Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: BP finds big oil in Gulf of Mexico]]>http://www.autoblog.com/2009/09/05/report-bp-finds-big-oil-in-gulf-of-mexico/http://www.autoblog.com/2009/09/05/report-bp-finds-big-oil-in-gulf-of-mexico/http://www.autoblog.com/2009/09/05/report-bp-finds-big-oil-in-gulf-of-mexico/#commentsFiled under:



Even during the recession, oil is hovering at around $70 per barrel. There are many reasons for elevated oil prices, such as emerging markets demanding more crude and market speculators. Perhaps the biggest reason of all, however, is that oil is just harder to come by, as all the obvious spots have already been drilled.

So when a massive oil reserve is uncovered, it's big news. British Petroleum has made just such a find, as it has reportedly discovered between three and six billion barrels of crude oil and natural gas in the Gulf of Mexico about 250 miles off the coast of Texas. The find was made after BP drilled down a record seven miles, giving the oil giant another massive reserve a few hundred miles from where the natural resource is used most.

Autoline Daily notes that BP already pumps about 400,000 barrels per day in the region, and experts say the find could result in another 250,000 barrels of black gold a day towards the end of the next decade. That sounds mighty impressive until you remember that the U.S. uses about 20 million barrels of oil every day. Follow the jump to watch the latest edition of Autoline Daily.

[Source: Autoline Daily | Image: Roslan Rahman/AFP/Getty]

Continue reading REPORT: BP finds big oil in Gulf of Mexico

REPORT: BP finds big oil in Gulf of Mexico originally appeared on Autoblog on Sat, 05 Sep 2009 18:03:00 EST. Please see our terms for use of feeds.

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Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, though it's tough to feel too sorry for a company that still made $84.7 billion in the down economy.

Chevron, second only to Exxon Mobil in size, managed to post a $43 billion profit in 2008, but other smaller oil companies haven't been quite as successful in navigating the sinking global economy. Royal Dutch Shell, Europe's largest oil company, posted its first quarterly loss in a decade after seeing huge profits earlier in the year. The coming year should prove to be a similar challenge for each of the oil producing companies.

[Source: AP via Google | Photo by David McNew/Getty]

Gassed Up: Exxon Mobil posts record $45.2 billion profit in 2008 originally appeared on Autoblog on Fri, 30 Jan 2009 12:29:00 EST. Please see our terms for use of feeds.

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Well, that breakup didn't last long. It seems that GM is looking to get back together even before it parted ways with Big Oil. We wonder, however, just how apt Big Oil will be to take GM back. Remember, it was just the other day that the General decided to bolster its green credentials by announcing the split would take place in an upcoming TV commercial. According to GM spokeswoman Kelly Cusinato, though, GM's marketing department is still tweaking the television spot, and might choose not to run it at all. The commercial was expected to air this weekend and possibly appear afterwards on Discovery's newly launched eco-friendly channel, Planet Green.

Perhaps GM's corporate marketing Director Katherine Benoit didn't realize how big of a story this would turn out to be. The Chevy Volt is still a few years away and GM's going to need to sell more SUVs until then, so perhaps the Dear John letter was a wee bit premature.

[Source: Automotive News - sub. req'd]

GM may not break up with Big Oil on TV after all originally appeared on Autoblog on Wed, 18 Jun 2008 08:29:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>big oilBigOilbreakupbreakupsgmgm big oilGmBigOilWed, 18 Jun 2008 08:29:00 EST<![CDATA[Hawaiian gas cap fails miserably]]>http://www.autoblog.com/2006/05/09/hawaiian-gas-cap-fails-miserably/http://www.autoblog.com/2006/05/09/hawaiian-gas-cap-fails-miserably/http://www.autoblog.com/2006/05/09/hawaiian-gas-cap-fails-miserably/#commentsFiled under: , ,

How do you commit political suicide? Why, institute a gas cap that costs your constituents $55 million more than it would have cost otherwise, of course. Hawaii governor Linda Lingle decided to sign a bill today that would stop the madness that is the Hawaii gas cap, which has put a limit on wholesale gasoline prices based on New York, the Gulf Coast and Los Angeles gas price averages, plus transport. Unfortunately for Lingle and the good citizens of Hawaii, the cap didn't regulate how much gas stations could mark up the wholesale costs, putting gas prices at a whopping $3.38 per gallon. The new law, which suspends the price cap, also computes what gas would be with the cap, as well as showing what wholesale costs are compared to what consumers are paying at the pump -- information that was previously kept confidential.

