Crude trades for around $30 a barrel, but an oil drum will set you back about $99 each.
The F-35 Lightning II has yet another problem, folks. Apparently, it has a "threshold" for the fuel temperature, meaning that if the plane's jungle juice is too warm, the jet, which has cost literally billions and billions of dollars to develop, can't fly. This might not be a problem, if the United States weren't routinely operating in a desert.
Gas prices traditionally take a dive come winter, as demand cools faster than the daily temperature and producers switch to the cheaper "winter blend" of gas. That, however, doesn't account for the precipitous fall in prices, with 2014's nationwide average $3.69 high point, to last week's average of just $2.79. In fact, prices are expected to dive even further in the coming weeks.
Two of the most important additions to a car are also two of the most commonly ignored: gasoline and tires. Companies pour staggering amounts of money, energy and resources into designing, engineering and gaining percentile improvements in automobiles, and what they get in return from consumers is a staggering amount of "Which one is cheapest?"
A problem with the fuel line on certain examples of the Ford Edge has prompted the National Highway Traffic Safety Administration to issue a recall. The issue revolves around the metal housing on the fuel line pulse damper, which was apparently improperly manufactured in the first place and is prone to crack in certain circumstances, leading to a fuel leak. And as we all know, a fuel leak is not a good thing.
The cost of a gallon of fuel may go up if a Democratic representative from Oregon gets his way. Earl Blumenauer has reportedly proposed a bill in the House of Representatives to raise the federal gas tax 15 cents per gallon in a bid to cover a shortfall in transportation funding (we told you so?). The current federal tax is 33.4 cents per gallon on gas and 42.8 cents per gallon of diesel.
Cash-strapped European governments have been fighting a parasitic drain on their tax revenues from fuel theft and the tax fraud that goes along with it. According to a report from Bloomberg, individual governments are losing anywhere from 100 million to 1.3 billion euros ($133 million to $1.7 billion at today's rates) due to the scams. The increase in theft and fraud is being blamed on a 52-percent jump in diesel prices.
Old habits die hard, and when it comes to changing our spending habits to account for gas price increases, newer ones do as well. About four in five Americans have held steady with their lower discretionary spending levels from last year – a time when gas prices spiked – despite the fact that the cost to fill up a tank has dropped since then. And those habits are consistent across age and income brackets.
For those keeping score in the battle between advocates and opponents of higher ethanol blends in gasoline (fuels such as E15, which is 15 percent ethanol and 85 percent gasoline), chalk one up in the "advocates" column. Earlier this week, a US federal appeals court upheld last year's decision to allow public sales of E15 and denied a request from oil and food trade groups to look at possibly reversing the decision, Reuters says.
You know all about fuel-efficient alternatives to combat high gas prices. There are plug-in hybrids and electric cars, clean diesel and biodiesel. There's compressed natural gas and biomass and algae-based fuels. Now comes another development that makes those seem downright past their prime.
Anyone who's ever laid claim to a set of keys can tell you car ownership is an expensive proposition, but according to CarInsurance.com, just how expensive can fluctuate significantly depending on where you call home. The site released a new study called "The Automotive Misery Index," which looks at each state's average household income compared to factors like the cost of fuel, the number of miles driven and the cost of full insurance coverage for a 2012 Honda Accord EX. Surprisingly enough, Mi
Over 50 gas stations across New Jersey and Pennsylvania have raised the price of their fuel to more than eight dollars a gallon. They are all Lukoil stations, and their owners have raised prices in protest of practices by Lukoil North America that they say leave individual gas station owners at a competitive disadvantage.