Not Logged In Log In   Sign Up   Points Leaders
Follow Us    6:31 PM

Recent Gas News/GasBuddy Blog

12
votes
pump to homepage help
Despite low prices, Texas oil group stays optimistic Read more: Despite low prices, Texas oil group

Midland Reporter-Telegram -- Texas’ oil and gas industry is touting its record-breaking 2014 contributions to state and local government coffers, an effort to stay positive amid 2015’s far gloomier revenue outlook.

State and local governments collected $15.7 billion in taxes and royalties from the industry last year, the highest total in Texas history, the Texas Oil and Gas Association announced Tuesday.

 (go to article)

Submitted 13 minutes ago By:
5 Comments
Not Newsworthy
13
votes
pump to homepage help
Lawmakers may end tax break on jet fuel, to Delta's dismay

Midland Reporter-Telegram / AP -- ATLANTA (AP) — Georgia lawmakers may eliminate a tax break for all airlines buying jet fuel at the world's busiest airport.

A bill filed in the House would cut the exemption at Atlanta's Hartsfield Jackson Airport. Supportive lawmakers say it would help the state get federal money for aviation improvements throughout the state.

They also argue the credit shouldn't be kept in place forever. A committee could soon approve the bill.

Representatives for Atlanta-based Delta Air Lines say it's a tax increase that could hurt the airport's competitiveness.

Lawmakers created the exemption in 2005 as Delta was facing bankruptcy and have extended it several times before making it permanent in 2012. The bill's sponsor says Delta's CEO is pushing for tax increases for transportation but opposes...  (go to article)

Submitted 18 minutes ago By:
3 Comments
Not Newsworthy
12
votes
pump to homepage help
Maine weighs revoking seat belt law days after 75-car pileup

Fox 5 Atlanta -- AUGUSTA, Maine (AP) - It's an effort that even the bill's sponsor acknowledges is poor timing.

Just two days after a 75-vehicle pileup injured at least 17 people in the state, lawmakers in Maine are considering legislation that would allow adults to opt out of wearing seat belts.

Sen. Eric Brakey told lawmakers on Friday that it's too bad they're considering his bill so close to Wednesday's crash on Interstate 95, which is thought to be largest in Maine history but had no fatalities....  (go to article)

Submitted 36 minutes ago By:
8 Comments
Not Newsworthy
12
votes
pump to homepage help
Slumping Oil Prices Hit Calgary Housing

Wall Street Journal -- Calgary, Canada’s fourth-biggest city, with 1.2 million people, is starting to feel the impact of the oil-price collapse.

Many companies, including some of the region’s largest employers, have slashed budgets, cut wages and frozen hiring, and some have started to announce layoffs. Those jitters are starting to affect the housing market there.

“There’s a lot of people downtown with job uncertainty,” said Glenn Herring, a real-estate agent in Calgary. “They’re certainly not thinking about making a move.”  (go to article)

Submitted 59 minutes ago By:
7 Comments
Not Newsworthy
12
votes
pump to homepage help
Californians sharply divided over hiking state gas tax

Sacramento Bee -- California voters think the government should spend more money to help maintain crumbling roads, but they offer mixed views on how to fund the upkeep, according to a new statewide Field Poll.  (go to article)

Submitted 1 hour ago By:
7 Comments
Not Newsworthy
16
votes
pump to homepage help
Governor: Oil, Gas Rules Must Protect Mineral Owners’ Rights

CBS Denver/AP -- DENVER (AP) — Any attempt to give local governments more control over oil and gas drilling in Colorado must protect the rights of people who own underground mineral rights, Gov. John Hickenlooper said Friday.

Some people have owned or leased those rights for decades, long before Colorado’s growing cities spread onto land above rich oil and gas deposits, Hickenlooper said in an interview with The Associated Press.

“What right does government have to take that person’s lease away from them?” he said. “Through no fault of their own, the march of suburbanization, suddenly their lease is worth less than it was.”

Surface owners’ property rights should also be protected, Hickenlooper said, adding that energy companies are required to pay for damage. Noise, dust and other effects should also be  (go to article)

Submitted 2 hours ago By:
16 Comments
Not Newsworthy
13
votes
pump to homepage help
Trains carrying Bakken crude pass through Fort Worth, records show

Star-Telegram -- As many as four trains carrying crude oil from North Dakota pass through the Fort Worth area each week on their way to the Gulf Coast, according to documents filed with the state by BNSF Railway.

The Texas Department of Public Safety released information about crude oil trains crossing the state on Friday after the attorney general’s office last week dismissed one railroad’s arguments for keeping them confidential.

The documents show that Fort Worth-based BNSF and Kansas City Southern, based in Kansas City, Mo., operate trains carrying 1 million gallons or more of Bakken crude oil through Texas.

