Oil Blog

Gas Price News 5/24/06

With gas prices up, travel will head down
Hilton Head Island Packet - Hilton Head Island,SC,USA
... Gas prices are up about 60 cents a gallon over last year and rising fuel prices are forcing airlines to cancel flights and increase fares. ...

Secretary: High gas prices won't hurt tourist industry
Portage Daily Register - Portage,WI,USA
State Tourism Secretary Jim Holperin said Tuesday that he doesn't think high gas prices will have a negative effect on the industry in Wisconsin. ...

US buyers may shun SUVs due to gas prices: survey
Reuters - USA
... consumers are considering swapping their sport-utility vehicles (SUVs) and big cars for more fuel-efficient vehicles because of high gas prices, according to a ...

Higher Gas Prices Will Impact Memorial Day Travel, Says AAA
WBOC TV 16 - Salisbury,MD,USA
TOWSON, Md.- For the first time in recent years, consistently high gas prices are taking a toll on travelers' habits, reports AAA Mid-Atlantic. ...

Energy profits - and prices - rise
Guardian Unlimited - UK
... Regulator Ofgem has already pointed out that wholesale gas prices for this winter are higher than last year, while British Gas owner Centrica said its ...

Kievans rally to protest increase in gas prices
RIA Novosti - Moscow,Russia
... Ukraine, which was involved in a bitter spat over gas prices with Russia at the beginning of 2006, is currently paying $95 per 1,000 cu m for gas, but Moscow ...

High gas prices fueling small car sales
Monsters and Critics.com - Glasgow,UK
... Fifty percent of respondents said they would consider a gas-electric hybrid and 38 percent would consider a flexible-fuel vehicle. ...

Centrica Delays Restarting Gas Storage; Prices Rise (Update1)
Bloomberg - USA
... natural-gas site after a February fire to take longer than scheduled. Winter gas prices rose to their highest in almost a month. ...

Yekhanurov is going to increase gas prices by 50%
Ukrainska Pravda - local,Kiev,Ukraine
... Energy Regulatory Commission dated March 30 as to 25% rise in gas and electric power tariffs for people came into force. Thus, retail prices increased from 17 ...

Gas prices prompt shift in car-buying strategy
MSNBC - USA
... photo. As gas prices keep rising, motorists increasingly are considering hybrid and diesel cars, a Consumer Reports survey finds. ...

Oil Price News 5/23/06

Hike in fuel prices may be
Daily News & Analysis - Mumbai,India
... prices is expected. Crude oil prices in New York rose to a record $75.35 on April 21 and April 24. They stood at under $70 on Monday. ...

Wide array of product prices rise with oil market
Scripps Howard News Service - Washington,DC,USA
... ailing the US economy lately. Raging oil prices are doing more than just aggravating SUV owners. They're starting to ripple through ...

Oil prices surge above 71 dollars on eve of energy stocks report
Xinhua - China
NEW YORK, May 23 (Xinhua) -- World crude oil prices surged above 71 dollars Tuesday amid concerns over an active hurricanes season, on the eve of US weekly ...

Oil prices settle above $71 a barrel
BusinessWeek - USA
... Gasoline futures advanced nearly 4 cents to settle at $2.095 a gallon, while heating oil prices also rose more than 6 cents to settle at $1.9989 a gallon. ...

Rising Oil Prices Send Solar Stocks Up
Houston Chronicle - United States
NEW YORK — Shares of solar stocks soared in afternoon trading on Tuesday as investors sought refuge from soaring oil prices. The ...

China Raises Oil Product Prices to Help Refiners (Update1)
Bloomberg - USA
... second-biggest energy consumer, raised prices of oil products for the second time this year to help refiners cover costs after crude-oil prices soared to ...

Oil prices rise past $70
NDTV.com - New Delhi,India
... Gasoline futures advanced 1.81 cents to $2.0755 a gallon (3.8 liters), while heating oil prices rose 1.08 cents to $1.9434 a gallon. ...

Oil prices hit SME index
Bangkok Post - Thailand
High oil prices are eroding the confidence of small and medium-sized enterprises, according to a new survey by the University of the Thai Chamber of Commerce. ...

Copper see-saws, gold lifted by strong oil prices
Business Times - Malaysia - Malaysia
Gold rose by 1 per cent to a session high of US$663.30 (US$1 = RM3.63) an ounce, buoyed by strong oil prices, while copper see-sawed between US$7,405 and US ...

