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40Oil trains create 'virtual' pipeline with sometimes undisclosed routes [w/video]

The Wall Street Journal has a story on issues surrounding the "virtual pipeline," and it's hard to know where to begin sorting out what's what. The easy part is defining our terms: a virtual pipeline is the mile-long, or longer, hookup of railroad tanker cars that carry oil from places like North Dakota to refineries throughout the country. The issue in the Journal piece is that the oil trains aren't bound by the same safety regimen as traditional pipelines, and that their routes are often state

89OPEC quietly telling oil market to get comfy with lower prices

If you haven't noticed, it has been a little cheaper to fill up at the gas station for the last few weeks. According to the US Energy Information Administration, the current national average cost for a gallon of gasoline is $3.299. That's down about a nickel from the previous week and around seven cents lower than this time last year. It doesn't look like this is just a temporary blip either because there's a strong possibility that Saudi Arabia may compel OPEC for lower oil prices for the near

142Gas prices could fall below $3/gallon before year's end [w/video]

Here's a welcome holiday present for motorists - gas prices may fall below $3 a gallon before year's end, with some 35 states already reporting at least one station with prices below the mark, according to a report from CNBC. That's a big drop from the current $3.25/gal national average, and it could expand.

59Keystone XL pipeline could raise Midwest gas prices by $.40 a gallon

The idea behind the politically contentious Keystone XL pipeline is to bring oil from Canada through the Midwestern US and then on to Texas for export throughout the world, mostly Europe and Latin America. A January 2012 report by NRDC and Oil Change International pointed out that the pipeline "will not increase America's oil supply (PDF)," but we now hear that the pipeline just might affect the US after all. Trouble is, the effect is negative, not positive.

AddGulf CEO says oil prices could halve by end of year, cause global instability [w/video]

It's just one in a laundry list of factors, but more fuel-efficient cars could make a difference in lowering oil prices dramatically to half their present levels, plunging to $50 a barrel by the end of the year. That's what Gulf Oil CEO Joe Petrowski is predicting in a new interview on CNBC's Squawk Box, though he is quick to point out that a halving of oil prices doesn't necessarily translate to a halving of fuel prices. And, as CNN reports, lower oil prices could mean protests in oil-producing

43Global spending on advanced oil, gas exploration tech to hit $10.17 billion in 2011

Although the Arctic has incredible potential energy resources – the United States Geological Survey (USGS) estimates 90 billion barrels of undiscovered oil and 1,668 trillion cubic feet of undiscovered gas – extracting that fuel will be costly.

20Did you know Venezuela has the most oil? Meet the man in charge of it

Quick, name the country certified by OPEC as number one in national oil reserves. Saudi Arabia? No. Canada? Nope. Venezuela? Bing!

35Barron's says oil likely to hit $150 a barrel next spring, gas $4.50 a gallon

In early May of 2011, the national average price of gasoline in the United States hit exactly $4 a gallon before falling to the current level of $3.56. However, if predictions from Barron's hold true, then prices will shoot back up in early 2012, hitting $4.50 by next spring.

33U.S. to release 30 million barrels of oil from Strategic Petroleum Reserve

On Thursday, U.S. Department of Energy Secretary Steven Chu announced that the U.S., along with its partners in the International Energy Agency, has decided to release a total of 60 million barrels of oil from strategic reserves within the next 30 days. This move is to offset the disruption in oil supply caused by continued unrest in the Middle East. For its part, the U.S. will release 30 million barrels of oil from its Strategic Petroleum Reserve (SPR). According to the DOE, the SPR currently h

48AP looks into what factors determine gas prices

With summer just a few precious months away, most Americans are already bracing for some of the steepest fuel prices in years. According to the Associated Press, unrest in places like Libya has seen the average price tag on a gallon of gasoline rocket skyward by 38 cents per gallon, or around 15 percent, since February 15. In fact, the price per a barrel of crude oil has been on a steady trek upward, and in kind, drivers have seen the numbers tick north at their local pumps. So why is it that wh

24U.S. oil usage on the upswing

More than two years ago, the price of oil soared to over $100 dollars a barrel. Today, it's not nearly that high, but at a price of $88.21 in the U.S., oil is slowly creeping up, thanks in part to soaring fuel consumption that's linked to a rebounding economy.

29API: June demand for gasoline at lowest level in six years

According to the American Petroleum Institute's (API) Monthly Statistical Report, U.S. gasoline deliveries for the first half of 2010 averaged 8.88 million barrels per day, 0.6 percent lower than the corresponding period a year ago. Though the drop in demand is minuscule, it does provide us with an indication that despite low gas prices and a rebounding economy, U.S. demand for gas continues to wane.

AddAPI: First-half demand for gasoline 0.6% lower than last year

According to the American Petroleum Institute's (API) Monthly Statistical Report, U.S. gasoline deliveries for the first half of 2010 averaged 8.88 million barrels per day, 0.6 percent lower than the corresponding period a year ago. Though the drop in demand is minuscule, it does provide us with an indication that despite low gas prices and a rebounding economy, U.S. demand for gas continues to wane.

AddWhat's the "real" cost of gas? Dollar figures don't tell the whole story

Opening an article with the question, "how much does gas cost?" seems like it requires a fairly straightforward answer. You could hop in your car, drive to the nearest gas station and answer it in no time. Similarly, you could hit up the site GasBuddy and find an answer even quicker. Using either of those methods, you'll come back with an answer somewhere near $2.79 in the U.S. today. Though the answer may seem right, Ezra Klein of the Washington Post argues otherwise.

AddU.S. demand for gasoline sets all-time record for March, trend expected to continue throughout summer

Apparently the slew of hybrids and a handful of electric vehicles on the roads here have had little, if any, impact on gasoline consumption. The numbers for March show that we are more thirsty for the stuff than ever. According to the American Petroleum Institute (API), our refineries produced more than 9.3 million barrels of gas per day in March, more than any other single month in U.S. history.

36Cheap gas saves Americans $1B per day

The severe economic downturn here in the US has lead to all sorts of bad news. Layoffs, business closings, and bailouts dominate the headlines, and good news can be hard to find. One of the only reasons to hold our heads high has been the unprecedented drop in gas prices. The recession has caused a decrease in oil demand, which has lead to fuel costs that dropped from $4.11 per gallon in July to $1.62 today. That's a decrease of almost $2.50 per gallon in only five months.

53Scientists create bacteria that eat junk, produce oil

A company called LS9 is creating nearly pump-ready oil using single-celled bacteria. They start with industrial yeast organisms or "non-pathogenic strains of E. coli," and redesign their DNA so that they produce a different kind of waste. Crude oil is not far removed, molecularly, from the fatty acids expelled by yeast or E. coli during fermentation, so a little bit of DNA alteration bypasses the fatty acids and produces "Oil 2.0."

37Oil hits $100 a barrel for first time ever

I'm not an investor nor into playing the markets, but I'm staring at a graph right now showing that the price of a barrel of crude oil on the New York Merchantile Index hit $100 shortly after noon EST today, and even I know that's kind of a big thing. This is for the price of crude oil futures for February delivery, which we hope a business major will explain in the comments, but nevertheless marks a new all-time high for the cost of crude oil and that's news. It's been close to $100 a barrel a

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