BNSF brings the trains south into Texas on two routes, one of which terminates near Galveston and another that continues into Louisiana. In addition to the trains passing through Fort Worth, as  (go to article)

Submitted 3 hours ago By:
19 Comments
Not Newsworthy
13
votes
pump to homepage help
Gas prices soar in California as supply shrinks

AP -- LONG BEACH, Calif. (AP) — Gas prices are soaring in California in a classic example of supply and demand after an explosion stopped gasoline production at an Exxon Mobil refinery while another remains offline due to labor unrest.

Average retail gas prices in the state have surged 25 cents a gallon in less than a week, from $2.98 per gallon for regular on Monday to $3.23 per gallon on Friday. That caps a run t  (go to article)

Submitted 4 hours ago By:
27 Comments
Not Newsworthy
29
votes
pump to homepage help
Exxon Mobil settles New Jersey environmental case for a fraction of expected damages

Fuel Fix -- Exxon Mobil has settled a decade-long legal battle with New Jersey over billions of dollars in damages the state sought for the destruction of 1,500 acres of public wetlands, according to a New York Times report on Friday.

The Times wrote that the settlement amount, $250 million, reported by two sources close to the case was a fraction of the $8.9 billion in cleanup costs the state claimed had resulted from more than a century of pollution from a pair of refineries near Staten Island.

Neither Exxon Mobil nor Gov. Chris Christie’s office have made a public announcement over the settlement, and an Exxon spokesman decline to comment.

The New Jersey State Department of Environemntal Protection filed the lawsuit in 2004, and a state superior judge had been close to a decision this year befor  (go to article)

Submitted Today By:
46 Comments
Not Newsworthy
17
votes
pump to homepage help
Petroleum refinery outage in California highlights markets’ quick price reaction

U.S. Energy Information Administration -- On February 18, an explosion and fire occurred at ExxonMobil's refinery in Torrance, California. The Torrance refinery, the third-largest refinery in Southern California, has about 20% of the region's fluid catalytic cracking capacity and is an important source of gasoline and distillate fuel oil supply for Southern California.

Unplanned refinery outages can have noticeable effects on liquid fuel markets, disrupting supplies of gasoline and distillate, particularly in regions that are tightly balanced, such as the West Coast (defined as Petroleum Administration for Defense District (PADD) 5). When refineries undergo planned maintenance, they make arrangements for alternative sources of supply to ensure that obligations are met. Upcoming planned outages are examined in EIA's Refinery Outa  (go to article)

Submitted Today By:
33 Comments
Not Newsworthy
28
votes
pump to homepage help
Why are gas prices going up again?

CBS -- BURBANK, Calif. -- Gas prices are starting to rise again. The nationwide average is $2.37 a gallon, up 34 cents in the past month.

In Southern California, the price at the pump has spiked a record 79 cents, according to AAA. Drivers are lining up to fill up before prices go up again.


P
Impact of massive oil refinery strike on gas prices
"Right now we're basically in the eye of the storm," says Allison Mac, an analyst with GasBuddy.com.

She says the problem is not the price of crude oil, which is holding steady at about $49 per barrel. The problem is at the refinery.

"In the industry we call this a first quarter climb. Every year around this time, nationally prices go up because we switch over to summer blend gas," Mac explains. "Summer fuel gasoline is actually more expensive to pro  (go to article)

Submitted Today By:
55 Comments
Not Newsworthy
23
votes
pump to homepage help
Green groups divided on Hillary Clinton's oil interest ties

Reuters --
Hillary Clinton's connections to oil and gas interests has created a dilemma for some environmental groups, troubling activists for whom she would be the natural candidate to support for president.

The presumptive Democratic presidential candidate's environmental record has come under renewed scrutiny after the Wall Street Journal reported that the Bill, Hillary and Chelsea Clinton Foundation and the Clinton Global Initiative have accepted large donations from major energy companies Exxon Mobil and Chevron.

The groups also got money from foreign governments, including Saudi Arabia, the world's top oil exporter, and from an office of the Canadian government in charge of promoting the proposed Keystone XL oil pipeline, which would help transport crude oil from Canada to the Gulf of Mexico  (go to article)

Submitted Today By:
43 Comments
Not Newsworthy
17
votes
pump to homepage help
Senate OKs shift in road project spending

The Spokesman-Review -- OLYMPIA – The Senate approved a controversial shift in spending for major road projects Friday but had to delay a vote on increasing the gasoline tax to settle a question of how many votes it would need to pass.

Senators spent much of the day making changes to the state’s transportation policy, with a pointed debate over the sales tax that is charged for purchases on road, bridge and ferry projects. A key element of a bipartisan transportation package was to shift the sales tax from the state’s general fund – which pays for public schools, colleges and most social programs – to a fund that would use that money strictly for transportation.

