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Saturday, November 29, 2014

As oil skids towards $65, companies forced to recalculate

The Globe and Mail -- After five months of skidding crude prices, energy players and politicians who depend on oil and gas revenue are finally warning a slowdown in Canada’s oil patch is on the way – one that will crimp growth and the economy.

The push came this week after OPEC decided to keep its production at 30 million barrels a day.

That move, coupled with soaring supplies from the United States and no cut back from Russia sent the price for North American oil down 10 per cent this week to $66.15 (U.S.) a barrel. The price is off more than 30 per cent since June.

Now, senior decision makers are preparing for a rocky future with some predicting energy projects will stall, small companies will fold and economic growth will shrivel.

“What I do believe is that you will have now a pause in some activities...  (read more)

Submitted 53 minutes ago By:

Venezuela Looks to Cut Spending as Oil Prices fall

AP -- President Nicolas Maduro is ordering a cut in government spending as Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy.

Speaking on television Friday Maduro said that under no circumstances will social programs be affected by the belt tightening.

Maduro didn't say where he'll find fat to cut. But the socialist leader offered up his own paycheck for the culling and said a special commission he's named will look at reducing salaries at state companies and ministries.

More than 95 percent of Venezuela's export earnings come from crude oil exports, and economists say the recent decline in prices will reduce the amount of dollars available for imports when Venezuelans are already suffering from widespread shortages  (read more)

Submitted 58 minutes ago By:

How low can it go? Gas prices about to fall a lot more

CNBC -- OPEC may be trying to cause pain for the U.S. shale drillers, but it's providing a holiday gift for consumers, with another 25-cent drop in gasoline prices possible by Christmas.

Oil plunged Friday, with West Texas Intermediate down 10 percent to $66.15 per barrel, after OPEC refrained from cutting back production at its Thursday meeting. Gasoline at the pump, meanwhile, was at $2.79 per gallon nationally, its lowest Thanksgiving holiday price since 2009.

"I think the national average will drop to between $2.55 and $2.60 a gallon by Christmas," said Andrew Lipow, president of Lipow Oil Associates. The national average was $2.79 per gallon of unleaded on Friday, down 4 cents from last week, according to AAA.  (read more)

Submitted 1 hour ago By:

South Central Ohio gas prices fall 9 cents

Pike County Daily -- South Central Ohio gas prices dropped nine cents to $2.814 a gallon, according to AAA East Central’s Fuel Gauge Report.

This week’s South Central Ohio average price: $2.814

Average price during the week of Nov. 18, 2014: $2.905

Average price during the week of Nov. 27, 2013: $3.226

The average price for unleaded regular gasoline in Ohio is $2.806.

On the National Front:

The national average price for regular unleaded gasoline has fallen for 60 consecutive days, reaching today’s price of $2.81 per gallon. This is seven cents less than one week ago, one quarter less than one month ago and 46 cents less than one year ago. Today’s price is the least expensive since November 4, 2010 and motorists are on target to pay the lowest averages at the Thanksgiving holiday since  (read more)

Submitted 53 minutes ago By:

Surge in crime committed by newly arrived workers accompanies eastern Wyoming oil boom

Star Tribune -- DOUGLAS, Wyo. — Law enforcement officials in east-central Wyoming say they're seeing more crimes committed by workers newly arrived to the area's booming oil fields and don't have enough police and jail space to handle the problem.

Serious crimes including aggravated assault and larceny are up 17 percent in the Douglas area since 2009, according to the Wyoming Division of Criminal Investigation.

Emergency calls are up 9 percent from last year. Drug arrests are up from 37 in 2009 to 64 last year. And police were involved in two vehicle pursuits in September — the first in the city in three years, according to the Douglas Police Department.

"The industry is not picky," police Sgt. Matthew Schmidt said. "They need people who can physically stand the job, so they're not concerned about thei  (read more)

Submitted 1 hour ago By:

Friday, November 28, 2014

OPEC decision will keep oil prices low & hit Russia, Iran, US – experts

RT -- Russian officials and experts warned that oil prices will remain below $80 per barrel for some time, after OPEC’s decision not to cut output. It will hurt the economies of Russia, Iran, and Venezuela – and deal a blow to shale oil production in the US.

OPEC announced on Thursday that it will not be changing production levels, leaving the daily output ceiling at 30 million barrels despite oversupply concerns and soft oil prices.  (read more)

Submitted Yesterday By:

Crude oil drops over $4 a barrel on OPEC not cutting output

REUTERS -- Brent crude oil futures fell more than $4 on Thursday to below $73 a barrel after producer group OPEC said it would not cut crude production despite global oversupply.

Brent fell as low as $72.74 per barrel, its lowest since August 2010, and was last trading down $4.75 at $72.98.

