Recent Gas News/GasBuddy Blog

The Financial Post -- Federal rules for fracking on public lands, set to be released in a few weeks, may serve as a model for states to get companies to disclose the chemicals used in the drilling process, an Obama administration official said.

The proposed federal standards will be compatible with rules already in place in states such as Wyoming and Texas, and will allow limited exemptions for “legitimate trade secrets,” David Hayes, the deputy Interior secretary, said today.

“What we expect is that the momentum that you already see in states for disclosure will be reinforced by what we do,” Hayes said in an interview at the Washington office of Bloomberg News. “Most folks would like to see an across-the-board approach to deal with these issues.”  (go to article)

The Financial Post -- Canadian crude oil is being sold at a steep discount over concerns that pipelines and refineries are unable to keep up with rising production.

Western Canada Select has fallen steadily over the last month, closing on Monday at its lowest level in a year at just US$61.41 a barrel. Even after recovering on Tuesday to US$65.91, Canadian crude was trading at little more than half of the global benchmark.

“A barrel of Western Canadian Select crude is one of the cheapest barrels of heavy, sour crude available in the world, as the Canadian market grapples with increases in production, pipeline constraints and lack of adequate refinery demand,” said a report by Platts, an energy market news service based in New York.  (go to article)

PRI -- In a Texas town of 1,100 people, the well has run dry. Now all the water needed for drinking, washing and bathing must be trucked in from other areas. But a new report has discovered that up until just weeks before the well went dry, the local water provider was selling off water up until the last weeks before the well ran out.

Spicewood Beach, Texas, has been enduring a drought so bad they've had to start trucking in drinking water on a regular basis.

Spicewood is the first place in what is a drought-stricken state to deplete its aquifer to the point that it can no longer draw enough ground water for its 1100 residents. But in an ironic twist, the Lower Colorado River Authority, the public agency that manages the water, was selling the city's water and trucking it out of town...  (go to article)

Bloomberg Businessweek -- Feb. 8 (Bloomberg) -- Oil pared gains after the U.S. Energy Department reported that inventories climbed as fuel consumption dropped to the lowest level in almost 13 years.

Futures slipped from the day’s highs after the department said crude supplies rose 304,000 barrels to 339.2 million in the week ended Feb. 3. Gasoline stockpiles increased to the highest level in almost a year and inventories of distillate fuels unexpectedly gained. Total fuel demand fell 0.5 percent to 17.6 million barrels a day, the lowest level since 1999.  (go to article)

Consumerist.com -- Earlier today at the Chicago Auto Show, Toyota announced that it is shifting production of Highlander SUVs from Japan to the car maker's plant in Princeton, Indiana.

The move will result in 400 new jobs at the plant and an additional $400 million investment in the facility. Toyota expects this change will allow it to manufacture an additional 50,000 Highlanders a year, some of which are intended for export.

"We plan to export some of those Highlanders to other countries," the Wall Street Journal quotes Toyota North America President Yoshi Inaba as saying. "Our exports of made-in-America products to 21 countries has topped 100,000 vehicles and we've just begun exporting American Camry sedans and Sienna minivans to South Korea."  (go to article)

GasBuddy Blog --
If you're at McCormick Place for Chicago's 2012 Auto Show (beginning tomorrow), the biggest in the nation, you may think you've died and gone to heaven. They'll have the cars of your dreams on display... the Ford Shelby Cobra GT 500; the Mustang; Corvette; Camaro; the Aston Martin DB9; the Maserati Gran Turismo; the Porsche Boxster and a nifty looking Mercede Benz SLS AMG Roadster... concept cars and convertibles, family cars and minivans; hybrids and electric vehicles... Did I mention sportscars?