Democrats argued the general fund could not absorb the loss with the state facing a court order to spend billions more on public schools.  (go to article)

Submitted Today By:
28 Comments
Not Newsworthy
16
votes
pump to homepage help
Spokane plans ‘just-in-case’ well site

The Spokesman-Review -- More than 240 miles of pipelines carrying gas, oil and other hazardous materials run through Spokane County, many of them over the aquifer that supplies the region’s water.

The Yellowstone Pipeline, which crosses above the Spokane River twice in the city, passes within 50 feet of the city’s Parkwater well site, which was built in 1945 and provides up to 40 percent of the city’s water. The proximity of the pipe and well has concerned city officials enough to commence with plans to sink a backup well just north of Corbin Park.

“In the event we have anything happen to the ConocoPhillips pipeline, we’re in trouble,” Dan Kegley, director of the city’s water and hydroelectric services, told the city’s Public Works Committee Monday.

 (go to article)

Submitted Today By:
17 Comments
Not Newsworthy
21
votes
pump to homepage help
Wolf seeks Obama's help in boosting oil-train safety

Philly.com/The Inquirer Digital Edition --
Gov. Wolf on Friday joined a chorus of officials pressuring the federal government to improve oil-train safety, and urged the government to reduce the volatility of North Dakota crude oil, which has been implicated in several recent fiery accidents.

The new governor released a letter he wrote to President Obama this week about the increasing rail volumes of crude oil, saying Pennsylvania has become one of the nation's biggest destinations for explosive North Dakota crude.

Wolf estimated that 60 to 70 trains carrying North Dakota crude travel through Pennsylvania each week. Philadelphia officials estimate that 45 to 80 oil trains from all sources, not just North Dakota's Bakken Shale, move through the city weekly.

Wolf praised the economic benefits Pennsylvania has derived...  (go to article)

Submitted Today By:
29 Comments
Not Newsworthy
24
votes
pump to homepage help
25,000 Chrysler Cars Recalled for Transmission Problem

NY Times -- Fiat Chrysler Automobiles is recalling more than 25,000 vehicles worldwide for a transmission problem that may prevent the cars from being shifted into park.  (go to article)

Submitted Today By:
62 Comments
Not Newsworthy
25
votes
pump to homepage help
How SUVs became mainstream 25 years after exploding on scene with Explorer

The Globe & Mail -- Surging sales of compact utility vehicles may be grabbing headlines, but don’t go thinking the little ‘uns’ gain has been the big ‘uns’ pain. Even in a Canadian market that favours smaller vehicles, sales of mid-size SUV/CUVs are also on the rise (and large ones even more so).

 (go to article)

Submitted Today By:
63 Comments
Not Newsworthy
30
votes
pump to homepage help
Why diesel drivers have to be in it for the long haul

The Globe & Mail -- It’s tough to be a diesel proponent. Just when the variety of diesel-engined cars and light trucks is reaching new highs, the rug has been yanked from under their feet by gasoline prices at the lowest levels seen in years.  (go to article)

Submitted Today By:
67 Comments
Not Newsworthy
35
votes
pump to homepage help
Does the 'luxury pick-up' concept make sense?

GasBuddy Blog -- 2015 Ram Laramie Ltd.Auto expert Brent Snavely of the Detroit Free Press says automakers have confidence in the potential growth of high-end, luxury pickups that cost more than $50,000. 

Luxury pickups?  Isn't that an oxymoron?

He says the updated Ram Laramie Limited is a sign of the times in America's resurgent pickup truck market. Fiat Chrysler Automobiles (FCA), General Motors and Ford have all discovered that there is a growing demand for luxury pickups with prices that top-out well above $50,000. ...  (go to article)

Submitted Today By:
PD
1256 Comments
Not Newsworthy
31
votes
pump to homepage help
Commission blocks citizens' fracking questions

The Courier-Journal(from Louisville, KY) -- Kentucky citizens on Wednesday were blocked by a state commission from asking their questions about a rare permit for a proposed deep horizontal natural gas well that might that officials said would likely use a type of "fracking" technology that's been controversial in other states.

The hearing before the Kentucky Oil and Gas Conservation Commission was held as legislation supported by both industry and environmental groups was moving through the Kentucky General Assembly to establish a regulatory framework for the practice.
 (go to article)

Submitted Today By:
73 Comments
Not Newsworthy
42
votes
pump to homepage help
Gas prices soar in California as supply shrinks

St. Paul Pioneer Press-AP -- Gas prices are soaring in California in a classic example of supply and demand after an explosion stopped gasoline production at an Exxon Mobil refinery while another remains offline due to labor unrest.

