Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[AP looks into what factors determine gas prices]]>http://www.autoblog.com/2011/03/11/ap-looks-into-what-factors-determine-gas-prices/http://www.autoblog.com/2011/03/11/ap-looks-into-what-factors-determine-gas-prices/http://www.autoblog.com/2011/03/11/ap-looks-into-what-factors-determine-gas-prices/#commentsFiled under: ,

High 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 when the price per barrel drops, as it did earlier this week, gas prices stay high?

The answer, it turns out, is due to a mix of factors. According to the AP, most gas stations set their prices not according to how much it costs them to replace the fuel, but in correlation with their closest competitors in the area. If one station ups their price per gallon, the rest will follow suit and vice-versa. That's because station owners typically only make two or three cents on every gallon of gasoline sold. Instead, they make their money off of the snacks and drinks inside.

Since stations may buy their fuel in long-term contracts to lock in a price for a set period of time, lowering the price per gallon too quickly could cause them to actually lose money on the fuel sold. Head over to Yahoo News for a full breakdown of the factors influencing fuel prices.

[Source: Yahoo News | Image: Paul Sakuma/AP]

AP looks into what factors determine gas prices originally appeared on Autoblog on Fri, 11 Mar 2011 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>crude oilfuel pricesgas pricegas pricesoil pricesFri, 11 Mar 2011 16:00:00 EST http://www.autoblog.com/feed/19876817/article-comments.xml http://www.autoblog.com/feed/2011/03/11/ap-looks-into-what-factors-determine-gas-prices/19876817/article-detail.xml 19876817 http://www.blogcdn.com/www.autoblog.com/media/2011/03/high-gas-prices_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/03/high-gas-prices.jpg <![CDATA[API: June demand for gasoline at lowest level in six years]]>http://www.autoblog.com/2010/07/29/api-june-demand-for-gasoline-at-lowest-level-in-six-years/http://www.autoblog.com/2010/07/29/api-june-demand-for-gasoline-at-lowest-level-in-six-years/http://www.autoblog.com/2010/07/29/api-june-demand-for-gasoline-at-lowest-level-in-six-years/#commentsFiled under:

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.

The numbers for the month of June paint a more vivid picture of our declining need for gas. June gasoline deliveries of 9.18 million barrel per day were the lowest level for any June on record since 2004 and were 0.5 percent lower than June 2009 deliveries. To gain a better understanding of the numbers, gasoline prices in 2004 barely cracked $2, whereas prices now sit at a nationwide average just north of $2.70.

API chief economist John Felmy offered additional insight into the declining demand for gas:
The listless economic recovery continues to take a bite out of gasoline demand. It's clear from the gasoline deliveries data that consumer confidence in the economy remains shaky. This certainly supports API's position that increased taxes or other anti-jobs policies by Congress or the administration could increase unemployment and harm our economic recovery.
While economists like to attribute decreased demand for gasoline to our shaky economical situation, we'd also point out that advancements in fuel-saving technologies lead to a dwindling need for gas. Follow the jump for more info from the API.

[Source: American Petroleum Institute | Image: FutureAtlas - C.C License 2.0]

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

API: June demand for gasoline at lowest level in six years originally appeared on Autoblog on Thu, 29 Jul 2010 07:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>american petroleum instituteAmericanPetroleumInstituteAPIscrude demandcrude oilCrudeDemandCrudeOilfuelfuel consumptionFuelConsumptiongas pricegas price hikesgas pricesGasolinegasoline consumptiongasoline demandgasoline pricesGasolineConsumptionGasolineDemandGasolinePricesGasPriceGasPriceHikesGasPricesThu, 29 Jul 2010 07:58:00 EST http://www.autoblog.com/feed/19572660/article-comments.xml http://www.autoblog.com/feed/2010/07/29/api-june-demand-for-gasoline-at-lowest-level-in-six-years/19572660/article-detail.xml 19572660 http://www.blogcdn.com/green.autoblog.com/media/2010/07/46037621464ce794c97-1280073056_thumbnail.jpg http://www.blogcdn.com/green.autoblog.com/media/2010/07/46037621464ce794c97-1280073056.jpg <![CDATA[Cheap gas saves Americans $1B per day]]>http://www.autoblog.com/2008/12/28/cheap-gas-saves-americans-1b-per-day/http://www.autoblog.com/2008/12/28/cheap-gas-saves-americans-1b-per-day/http://www.autoblog.com/2008/12/28/cheap-gas-saves-americans-1b-per-day/#commentsThe 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.

Tom Kloza, chief oil analyst for Oil Price Information Service, says the meteoric fall of fuel prices has been so dramatic that Americans are now paying $1 billion less per day than they were in July. The extra cash in Americans' pockets is likely helping to avoid an even greater financial calamity, though even a billion a day isn't going to make the recession go away. Still, it's nice that we can go to the gas station without consulting with a financial analyst or raiding the children's college fund.