[Source: Associated Press]

Hawaiian gas cap fails miserably originally appeared on Autoblog on Tue, 09 May 2006 08:59:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>big oilBigOilgas capgas pricesGasCapgasolineGasPriceshawaiiwholesale gasWholesaleGasTue, 09 May 2006 08:59:00 EST<![CDATA[Chevron realizes 49 percent profit increase in first quarter]]>http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/#commentsFiled under: ,

High gasoline prices have to be good for someone, and in news that will shock few, those fortunate men and women appear to work for Big Oil. Chevron, America's second largest oil company announced Friday that its first-quarter profits hit four billion dollars, a dramatic 49 percent increase over last year. With a profit of $1.80/share, that beat the Street by two cents.

Between ExxonMobil, Chevron and ConocoPhillips, America's top three oil companies raked in more than 15 billion dollars in profits this quarter.

[Source: San Jose Mercury News]

Chevron realizes 49 percent profit increase in first quarter originally appeared on Autoblog on Sun, 30 Apr 2006 15:05:00 EST. Please see our terms for use of feeds.

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Irony alert: California drivers have been hit so hard by the surge in gasoline prices that some are running out of gas -- on purpose -- and waiting for a tow truck to show up with some free go-juice courtesy their roadside assistance programs. In effect, they're running out of gas in order to save some.

In many cases, roadside assist services provide just one free gallon of fuel, which means that people are hanging out on shoulders of many California roadways for hours (a less-than-safe practice) in order to save a few bucks. 

[Source: Reuters via CNN]

(Top Tip, James!)

People running out of gas in order to save some originally appeared on Autoblog on Wed, 26 Apr 2006 17:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Big oilBigOilcaliforniaCNNfuelfuel economyFuelEconomygasgas pricesgasolineGasPricesWed, 26 Apr 2006 17:36:00 EST<![CDATA[Auto industry and Big Oil trading blows]]>http://www.autoblog.com/2006/04/12/auto-industry-and-big-oil-trade-blows/http://www.autoblog.com/2006/04/12/auto-industry-and-big-oil-trade-blows/http://www.autoblog.com/2006/04/12/auto-industry-and-big-oil-trade-blows/#commentsFiled under: , , , ,

It would seem that if there are two parties who really shouldn't be playing the blame game regarding the world's energy problems: oil companies and auto manufacturers. That certainly hasn't stopped either from taking shots at each other in the media, however. Late last year, ExxonMobil apparently started running print ads that took automakers to task for a lack of fuel efficiency improvements in the past twenty years. In response, Chrysler VP of communications Jason Vines decided to strike back with a post on the company's blog.

We're not quite sure what to make of this fight so far, but it seems like both sides are waging a war in an attempt to win public sympathy that simply doesn't exist. It seems rather strange that ExxonMobil is upset that it has turned record profits recently largely on the back of the automotive industry, and indeed, it would be hard to argue that Big Oil has been proactive in bringing new energy solutions to the market. Of course, some critics would charge that carmakers haven't exactly been aggressive in their development of fuel-efficient vehicles. In both cases, the consumer has ultimately been in charge of the decision-making, but blaming customers has never been a successful marketing tactic.

If you'd like to take a side, feel free to do so in the comments. As for us, we'd rather see cooperation between automakers and energy suppliers to improve the situation.

[Source: The Detroit News; image from Frank Galasso]

Auto industry and Big Oil trading blows originally appeared on Autoblog on Wed, 12 Apr 2006 09:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Big OilBigOilEmissionsExxon MobilExxonMobilFrank GalassoFrankGalassoFuel EconomyFuelEconomyGreenJason VinesJasonVinesWed, 12 Apr 2006 09:58:00 EST