Average retail gas prices in the state have surged 25 cents a gallon in less than a week, from $2.98 per gallon for regular on Monday to $3.23 per gallon on Friday. That caps a run that saw the price of regular unleaded go up 60 cents per gallon since Jan. 30 as refineries prepare to shift to a summer blend of fuels.

In some areas of Southern California, gas station owners were forced to pass price hikes of 24 cents per gallon along to consumers on Thursday after seeing wholesale prices shoot up. Prices in Northern California lagged a day but by Friday were also rising; an independent...  (go to article)

Submitted Today By:
452 Comments
Not Newsworthy
44
votes
pump to homepage help
Union, Shell to resume talks in U.S. refinery strike on March 4

REUTERS -- Negotiations to settle the largest U.S. refinery strike are set to resume on March 4, the union and lead oil company negotiator said on Friday, the 27th day of the work stoppage.

Talks between Shell Oil Co, the U.S. arm of Royal Dutch Shell Plc and the United Steelworkers union (USW) broke off on Feb. 20 after refinery owners balked at a settlement. The union then ordered a strike by workers at three Motiva Enterprises [MOTIV.UL] refineries, including the nation's largest, all co-owned by Shell.

A total of 6,550 workers are walking picket lines at 15 plants, including 12 refineries that account for one-fifth of U.S. domestic production capacity.

"Industry needs to bargain a fair and safe contract or see the strike expand," the USW said on Friday.

 (go to article)

Submitted Today By:
528 Comments
Not Newsworthy
43
votes
pump to homepage help
Mazda bets on diesel-only car for Japan launch of key 2015 model

Reuters -- (Reuters) - Japan's Mazda Motor Corp (7261.T) will sell only diesel-powered cars in the domestic launch of its key model for 2015, gambling it can convince the country's army of hybrid petrol-electric drivers that the days of sooty, noisy diesels are long gone.

Masamichi Kogai, Chief Executive of Japan's fifth-biggest auto maker, placed his diesel bet in Tokyo on Friday as he unveiled the CX-3, a compact sport-utility vehicle (SUV).

"In Japan, more and more people are choosing to drive diesels," Kogai said. The CEO also said the greater power offered by diesel engines is a selling point for bigger cars, including compact SUVs.

Mazda has high hopes for its new entry in a small but growing segment of the global auto market. Kogai said the compact SUV segment is expected to double in size  (go to article)

Submitted Today By:
1069 Comments
Not Newsworthy
45
votes
pump to homepage help
Maine Weighs Revoking Seat Belt Law Days After 75-Car Pileup

ABC News -- It's an effort that even the bill's sponsor acknowledges is poor timing.

Just two days after a 75-vehicle pileup injured at least 17 people in the state, lawmakers in Maine are considering legislation that would allow adults to opt out of wearing seat belts.

Sen. Eric Brakey told lawmakers on Friday that it's too bad they're considering his bill so close to Wednesday's crash on Interstate 95, which is thought to be largest in Maine history but had no fatalities.

"It's very unfortunate timing that we're discussing this particular legislation two days after the 75-car pileup that took place on I-95," Brakey said.

The Republican from Auburn acknowledged that people should wear seat belts and said he hopes the accident serves as a reminder of the importance to do so. But said he believes  (go to article)

Submitted Today By:
1428 Comments
Not Newsworthy
39
votes
pump to homepage help
Texas braces for massive layoffs amid oil slump

CBS News -- MIDLAND, Texas -- In Texas oil country, lower oil prices have led to prayers at the Jack County Courthouse for families who depend on oil drilling to make a living.

The state is home to the Permian Basin, the nation's leading oil-producing region, where cheaper oil means lower profits, and fewer jobs.

Alex Sexton was recently laid off from a drilling company's accounting department. "After a couple of days of wallowing in my own, you know, self-pity, I realized I'm not the only one and I'm not going to be the only one" said Sexton.

At a nearby employment center, the number of job-seekers has more than doubled in the last few weeks, says CEO Willie Taylor.

It's estimated Texas could lose 140,000 direct and indirect energy jobs by midyear. Just a few miles from Sexton's home, rigs have  (go to article)

Submitted Today By:
653 Comments
Not Newsworthy
28
votes
pump to homepage help
California Scientists Link Tiny Particles

LA Times --
A new study by California scientists has linked chronic exposure to microscopic air pollutants in vehicle exhaust to deaths from heart disease.  (go to article)

Submitted Yesterday By:
45 Comments
Not Newsworthy
32
votes
pump to homepage help
Canadian crude proves perfect partner to U.S. shale

Reuters -- U.S. refineries are processing record quantities of heavy crude from Canada as the perfect complement to light oils from North Dakota and Texas as they struggle to keep their average blend steady.

