Mortar attack started a hugh fire at an oil facility in Iraq. Saudi oil minister supports another output cut at Dec. OPEC meeting. Oil back above $60/barrel.

“The market already seems to have built in a premium for Iraq. Any drop of oil out of Iraq is considered gravy,” analyst Phil Flynn, Alaron Trading Corp., said. “The markets are still stuck in a big trading range of $55 a barrel on the downside and just above $62 on the upside pretty much since October.”

As long as it stays far away from that $78/barrel, we can live with it.

Whitewater, WI’s Global Renewable, LLC (Ex-Gov. Tommy Thompson, Chairman) said it is going to build a $195 million ethanol plant a few miles east of Beloit. Plans include 55 employees, production of 105-120 gallons of ethanol/year, using 38 million bushels of corn/year, October 2008 opening.

Fuel economy is not uppermost in car shoppers’ minds. Fact is: it is way down on the list. Way behind low monthly payment, style, passenger protection, airbags, cupholders, sound system etc. $3 gas, pooh! Make sure my coffee is convenient!

If you think milage is #1, you would be wrong on that too. Comfort and safety are most important. (think big) As for 4 cylinders? Pooh on that too!

“When you figure out how much you’re paying at the end of the year, it’s not that much more,” he said of his Lucerne. “It’s maybe a couple of hundred dollars more per year.”

That would be a V-8 I think.

Results are out for Consumer Reports’ car-reliability study. It questioned 1.3 million owners of 2006 vehicles about such things as mechanical problems, squeaks and rattles, convenience of the cupholder, etc.

Ta-dah! Ford Fusion and Mercury Milan were rated just as reliable as top-sellers Toyota Camry and Honda Accord. The Lincoln Zephyr came in second to the Lexus ES350.

Said David Champion, senior director of Consumer Reports, “If Fusion is going to be the turnaround car Ford has been looking for, the reliability has to continue into the future–get one right and do the same for all future vehicles in its repertoire.”

They aren’t flying off the shelves yet, but Ford hopes it’s found a few winners.

Someone leaked a copy of Toyota’s “global master plan.” Probably all over the internet now. :-) Apparently, the Toyota plans to take over the world start with aggressive expansion in China and India. Goal: 14% of the world market by 2010.

No comment on the report in the Asian Wall Street Journal, but Toyota spokesman, Paul Nolasco said,

“Russia, India, China and Brazil, no doubt about it. Those four are absolutely where we think a lot of action will be coming,” Nolasco said. “Look at the population and the rate of motorization. There’s a lot of potential for growth.”

Developing a low-cost family compact car is key.