The American Petroleum Institute (API) reports total petroleum deliveries (a measure of demand) fell by 0.5 percent in July, compared to the same month in 2010. Though miniscule, July marks the first time in 2011 that deliveries actually dropped when compared to the previous month. Perhaps more importantly, gasoline demand hit a ten-year low for the month of July. Once again, we turn to the words of API chief economist, John Felmy, to make sense of the situation:
What global recession? After falling 1.5 percent from 2008 to 2009, global oil consumption soared to an all-time high of 87.4 million barrels per day in 2010, according to the online Vital Signs report published by Worldwatch Institute. The 3.1 percent increase in consumption in 2010 easily makes up for the decline between 2008 and 2009 caused by the global economic crisis.
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.
If you know what the acronym VMT stands for, then this story probably won't come as much of a surprise. VMT stands for vehicle-miles traveled, and Americans drove their VMT numbers way, way down last year. VMT is just one way to measure demand for oil, and the decrease in VMT plus the rise of fuel-efficient vehicles - and fuel-free electric cars - means that the oil industry is gearing up for something new: the end of the oil slurping era. You don't need to take my word for it, the industry-frie
In yet another installment of the Mazda RX-8 customer satisfaction drama, we can confirm that the manufacturer will announce a voluntary recall on 2004, 2005 and some 2006 model year RX-8s. Mazda has confirmed to us that owners will be receiving notices in the next month or so, as the company is doing a staggered roll-out across the country.
Thomas Friedman recently disqualified himself for any future runs at heading up the General Motors fan club, but now he's going to host a new Discovery Times documentary called "Addicted to Oil". The topics that will be discussed during this documentary, such as the "true" price of gasoline (Friedman doesn't feel that the cost of securing oil or cleaning up the environment is reflected in what we pay at the pump) and the role of petrodollars in the War on Terror, are likely old hat for anyo
Nissan Motors has told dealers to stop selling some 2006 Altima and Sentra SE-R models due to a problem with excessive oil consumption. The affected vehicles, built during the first five months of this year, could eventually run low on oil which can result in catastrophic engine damage, or even fires. Up to 100,000 vehicles are thought to be affected, and so far there have been 215 complaints of oil consumption and 17 reports of fires. The majority of the reported problems are said to