Crudes vary enormously - from low-density oils with few impurities to much denser oils containing a relatively high percentage of sulfur and heavy metals such as nickel and vanadium.

Bakken and Eagle Ford are light, sweet oils, while Saudi Arabia’s Arab Heavy and Alberta’s Western Canadian Select are much heavier and sourer.

The density of crudes is normally expressed in terms of degrees API, which compares oil to the density of water at a standard temperature of 60 degrees Fahrenheit.

Crude density ranges f  (go to article)

Submitted Yesterday By:
40 Comments
Not Newsworthy
21
votes
pump to homepage help
Fracking fault lines forecast a future fight over gas

IthacaJournal -- KIRKWOOD – Without hesitation, Kirkwood resident Marchie Diffendorf can recall the exact date of the phone call: Dec. 7, 2007.

It was a landman with a natural-gas company: Would he be interested in leasing the natural-gas rights to his 60-acre property in the rural Broome County town he's lived in his whole life?

Around that same time, someone knocked on the door of Eileen Hamlin's blue-sided, one-story Kirkwood home — 2 ½ miles from Diffendorf's — with a similar offer. Take the deal today, the man said, because it will be gone tomorrow.

Seven years and 10 days later, Gov. Andrew Cuomo's administration announced a decision that shocked them both: A ban on high-volume hydraulic fracturing, the much-debated technique that promised to unlock the gas in the Marcellus Shale formation a mile  (go to article)

Submitted Yesterday By:
29 Comments
Not Newsworthy
42
votes
pump to homepage help
Congress investigates gas pricing

Associated Press -- WASHINGTON -- Oil industry executives rejected charges Tuesday that they manipulated gasoline supplies to increase prices. A senator said there is strong evidence that oil companies work to maintain tight markets that produce price spikes.

Opening a hearing on the volatility of gasoline prices, senators said oil industry practices of maintaining low inventories, along with growing market concentration, invited the sudden gasoline price surges that have occurred in recent years.

"Price spikes are becoming a way of life . . . and not without serious consequences," Sen. Carl Levin, chairman of the Senate Permanent Investigations Subcommittee, told the oil executives.  (go to article)

Submitted Yesterday By:
111 Comments
Not Newsworthy
23
votes
pump to homepage help
Oil train wrecks increase pressure for tougher safety rules

FuelFix.com -- WASHINGTON — Fiery wrecks of trains hauling crude oil have intensified pressure on the Obama administration to approve tougher standards for railroads and tank cars despite industry complaints that it could cost billions and slow freight deliveries.

On Feb. 5, the Transportation Department sent the White House draft rules that would require oil trains to use stronger tank cars and make other safety improvements.

Nine days later a 100-car train hauling crude oil and petroleum distillates derailed and caught fire in a remote part of Ontario, Canada. Less than 48 hours later, a 109-car oil train derailed and caught fire in West Virginia, leaking oil into a Kanawha River tributary and burning a house to its foundation. As the fire spread across 19 of the cars, a nearby resident said the expl  (go to article)

Submitted Yesterday By:
35 Comments
Not Newsworthy
32
votes
pump to homepage help
Los Angeles, San Francisco Set Records, California Closes In...

GasBuddy Blog -- Californians are now seeing the most aggressive retail gasoline price hikes ever recorded.
In Los Angeles the average price of gas has risen 19.6 cents per gal. and that's the largest spike since Oct. 5, 2012 when the average rose by 19.5 cents.  In San Francisco the average price jumped today by more than 20 cents per gal., surpassing the previous record jump of 18.8 cents on Jan. 28, 2008. The statewide average has risen today by 16.5 cents and is exceeded only by the 17.7 cent increase also recorded on Oct. 5, 2012....  (go to article)

Submitted Yesterday By:
PD
1599 Comments
Not Newsworthy
32
votes
pump to homepage help
Oil May Fall Again Says Analyst Who Predicted ’09 Rebound

Bloomberg Business -- (Bloomberg) -- Oil prices could drop again later this year as a supply glut persists, according to Jason Kenney, a Banco Santander SA analyst who accurately predicted a rebound in prices after the 2008 slump.

