America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the

[Source: Bloomberg | Image: David McNew/Getty]

Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel originally appeared on Autoblog on Thu, 11 Jun 2009 16:57:00 EST. Please see our terms for use of feeds.

Interactive map reveals our global oil useage by barrel, money originally appeared on Autoblog on Sat, 10 Jan 2009 10:02:00 EST. Please see our terms for use of feeds.

The NYT chimes in: time for a gas tax originally appeared on Autoblog on Sun, 28 Dec 2008 13:04:00 EST. Please see our terms for use of feeds.

Continue reading Gas too cheap: OPEC approves largest output cut ever

Gas too cheap: OPEC approves largest output cut ever originally appeared on Autoblog on Wed, 17 Dec 2008 16:30:00 EST. Please see our terms for use of feeds.

Obama talks oil addiction in first post-election TV interview originally appeared on Autoblog on Mon, 17 Nov 2008 18:58:00 EST. Please see our terms for use of feeds.

Gas prices pleasant as economy tanks originally appeared on Autoblog on Fri, 10 Oct 2008 18:32:00 EST. Please see our terms for use of feeds.

Oil back below $88 on Monday originally appeared on Autoblog on Tue, 07 Oct 2008 07:58:00 EST. Please see our terms for use of feeds.

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.

There's been a lot of head-scratching about the exact cause of the meteoric rise in price for a barrel of oil. Are speculators driving it to turn a quick buck? Is it the weakening value of the U.S. dollar? How about increaded worldwide demand? Chances are, all those forces are playing a part in the rise of fuel prices, and no single solution is likely to fix the problem.

Just as it was starting to look like prices would rise on a daily basis for the rest of eternity, the price of a barrel of oil dropped by $16 from Tuesday to Thursday. Economists point to the dismal economic and inflation news as a main factor for the drop. All we know is that ever since gas got more expensive, everything else started to follow suit. That leads us to spend less on things that we don't absolutely need, which probably isn't good for the economy.

With news of the large drop in the price of a barrel of crude, Wall Street got all excited and responded with a couple days of very positive gains in the stock market. Good news, right? Well, oil jumped by over $2 on Friday morning alone, so we'll have to see. Is the $4 per gallon nightmare almost over? Probably not, but we can hope.

[Source: Yahoo, Photo: Getty/Justin Sullivan]

Is it over yet? Oil prices drop like a rock originally appeared on Autoblog on Sat, 19 Jul 2008 13:06:00 EST. Please see our terms for use of feeds.

G8 nations ask for more oil, pledge to use less originally appeared on Autoblog on Mon, 09 Jun 2008 18:30:00 EST. Please see our terms for use of feeds.

A scientist in the U.S. Department of Energy's science and energy research unit has said "Energy independence is a realistic goal for the United State of America," by 2030. There are, of course, a few caveats to that. First is that by the word "independence," he doesn't mean not using any oil entirely -- he means getting oil consumption down to a point where our usage is "not subject to restraining or directly influenced by others as consequence of the need for oil."

That, Greene says, is an issue of economics, not one of politics or the military (inasmuch as they can be separated). The key is to get the cost of importing oil down to one-percent or less of the U.S. GDP, which, by the way, is where it was during the heady we-can-take-baths-in-oil-there's-so-much-of-it decade of 1990-2000.

Greene thinks the Energy Independence Security Act will be the guide leading the way to this kind of oil independence, due to the CAFE increase, decreased demand for thirsty vehicles, and increased production and demand for biofuels and alternative energy cars. So now that the oil situation is licked, the only thing you'll need to worry about come 2030 is paying $12 for a cob of corn.

[Source: WardsAuto]

Oil independence possible according to DoE scientist originally appeared on Autoblog on Wed, 04 Jun 2008 08:02:00 EST. Please see our terms for use of feeds.

Hurricane season may bring $6-a-gallon gas originally appeared on Autoblog on Mon, 02 Jun 2008 09:01:00 EST. Please see our terms for use of feeds.