To see all the vehicles on display, click here:
Cars on Display at Chicago Auto Show

Of course, they'll have some practical cars too. Hyundai said today it is adding hatchback and sport coupe versions...  (go to article)

Edmunds Inside -- Mitsubishi's new electric city car has booted Honda's compressed natural gas Civic from the top spot in a key annual ranking of the country's greenest vehicles, becoming the first EV in 12 years to occupy the throne. The CNG-powered Civic had topped the list for eight consecutive years, and the defunct EV-1 from General Motors was the last electric car to garner the green crown.

It's a pretty significant accomplishment for the brand-new Mitsubishi i, said Shruti Vaidyanathan, head vehicle analyst for the American Council for an Energy-Efficient Economy (ACEEE). The Washington-based environmental lobbying group has been producing its annual green car guide for 14 years.

 (go to article)

TG Daily -- Most people understand that once solar panels are paid off, the energy they provide is free. But what about on a national level? ??

Many haven’t really internalized the corresponding fact. The same people worry that government investment in solar, or policies that encourage it, is somehow wasting money. But solar works the same way at the national level. Once the infrastructure is paid for, the energy is free. The same with wind. It is money well spent.

Renewables will bring golden age of free energy. ?A new coal plant must be paid for, too, but after that initial cost is paid, money must continue to be pumped in, day in, day out, shoveling a fresh train-car-load of coal into a furnace every 12 hours, for the next 30 years.

Some nations have invested in so much renewable power in the  (go to article)

Mastercard -- Four-week demand fell 4.9%, or 430,000 barrels a day, from a year earlier to an average of 8.4 million barrels a day. The drop was the biggest year-on-year decline in four-week demand on a percentage basis since Nov. 7, 2008. Four-week gasoline demand hasn't topped the year-ago level since March 18, 2011.

Gasoline prices rose 8 cents in the week to $3.47 a gallon, the highest price since Oct. 21, 2011. The price is up 11.9% from a year ago.  (go to article)

http://notrickszone.com/ from Germany's Bild.de -- Today, not one, but two of Germany’s most widely read news media published comprehensive skeptical climate science articles in their print and online editions, coinciding with the release of a major climate skeptical book, Die kalte Sonne (The Cold Sun).  (go to article)

http://www.bild.de/politik/inland/globale-erwaermung/die-co2-luege-klima-katastrophe-ist-panik-mache -- By Professor WERNER WEBER (DO Dortmund) Does mankind before a home-made climatic disaster stand? Or is the global heating up only a large CO2-Lüge of hysterischer scientists? An author team around of Hamburg ex environmental senator Fritz Vahrenholt* gives 'all-clear' signal! In truth the sun is at least just as responsible for the variations in temperature of the earth as CO2!

Fritz Vahrenholt, one of the fathers of Germany's environmental movement, no longer trusts the forecasts of the IPCC. Doubt came two years ago when he was an expert reviewer of an IPCC report on renewable energy. "I discovered numerous errors and asked myself if the other IPCC reports on climate change were similarly sloppy. I couldn’t take it any more. I had to write this book.”
 (go to article)

Anchorage Daily News online -- CHANGES: Committee process will sort out problems, solutions.

By BECKY BOHRER
Associated Press

Published: February 7th, 2012 09:34 PM
Last Modified: February 8th, 2012 07:24 AM

JUNEAU -- The Alaska Senate is planning to unveil a generic oil tax bill this week, leaving to the committee process the job of finding problems in the proposal and working out solutions.

Senate President Gary Stevens said Tuesday that senators didn't want to set "false expectations" by putting something into a bill and then changing it later.

He said the measure, expected to be introduced later this week, will include the existing method for splitting profits between the state and oil companies at periods of high oil prices.

Some of the senators who last year refused to act on Gov. Sean Parnell's tax cut bill  (go to article)

Anchorage Daily News online -- By CLIFFORD KRAUSS and JULIA WERDIGIER
The New York Times

Published: February 7th, 2012 07:54 PM
Last Modified: February 7th, 2012 11:35 PM

HOUSTON -- Less than two years ago, the British oil company BP was worried about its very survival as a seemingly unstoppable oil spill in the Gulf of Mexico threatened to destroy its finances and reputation.

But on Tuesday, BP expressed renewed confidence in its future, reporting strong quarterly profits and raising its dividend to shareholders. The company also said it was eager to resolve billions of dollars in remaining private and government claims from the accident, whether through a settlement or in a trial scheduled to begin Feb. 27 in New Orleans.

The explosion of the Deepwater Horizon drilling rig in April 2010, which killed 11 workers  (go to article)

New York Post -- Big Apple gas pump prices could hit $4.55 a gallon by Memorial Day — and, at that level, likely stall the economic recovery as consumers dig deeper to fill up their cars.

A government report yesterday confirmed what many motorists don’t want to hear — there’s a “one in four chance the US average pump price of regular gasoline could exceed $4 in June this year.”

Some city gas stations are already charging more than $4 a gallon, but most motorists are currently paying around $3.80 a gallon.

The short-term forecast by the US Energy Information Institute went out on a limb as a grim oddsmaker, due in part to a surprise surge in pump prices last month — the most expensive January for gasoline on record — when prices jumped 20 cents a gallon.  (go to article)

Michigan Radio -- Voters may soon decide whether Michigan should scrap the 19-cents-per-gallon tax on gas at the pump in favor of a sales tax increase of 1 percent.

The change would help generate more money for transportation funding.

A proposal to put the question to voters is gaining momentum with some legislative leaders.  (go to article)

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

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 0.3 million barrels to a total of 339.2 million barrels. At 339.2 million barrels, inventories are 5.8 million barrels below last year (-1.7%) and are in the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories increased by 1.6 million barrels to 231.8 million barrels. At 231.8 million barrels, inventories are 9.1 million barrels, or 3.8% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (N/C); Midwest (+0...  (go to article)

MSNBC -- In 2008, it completely revised its processes which resulted in a particularly sharp dip in mileage numbers for gas-electric vehicles like the Honda Civic ...  (go to article)

CNN Money -- The American Council for an Energy Efficient Economy has released its list of the most environmentally friendly cars of 2012, but there's one glaring omission.

Mitsubishi i

Fuel ecomony: 126 city / 99 hwy MPGe
Price: $29,125 - $31,125

Mitsubishi's very light lithium-ion powered electric car is the "greenest" car on sale in America today, according to the American Council for an Energy-Efficient Economy, a Washington D.C.-based non-profit group. The i-MiEV, also known as the i, is powered by a 66 horsepower electric motor.

One car you won't see anywhere on this list is the Chevrolet Volt. That's because the ACEEE uses vehicle weight as a criterion for scoring, under the assumption that a heavier vehicle causes more waste in production.  (go to article)

www.wlox.com -- BILOXI, MS (WLOX) - You've probably noticed gasoline prices are on the rise again.

One local small business owner shared his frustration with WLOX.com. David Vickers said not only does he have to pay more at the pumps, he also loses revenue every time gas prices go up. With pump in hand, Vickers said, "It makes me mad, it makes me upset."

Vickers is furious he has to spend close to $100 every time he fills up his F-150 pickup truck. He said, "It's crazy, we shouldn't be paying for these prices over here in the United States. We have more oil here in the United States than we could ever deplete. I read about it, I hear about it you know paying $3.50, $3.49 a gallon, it's crazy!"

His fantasy solution? Slash the prices!

"If you would drop fuel prices down to a buck fifty, they're st  (go to article)

www.guardian.co.uk -- The Swiss-based commodities trader Trafigura has bought oil the South Sudanese government claims was seized by Sudan, its northern neighbour and former civil war enemy, according to industry sources.

Trafigura is now in a legal dispute over ownership, the sources told Reuters.

The tanker of crude oil is one of three seized cargoes, forming part of some $815m (£512m) in oil revenues, which South Sudan's president, Salva Kiir, accused Sudan of "looting"; the Sudanese government, in Khartoum, said the cargoes provided compensation for unpaid transit fees.

