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Recent Gas News/GasBuddy Blog

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The Toyota Big Rig with Zero Emissions

fox -- Toyota (TM) unveiled a zero-emission truck that runs on hydrogen fuel cells. Toyota Motor North America Executive V.P. Bob Carter discussed how the truck works and its impact on the environment.“We’re here to announce the next step in the development of hydrogen fuel cells and just behind me is our full-sized heavy duty Series 8 tractor trailer,” said Carter.

Carter explained how the truck works, telling the FOX Business Network’s Stuart Varney, “It’s an electric vehicle first, but it actually produces the electricity that’s needed on board. It takes pure hydrogen, converts it to electricity that’s stored in the batteries to operate the vehicle.”
He added: “It’s actually quiet running, but it produces zero emissions. (go to article)

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The Green Revolution Is Coming – Is Trump On Board?

Oil Price -- During the presidential campaign, Donald Trump seemed to advocate industrial policy to bolster global competitiveness of American business. But the idea that the government should choose winners and losers disturbs political conservatives who believe that the market should make the choices.

Whether that faith in markets is appropriately placed or not, that belief is at the core of our present day neo-liberal political consensus. It is more than a little ironic that our President, in many campaign address-es, focused attention on the need to resuscitate declining nineteenth century industries, like coal, with government support of one sort or another. We're sure that apostle of free markets, F.A Hayek, would've given Trump's plan the raspberry. The same goes for legendary management guru, (go to article)

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Oil recovers lost ground, but market remains under pressure

Reuters -- Oil prices recovered ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 26 cents, or 0.5 percent, by 0401 GMT (12:01 a.m. ET), but were still below the $50 mark pierced on Friday at $49.88 a barrel.

Brent crude futures LCOc1 rose 30 cents, or 0.6 percent, to $52.26 per barrel.

Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

U.S. dr (go to article)

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American oil is in a 'sweet spot'

Business Insider -- Crude oil has not yet recovered from its worst crash in a generation.

But the price range that it has traded in for several months is proving to be a boon for US oil producers, which took several steps including job cuts to adjust to the lower-price environment.

"Energy is very much in a sweet spot for the economy and for markets," said Randy Frederick, the vice president of trading & derivatives at the Schwab Center for Financial Research.

Prices are high enough that many producers can turn a profit and are not defaulting on their debt, both of which would affect markets, Frederick said. Energy earnings, for example, are expected to provide the largest contribution to profits growth, according to FactSet. Analysts think the sector earned $7.5 billion in the first quarter, compared... (go to article)

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Shale's the Wild Horse OPEC Can't Tame

Bloomberg -- It was all so simple. By lifting restraints on output, Saudi Arabia would stop subsidizing high-cost oil producers and halt the rapid rise in U.S. production that was eating into OPEC's market share. At least, that was the logic back in November 2014.

But things haven't gone according to plan. OPEC's four-month experiment with production curbs has failed. More worryingly, the strength of shale's rebound suggests that OPEC faces a long-term struggle against this new source of supply in an industry where technological advances are the norm and today's niche play becomes the next decade's global standard.

Even when the group restored production curbs last year, Saudi Energy Minister Khalid al-Falih said he didn’t expect a big supply response from American shale producers in 2017. In fact... (go to article)

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Oil prices falling again

BFM - Buisness First -- Oil prices have dived below $50, falling more than 2 per cent on Friday on concerns that OPEC’s pact to reduce the global oil glut is being undermined by US production and inventories.

Brent futures LCOc1 closed at $51.96 a barrel, on Friday down $1.03, or 2 percent. US crude futures CLc1 settled at $49.62 a barrel, down 2.2 percent, or $1.09.

Brent was down 7 percent for the week while US crude fell 6.7 percent. That was the largest percentage drop for both since March.

The Organisation of Petroleum Exporting Countries (OPEC) is sticking to its planned production cuts with an OPEC and non-OPEC member technical committee recommending on Friday to extend cuts of almost 1.8 million barrels per day (bpd) at the upcoming May 25 meeting.

At the same time, this has been offset by data from t (go to article)

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Oil prices fall on expected climb in U.S. production

Naija Oversabi -- Patrick Pouyanne, the chief executive of French oil and gas giant Total, said on Thursday prices could fall again by the end of the year due to a rapid increase in USA shale production.

The latest USA government drilling data showed shale production in May was set to rise to 5.19 million barrels per day (bpd), with output from the Permian play, the largest US shale region, expected to reach a record 2.36 million bpd.

A surprise build in U.S. gasoline stocks last week triggered a sharp sell-off across the oil complex Wednesday, even though weekly United States inventory data also showed draws in both crude and distillate inventories.

WTI (West Texas Intermediate) crude oil (XLE) (XOP) (USO) futures contracts for May delivery fell 3.8% and settled at $50.44 per barrel on April 19, 2017.

(go to article)

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Cracks Emerging in Trump's Coal-Heavy Energy Plan

Bloomberg Business -- For all Donald Trump’s efforts to revive coal, market forces and some of his own supporters are vying to write their own version of America’s energy future.

Divisions persist among supporters -- and even within his own cabinet -- about whether to continue subsidies for wind and solar power, enact a carbon tax, remain party to the Paris climate accord and plenty of other issues that will shape the U.S. energy landscape.

Trump may be resolutely committed to fossil fuels, but the economic reality is renewables are now among the cheapest sources of electricity. Wind and solar were the biggest sources of power added to U.S. grids three years running, becoming key sources of jobs in rural America. That’s created clean-energy constituencies in North Carolina, Texas and other parts of the countr (go to article)

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Antarctica is melting faster than originally thought, new study finds

abc news -- While it's no secret that the ice on Earth's poles is melting, scientists are still learning about how rapidly these changes are happening.

Now a new study of water across the surface of Antarctica finds that the melting is occurring to a greater degree than previously thought.

“This study tells us there’s already a lot more melting going on than we thought,” co-author Robin Bell told Columbia University's Earth Institute last week in a press release about the study. “When you turn up the temperature, it’s only going to increase.”

Researchers from Columbia’s Lamont-Doherty Earth Observatory conducted the study and published their findings in the journal Nature on Wednesday, (go to article)

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How much you'll REALLY pay in gasoline tax in California (Hint: It's probably more than you think)

The San Diego Union Tribune -- The Legislature and Gov. Jerry Brown just passed a bill that will plow $52.4 billion in taxes and fees aimed at shoring up California’s freeways, roads and bridges.

The measure, known as Senate Bill 1 or the Road Repair and Accountability Act, will eventually add 12 cents a gallon in gasoline taxes in the state.

But that’s only part of the story.

According to an organization that studies tax policy, when the new tax is added to fees and levies that are already in place, California is on pace to come within one cent of having the highest gasoline tax burden in the country. (go to article)

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Government has failed to act on air pollution, says Labour

BBC -- The party said millions of people in the UK were living in areas with illegal levels of nitrogen dioxide (NO2) and called air pollution levels a "national scandal".

It has vowed to bring in a new Clean Air Act, including a network of "clean air zones" if it is elected.

The government says it is committed to improving the UK's air quality.

Jeremy Corbyn said there were "terrible levels" of air pollution in certain parts of the country which had to be "dealt with".

The Labour leader suggested there needed to be a policy on the "phasing-out of diesel" but it would have to be done in a way that ensured "you don't punish people". (go to article)

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Trump budget would cut program to preserve Michigan auto history

Michigan Radio... -- President Trump’s proposed budget would eliminate the federal funding for a group that works to preserve Michigan’s automotive history. The MotorCities National Heritage Area covers 16 counties and includes museums, parks and entertainment venues, including the Henry Ford Museum, the Michigan International Speedway and the Michigan Theatre in Jackson.

There are 49 national heritage areas that are designated by Congress and partner with the National Park Service. Federal funding makes up 97 percent of cash revenues in the annual budget for the MotorCities program and in 2015 totaled nearly $507,000. The heritage area gives away most of that funding in the form of grants to other auto history organizations. (go to article)

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This chart explains why Tesla has been making history

business insider --

For the better part of a century, there have been three major US carmakers: General Motors, Ford, and Chrysler (now Fiat Chrysler Automobiles).

Over the past few month, a new contender has crashed the party: Tesla. After briefly seeing its market cap rise above GM, Tesla has slipped back. But with a total value of $48 billion, versus $51 billion for GM, Tesla is still considered by Wall Street the number two US automaker — Ford is at $44 billion. Shares closed on Friday at $306.

