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September 21, 2007

Gasoline Price Trends


Labor Day represents the seasonal point where gasoline prices usually ease up. Prices have fallen from the year’s highs, but less than many expected. Today’s Wall Street Journal summarizes the risks:

Crude-oil prices, which yesterday rose to their fourth record close in as many days, have combined with tight gasoline supplies to set the stage for a potential surge in gasoline prices. Refinery snags, a Gulf of Mexico storm or other disruptions could ripple quickly through the supply chain, taxing consumers and adding another burden to the economy.

Filed under:Fuel Price Trends | by OldProf @ 12:18 pm | 

September 20, 2007

All Hail! The Four-Day Work Week!


It can save us money and energy. We’ve done it before in the ’70′s.

Here is Aaron Newton’s math on the subject;

133,000,000 workers X 80% who drive alone = 106,400,000 single driver commuter cars each day.

106,400,000 X 32 miles round trip = 3,404,800,000 miles driven to work each day

3,404,800,000 / 21 mpg (average fuel efficiency) = 162,133,333 gallons of gasoline each day

Each barrel of crude oil produces, on average, 19.5 gallons of gas. (It is important to note that other products like kerosene and asphalt are produced from that same barrel.)

162,133,333 / 19.5 = 8,314,530 barrels of oil each day.

Just another easy way to go green!

Filed under:Causes and Solutions,Energy | by Pump Girl @ 11:27 am | 

September 19, 2007

Boone Pickens on CNBC


Here at Pumps, we are not forecasters of oil prices. We pay plenty of attention to the experts who are.

T. Boone Pickens is a long-time oil bull who has made plenty of money by being right. Today in a CNBC interview he clearly stated his reasoning about prospects for oil prices:

We’re 82 now. We know what our global supply is. It’s 85 million barrels a day. And you can see the projections for the fourth quarter are 88 million barrels a day. So 85 won’t cover 88 so it must be going up.

Pickens agreed with a question about the Alan Greenspan prediction of oil prices going to $100. He agreed that it could happen, but did not think it would before the first of the year. He said there would probably be a pull back to $78 or so.

“The trend is up. Demand is up. Supply is flat. It’s got to go on up.” He makes it seem easy.

Filed under:Fuel Price Trends | by OldProf @ 9:58 am | 

September 13, 2007

Defying Newton’s Law


Newton’s first law of motion: what goes up must come down. Oil prices are defying gravity. Wed., oil prices hit another all-time high at $79.20, blasting through the old high of $78.80 on Aug. 1.

Update 9/13/07 afternoon CDT: Now over $80/bbl after Hurricane Humberto hit Texas.

At this rate oil companies will be wringing it out of workers t-shirts to sell, not to mention oil sands and shale.

We might not have to run away screaming, though. Tom Kloiza of Speaking of Oil shows us that $80/bbl does not necessarily translate into $3-$3.25 gasoline.

p.s. to convert $barrels to gallons, divide by 42.

Filed under:Fuel cost,Fuel Price Trends | by Pump Girl @ 4:11 pm |