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August 12, 2009

Oil Prices Slump

 

Yes, yesterday the price of oil went down a little bit. Oil settled at $68.45/barrel. Consumer spending was the main driver. Lack of rather

National average for the price of gasoline fell for the first time in 3 weeks. The EIA now says its short term energy outlook sees gas prices for 2009 averaging $2.34.

Crude had be trading higher all morning on reports from China that the nation’s exports, retail sales and factory output improved in July, and the country imported a record 4.6 million barrels of fuel a day last month.

The markets reversed course when the Labor Department released its report and oil prices fell 2 percent

Now wait for the report from the Federal Reserve meeting on the economy

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 5:53 pm | 

August 11, 2009

Oil From Here

 

IEA says oil at a prolonged $70/barrel or more will hurt the global economic recovery.

U.S. light crude for September delivery was trading at $70.80 a barrel at 1000 GMT on Tuesday.

“If the prices go much higher than today I think that would be a problem for the economic recovery; $70 and above, especially for oil importing countries,” International Energy Agency (IEA) Chief Economist Fatih Birol said.

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BoA Merrill Lynch analyst Francisco Blanch sees no change in OPEC output.

“OPEC probably stays put and that continues to keep upward pressure on prices,” Blanch said in a Bloomberg Television interview today. “Certainly no more production cuts at this stage, no more are necessary.”

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T. Boone Pickens sees oil up to $75/barrel this year, $85 next.

“I’m long oil,” said Pickens in an interview on the sidelines of U.S. Senate Majority Leader and Nevada Democrat Harry Reid’s National Clean Energy Summit, a meeting of industry leaders and policy makers

The Texas wind power biz just needs a little $$ to get off the ground.

Filed under:Alternative Energy,Fuel cost,Fuel Price Trends,Gas price,Price Shocks | by Pump Girl @ 12:43 pm | 

August 10, 2009

Pump Girl Is Back At The Keyboard

 

And it feels like we’ve never been gone!!

Get ready to open your wallet for that last trip of the summer season. Crude prices jumped $10/barrel translating to something like an increase of $0.10/gal at the pump.

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Tesla Motors, the electric car manufacturer, turned profitable in July. Sales of its Roadster 2 sports car rose dramatically, and manufacturing costs came down.

“There is strong demand for a car that is unique in offering high performance with a clean conscience,” said Tesla Chief Executive Elon Musk, in a prepared statement. “Customers know that in buying the Roadster they are helping fund development of our mass market electric cars.”

The Roadster gets 244 miles to the charge.

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A little ray of sunshine from Goldman Sachs (NOT!). Analysts expect commodity prices to spike higher next year just like 2008. They see another possible $150/barrel price for oil. Supply shortages due to underinvestment and increased consumption to blame.

Filed under:Alternative Energy,Daily News Post,Fuel cost,Fuel Price Trends,Fumes,Gas price | by Pump Girl @ 3:13 pm |