U.S. crude oil futures also fell sharply to a low of $69.11 a barrel, down more than $4 on the day and its lowest since May 2010.  (read more)

Submitted Yesterday By:

Will OPEC bankrupt US shale producers?

CNBC -- The OPEC's contentious decision to keep its production target, leaving the market with a supply glut, could trigger a wave of debt defaults by U.S. shale oil producers, warn analysts.

The 12-member oil cartel on Thursday said it would stick to its output target of 30 million barrels a day, triggering a sharp decline in oil prices, with U.S. crude futures tumbling nearly $6 to $67.75 on Friday - the lowest since May 2010.

Neil Beveridge, senior oil analyst at Sanford C. Bernstein, told CNBC the plunge in oil prices raises the risk of bankruptcy for U.S. shale players.

"$68 a barrel is not economical for a lot of these shale oil wells. CDS [credit default swap] spreads and yields on some of the debt are rising very quickly, because at these kinds of oil prices you are going to see produ  (read more)

Submitted Yesterday By:

Will Chrysler's 300 resurrect interest in full-size sedans?

GasBuddy Blog -- Reports from Detroit say Chrysler is hoping that it can boost sales of its 300 sedan with an overhaul of its exterior design that takes the car back to its 2005 styling.  The company also overhauled the interior, which now includes a standard 7-inch full color driver information display, the industry's only electronic rotary shifter, and Chrysler's new three-spoke steering with larger vehicle controls and optional die-cast paddle shifters.

Chrysler left both the 3.6 liter V-6 Pentastar and 5.7 liter V-8 Hemi engines largely unchanged.  The Chrysler 300 will get a class-leading 31 miles per gallon on the highway with the V-6 engine and fuel economy improves by 6% with the V-8 compared to the outgoing version. Most importantly, the starting price of $31,395 remains unchanged. ...  (read more)

Submitted Yesterday By:

Best Black Friday New-Car Deals

Forbes -- The day after Thanksgiving – Black Friday – has become so much more than the official start to the holiday shopping season. It’s something of a tribal adventure, a challenge to see who can rise the earliest and withstand the highest degree of actual physical pain in search of an unbeatable bona fide bargain. While most of the action has traditionally taken place at department stores and electronics dealers, the high holy day of shopping has also become a major event at new-car showrooms. According to TrueCar, Inc., Black Friday and the Thanksgiving weekend are among the top five or six days of the year in which to leverage the deepest new-car discounts (with New Year’s Eve remaining the best day of the year in which to buy a car.)

Most brands are launching their “season of savings” promot  (read more)

Submitted Yesterday By:

Thursday, November 27, 2014

Happy Thanksgiving To All!

GasBuddy Blog -- Image From ..Norman RockwellNo matter what any of our own circumstances may be, Thanksgiving Day unites us.  That's because we can all be grateful for who we have, not what we have... and frankly, any day above ground is a very good one.

Your friends at GasBuddy are especially grateful for all of you and all that you do!  We're grateful for all of our volunteer price spotters who collectively help the GasBuddy community nationwide save money on every fuel purchase. Hopefully you're enjoying some of the savings today at your dinner table!

We're also thankful that gas prices in most parts of the country are below $3 per gallon, and in many places now, well below!  If you're traveling today, we'd like to share just a few thoughts to stay safe... ...  (read more)

Submitted Nov 27, 2014 By:

OPEC decision sends energy stocks and Canadian dollar into tailspin — with no sign of bottom yet

National Post Wire Services | -- Energy stocks on the TSX slid the most since 2011 Thursday as oil prices plummeted following the outcome of an Organization of the Petroleum Exporting Countries.

The OPEC meeting was the market’s focus as it came after months of depressed oil prices, which have been weighed by concerns about increasing supply and sluggish demand for the commodity. The cartel did not announce the output cut investors were hoping for. Oil prices tumbled to a four-year low.
 (read more)

Submitted Nov 27, 2014 By:

Snow and rain ground flights, make Thanksgiving driving 'a little hairy' in the Northeast

Star Tribune -- MINEOLA, N.Y. — A sloppy mix of rain and snow rolled into the Northeast on Wednesday just as millions of Americans began the big Thanksgiving getaway, grounding hundreds of flights and turning highways hazardous along the congested Washington-to-Boston corridor.

By early evening, more than 700 flights had been canceled, the bulk of them in the Northeast, during what is typically one of the busiest travel periods of the year. Thousands of flight delays were also expected as the snow from the nor'easter piled up.

Some travelers tried to change their plans and catch earlier flights to beat the storm, and major airlines waived their re-booking fees. But most planes were already filled.