At the recent New York Auto Show, we heard from plenty of executives that what Tesla has done is impressive and that CEO Elon Musk deserves a lot of credit for creating the car company of the future. When it comes to the whole massive-market-cap-thing, however, we have been reminded that Tesla sells a remarkab (go to article)

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Your car may not be safe from hackers

BBC -- Charlie Miller, an automotive security researcher, wants us to take car security more seriously. He knows first-hand that while hacking into cars may be difficult, it’s not impossible. (go to article)

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If Trump wants to save U.S. infrastructure, he needs to care about climate change

CNN MONEY -- President Trump wants to make America's roads, bridges and tunnels great again. But the Trump administration's $1 trillion infrastructure plan could be wasted if it ignores the predicted affects of climate change
But disregarding climate change would make it harder for engineers to do their jobs.

As U.S. Army Corps of Engineers lead for Climate Preparedness and Resilience Kate White puts it, "we design this infrastructure... to operate as reliably as possible under the foreseeable future conditions."

Without taking the challenges posed by climate change into account, she says, "we could be at risk for failure to perform the services."

Michael Meyer, senior adviser with engineering and design firm WSP/Parsons Brinckerhoff, added that as we upgrade existing infrastructure and plan new bri (go to article)

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Alternative-fuel vehicles prepare for their last Detroit run

Detroit Free Press -- The streets of downtown Detroit will look like a science fiction movie when far-out vehicles developed by engineering students from throughout the Western Hemisphere roll out of Cobo Center for the Shell Eco-Marathon next weekend.

More than 1,000 students from universities and high schools in North and South America will build and test alternate-fuel vehicles they developed as the Eco-Marathon takes over downtown for the third and final year. The public is welcome to watch the competition, which includes a 5K fun run and scavenger hunt around downtown.

Shell Oil sponsors the weekend in which students compete to build and run the most energy-efficient vehicles using gasoline and alternative fuels. Students from eight different countries will compete in more than 100 teams to see whose veh (go to article)

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GM Plans to Launch 10 Electric Cars in China by 2020

NYTimes/Associated Press -- General Motors Co. plans to launch 10 electric and gasoline-electric hybrid vehicles in China by 2020 as automakers speed up the rollout of alternative vehicles under pressure from Beijing to promote the industry.
GM will start production of a pure-electric model in China within two years, Matt Tsien, president of GM China, told a news conference during the Shanghai auto show. He said GM expects annual sales of 150,000 electric and hybrid cars in China by 2020 and possibly in excess of 500,000 by 2025 (go to article)

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Here's How Gas Prices Could Drop by 50% Very Soon

Time -- Gas prices just reached a new high for 2017. AAA reported that prices at the pump have inched up every day over the course of three weeks, reaching an average of $2.42 per gallon nationally as of Friday. That's up 13¢ from a month ago, and up 31¢ compared to 12 months ago.
Still, in the grand scheme, American gas prices are quite cheap today, as anyone driving during the $3.50+ days of 2013 and 2014 can attest. And prices could very well become even cheaper in the near future.
Consumer gas prices are correlated to the price of wholesale crude oil. For months, the Organization of Petroleum Exporting Countries (OPEC) has agreed to cut production of oil, thereby keeping the supply artificially low and prices genuinely high. Yet as MarketWatch reported on Friday, global crude supplies still re (go to article)

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The U.S. wind industry now employs more than 100,000 people

Washington Post -- The fastest-growing occupation in the United States — by a long shot, according to the Bureau of Labor Statistics — might surprise you: wind turbine technician.

The number of workers maintaining wind turbines, a job with a median pay of about $51,000 a year, is set to more than double between 2014 and 2024, the agency estimates. That’s a more rapid growth rate than that of physical therapists, financial advisers, home health aides and genetic counselors. (go to article)

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Impact of the Relationship between Energy ETFs and Oil

Market Realist -- Correlations of top energy ETFs with crude oil

In this part of the series, we’ll look at the correlations of top energy ETFs with crude oil (SCO) and natural gas (BOIL) (GASL). At ~65.0%, the Energy Select Sector SPDR ETF (XLE) showed the highest correlation with US crude oil between March 20, 2017, and April 20, 2017. (go to article)

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This OPEC Country Has the Largest Proven Oil Reserves (and It's Not Saudi Arabia)

The Motley Fool -- Most people just assume that Saudi Arabia is the world's oil king. While it's true that the Middle Eastern nation is the leading oil producer in OPEC, it's not the undisputed leader for global oil output, as that title has rotated between Saudi Arabia, Russia, and the U.S. in recent years.

Meanwhile, when it comes to proven oil reserves in the ground, Saudi Arabia comes in second among its OPEC peers. Instead, the real oil kingpin in OPEC is Venezuela, which has 300.88 billion barrels of proved oil reserves, according to OPEC's data. That's 24.8% of OPEC's total and ahead of Saudi Arabia's 266.46 billion barrels of proven oil reserves, which is 22% of the organization's reserves. However, despite being OPEC's largest reserve holder, Venezuela hasn't been able to leverage its massive reser (go to article)

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Texas Power: No Country for Old Thinking

Bloomberg -- It's been kind of a yin-and-yang week in the Texas power market. One business slipped into bankruptcy, while a brand new one launched itself into the world. Fittingly, the stories of these opposites are also intertwined -- and should resonate throughout the electricity sector.

The bankruptcy filing came from Panda Temple Power LLC, an affiliate of privately owned developer Panda Power Funds, which operates a 758-megawatt natural gas-fired generator in Temple, Texas.
(go to article)

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March for Science draws big crowds, clever signs across U.S.

Reuters -- Tens of thousands of people turned out in cities across the United States and beyond on Saturday for Earth Day events billed as a "celebration of science" to counter what organizers say is a growing disregard for evidence-based knowledge in Washington.

In hundreds of "March for Science" events from Boston to Sydney Australia, engineers, researchers and teachers took a break from the lab to apply their ingenuity to colorful protest placards.

Demonstrators carried signs like "There Is No Planet B," "No One Is Above Peer Review," "Revenge of the Nerds" and "Make Science Great Again," a play on U.S. President Donald Trump's campaign promise to "Make America Great Again." Other signs featured mathematical formulas in a display of geek humor.

While the events were non-partisan according to... (go to article)

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Ford CEO reveals his company’s plan to get cars to hit 54 miles per gallon by 2025

Business Insider -- Ford is aggressively trying to achieve an average fuel economy for its fleet of 54.5 miles per gallon by 2025.

That might come as a surprise considering the company was one of several auto companies that pushed the Trump administration to revisit emissions standards earlier this year. But Fields told Business Insider that hitting the fuel efficiency standards on time is still very much its plan.

"Our intent is to meet the standard," CEO Mark Fields told Business Insider.

In 2011, the auto industry and the Obama Administration EPA agreed to the 54.5 mile per gallon target and the 2025 timeline as part of the updated CAFE standards. However the original agreement included a “midterm review” where all parties would meet in 2018 and reassess whether or not the target was realistic based... (go to article)

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New method to create the next fuel-efficient renewable energy developed

Science Daily -- Scientists have long struggled with generating and storing hydrogen, the kind that might one day provide the backbone for renewable energy fuel cells that make our cars move, warm our houses and help produce food, in a way that also won't hasten climate change or otherwise harm the environment.

In research published earlier this year in the Journal of the American Chemical Society, chemists at the USC Loker Hydrocarbon Research Institute outlined a carbon-neutral method for doing just that, with a little help from the simplest alcohol known to man: methanol.

Senior author G. K. Surya Prakash, 1994 Nobel Prize in Chemistry winner Olah in his last major paper and their team at the USC Dornsife College of Letters, Arts and Sciences devised a way to produce and store hydrogen from methanol, (go to article)

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Is it a bird? Is it a plane? Flying car to go on sale

abc news -- It may not be quite like the Jetsons, but for a few hundred thousand dollars you too can soon fly around in a car.

A Slovakian company called AeroMobil unveiled on Thursday its version of a flying car, a light frame plane whose wings can fold back, like an insect, and is boosted by a hybrid engine and rear propeller.

It will be available to preorder as soon as this year but is not for everyone: besides the big price tag, you'd need a pilot's license to be able to use it in the air.

"I think it's going to be a very niche product," said Philip Mawby, professor of electronic engineering and head of research at the University of Warwick.

Several companies are working on flying cars, either like Aeromobil's two-seater that needs a runway, or others that function more like helicopters, (go to article)

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Consumers tap brakes on self-driving cars

USA Today -- Automakers have been rushing to develop self-driving technologies, but some consumers might be ready to tap the brakes.

The J.D. Power 2017 U.S. Tech Choice Study shows an increased wariness of fully self-driving technology since last year even as consumers continue to want technology that assists drivers.

The study highlights a risk that concerns automakers — the negative impression that high-profile but isolated accidents can have on the perceived safety of driverless cars. And yet, both J.D. Power researchers and industry experts say consumers will eventually come around.

“The engineering will get there. Can we take consumers with us? Can we kind of ferry them over this river of doubt and mistrust and fear and, frankly, lack of understanding and get them to the other side?" asked ... (go to article)

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Oil Prices React Poorly To OPEC Meeting: Danger Sign?

Seeking alpha - Commodities -- Typically, when a market reacts poorly to a positive piece of news or data release, we can infer that expectations have already been built in prior to the event, and the event is "overly priced-in". This has led to the popular adage "Buy the Rumour, Sell the Fact".

Let us start with a case study - when the Federal Reserve raised rates in its March meeting to a target range of 0.75 to 1 percent, the USD sold off aggressively, with the USD Index falling more than 1% from a high of 101.70 to 100.50 after the decision.

Why was that so? The Fed had gone out of their way to talk up the odds of a rate hike at that meeting, and prior to the event, the markets had priced in 100% probability of a rate hike. Once the decision was out, it was fully within expectations and USD bulls found themselves (go to article)

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FUNDS FLOWING SEVEN YEARS AFTER THE DEEPWATER HORIZON OIL DISASTER

nwf.org -- The National Wildlife Federation Blog TOPICS
CONSERVATION
FUNDS FLOWING SEVEN YEARS AFTER THE DEEPWATER HORIZON OIL DISASTER

AMANDA FULLER | APRIL 20, 2017
Laughing Gulls courtesy of GulfTX: Jim KavanaghLaughing Gulls courtesy of GulfTX: Jim Kavanagh
Today marks seven long years since the Deepwater Horizon oil disaster began to unfold. Eleven men were lost in the initial explosion and oil flowed into the Gulf of Mexico for 87 days. Devastating injuries occurred across all categories of wildlife, from sea turtles to whales, shorebirds to oysters, corals to plankton. And the science continues to pour in regarding the fate of BP oil and its continued impacts.

One might think that seven years later, the chapter on Gulf recovery has closed. In fact, we’re really still in the early days of (go to article)

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How Singapore Is Storing More OIL & Creating More Land

The New York Times -- Jurong Island, a man-made smear of sand, lies just off the southern coast of Singapore. A quarter the size of Nantucket, it is thoroughly given over to the petrochemical industry, so crowded with spindly cracking towers and squat oil-storage tanks that the landscape is a blur of brand names — BASF, AkzoNobel, Exxon Mobil, Vopak. One of the island’s most distinctive features, though, remains hidden: the Jurong Rock Caverns, which hold 126 million gallons of crude oil. To get there, you ride an industrial elevator more than 325 feet into the earth, and that brings you to the operations tunnel, a curving space as lofty as a cathedral. It is so long that workers get around on bicycles. Safety goggles mist up with the heat and the humidity; the rock walls, wet from dripping PLEASE READ THE REST (go to article)

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Price Of Crude Oil Dips On Supply Glut Concerns

GRAFFIO TECH -- Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with USA output and inventories rising, analysts said prices looked vulnerable.

Gasoline stockpiles climbed 1.54 million barrels last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-barrel decrease.

Crude futures were trading more than 30 cents higher in Asia early Thursday, but the recovery, against a rout of almost $2/barrel at the previous day's close, was more likely bargain-hunting than the start of a full correction, as the weekly counter-seasonal build in USA gasoline inventories continued to weigh on market sentiment.

Hedge funds boosted bets on higher West Texas Inte (go to article)

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U.K. Just Went Without Coal Power for the First Time Since 1880s

Bloomberg -- The U.K. had its first full day without burning coal to make electricity since the Industrial Revolution more than a century ago, according to grid operator National Grid Plc.

“Friday 21st April 2017 was the first 24-hour period since the 1880s where Great Britain went without coal-fired power stations,” the National Grid control room said in a Twitter post confirming the achievement announced earlier.

The U.K. was an early adopter of renewable energy and has more offshore wind turbines installed than any other country, as well as fields of solar panels with as much capacity at seven nuclear reactors. The government aims to switch off all coal plants by 2025. (go to article)

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How Does A 50% Drop In Gasoline Prices Sound?