Is $200/barrel oil around the corner? originally appeared on Autoblog on Sun, 09 Mar 2008 14:04:00 EST. Please see our terms for use of feeds.

According to a study by the Energy Watch Group (EWG), all of you Mad Max fans out there might get the chance to live the movie if oil production continues to decline. The oil industry believes Earth's oil reserves can last about another 42 years at current pumping rates. Energy Watch, basing its conclusions on actual rates of production, says that oil production has declined since 2006 and will continue to do so -- by 2030, oil production could be half of what it is today.

The situation we're headed for -- and that some predict as soon as next year -- is called "peak oil." That means that although plenty of oil is still being pumped and sold, there isn't enough of it to go around. And that means the possibility of "widespread blackouts, the virtual collapse of transportation infrastructure in industrialized countries and a shortage of petroleum-based chemical fertilizers necessary to grow most of our food." And that means war, famine, pestilence, and hunger. A situation that is otherwise known as "deep doo-doo."

Of course, the caveat to all of this is that no really knows how this is going to play out. Long-range predictions have a way of being false as often as they're true (paperless office anyone?). We aren't suggesting that EWG is wrong, and we aren't saying that we don't need to be a lot smarter about our resources... but a lot is going to change between now and 2030. Who knows -- if a $30,000 Volt arrives in 2010, we could get another hundred years out of our oil supplies. Nevertheless, in case a Road Warrior future is in store, you might want to start practicing your lines now. Say it with us: You can run, but you can't hide!

[Source: Green Daily]

Will peak oil trigger Mad Max society? originally appeared on Autoblog on Wed, 13 Feb 2008 08:31:00 EST. Please see our terms for use of feeds.

National gas price average to hit $3.50? Wanna bet? originally appeared on Autoblog on Fri, 25 May 2007 10:34:00 EST. Please see our terms for use of feeds.

The nation's No. 2 oil producer Chevron had a "disappointing" 4th quarter, earning only $3.77 billion dollars in the closing months of 2006. You may be thinking that $3.77 billion can't be all that bad, but No. 1 oil producer ExxonMobil ended the same quarter with $10.25 billion in profits, nearly tripling its closest rival. Chevron's profit drop of 9% was expected by analysts after total revenue fell from $47.75 billion to $53.79 billion during the same period in 2005. In fact, Chevron actually beat analysts expectations by a penny per share, so the quarter wasn't that bad, it just looks that way in comparison to the record profits of ExxonMobil.

[Source: Reuters]

We can't all make $39.4 billion: Chevron earns only $3.77 billion last quarter originally appeared on Autoblog on Tue, 06 Feb 2007 07:05:00 EST. Please see our terms for use of feeds.

We're certain that we're not the only ones that shake our heads in disgust when we roll by a gas station (and bow our heads in shame when we actually have to fill up). With the price of gas starting to come down, we certainly all are a little puzzled about what influences fuel prices. Howstuffworks.com comes to the rescue with a overview about what factors control the price of gasoline and the price of oil. While this is far from an exhaustive analysis at the elements that influence energy prices, the article does provide more in-depth analysis about the hot button topics in the economics of fuel.

The only explanation that we did not see is how oil companies are making record profits with oil AND its derivative product, gasoline, at such high prices. We want to see a step by step look at each stage in the process from well to wheels, and where each side takes its cut. Otherwise, the howstuffworks.com article does give more time to the subject than we typically see in other media outlets. So get going and find out what goes into making a $3.00 gallon of gas.

How gas prices work originally appeared on Autoblog on Sun, 24 Sep 2006 10:08:00 EST. Please see our terms for use of feeds.

BREAKING! BP shuts down pipeline, gas prices on the way up originally appeared on Autoblog on Mon, 07 Aug 2006 12:33:00 EST. Please see our terms for use of feeds.

States to drop gas taxes? originally appeared on Autoblog on Sat, 13 May 2006 06:54:00 EST. Please see our terms for use of feeds.

First Fuel Banks lets you hedge against rising gas prices originally appeared on Autoblog on Tue, 09 May 2006 13:54:00 EST. Please see our terms for use of feeds.