Numerous traffic accidents were reported across the Northeast, where by midafternoon the line between rain  (read more)

Submitted Nov 27, 2014 By:

Dutch Seek to Harness Energy From Salt Water Mix

ABC News -- Dutch researchers are seeking to add a new, largely untapped renewable energy source to the world's energy mix with the opening of a "Blue Energy" test facility on Wednesday.

Blue energy takes advantage of the difference in salt concentration between sea water and fresh water to produce electricity.

Rik Siebers of REDstack BV, the company overseeing the project, said the goal is to improve the technology to the point where it will be profitable to build blue energy plants commercially in the 2020s.

Siebers said blue energy will one day have its own niche.

"For wind turbines you need wind, and solar panels work in the day, but water is always flowing," he said in a telephone interview Wednesday.

The Dutch plant has a theoretical maximum capacity of 50 megawatts, about enough to power 1  (read more)

Submitted Nov 27, 2014 By:

Oil price drop brings back memories of 1986

Bloomberg -- NEW YORK—The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans.

In 1986, the Saudis opened the spigot and sparked a four-month, 67 per cent plunge that left oil just above $10 (U.S.) a barrel. The American industry collapsed, triggering almost a quarter-century of production declines, and the Saudis regained their leading role in the world’s oil market.

So while no one expects the Saudis to ramp up output now like they did then, and U.S. shale oil companies are pledging to keep drilling regardless, the memory of that bust looms large for American industry executives on the eve of OPEC’s meeting Thursday. As the Saudis gather with officials from the 11 other OPEC nations in Vienna, analysts are split on whether the  (read more)

Submitted Nov 27, 2014 By:

Wednesday, November 26, 2014

At OPEC Meeting, Saudi Arabia Stares Down Texas and North Dakota

BLOOMBERG BUSINESSWEEK -- On Thanksgiving Day, what used to be the world’s most powerful oil cartel will gather in Vienna to decide how much oil to produce. Right around the time that the Bears and Lions are getting underway at in Detroit, delegates of the 12-member Organization of Petroleum Exporting Countries will finish a closed-door meeting and announce to the world how much oil they intend to collectively pump over the next year.

In another setting, a group of people who sell the same product getting together to talk about ways to manipulate prices would be seen as blatant collusion. But this is OPEC—that’s basically the whole point. The founding premise back in 1960 was to wrest control of oil production—and the ability to set prices—from the handful of large Western oil companies that had taken over much...  (read more)

Submitted Nov 26, 2014 By:

EIA: Crude, gasoline inventories rise

GasBuddy Blog -- The Energy Information Administration released its weekly report today on the status of petroleum inventories in the United States.

Here are some highlights:

Crude oil inventories increased by 1.9 million barrels to a total of 383.0 million barrels. At 383.0 million barrels, inventories are 8.4 million barrels below last year (2.1%) and are in the upper limit of the average range for this time of year.

Gasoline inventories increased by 1.8 million barrels to 206.4 million barrels. At 206.4 million barrels, inventories are down 4.2 million barrels, or 2.0% lower than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-0.4mb); Midwest (-1.2mb); Gulf Coast (+3.6mb); Rockies (+0.3mb); and West Coast (+0.6mb). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inven  (read more)

Submitted Nov 26, 2014 By:

Oil price could fall to $60 if OPEC does not cut output this week

Reuters/Financial Post -- LONDON — Oil prices could plunge to $60 a barrel if OPEC does not agree a significant output cut when it meets in Vienna this week, market players say.

Brent crude futures have fallen 34% since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say.

“The market would question the credibility of OPEC and its influence on global oil markets if there was no cut,” said Daniel Bathe, of Lupus alpha Commodity Invest Fund.  (read more)

Submitted Nov 26, 2014 By:

Lower Gas Prices Help Thanksgiving Travel

WSPD -- COLUMBUS, Ohio (WSPD) It will be busy on the highways and at the airport this Thanksgiving holiday.

AAA predicts 46.3 million Americans, including nearly 1.89 million Ohioans, will travel at least 50 miles from home between Wednesday and Sunday.

"That's an increase of 4.2 percent nationwide and 4.5 percent for Ohio from last year and marks the highest Thanksgiving travel volume since 2007," said AAA Ohio's Kimberly Schwind.

The overall economic picture has improved since last year, which is helping to drive the increase in Thanksgiving travel. Falling gas prices have also improved consumer spending power this year. Ohio’s average gas price fell below $3 a gallon Oct. 24, for the first time since Dec. 2010. Since then, motorists have enjoyed multi-year lows at the pump.  (read more)

Submitted Nov 26, 2014 By:

Don't panic! OPEC not ready to reverse oil price slide

CNN MOney -- Thursday's OPEC meeting is set to be one of the most contentious since oil prices plummeted by more than $100 a barrel in 2008.