Landlocked South Sudan must pump its oil to the Red Sea via a pipeline across Sudan, to Port Sudan, to earn oil revenues, which account for 98% of the seven-month-old country's income.

Last month, South Sudan shut down its production of  (go to article)

Bloomberg -- Oil rose to its highest in a week in New York after a report showed U.S. stockpiles shrank, signaling increased demand in the world’s biggest crude consumer.

West Texas Intermediate futures climbed to $99.65 a barrel, the highest since Jan. 31. Crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said after yesterday’s settlement. Analysts surveyed by Bloomberg News had forecast today’s Energy Department report would show supplies rose 2.5 million barrels.

“Inventories decreasing are adding to the supply concerns in the market,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg. “Demand is quite strong because of the winter season. There are already supply worries from Iran’s threat to stop  (go to article)

Reuters -- Brent crude futures fell to near $116 a barrel on Wednesday, as uncertainty over Greece's ability to resolve its debt problems weighed on sentiment and traders narrowed the benchmark's premium to U.S. crude.

The risk of Europe's debt crisis dragging the region into a recession that could crimp oil demand continued to weigh on risk assets.

Greek political parties will try yet again on Wednesday to strike a reform deal in return for a new international rescue to avoid a chaotic default.

"There is little doubt that should Greece come to an agreement with private debt holders and agree to tough austerity measures this would be viewed favorably in risk asset markets," said Ben Le Brun, market analyst with OptionXpress in Sydney.

London Brent crude [LCOCV1 116.54 0.31 (+0.27%)  (go to article)

USA Today -- Pressure is rising from a surprising array of interests to delay or block the sale of so-called E15 fuel at service stations.

A letter supporting more study and scientific evaluation before E15 is approved went to a House committee Monday, signed by 31 organizations.

They range from petroleum interests and automakers, to ones you might not imagine, such as environmental activist Friends of the Earth, dairy groups, the National Black Chamber of Commerce and representatives of the small-engine and snack-food industries.

The letter asks the House Committee on Science, Space and Technology to support a bill that "would require the Environmental Protection Agency (EPA) and the National Academy of Sciences (NAS) to conduct necessary scientific and technical analysis on the implications ...  (go to article)

CNN Money -- When Fisker Automotive announced it was laying off about two dozen workers at its Delaware factory, comparisons arose to Solyndra, the solar cell manufacturer that went bankrupt despite billions of dollars in U.S. government help.

Yes, the California based electric car maker and Solyndra both got a lot of government assistance, but analysts say those comparisons are unfair and premature.

The DOE had agreed to lend Fisker $529 million, and the carmaker had gotten $193 million of that before funding was cut off in May.

The company said it was cut off because it failed to meet production milestones for the Karma, a luxurious "range extended electric car," similar in nature to the less opulent Chevrolet Volt. But production is now underway and the Karma is on sale with prices starting ...  (go to article)

WSJ -- LONDON (Dow Jones)--Crude oil futures rose Wednesday alongside European equities on optimism that Greek lawmakers were close to a deal on the restructuring of the country's debt.

At 1115 GMT, the March Brent contract on London's ICE futures exchange was up 46 cents, or 0.4%, at $116.67 a barrel. The March contract on the New York Mercantile Exchange was trading up $1.21, or 1.2%, at $99.60 a barrel.

"We see a strong rally in the European equity markets on the positive outcome about Greece and that is the key element that is moving the oil markets today," said Mryto Sokou, research analyst at Sucden Financial. "Also with a strong rally in the euro, crude oil prices are heading toward $100 [a barrel] for WTI and $118 [a barrel] for Brent."