The current oil shock caused by the boom in U.S. shale production is reminiscent of the mid-1980s, when development of fields in the North Sea and the Gulf of Mexico caused a supply glut, Kenney, the head of European oil and gas equity research at the Spanish bank, said by phone from Edinburgh Thursday. It differs from the 2008 collapse, which was caused by slumping demand in a recession, Kenney said.
 (go to article)

Submitted Yesterday By:
50 Comments
Not Newsworthy
19
votes
pump to homepage help
Lower Gas a Prices A Boon To Cape Cod Residents, Businesses

Wicked Local Bourne -- With a dramatic drop in prices, Cape Codders feel like they died and went to gas pump heaven.  (go to article)

Submitted Yesterday By:
24 Comments
Not Newsworthy
17
votes
pump to homepage help
Biodiesel gets a new state tax break

Iowa Public Radio -- The brand new state law that raises the tax on gasoline and diesel by 10 cents a gallon includes a first-ever tax break for soybean-based biodiesel, similar to the tax advantage for corn-based ethanol blends.  (go to article)

Submitted Yesterday By:
20 Comments
Not Newsworthy
21
votes
pump to homepage help
15 cars, 2 semis gridlock US 75 in Texas

CNBC -- The Collin County Sheriff's Office has confirmed that 15 cars and 2 semis were involved in a traffic pile-up on U.S. Highway 75 southbound in Melissa, Texas, on Friday.

Cars were sliding off the highway due to sudden and heavy snowfall in North Texas causing several separate crashes, according to NBC 5. Initial reports suggested the more than 40 vehicles were involved.

Due to treacherous road conditions, officials in Fort Worth have closed Interstate 30 and Interstate 35W. Fort Worth Police told NBC 5 that as of 11:15 a.m. CT the department was responding to 75 different crashes.
The snowstorm began at 8 a.m. on Friday. No fatalities have been reported, although there were paramedics on the scene.  (go to article)

Submitted Yesterday By:
27 Comments
Not Newsworthy
21
votes
pump to homepage help
Crude ends up 3.3%, at $49.76 a barrel; first monthly gain since June

CNBC --
Getty Images
Crude snapped a seven month losing streak on Friday, supported by an improving demand outlook and supply outages.
Front-month March New York ultra-low sulfur diesel futures surged more than 7 percent intraday as March ULSD and RBOB rallied ahead of Friday contract expirations.

U.S. April crude settled up $1.59, or 3.3 percent, at $49.76 a barrel. The contract posted a 3 percent gain for the month of February, it's first monthly gain since June.The U.S. crude contract's gains have been hemmed in by rising crude oil inventories in the United States, up 8.4 million barrels last week, according to government data.

Brent April crude was up $3.90 at $62.40 a barrel, on pace to post a 16 percent monthly gain, the first monthly rise since June.  (go to article)

Submitted Yesterday By:
14 Comments
Not Newsworthy
24
votes
pump to homepage help
Investors ask oil companies to disclose refineries' risks from climate change

The Guardian -- Investors and nonprofits on Thursday asked the five largest US oil companies to disclose risks to their facilities from climate change.

In letters signed by Calvert Investments, Pax World Management, Walden Asset Management and other investors, as well as nonprofit advocates Ceres and the Union of Concerned Scientists, the groups express concern about “the lack of public disclosure of physical risks due to climate change”, such as from storms and flooding.

The letters are tied to a report, released by scientific advocacy group the Union of Concerned Scientists on Wednesday, that concluded that coastal refineries owned by each of the companies – Valero, Chevron, Exxon Mobil, Marathon Petroleum and Phillips 66 – are in danger of potentially costly disruptions due to rising sea levels and s  (go to article)

Submitted Yesterday By:
33 Comments
Not Newsworthy
22
votes
pump to homepage help
As Cushing fills, traders eye Houston to play the storage game

Reuters -- As rapidly rising oil stockpiles near the limits of storage tanks in Cushing, Oklahoma, traders are quickly turning their sights south to the U.S. Gulf Coast, where capacity is more plentiful but profits more elusive.

The Gulf Coast region boasts nearly 210 million barrels of capacity on oil tank farms, more than a half of the nation's total, according to U.S. data from September. There's another 75 million barrels in refinery sites, and analysts estimate a further 45 million connected to pipelines.

As of last week, only 214 million barrels were stockpiled on the Gulf Coast, just tiny bit below last May's record-high levels, data show.

With little sign of a global glut letting up soon, oil traders are scrambling to secure short- or medium-term leases to stockpile deeply discounted promp  (go to article)

Submitted Yesterday By:
20 Comments
Not Newsworthy
23
votes
pump to homepage help
Forecasters say gas prices are set to soar

Milwaukee Journal Sentinel via Seattle Times -- As spring approaches, gasoline prices will rise.

Bet on it.

Fuel prices always rise this time of year. During 18 of the past 20 years, the retail price of gasoline in the United States has been higher in April than it was in January, U.S. Energy Information Administration figures show.

The national average price per gallon Thursday was $2.343, up from $2.033 a month ago, according to AAA. In AAA’s Seattle-Bellevue-Everett survey, the average was $2.643, up from $2.325 a month ago.