Saudi Arabia's veteran energy minister Ali Al Naimi has carried the burden of trying to balance global oil supply with demand for nearly two decades.

But there are signs that Saudi Arabia is no longer willing to play that role.  (read more)

Submitted Nov 26, 2014 By:

Tuesday, November 25, 2014

Russia to lose up to $140b a year on sanctions, cheaper oil oil price to cost Russia $90-100b a year ; Cost of Western sanctions put at $40b -- Lower oil prices and Western financial sanctions imposed over the Ukraine crisis will cost Russia around $130-140 billion (Dh477 billion to Dh514 billion) a year — equivalent to around seven per cent of its economy — Finance Minister Anton Siluanov said on Monday.

His comments are the latest acknowledgement by Russian policymakers that sanctions restricting borrowing abroad by major Russian companies are imposing heavy economic costs. But in Siluanov’s view, the fall in oil prices is the bigger worry.

“We’re losing around $40 billion a year because of geopolitical sanctions, and about $90 billion to $100 billion from oil prices falling by 30 per cent,” he told a news conference.

“The main issue that affects the budget and economy and financial system, this is the price of oil and the...  (read more)

Submitted Nov 25, 2014 By:

Coastal storm, including snow, on the menu for some Thanksgiving travelers along East Coast

Star Tribune -- MINEOLA, N.Y. — A nor'easter is expected to develop Wednesday along the East Coast just as millions of travelers are heading to their Thanksgiving destinations.

"I would pack your patience," said Robert Sinclair Jr., of AAA New York.

The storm, forecast to dump rain along the coast and snow inland, could cause delays at Northeast airports and along its busy highways. Precipitation was forecast to sweep in from the south Tuesday night into Wednesday morning and exit the region Thursday morning.

Jeff Masters, chief meteorologist for Weather Underground, said coastal cities are likely to mostly receive rain, although he cautioned Monday afternoon that meteorologists would be keeping a close eye on the rain/snow line.

"A small deviation in the track could change things dramatically," he sa  (read more)

Submitted Nov 25, 2014 By:

Top Ten Thanksgiving Travel Tips

GasBuddy Blog -- Thanksgiving travelers are about to tip their farewell hats and begin their road trips, and just in time, GasBuddy is offering some foolproof ways to make it to your destination even cheaper!

Here's our list of the Top Ten Thanksgiving Travel Tips:
Download and use the FREE GasBuddy app to shop for the cheapest gas prices, no matter where you're running low on fuel. (I'm hoping that most of you already have the free app, seeing how you're reading this on GasBuddy's website). If you'd like to share the app with a friend, give them this link:
Watch those state lines!! EEK! Did you know crossing from Missouri into Illinois the taxes on every gallon of gasoline jumps over 20 cents per gallon? In turn, you'll pay way more if you wait until you're in Illinois to fill up! Or when you leave California and hit Arizona the gas tax drops over 30 cents per gallon? New Jersey's gas tax is almost 30 cents per gallon lower than  (read more)

Submitted Nov 25, 2014 By:

Fire drill in Tempe highlights natural gas dangers Arizona Republic -- The hood of a blue car slowly began melting as a loud fire slowly overtook the vehicle and firefighters stood watch nearby waiting for the fire to grow as the telltale 'raw egg' odor of natural gas became more potent.

The scene at a Tempe facility near Kyrene Road and Baseline Road had all the sights sounds and smells of a disaster but firefighters and paramedics from throughout the Valley were practicing to prepare for a rare event that became a reality in a Gilbert neighborhood earlier this year.

Monday's demonstration was the first of three annual hazardous materials evaluations that firefighters will participate in before the end of the year and tested firefighters on their ability to control natural gas fires. The burning car in Monday's exercise was ignited with natural gas but,...  (read more)

Submitted Nov 25, 2014 By:

Driver cleared in GM ignition switch accident

General Motors has confirmed that a car accident involving a Texas woman is linked to the company's faulty ignition switch issue.

Candice Anderson pleaded guilty to criminally-negligent homicide in 2004 after she lost control of her Saturn Ion and hit a tree, killing her fiancé Gene Erickson.

An email sent by a GM lawyer on Sunday confirmed that Anderson's accident was counted by the company as an ignition switch accident, according to Dow Jones.

2.5 million vehicles were recalled by GM earlier this year due to this defect. The company determined that the ignition switch could be jostled from "run" to "accessory" while in motion thereby cutting power from the electric steering and air bags. Candice Anderson has lived with this Anderson's attorney wrongful conviction for too long  (read more)

Submitted Nov 25, 2014 By: