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June 17, 2010

Serious Impact from Drilling Moratorium

 

The Obama Administration has been taken to court over the president’s recently issued 6 month moratorium on offshore drilling in the Gulf of Mexico. The economic impact throughout the gulf region is rather obvious: thousands of oil workers now find themselves alongside shrimpers and hotel owners with their very livelihoods at stake. Considering peak oil nearly upon us, the countrywide implications will likely manifest themselves as higher fuel prices. Texas Senator John Cornyn (R) observes:

“Further hindering domestic energy production will lead directly to job losses, lost revenue, and higher fuel prices for all Americans.”

Filed under:Fleet Managers,Fuel Budget,Fuel cost,Fuel Cost Control,Gas price | by Guy in a Suit @ 3:46 pm | 

June 15, 2010

New Taxes Possible in Wake of Spill

 

Leaders from the major oil companies testified before Congress today in a hearing regarding the now infamous BP oil spill. With such intense media scrutiny after so long, the political will is building for increased regulation and possibly even new taxes for oil companies.

Markey called on Congress to pass several bills to ensure there is unlimited liability for spills by oil companies; to enact wide-ranging safety reforms for deepwater drilling; to charge oil companies to drill on public land (all five are drilling in the Gulf for free); and to move America to what Markey called “a safer, clean energy future so that we don’t have to rely as much on oil to power our cars and our economy.”

Any increased costs on oil companies operating in America – especially a tax – will certainly be passed on to the consumer at the pump. The need for fuel price protection steadily grows stronger.

Filed under:Fleet Managers,Fuel Budget,Fuel cost,Gas price | by Guy in a Suit @ 2:37 pm | 

June 14, 2010

EIA Predicting Peak Oil

 

The US Department of Energy’s statistics wing has been forecasting dramatically lower levels of oil production every year since 2007. The significance? This international authority is suggesting real concerns in the supply and availability of oil in the next twenty years. Peak oil will soon be upon us.

EIA

Needless to say this would lead to skyrocketing oil prices, decreasing consumer demand for automobiles and raising costs for fleet managers and business owners. That is, of course, unless they have some sort of fuel protection program.

Filed under:Energy,Fleet Managers,Fuel Cost Control,Fuel Price Trends,Gas price | by Guy in a Suit @ 11:36 am | 

June 9, 2010

Not Much Good News Under The Sun

 

How bad can the BP oil leak be for the Gulf & for the US? Pretty bad – and we can’t see all of the goop underwater.

Oil prices up today, even though futures don’t really seem to be trading on supply and demand. Oil has a life of its own

If that’s not enough for you, forecasters are predicting a fierce hurricane season. How will water & oil mix?

Filed under:Energy,Fuel Price Hedging,Fuel Price Trends,Fumes | by Pump Girl @ 5:41 pm |