10 replies
    American Thinker ^ | 10/26/2013 | Chriss Street
    An eyewitness noted when thirteen railroad tanker cars carrying propane and crude oil across Alberta, Canada exploded after derailing early on October 20th, "the fireball was so big, it shot across both lanes of the Yellowhead (Highway)... there's fire on both sides." Only two Canadian National Railway workers were injured and no deaths have been reported in this latest "pipeline on rails" calamity, but the horrific accident comes just 3 months after a similar oil train disaster in a populated area took 47 lives in Lac-Megantic, Quebec. It is too early to determine the cause of the latest accident, although...
  • The Renewable Fuel Standard is Another Taxpayer-Funded Bailout

    09/30/2013 5:20:41 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | September 30, 2013 | Ken Blackwell
    We’re all paying more at the pump. It’s hurting consumers and dangerous for the fragile economy. And, it’s because of a Washington handout to corn farmers and big Wall Street banks – all disguised as a measure to promote renewable energy and clean-burning fuels. The Renewable Fuel Standards (RFS) mandates an ever-increasing floor of ethanol be mixed with gasoline. The bill, which was expanded under President Obama, ensures a baseline level of demand for ethanol, distorting the market and sending the price of corn substantially higher. That’s because gasoline refiners have to purchase ethanol, regardless of the price. So, corn...
  • Pump prices are falling

    09/23/2013 10:10:57 AM PDT · by thackney · 65 replies
    Fuel Fix ^ | September 23, 2013 | Zain Shauk
    Gasoline prices are at their lowest level since early July and are expected to fall further, according to an analysis from GasBuddy.com. The national average for a gallon of regular is $3.47, down 34 cents from a year ago, according to AAA. The average price for a gallon of regular in Houston is $3.23, down 37 cents from a year ago, according to AAA data. Because refineries are running at high rates and consumer demand likely will be down from last year, prices will continue a gradual decline, GasBuddy.com Chief Oil Analyst Tom Kloza said in an email. Several refuelling...