WFMYnews2 Greensboro -- On April 20, AAA reported that the national average price for regular unleaded gasoline was $2.41 -- the highest so far in 2017. Gas has been pushing persistently higher since November as the post-Trump “reflation trade” increased expectations for stronger economic growth. From a low of near $42 a barrel, West Texas Intermediate crude oil reached above $55 between December and February...

But weakness in crude prices has developed over the past two months...

The good news for consumers: Some relief could soon be coming to the pump...

OPEC has no easy answers. If it continues its output cap, U.S. shale producers will fill the void...

If the cartel ends its production cap, prices could quickly collapse...

For consumers, gasoline pump prices could fall by upwards of 50 percent...
(go to article)

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New Mexico Assests Capture Attention of Oil and Gas Giants

NYTimes/Associated Press -- As New Mexico's elected leaders wrangle over raising taxes to plug a budget shortfall, major multinational energy companies have quietly spent more than $13 billion in recent months on assets in the state's oil and gas hot spots.
The new wave of investment bodes well for the industry being able to generate much-needed revenues for the struggling state over the long haul, analysts said. (go to article)

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US crude settles at $49.62, down more than 6% this week on OPEC output cut doubts

CNBC -- Oil prices tumbled more than 2 percent on Friday, marking the biggest weekly drop in a month, on renewed concerns that increasing U.S. production and high inventories will thwart OPEC's attempts to reduce the global crude glut.

U.S. crude futures fell below $50 a barrel for the first time in two weeks, with volumes picking up in an active session that by late afternoon showed more than 560,000 front-month contracts changing hands, more than the daily average.

U.S. crude futures, which rolled over on Friday, settled at $49.62 a barrel, down $1.09, or 2.2 percent. For the week, it was down 6.7 percent, its steepest drop since the week of March 10. (go to article)

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Oil Crashes Into $40’s As Hedge Funds Sell Off

OilPrice.com -- Oil is heading for its largest weekly drop in over a month as doubts resurfaced over OPEC’s resolve. That comes despite the highly optimistic comments from top officials from Saudi Arabia and Kuwait. There seems to be a growing consensus within OPEC in favor of an extension of the deal. But the one holdout could be Russia, without which an extension is uncertain. Russia’s energy minister Alexander Novak was guarded when asked about Russia’s support for an extension, declining to take a position while citing progress that has already been made in the reduction of oil stocks. "The situation has gradually been improving since the beginning of March," Novak said to reporters. (go to article)

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How GM got caught in the grip of Venezuela's chaos

Detroit Free Press... -- Automakers and other global companies with a presence in Venezuela have struggled for years to deal with falling demand for their products and to keep control of their plants as the country descended into economic and political turmoil.

The dire business environment became highly publicized Thursday, a day after the country's government seized a General Motors plant in Valencia.

GM has said the plant "was unexpectedly taken by the public authorities," and said it plans to fight the seizure through all legal means both inside and outside of the country. (go to article)

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Saudi Arabia, a kingdom built on oil, plans a future beyond it

Washington Post -- Ever since oil was discovered in the Arabian desert in 1938, Saudi Arabia has been the world’s premier petro-state and the dominant force within the OPEC.

Flush with oil revenue, the country has had neither income taxes nor corporate taxes while bestowing on its people heavy subsidies for food and fuel. And the royal family has built spacious palaces at home while buying swanky houses abroad in places like London and yachts in the south of France.

But now the oil-rich kingdom wants to look beyond oil. The crash in crude oil prices that began in 2014 has left the country with a gaping budget deficit. And while oil prices have recovered, climate activists have tried to bring the end of the hydrocarbon age closer and many analysts have predicted the approach of “peak demand” that would mark (go to article)

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Gas stations are going away sooner than you think

CNBC -- When new technology comes to market, the first deployment tends to emulate the closest comparable iteration. So, it makes sense that people would expect electric vehicle charging to start as a new "pump" at existing gas stations. But, the truth is, traditional city gas stations will not be where/how we "energize" our cars in the future. And all but the most necessary ones on highways may eventually go away.

To really jump start electric vehicle use, we need to stop focusing on wired super charging at gas stations and focus more on wireless charging everywhere else. Because people aren't going to go a place to charge. They're going to charge at the places they go.

Let's talk numbers to frame this assertion.

Coming out of 2017, with the Tesla (TSLA) 3 and the Chevy (GM) Bolt, we'll have.. (go to article)

Submitted Apr 22, 2017 By:
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The Deepwater Horizon Oil Spill Catastrophe: After 7 Years, We’re Still Stuck with Toxic Corexit

whistleblower.org -- Exactly seven years ago last night, late into the evening, I remember first hearing of the Deepwater Horizon tragedy. My immediate suspicion was that the disaster was far worse than the companies were reporting, there were probably whistleblowers and they were ignored. All assumptions based on bitter oil industry practices and incompetent federal government oversight proved true.

In addition to the deaths and horrific injuries, BP’s Macondo Well uncontrollably gushed oil for three months, spilling nearly 5 million barrels (210 million gallons) of oil (go to article)

Submitted Apr 22, 2017 By:
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Exxon probe is unconstitutional, Republican prosecutors say

Reuters -- A group of 11 Republican state attorneys general are protesting an investigation into whether Exxon Mobil Corp. (XOM.N) violated consumer protection laws when selling fossil fuel products, according to a court filing.

Top prosecutors for Alabama, Arizona, Arkansas, Louisiana, Michigan, Nebraska, Oklahoma, South Carolina, Texas, Utah and Wisconsin, all of whom are Republicans, filed a brief in U.S. District Court in Manhattan supporting a lawsuit by Exxon to halt a probe by New York Attorney General Eric Schneiderman and Massachusetts Attorney General Maura Healey.

Schneiderman and Healey, both Democrats, are looking at whether the company violated consumer protection laws by selling fossil fuels while failing to reveal information about the effects of burning them on the global climate.
(go to article)

Submitted Apr 22, 2017 By:
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Miami electric car dealer sees opportunity in Cuban gas shortage

Reuters -- An electric car dealer with a Miami subsidiary is telling Cuba-based diplomats struggling with a gasoline shortage on the Communist-run Caribbean island that they should fret no longer.

The United States, which maintains a trade embargo on Cuba, licensed Premier Automotive Export to sell vehicles to non-state entities in Cuba, such as embassies and private companies, as part of detente under former president Barack Obama.

"We put together a special offer and are distributing the flier - a 2016 Nissan (7201.T) Leaf electric sedan, plus super charger, for $25,000, including shipping direct from Miami to Mariel Port," said John Felder, owner of Premier's Cayman Islands-based parent, Automotive Leasing and Sales Co.

The cash-strapped Cuban government cut back deliveries of high-octane... (go to article)

Submitted Apr 22, 2017 By:
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Power fully restored after San Francisco outage

AP // WRCBtv -- A San Francisco power outage that stranded people in elevators and left tens of thousands of others in the dark Friday was caused by the massive failure of a circuit breaker that sparked a fire at a power substation, a utility company spokesman said.

Pacific Gas & Electric posted online just after 5 p.m. that power had been restored to all the 90,000 customers who lost it in the Financial District and other areas of the city. Spokesman Barry Anderson said the equipment failed before a planned repair.

The Fire Department tweeted that it had responded to more than 100 calls for service, including 20 stuck elevators with people inside. At hospitals, surgeries were disrupted briefly but no problems were reported because backup generators kicked in, Mayor Ed Lee said. (go to article)

Submitted Apr 22, 2017 By:
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Oil Prices Fall Further As U.S. Rig Count Inches Higher

Oil Price -- This week’s Baker Hughes rig count is the fourteenth in the string of weekly reminders that US shale will not succumb to the price pressure that OPEC has placed on it. In its fourteenth straight climb, US oil rigs rose another five this week, while gas rigs increased by five as well.

The steady stream of rigs being brought online in the US have dampened much of the optimism OPEC emitted over the last week, as OPEC heavyweights such as Saudi Arabia—whose budgets are tied inextricably to oil—desperately tried to assuage oil markets by strategically suggesting that a consensus may already exist among OPEC members to extend production cut beyond June.

The price of oil was immune to this round of OPEC’s kind-word offerings—or rather “recoiled” would be a more apt description. This week saw WT (go to article)

Submitted Apr 22, 2017 By:
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BP Gulf oil spill damage valued at $17.2 billion

Fuel Fix -- BP Plc’s 2010 Gulf of Mexico oil spill caused damage to beaches, animals, fish and coral that the public values at $17.2 billion, according to a financial accounting released on the seventh anniversary of the disaster.

The tally, published Thursday in the journal Science, is based on a survey of thousands of Americans that asked what they’d be willing to pay to prevent the kind of impacts unleashed by the spill, which began with an explosion on the Deepwater Horizon drilling rig on April 20, 2010.

The worst oil spill in U.S. history killed 11 rig workers, spewed 134 million gallons of crude, soiling birds and marine life across the Gulf. BP, which contracted the rig, was forced to sell off billions of dollars in assets to pay for damages. The latest study, ordered by the U.S. government, (go to article)

Submitted Apr 22, 2017 By:
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Mexico Seeks New Home for Oil Amid Weak Gulf Coast Demand

Bloomberg -- Shipments of crude to the U.S. from Mexico fell to a new low last week, extending a trend that goes back to when the Energy Information Administration began compiling preliminary weekly import data in June 2010.

Imports totaled 290,000 barrels a day, a 43 percent weekly drop, amid weather-related closings at Mexico’s key export ports between April 5 and April 7, according to Mexico’s state-owned oil company, Pemex. Volumes returned to normal levels the following week, indicating that the fall was due to port closures, said a Pemex spokesman who asked not to be identified because of company policy.

Still, the shipments have been sinking for years. The 52-week average through April 14 was 561,000 barrels a day, down from about 630,000 a year earlier.

“The latest import levels are continu (go to article)

Submitted Apr 21, 2017 By:
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Houston alkylate edges up, but blending outlook uncertain

Platts -- US Gulf Coast alkylate was talked at a three-week high Thursday morning, but blendstocks markets remained in the doldrums, with only reformate showing profitability among the three major gasoline components, market sources said.

Blending also lost appeal on a wider spread between CBOB blendstock and conventional gasoline, market sources said. Bidders for alkylate were hard to find Thursday morning, a US refined products source said.

"There just isn't a robust market so far this year, or anything, really," a second US refined products source said. "There's a deal here and a deal there, but it's just not like the old days. As long as the refineries are running well, they don't need blenders."

He said US gasoline blenders have been trying to develop export markets.

S&P Global Platts blend (go to article)

Submitted Apr 21, 2017 By:
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Check for Recalls Before You Buy a Used Car

Consumer Reports -- On Friday, New York Attorney General Eric Schneiderman announced settlements with 104 car dealerships that sold vehicles with unresolved safety recalls without informing the buyers.

The settlements allow dealers to market used cars with open safety recalls as long as they disclose the issue in their advertising and in the showroom before the sale.

It's the latest wrinkle in a consumer-unfriendly trend that has opened up the sale of more potentially unsafe used cars to the public.

(go to article)

Submitted Apr 21, 2017 By:
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U.S. will not give Exxon permission to drill in Russia

Reuters -- he United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday.

The unusually direct statement served to clarify that the United States would maintain a tough stance on sanctions against Moscow.

"In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling prohibited by current Russian sanctions," Mnuchin said in a statement. (go to article)

Submitted Apr 21, 2017 By:
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Oil Prices Crash Below $50 On Oversupply Fears

Oilprice.com -- Crude is heading lower again, rounding out a downbeat week, as the expectation of an OPEC production cut extension is more than outweighed by an ongoing lopsided market. As oversupply fears enter the fray once more, hark, here are five things to consider in oil markets today:

OPEC crude exports so far this month are down compared to March, led by a drop from Saudi Arabia and Iran. Nonetheless, total global crude loadings continue to tick higher, holding above 50 million barrels per day. (go to article)

Submitted Apr 21, 2017 By:
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Pipeline firm cited for 2Million gallon spill in Ohio wetlands

Sandusky Register -- A Texas company building a high-pressure pipeline to carry natural gas from Appalachia has been issued violation notices for spilling a total of about 2 million gallons of drilling fluid into two separate wetlands last week, the Ohio Environmental Protection Agency said.

2 million gallons of a clay-based lubricant spilled April 13 as Rover Pipeline employees drilled horizontally beneath the Tuscarawas River near Navarre in Stark County, about 60 miles (97 kilometers) south of Cleveland.

The spill, covering 500,000 square feet, was caused by pressure during drilling. The next day, about 50,000 gallons of bentonite spilled in Richland County, about 70 miles northeast of Columbus, after a pump failed.

It can smother wildlife, fish and invertebrates and both of the wetlands are floodplains (go to article)

Submitted Apr 21, 2017 By:
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