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April 17, 2009

Oops! Not So Fast With That Alaska Off-shore Drilling

 

The Fed Appeals Court ruled that Dubya’s administration did not (surprise, surprise) properly study the environmental impact of off-shore drilling.

Back to the drawing board. The Court ordered the now Obama-appointed Ken Salazar to analyze potential damage before going ahead.

The API joined a lawsuit to defend the program.

“It would be a disservice to all Americans — and a devastating blow to the economy — if this decision were to delay further the development of vital oil and natural gas resources,” the organization said in a statement. “Development in federal waters off the nation’s coast provides thousands of well-paying jobs, government revenues and the fuel needed to run America’s cars and factories, heat our homes and the feedstock needed to make the materials we use every day.”

Too bad for them. The judges just didn’t think the ‘hard look’ at the environmental impact thing was really done.

Filed under:Energy,Fuel Price Trends,Gas price | by Pump Girl @ 6:06 pm | 

April 13, 2009

Fill Up On News 4/13/2009

 

What is the truth about the demise of Semigroup Holdings, and did Goldman have anything to do with driving up the price of oil in July to ratchet up the short squeeze?

Will Oil and Gold prices rally or drop? Chris Vermuelen of Safehaven says they are at the tipping point.

Average US gas prices rose 10 cents/gal over the past three weeks.

IEA cuts oil demand outlook. Oil settles around $50.

Filed under:Fuel cost,Fuel Price Hedging,Fuel Price Trends,Gas price | by Pump Girl @ 5:15 pm | 

April 9, 2009

More Offshore Drilling Coming Up?

 

Louisiana sure hopes so. LA reps are encouraging Ken Salazar to authorize more offshore drilling for gas & oil.

It’s a source of jobs and tax $$$ say the reps.

Quite a difference from the previous meeting held in Atlantic City, where people were talking more about renewable energy and offshore drilling got the thumbs down.

Next stop for Salazar: Anchorage.

Filed under:Alternative Energy,Energy,Fuel Price Trends | by Pump Girl @ 5:23 pm | 

April 8, 2009

Oil Prices Not Going Anywhere

 

Tom Kloza of Speaking of Oil sees April oil and gas prices as a snooze.

Sure the trading could be wild, but he does not see that same step-ladder of $2.50, $3, $3.50, $4 for gas prices this year. Global demand is generally low in April. Here we are @ a little over $2/gal.

As for supply, here’s his scoop

Consider this little statistical nugget. The amount of crude oil sitting on U.S. soil – - in traditional storage and in the subterranean caverns of the Strategic Petroleum Reserve – - currently stands at 1.066-billion bbl, or some 55-million bbl more than last year. What’s more, there is about 128-million bbl more crude when compared to late March 2004.

His long-range prediction

I think that the average American motorist will probably save anywhere from $75-$100 each month when July and August 2009 finally roll around. July gas prices averaged $4.062 gal in 2008 and August numbers were $3.766 gal. If you calculate that an average motorist uses 50 gallons per month, you can do the math and come up with a price forecast in the $2.00-$2.25 gal range.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 6:04 pm | 

April 7, 2009

The Presidents and Their Energy Policies

 

Each one gets to try to put his stamp on energy in the USA.

FDR – the great hydro-dams. They cost a mint and even though they still produce plenty of electricity, can only satisfy something like 5% of the nation’s needs.

Eisenhower – started the age of commercial nuclear energy.

JFK & LBJ did not focus so much on energy, Viet Nam kind got in the way.

Nixon – authorized the Alaskan pipeline & warned about dependence on foreign oil. Neither popular at the time.

Ford – created the Strategic Petroleum Reserve.

Carter – called for the “moral equivalent of a war” on energy. Nobody was listening.

Reagan – attempted to abolish the Department of Energy

Clinton – tried for a new generation of vehicles that would get high gas mileage without sacrificing anything else.

Dubya – tried to lift the ban on offshore drilling.

Obama – wait and see just how green we will go.

Filed under:Alternative Energy,Fuel Price Trends,Gas price,Presidential Election | by Pump Girl @ 5:32 pm |