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May 15, 2007

A Big New Find


petrochina.jpegPremier Wen Jiabao was so excited, he couldn’t go to sleep that night. PetroChina announced a newly discovered oilfield with a reserve of 1 billion tons. That translates into something like 7.35 billion barrels of oil.

Three big things about the new Nanpu oilfield:

  • It has great significance for China’s energy-security strategy
  • It increases the likelihood that more discoveries of oil will be made
  • Best of all, it will help China refute the “China-threat” theory, that has China devouring most of the energy in the world as the country develops very quickly indeed.
  • Champagne, anyone?

    Filed under:Fuel Price Trends,Fumes,Price Shocks | by Pump Girl @ 7:44 pm | 

    May 11, 2007

    Another Thing to Worry About in the Summer


    As if rising gas prices were not enough, we came across some information about “hot fuel.” It seems that when temperatures rise, fuel expands. That’s obvious enough. Here’s the problem: most retail gasoline nozzles do not adjust for the volume differences.

    This means that California motorists, for example, could be losing up to $0.03/gal. Not pretty, but it’s not illegal.

    Truck drivers and others in CA are filing suit re: this “cheating” and profit-padding.

    Oil companies and dealers dispute the $0.03/gal. and deny, deny, deny they are padding profits at the expense of customers

    Filed under:Fleet Managers,Fuel Price Trends,Fumes,Price Shocks | by Pump Girl @ 11:03 am | 

    May 7, 2007

    Is the Summer Oil Price Already Baked In?


    oilseasonal.pngHere’s an interesting graph from the Bespoke Investment Group:

    Bespoke suggests, “As the price of oil has steadily risen from its January lows of $50 back up to $64, have investors been pre-empting the trends of the past in hopes of the typical summer gains? If so, those gains might not be in the cards.”

    Traders in the equity market routinely factor coming events into the stock price. Why should commodities be any different?

    Filed under:Fuel Price Trends | by Pump Girl @ 11:39 am | 

    May 4, 2007

    Green Caterpillar


    Yes, Big Iron has ways to make a difference. Sustainability is the biggest.


    As Jim Owens, Caterpillar’s chairman and CEO, puts it in his introduction to the report: “Sustainable development can create value for our customers, investors and environment.”

    The best example inside Caterpillar, Inc, is a unit called “Cat Reman.” It sells remanufactured equipment and components. They meet company performance standards, and cost a lot less.
    Cat is recycling… engines and components! This saves raw materials and energy, and reduces waste.

    Caterpillar also has corporate targets to reduce its own greenhouse gas emissions, waste, water use.

    Filed under:Causes and Solutions,Fumes,Vehicle News | by Pump Girl @ 7:27 pm | 

    May 3, 2007

    Hurricanes and Offshore Drillers


    ocean_rig.jpegRe-evaluate. Make changes. Offshore drillers are finding new ways to protect and preserve their rigs as they mine under the sea.

    The Katrina and Rita combination destroyed 190 rigs, and totally disrupted oil production in the Gulf of Mexico.

    So, here are the changes: elevate rigs higher, tie them down tighter and upgrade design standards.

    “There are a lot of little things that we hope will help us in the long run,” said Andy Radford, manager of upstream standards for the American Petroleum Institute (API) on the sidelines of the OTC. “There’s no magic bullet. Until we’ve tested it, we have to wait and see.”

    And, most importantly, keep an eye out for the storms and be where they are not!

    Filed under:Causes and Solutions,Fuel Price Trends,Fumes | by Pump Girl @ 7:46 pm |