[Source: Detroit Free Press]

Cheap gas saves Americans $1B per day originally appeared on Autoblog on Sun, 28 Dec 2008 11:06:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>1 billion per day1BillionPerDaycrude oilCrudeOilgas pricesGasPricesprice dropPriceDropSun, 28 Dec 2008 11:06:00 EST http://www.autoblog.com/feed/1412548/article-comments.xml http://www.autoblog.com/feed/2008/12/28/cheap-gas-saves-americans-1b-per-day/1412548/article-detail.xml 1412548 http://www.blogcdn.com/www.autoblog.com/media/2008/12/gas_prices_large_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/12/gas_prices_large.jpg <![CDATA[Crude oil plummets to below $100/barrel]]>http://www.autoblog.com/2008/09/16/crude-oil-plummets-to-below-100-barrel/http://www.autoblog.com/2008/09/16/crude-oil-plummets-to-below-100-barrel/http://www.autoblog.com/2008/09/16/crude-oil-plummets-to-below-100-barrel/#commentsFiled under: ,



The price of crude oil dropped below $100-a-barrel yesterday (its lowest level since February) as the slowing economy -- bringing with it a reduced demand for oil -- raised concerns. Interestingly enough, the drop in crude didn't affect the price of gasoline as it rose 16 cents per gallon due to refinery closures from Hurricane Ike. The storm only caused moderate damage to oil platforms, but more than a dozen Texas and Louisiana refineries were shut down or idled ahead of the storm. It was just July when crude oil prices peaked at just over $145 per barrel, and gas prices neared $5 in many parts of the country. The high cost of fuel over the summer stymied drivers, who cut back on consumption forcing the price of oil to slowly retreat. Analysts who predicted doom ($200-a-barrel by the end of the year) are now scaling back their forecasts, and some have even predicted crude may eventually drop to $70-a-barrel. While we obviously welcome any drop in the price of crude, it's the volatility -- the sharp fluctuations as a result of market conditions -- that we would also like to see addressed.

[Source: New York Times, Photo by ADEK BERRY/AFP/Getty]

Crude oil plummets to below $100/barrel originally appeared on Autoblog on Tue, 16 Sep 2008 09:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>100100 per barrel100PerBarrelbarrelcost of gasCostOfGascrude oilCrudeOildropgasoline pricesGasolinePricesHurricane IkeHurricaneIkeOil pricesOilPricesTue, 16 Sep 2008 09:29:00 EST http://www.autoblog.com/feed/1315097/article-comments.xml http://www.autoblog.com/feed/2008/09/16/crude-oil-plummets-to-below-100-barrel/1315097/article-detail.xml 1315097 http://www.blogcdn.com/www.autoblog.com/media/2008/09/78693888_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/09/78693888_opt.jpg <![CDATA[Scientists create bacteria that eat junk, produce oil]]>http://www.autoblog.com/2008/06/18/scientists-create-bacteria-that-eat-junk-produce-oil/http://www.autoblog.com/2008/06/18/scientists-create-bacteria-that-eat-junk-produce-oil/http://www.autoblog.com/2008/06/18/scientists-create-bacteria-that-eat-junk-produce-oil/#commentsFiled under: , ,

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."

The "bugs" can be fed a variety of feedstock, from politically sensitive corn to Brazilian sugar cane to California wheat straw to Southern wood chips. The result is the same: crude oil that is almost ready to pour into your car. What's more: the enterprise is carbon negative, putting out less CO2 than the operation requires. At the moment it takes a 1,000-liter fermentation machine one week to make a 40-gallon drum of crude.

It will be a moment before they have a seamless industrial-sized operation. And there is that little concern of hundreds of billions of genetically-altered critters getting free and wreaking havoc on kids and puppies. But the promise of a steady supply of safely created $40 oil -- because even the Volt will need oil -- is not a bad thing to consider. Thanks for the tip, Brad!

[Source: Times Online via Engadget]

Scientists create bacteria that eat junk, produce oil originally appeared on Autoblog on Wed, 18 Jun 2008 09:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>crude oilCrudeOills9oilWed, 18 Jun 2008 09:31:00 EST http://www.autoblog.com/feed/1227017/article-comments.xml http://www.autoblog.com/feed/2008/06/18/scientists-create-bacteria-that-eat-junk-produce-oil/1227017/article-detail.xml 1227017 http://www.blogcdn.com/www.autoblog.com/media/2008/06/ls9_oil_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/06/ls9_oil.jpg <![CDATA[Oil hits $100 a barrel for first time ever]]>http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/http://www.autoblog.com/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/#comments

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 couple of times in the past few months, so passing this "symbolic level" for the first time doesn't really change anything overnight, especially since it stayed that high for just a bit before falling again. $100 a barrel, though, isn't far off from the all-time inflation-adjusted high of $102 a barrel we were paying for crude oil back in 1980 after the Iranian Revolution.

[Source: International Herald Tribune, Photo by ADEK BERRY/AFP/Getty]

Oil hits $100 a barrel for first time ever originally appeared on Autoblog on Wed, 02 Jan 2008 14:27:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>$100 a barrel$100ABarrel100 a barrel100ABarrelbarrel of o ilbarrel of oilBarrelOfOIlcost of crude oilcost oilCostOfCrudeOilCostOilcrude oilCrudeOilWed, 02 Jan 2008 14:27:00 EST http://www.autoblog.com/feed/1075540/article-comments.xml http://www.autoblog.com/feed/2008/01/02/oil-hits-100-a-barrel-for-first-time-ever/1075540/article-detail.xml 1075540 http://www.blogcdn.com/www.autoblog.com/media/2008/01/78693888_opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/01/78693888_opt.jpg -1 2