Greek Prime Minister Lucas Papademos is scheduled  (go to article)

MarketWatch -- China announced increases in retail gasoline and diesel prices, a move that will see prices at the pump rise by 3.3% and 3.6%, respectively, above current retail ceiling benchmarks, according to calculations by The Wall Street Journal that were based on a late Tuesday announcement by the National Development and Reform Commission. In spite of the price hikes, Chinese consumers will still be shielded from paying full energy prices, although the hikes should help bring retail charges into closer alignment with those quoted on international markets. Gasoline and diesel prices will rise by 300 yuan ($47.54) per metric ton, effective from midnight Wednesday, China's top economic planning body said in a statement. Ahead of the announcement, the average retail ceiling benchmarks for gasoline ...  (go to article)

AP via Yahoo! Finance -- Norwegian oil company Statoil ASA on Wednesday said its profits soared in the fourth quarter on higher oil and gas prices and a one-time gain from the sale of a stake in a gas transportation company.

Net profit was 25.5 billion kroner ($4.40 billion), up from 9.7 billion kroner in the same period a year earlier. And revenue rose 22 percent to 173.9 billion kroner.

State-controlled Statoil booked a gain of 8.5 billion kroner, mostly related to the sale of a majority of its stake in Gassled, which owns the grid that transports gas from the Norwegian continental shelf to consumers on the European continent and Britain.

Equity production increased 1.5 percent to 1.975 million barrels of oil equivalents a day, and Statoil said it aims to reach production levels of 2.5 million barrels per day  (go to article)

Aol Energy -- The possible permanent closure of three eastern Pennsylvania refineries would make the region more dependent on outside sources for petroleum products and force marketers to overhaul supply chains for gasoline, diesel heating oil, jet fuel and lubricants, state legislators heard on Monday.

But closure isn't likely to have a big effect on prices or supply on the US East Coast because alternative sources such as the Gulf Coast, higher overseas imports and increased pipeline shipments from the Midwest will be found, according to a new study presented to lawmakers.

Sunoco said last September it will try to sell its Marcus Hook and South Philadelphia refineries which together can process some 500,000 barrels of crude oil a day. If no buyer can be found, the company said it will close the plan  (go to article)

Reuters -- A brief power outage on Tuesday morning affected a gasoline-producing fluidic catalytic cracker and other units at Motiva Enterprises' 285,000 barrel-per-day (bpd) Port Arthur, Texas, refinery, said sources familiar with refinery operations.

News of the Motiva problems partially reversed a 0.75 cent-per-gallon slide in conventional M4 Gulf Coast gasoline differentials, which gained half a cent to a discount of 3.25 from NYMEX RBOB.

A company spokeswoman confirmed a malfunction had occurred at the refinery.

"The Motiva Port Arthur Refinery is experiencing an operational situation that requires flaring at this time," said spokeswoman Kayla Macke in statement. "There are no injuries, nor is there any impact to the community. The appropriate agencies have been notified."

Refineries operate  (go to article)

The Detroit News -- A House panel approved a bill Tuesday that would block the Environmental Protection Agency from allowing the use of a higher blend of ethanol for use in vehicles without further study.

The Science Committee approved the bill, sponsored by Rep. James Sensenbrenner, R-Wisconsin, on a 19-7 party line vote.

Automakers and other engine makers have clashed with corn growers since 2010 over whether the United States should allow the use of a new blend of ethanol called E15 because it is 15 percent biofuel — usually made from corn.  (go to article)

MarketWatch Pulse --
Crude-oil futures ended higher Tuesday, propelled by a lower dollar and hopes Greece is closer to a deal to pave the way for more financial aid. Oil for March delivery advanced $1.50, or 1.6%, to end at $98.41 a barrel on the New York Mercantile Exchange, overcoming earlier weakness and settling at its best in a week.

 (go to article)

Dow Jones Newswires --
Royal Dutch Shell PLC (RDSA.LN, RDSA, RDSB.LN, RDSB) and its partners are expected to boost output from Iraq's Majnoon oil field to 175,000 barrels a day in August, senior officials with the state-run South Oil Co. and Shell said Tuesday.

Majnoon, with estimated reserves of 12.6 billion barrels, is pumping between 50,000 to 60,000 barrels a day, Faisal Wadi, deputy head of the South Oil Co., said.