Private cos free to fix oil prices
Navhind Times - Panjim,India
... companies (OMCs) are fixing the prices of sensitive petroleum products in consultation with it, private oil companies were free to fix the prices of their ...

Alternative Energy 5/23/06

Don't Listen To Dick Morris
American Thinker - Berkeley,AZ,USA
... immigration—and that the federal government can solve this problem with a massive research and development program in “alternative fuels.” The difficulty ...

Senator Clinton Calls For Greater Availability Of Alternative ...
NY1 - NY,USA
Senator Hillary Clinton says Americans can cut the amount of foreign oil we use in half by the year 2025. The US currently imports ...

ANGELIDES, JOINED BY ENVIRONMENTAL LEADERS, OUTLINES PRIORITIES TO ...
California Chronicle - Beverly Hills,CA,USA
... adopt a real smart growth plan, and put California at the forefront of renewable energy, environmental technology and clean, alternative fuels and vehicles. ...

Fiona Leggate Runs on Renewable Fuel with EEMS Support
EEMS - Energy Efficient Motorsport - UK
... ‘Energy equivalent flow’ will clearly define equivalency issues and open the way for alternative fuels to compete fairly alongside petrol in mainstream UK ...

OPEC in the News 5/23/06

OPEC can do little to lower oil prices: Bodman
Reuters - USA
NEW YORK (Reuters) - OPEC can do nothing to lower oil prices from current levels and has ceded much of its oil-pricing power to traders, US Energy Secretary ...

OIL FUTURES: ICE Brent Up Over $1/Bbl; Hurricanes, OPEC
CattleNetwork.com - Stanley,KS,USA
The rally in crude prices followed on the heels of Monday's advance after the US National Oceanic and Atmospheric Administration, or NOAA, said there was an 80 ...

Economic boom in Algeria
News24 - South Africa
... and 8% in 2008. Energy revenues in the OPEC member would likely go beyond $50bn, up from $45.6bn in 2005. The statistics were impressive ...

Venezuela supports OPEC production cut: minister
People's Daily Online - Beijing,China
... Ramirez said on Monday that Venezuela supports the idea of an oil production cut at the next meeting of the Organization of Petroleum Exporting Countries (OPEC ...

Oil jumps above $70 on hurricane forecast
Business Day - Johannesburg,South Africa
SYDNEY - Oil surged above $70 today as commodities staged a modest recovery from last week’s sell-off, Venezuela mooted Opec oil production cuts and the US ...

OPEC: OPEC and IMF hold first high-level joint meeting in Vienna
noticias.info - Spain
/noticias.info/ OPEC and the International Monetary Fund (IMF) held their first high-level joint meeting in Vienna, Austria, today (22 May). ...

NYMEX crude edges above $70 on weather, OPEC talk
Reuters - USA
... government forecast an active hurricane season that could threaten rigs and refineries again this year and Venezuela talked of the need for an OPEC output cut. ...

Gas Price News 5/22/06

Feds: No evidence post-Katrina gas prices were manipulated
San Francisco Chronicle - CA, USA
... The findings, which support longtime contentions by the oil industry that higher gas prices are purely a function of supply and demand in an increasingly ...

Q&A: Oil and gas prices
Seattle Times - United States
... But Donna Oiland of Lake Forest Park is almost convinced that in these days of soaring gas prices, service-station attendants are camped out at the signs ...

Decline of 2 cents is first drop in gas prices since February
Seattle Times - United States
The national average retail price of a gallon of gas fell about 2 cents the past two weeks, the first drop since prices began a steady climb in late February ...

Gas prices drop nationally for first time since February
The Herald - Everett,WA,USA
... nationally if not regionally, the average retail price of a gallon of gas fell about 1.45 cents during the past two weeks, the first drop since prices began a ...

RI gas prices down by 2 cents, AAA survey finds
Providence Business News - Providence,RI,USA
... Travel will be up slightly this Memorial Day holiday despite high gas prices and increasing vacation costs, according to AAA. AAA ...

Gas prices dip 3 cents a gallon in Mass.
Eyewitness News - East Providence,RI,USA
UNDATED Gas prices are down three cents a gallon on average from a week ago in Massachusetts, keeping them just below the three-dollars-a-gallon mark. ...

Higher gas prices may take toll on state coffers
Seattle Post Intelligencer - USA
... Even industries that would seem to be immediately affected by fuel costs are uncertain about the overall impact that record-high gas prices will have on the ...