“It’s one of the more reliable seasonal tendencies in commodities,” said Jim Ritterbusch, who is president of Ritterbusch and Associates, an oil-market advisory firm in Chicago. He has followed energy markets for more than 30 years.

But this year, the gasoline market is a mess, according to the folks at gas  (go to article)

Submitted Yesterday By:
75 Comments
Not Newsworthy
23
votes
pump to homepage help
OPEC's February oil supply hits lowest since June on Iraq-survey

Reuters -- Supply falls by 350,000 bpd, led by Iraq

* Saudi Arabia ups output slightly, other Gulf members steady

* Output 80,000 bpd below OPEC's 30 million bpd target

By Alex Lawler

LONDON, Feb 27 (Reuters) - OPEC's oil supply has fallen this month as bad weather delayed exports from Iraq's southern ports, a Reuters survey found on Friday, slowing an expansion of supplies in the group's second-largest producer.

The survey also found slightly higher output in Saudi Arabia, a sign that the largest producer in the Organization of the Petroleum Exporting Countries is sticking to its strategy of focusing on market share rather than cutting output.

Still, actual OPEC supply has fallen in February to 29.92 million barrels per day (bpd) from a revised 30.27 million bpd in January, according to the su  (go to article)

Submitted Yesterday By:
25 Comments
Not Newsworthy
30
votes
pump to homepage help
Less fun at the pump: Gas prices stop freefall

CNBC -- It looks like the steep slide in gasoline prices is over, at least for now.

The sharp drop in crude prices since last summer has brought down the prices of gasoline across the country, saving consumers billions of dollars when they fill up at the pump. Last month, gas prices fell to their lowest level in five years, to a national average of $2.03 a gallon, according to AAA.
 (go to article)

Submitted Yesterday By:
66 Comments
Not Newsworthy
26
votes
pump to homepage help
Harold Hamm: Saudis view US oil as economic threat

CNBC -- Billionaire oilman Harold Hamm told CNBC on Friday that OPEC has been trying for decades through price wars to crush U.S. crude production. "Sometimes they're successful. This time we hope they're not," he said.

The American shale oil boom is viewed by Saudi Arabia as an economic threat, the founder and chief of Continental Resources said in a "Squawk Box" interview. "I think the Saudis have made up their mind they're not going to bear the brunt of a cut, so they force everybody else to do it."
 (go to article)

Submitted Yesterday By:
37 Comments
Not Newsworthy
32
votes
pump to homepage help
Union, Shell discuss meeting on US refinery strike - sources

Yahoo -- HOUSTON (Reuters) - The United Steelworkers union (USW) and representatives for several U.S. refineries discussed on Thursday a possible resumption of face-to-face negotiations to settle a 26-day strike, two people familiar with the discussions told Reuters.No talks expected this week in U.S. refinery strike - sources Reuters
U.S. refinery strike affects one-fifth of national capacity Reuters
Shell says labour talks not broken off, contrary to media report Reuters
Shell says no agreement in U.S. refinery strike talks Reuters
U.S. refinery strike widening to include largest refinery Reuters
No date had been set as of Thursday for resuming direct meetings with Shell Oil Co, which is representing the refiners, the sources said.

About 6,550 USW members were on strike at 15 plants, includin  (go to article)

Submitted Yesterday By:
32 Comments
Not Newsworthy
28
votes
pump to homepage help
There’s more to oil’s plunge than record-high supplies

Market Watch -- Some blamed crude-oil’s decline Thursday on the record-high supplies in the U.S. But there is a little more to it than that.

True, the U.S. Energy Information Administration reported on Wednesday a seventh straight weekly climb in crude inventories to their “highest level for this time of year in at least the last 80 years.”

But prices for crude that day on the New York Mercantile Exchange actually rallied by 3.5%, with analysts considering whether prices have bottomed and fretting over the declines in petroleum-product stockpiles.

On Thursday, April crude CLJ5, +2.01% on Nymex lost 5.5% to settle at $48.17 a barrel, its lowest settlement in nearly a month.

So why did prices fall?

The short answer is the dollar. The ICE U.S. dollar index DXY, +0.09% rallied to its highest level sin  (go to article)

Submitted Yesterday By:
28 Comments
Not Newsworthy
41
votes
pump to homepage help
Saudis’ Oil Price War Is Paying Off

Bloomberg News -- Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.

U.S. drillers are idling rigs at a record pace, gutting investment plans and laying off thousands of workers.