Shell and Malaysia's Petronas were awarded the deal in December 2009 to develop the field located in southern Iraq near the Iranian borders. Shell owns 45% of the venture and Petronas owns 30%, with the Iraq state-run company holding 25%.

Majnoon is one of 11 oil fields Iraq awarded in 2009 and 2010 to international oil companies with the aim of boosting its output to at least eight mi  (go to article)

Autoweek -- Ford gave the Mustang Shelby GT500 a major power boost for the 2013 model year with a supercharged 5.8-liter V8 that pumps out 650 hp. After unveiling the coupe at the Los Angeles auto show in November, Ford is using the Chicago auto show to reveal the convertible counterpart.

The car's performance is enhanced with the optional Performance Package that adds Bilstein electronic adjustable shock absorbers, a Torsen limited-slip differential and a Brembo brake package. Ford says the 2013 Shelby GT500 convertible with the Performance Package is nearly 3.5 seconds faster around Sebring International Raceway than the 2012 model.

The driver can choose between normal and sport modes for the suspension. Normal mode softens the ride for more comfortable cruising.

Other equipment in the Shelby  (go to article)

BLM.gov -- The GAO calculated the U.S. government ranked 93rd lowest out of 104 fiscal systems surveyed, losing between $21 and $53 billion in potential revenue.

The Department of the Interior disagreed with the GAO’s 40-page analysis, and released a 300-page study. The GAO’s analysis of this complicated arena was superficial and inadequate.
The government take as a proportion of the cash flow, typically nets more than the oil or gas-producing company does. The IHS-CERA study finds that on average the federal government captures 64 percent of the cash flow from Gulf of Mexico deepwater oil leases.
http://www.blm.gov/wo/st/en/prog/energy/comparative_assessment.html
Fig 2 shows how it works with gas leases in Wyoming, the “government take” ranging from a low of 50 percent to a high of 73 percent.  (go to article)

PR Newswire -- American Fuel & Petrochemical Manufacturers President Charles T. Drevna today welcomed passage of the North American Energy Access Act by the House Energy and Commerce Committee in a 33-20 vote.

Drevna continued: "Although American refineries would use nearly all of the oil transported by the Keystone XL pipeline to manufacture fuels and other products for American consumers and businesses, it would also allow them to continue to export a portion of their products. For the first time in more than 60 years, the United States is a net exporter and the Keystone XL pipeline will help our nation maintain this position, as well as create jobs for American workers, lower the trade deficit and increase American tax revenues."

About AFPMAFPM, the American Fuel & Petrochemical Manufacturers  (go to article)

Wired Magazine -- Buick has released a new suite of smartphone games that encourage fuel saving habits.

The Buick Fuel Efficiency Games app might not have the flashiest name out there, but it’s a free app for Android or Apple that contains three separate games that teach about stop/start technology, regenerative braking and aerodynamic optimization.

... The first 2 games require players to navigate through a course on a single tank of fuel. Regeneration Road shows off the eAssist system’s regenerative braking technology, forcing players to slow down for pedestrians while driving through a city. If that’s a little too much like driving to work, there’s also Roll and Boost — a “beautiful weekend drive through a flowing countryside” that’s only less relaxing due to the lack of nearby gas stations.  (go to article)

Reuters -- A plan to fast-track the stalled Keystone XL oil pipeline was passed by a key committee in the U.S. House, as Republicans made yet another attempt to spur approval of the project that has become a major issue in the 2012 elections.

The bill would wrest decision-making from the Obama administration and hand it to the Federal Energy Regulatory Commission, which would be compelled to issue approval permits quickly on the Canada-to-Texas project.

Tuesday, the House Energy and Commerce Committee voted 33-20 to send its Keystone bill to the full House, where it will likely become part of a highway and infrastructure funding bill that House Speaker John Boehner wants to see passed this month.

