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August 11, 2010

Oil Prices Set to Skyrocket

 

A fellow blogger over at oilprice.com speculates that oil prices may be going as high as $100/barrel by the end of the year.

…the fundamental assumptions of the oil industry upside down, and that sharply higher oil prices were in the cards, probably $100/barrel by year end.

Major oil companies with deep pockets at risk were rushing to offload their existing offshore leases and partnerships in producing wells to avoid BP’s potential $30 billion hickey.

While we feel $100/barrel is particularly high, it’s nearly impossible to overstress the importance of potential new federal regulations on gulf oil production. Consumers and fleet managers beware.

Filed under:Energy,Fuel Budget,Fuel cost,Fuel Cost Control,Fuel Price Trends,Gas price | by Guy in a Suit @ 3:59 pm | 

August 5, 2010

2010 Hurricane Season About To Break Loose

 

Thank goodness BP is making such good progress on stopping the leaking well, because hurricanes are coming!

June and July did not live up to predictions by the National Weather Service’s Climate Prediction Center, but conditions in the Atlantic’s main hurricane -forming region are now ripe.

The CPC says 70% chance of 14-20 named storms, 8-10 hurricanes and 4-6 major hurricanes.

Warm ocean temps & La Nina, yikes! Mid-August is the time when the action revs up.

Colorado State’s forecast calls for 18 named storms (which include Alex and Bonnie), 10 hurricanes, and five major hurricanes.

Unlike the CPC, the university team, led by atmospheric scientist Phil Koltzbach, produces broad forecasts for landfalling storms. The entire US East Coast, including the Florida Peninsula, faces a 50 percent chance of at least one storm making landfall there, compared with a long-term average of 31 percent. The Gulf Coast, which is still working to mop up after the BP oil rig blowout, faces a 49 percent chance of at least one storm striking, compared with a long-term average of 30 percent, Dr. Klotzbach’s outlook indicates

CPC sees a 90% chance of at least one hurricane making landfall on the Atlantic Coast, and 80% chance of one strike on the Gulf Coast

Filed under:Fuel cost,Fuel Price Trends,Fumes | by Pump Girl @ 3:57 pm | 

August 4, 2010

Crude Rally Raises Pump Prices

 

The Associated Press reports that a market rally on crude oil has Americans paying more at the pump this week.

The national average for a gallon of regular unleaded rose 2.1 cents to $2.747 a gallon, according to AAA, Wright Express and Oil Price Information Service. Oil has traded above $82 for two straight days. It was around $77 a week ago.

Motorists are paying about 2.3 cents more than a month ago and 18.6 cents more than a year ago.

In addition to this rally, commercial oil reserves are steadily depleting. This will likely translate into higher gas prices at the pump throughout the summer. Naturally, this will add extra costs to fleet managers and the average consumer alike.

Filed under:Fleet Managers,Fuel Budget,Fuel Price Trends,Gas price | by Guy in a Suit @ 2:43 pm |