Those steps highlight how the Saudi-led OPEC decision on Nov. 27 to maintain output levels and protect its market share is having the desired effect -- pushing prices down so far that they threaten to curb output in the U.S. and other non-OPEC countries. Saudi Arabia, the most powerful member of the Organization of Petroleum Exporting Countries, will maintain that tack when the group next meets in June, according to some of the world’s biggest banks.  (go to article)

Submitted Yesterday By:
386 Comments
Not Newsworthy
25
votes
pump to homepage help
U.S. Oil Discount Poised for Record Widening as Supplies Surge

Bloomberg -- Bloomberg) -- U.S. crude’s discount to European prices headed for a record widening in dollar terms this month as prices at $50 a barrel failed to slow the nation’s fastest oil output in more than three decades.

West Texas Intermediate traded for $12.32 a barrel less than the North Sea benchmark, Brent, as supplies expand at the U.S. storage hub in Cushing, Oklahoma. The spread expanded by $7.57 a barrel this month. U.S. crude inventories grew to the highest level in weekly data that started August 1982, according to the Energy Information Administration. Brent headed for its biggest monthly gain since 2009.

“Rising Cushing stocks, which are approaching tank tops, are driving the spread,” Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London, said by e-mail.  (go to article)

Submitted Yesterday By:
21 Comments
Not Newsworthy
28
votes
pump to homepage help
Why oil prices move up and down so much

Marketplace -- On Wednesday, the U.S. Energy Information Administration reported that oil inventories are at historic highs — we’re running out of places to put the stuff. So, why, did oil prices… rise? And then, why did they fall again the next day?

A lot of factors can move the price of oil day to day, and they may or may not have anything to do with where the market is heading long term.

For instance, traders were not surprised when U.S. crude inventories hit a new high. And that is why prices went up, says Walter Zimmerman, chief technical analyst for United-ICAP.

"There’s an old proverb," Zimmerman says. "What everybody knows, is already in the price."

In other words, Wednesday's opening price of oil already included a discount for the over-supply that everybody expected to see.  (go to article)

Submitted Yesterday By:
41 Comments
Not Newsworthy
28
votes
pump to homepage help
US finds more oil storage beyond refineries, tanks

Bloomberg -- It looks like there’s more space to store oil in the US than previously thought.

The Energy Information Administration pegged crude storage capacity at refineries and tank farms in the US at 521 million bbl at the end of September. With inventories rising 8.4 million bbl last week to a record 434 million, it may appear at first glance like supplies from the shale boom are on a collision course with tank tops.

Not so, says the EIA. The weekly storage numbers include a few sources that aren’t included in the capacity report, such as crude in pipelines and at well sites, that can add up to more than 100 million bbl.

“We still have a way to go before we can consider ourselves to be full,” Rob Merriam, the EIA’s manager of petroleum supply statistics in Washington, said by phone. “Once you c  (go to article)

Submitted Yesterday By:
29 Comments
Not Newsworthy
25
votes
pump to homepage help
US refiners may seek Jones Act waiver amid strike, Torrance explosion

Platts -- An ongoing labor strike and an explosion at a major California facility may compel West Coast refiners to seek a Jones Act waiver from the Obama administration, arguing that the region could soon face gasoline shortages, sources said this week.

While the application process is confidential, government sources said that no company has formally applied for a Jones Act waiver. But market and legal sources said ExxonMobil is considering such a request amid climbing prices and supply shortages.

The Jones Act has made it "virtually impossible" and "excessively costly" to move oil to and from the West Coast, a Center for Strategic and International Studies report published Thursday said.

One refining industry lobbyist said there is already a shortage of US-flagged vessels, a situation that cou  (go to article)

Submitted Yesterday By:
29 Comments
Not Newsworthy
25
votes
pump to homepage help
Jeep SUV has best resale value of any vehicle in Canada

The Globe & Mail -- Note to readers: More of a Canadian interest article

The Jeep Wrangler claimed top honours for best resale value in Canada by percentage, as announced Wednesday by Canadian Black Book (CBB), the country’s largest publisher of wholesale used-vehicle prices.  (go to article)

Submitted Yesterday By:
32 Comments
Not Newsworthy
31
votes
pump to homepage help
Lawmakers push to repeal part of ethanol mandate

Des Moines Register -- A bipartisan bill in the Senate would repeal a key part of the country's ethanol mandate requiring that a specific amount of the fuel be made from corn.

The bill, introduced Thursday by Sens. Pat Toomey, R-Pa. and Dianne Feinstein, D-Calif., is the latest attempt to overhaul the Renewable Fuel Standard -- a law that requires refiners to buy alternative fuels made from corn, soybeans and other products to reduce the country's dependence on foreign energy. A similar measure to strip out corn was proposed earlier this year as part of the Keystone XL pipeline debate but it never came up for a vote.

Critics of the mandate, including the American Petroleum Institute, argue lawmakers were too aggressive in setting the blending levels in 2007.  (go to article)

Submitted Yesterday By:
53 Comments
Not Newsworthy