Republicans also have not ruled out trying to attach a Keystone provision to must-pass payroll  (go to article)

USA Today -- After hyping hybrids and electrics as fuel-savers, automakers will try to fire up consumers about a wave of new fuel-saving diesel models.
The latest will be the Volkswagen Beetle TDI, a diesel version of the iconic car, being introduced this week at the Chicago Auto Show.

VW, which already has diesel options for its Golf, Jetta, Passat and Touareg models, will be joined by new entrants in the U.S. market for diesel, such as General Motors, Mazda and Chrysler Group. Other makers, such as Honda, still are holding back some of their best, newest advanced diesels from the U.S., unsure whether buyers here will embrace them.

 (go to article)

The Financial Post -- Alberta is looking to recruit provincial and federal support by sparking a Canada-wide energy strategy that impresses upon all provinces the importance of the oil sands to Canada’s gross domestic product, Alberta Energy Minister Ted Morton says.

Mr. Morton needs provincial support to counter critics of the oil sands who have derailed approval processes of TransCanada Corp.’s Keystone XL and Enbridge Inc.’s Northern Gateway pipelines, both of which propose to take oil sands to international markets.

He says Prime Minister Stephen Harper is already on board.  (go to article)

USGS - US Geological Survey -- Q: How does the injection of wastewater at depth cause earthquakes?

A:

Earth's crust is pervasively fractured at depth by faults. These faults can sustain high stresses without slipping because natural "tectonic" stress and the weight of the overlying rock pushes the opposing fault blocks together, increasing the frictional resistance to fault slip. The injected wastewater counteracts the frictional forces on faults and, in effect, "pries them apart", thereby facilitating earthquake slip.  (go to article)

Reuters -- (Reuters) - China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia.
Industry sources told Reuters that Beijing had bought the bulk of an increase in crude oil supplies from top oil exporter Saudi Arabia in the last few months.

The world's second-largest oil consumer is also importing more cargoes from West Africa, Russia and Australia to replace reduced supplies from Iran.

China is the top buyer of Iranian oil, taking around 20 percent of its total exports, but since January it has cut purchases by around 285,000 barrels per day (bpd), or just over half of the total daily amount it imported in 2011.

Saudi Arabian output reached 9.76 million barrel  (go to article)

thetruthaboutcars.com -- By Bertel Schmitt on February 6,GM noted that Fox has issues with the Volt. They give Eric Bolling a Chevy Volt for a week. And this is what GM receives in return. Ingrates.
 (go to article)

Shreveport (LA) Times -- MANSFIELD — A crowd of public officials and oil and gas industry representatives gathered Monday afternoon for the ceremonial opening of the first publicly accessible compressed natural gas fueling station in the region, located at the Chevron branded

Shop-A-Lott convenience store and truck stop in Mansfield.
Other CNG fuel pumps are located in Red River and Bossier parishes, but those initially opened for private use. More public-use stations are expected to open in the area this year as industry officials push the low-cost, alternate fuel source coming from the Haynesville Shale.  (go to article)

The Detroit News -- Former President George W. Bush defended his decision to bail out General Motors Corp. and Chrysler LLC at the end of his administration.

"I'd do it again," Bush told thousands of the nation's auto dealers, explaining approving a $700 billion bailout fund used to rescue banks, insurers and automakers. "I didn't want there to be 21 percent unemployment."

Bush said he believes in the free market and under normal conditions, automakers and other businesses should have been allowed to fail.

"If you make a bad decision, you ought to pay," Bush said. "Sometimes, circumstances get in the way of philosophy."

In late December 2008, after Congress refused to act, Bush agreed to a $17.4 billion bailout for GM and Chrysler using his broad authority under the $700 billion fund established to help t  (go to article)

chicago tribune -- 2:57 p.m. CST, February 7, 2012
U.S. gasoline demand last week fell by more than 5 percent for the third straight week compared with year-ago levels, according to weekly data from MasterCard SpendingPulse.

Retail gasoline demand fell 5.3 percent from a year ago and 2.8 percent from the previous week, the report said. High prices and concerns about the economy have weighed on demand, according to analysts. The report showed the four-week average U.S. demand fell for the 46th straight time last week, down 4.9 percent compared with a year ago. Pump prices rose by 8 cents on average to $3.47 per gallon, 11.9 percent higher than the same week last year.

Overall gasoline demand dipped to 8.27 million barrels per day (bpd) last week, the lowest level in a month. The Central Atlantic and  (go to article)

Newsmax -- Can the United States create jobs, lower the price of fuel, reduce emissions, and become energy-independent all at the same time?

The answer is, “Yes — and rather quickly.”

The simple answer correlates with a rather simple solution being evangelized by Marc Goldman, a former milk company executive from New Jersey.

Marc is not a household name, but he once made big headlines in New York for taking on the state’s powerful dairy interests and a system that kept milk prices artificially high by limiting competition among dairies.

Today, Marc spends his time on another worthy crusade — promoting the Open Fuel Standard Act of 2011, known in the House as H.R. 1687 and in the Senate as S. 1603.

Click Link to Read Complete Article  (go to article)

Oil & Gas Review -- The governments of Canada and Alberta, stung by the recent US decision to postpone development of the Keystone XL crude oil pipeline project, have agreed to step up their monitoring of the environmental effects of oil sands developments.

“Today we are launching the most transparent and accountable oil sands monitoring system in the world,” said Canada’s Environment Minister Peter Kent, referring to the Alberta oil sands as “a key driver” of the Canadian economy.

“These scientific reports will be posted on our web page for the world to see,” said Kent. “We challenge others in the international oil producing community to match Canada’s commitment to environmental monitoring.”

Announcement of the new plan coincided with a visit to China this week by Canada’s Prime Minister Stephen Harpe  (go to article)

the Hill.com -- Federal Reserve Chairman Ben Bernanke warned Tuesday that a major disruption in foreign oil supplies that sent prices skyward could thwart the economic recovery, but expressed optimism that the U.S. is becoming less vulnerable to such dislocations.

“A major disruption that sent oil prices up very substantially could . . . stop the recovery,” he told the Senate Budget Committee, noting that oil price spikes feed inflation and act as a “tax” on consumers.

Turmoil in Libya helped send oil prices above $113 per barrel in late April and early May of 2011, pushing nationwide gasoline prices to almost $4-per-gallon (a level exceeded in many areas) before falling back.

But Bernanke also noted that the country’s energy situation is improving.

“I think one of the more encouraging things over the  (go to article)

Bloomberg -- Energy costs for U.S. households will almost double this year from 2001, consuming a fifth of the annual income for half of American homes, according to a study by a utility group that opposes limits on coal use.

The American Coalition for Clean Coal Electricity, which includes Atlanta-based Southern Co. and Peabody Energy Corp. in St. Louis, said the 50.4 percent of households earning less than $50,000 may pay even higher costs as regulators consider limits on coal-burning power plants.

The study is “further evidence that these regs are going to cause an impact on the American family,” said Lisa Camooso Miller, vice president for media relations for the Washington- based coalition, in an interview.

The group said it will cite the study’s results as it opposes greenhouse-gas and clean-  (go to article)

americanprogress.org -- General economic theory holds that companies will produce more of a good if its price is higher, or if it receives subsidies. Funny that these rules didn’t seem to apply to Big Oil in 2011, when the highest oil price since 1864 and $2 billion in subsidies to the five largest oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—yielded lower oil production than in 2010. But these five oil companies combined made a record-high $137 billion in profits in 2011—up 75 percent from 2010—and have made more than $1 trillion in profits from 2001 through 2011.[1] This exceeds the previous record of $136 billion in profits in 2008  (go to article)

USA Today -- Get ready for another round of pain at the pump: $4 (or higher) gasoline.

After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.

Prices could spike another 60 cents or more by May. "I think it's going to be a chaotic spring, with huge price increases in some places," says Tom Kloza of the Oil Price Information Service. Kloza expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.
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