Some break out bikes to commute as gasoline prices create an ...
Houston Chronicle - United States
... Cycling to work is just one way Americans are seeking relief from skyrocketing gas prices. People who normally drive to work are ...

Gas prices down, but Memorial Day weekend awaits
Pioneer Press - St. Paul,MN,USA
... gallon. That, too, is about a dime less than the average price at mid-week. Gas prices are backing off nationwide as well. The AAA ...

Gazprom to raise gas prices for Ukraine up to $130 per 1,000 cubic ...
Regnum - Moscow,Russia
Gas prices for Ukrainian consumers will rise from $110 up to $130 per 1,000 cubic meters (without VAT and transport expenses) since July 1. Such decision will ...

Rising gas prices fuel interest in hybrid cars
South Asian Women's Forum - New Delhi,India
Rising gas prices have pushed up visits to Toyota and Honda websites suggesting an increased interest in their hybrid cars. The ...

Refinery News 5/22/06

Nations to Expand Gas Refinery Capacity
Houston Chronicle - United States
ALMATY, Kazakhstan — Kazakhstan and Russia have agreed to jointly expand the capacity of a Russian natural gas refinery to allow it to process gas from the ...

Total, Aramco to set up $6bn refinery
newratings.com - USA
... Aramco is also expected to sign an agreement in the near future with US-based ConocoPhilips (COP) to set up another refinery of similar capacity in the Red Sea ...

Report digs into gas price variables
Milwaukee Journal Sentinel (subscription) - Milwaukee,WI,USA
... by market forces of supply and demand alone, and in fact are being spurred by oil-company mergers, deliberately restricted refinery capacity and volatile ...

Fire hits Valero's St. Charles refinery
San Antonio Business Journal - San Antonio,TX,USA
... The 250,000-barrel-per-day refinery is located 15 miles from New Orleans and has the capacity of producing gasoline, diesel and heating oil. ...

FTC gasoline price probe finds nothing
Boston Globe - United States
... Before Katrina struck, Congress asked the FTC to examine if refinery capacity or some form of market manipulation was behind rising gasoline prices. ...

UPDATE 1-Shell in talks over stake in CNOOC Huizhou refinery
Reuters - USA
... Nanhai naphtha cracker in Guangdong province, next to the planned refinery, from where it ... early this year though Tan declined to say at what capacity it is now ...

Oil firms blamed in report
The Capital Times - Madison,WI,USA
... Attorney General Peg Lautenschlager says that huge profits made by big oil companies are the result of industry actions to limit refinery capacity and keep ...

Gas pains: Building more refineries won't lower fuel costs
Scripps Howard News Service - Washington,DC,USA
... Wallin said about 2 million barrels a day, or 10 percent of US refinery capacity, was offline immediately following Hurricanes Katrina and Rita. ...

Local oil prices set higher than usual, says vocal senator
Thai News Agency MCOT - Bangkok,Thailand
... He pointed out the country’s refinery capacity totals around 1 million liters per day at current while the local demand is 700,000 liters per day with the ...

Come By Chance refinery needs upgrades
Reuters Canada - Toronto,Ontario,Canada
... in the near term, but the demand/supply balance could change if the new owner changes the product slate of the refinery and increase its capacity, traders said ...

OPEC in the News 5/22/06

Tapping into Libya's oil
CNN International - USA
... Just this past week Chavez traveled to fellow OPEC nations Algeria and Libya to sign trade agreements and hold talks with their leaders. ...

Opec to maintain output: Iran
Gulf Times - Doha,Qatar
OSLO: Opec’s June 1 meeting is likely to keep oil output unchanged though supply and demand figures suggest it should cut by up to 1.2mn bpd, Iran’s Opec ...

Falsehoods are par for the course when it comes to Venezuela's ...
VHeadline.com - Worth,IL,USA
Oil Wars Blogspot: You would think having watched Chavez revitalize OPEC and oil revenues increase the opposition would have learned something and would be in ...

US crude futures end sharply higher
Sydney Morning Herald - Sydney,New South Wales,Australia
... Meanwhile, oil market fundamentals would indicate an OPEC production cut, Venezuelan Energy Ministry Rafael Ramirez told reporters Monday in Caracas. ...

Venezuela supports OPEC production cut
Seattle Post Intelligencer - USA
CARACAS, Venezuela -- Venezuela will recommend cutting oil production at an upcoming OPEC meeting on June 1, Venezuela's oil minister said Monday. ...

Oil Price News 5/18/06

US, Saudi Arabia agree high oil prices are bad: Rice
Reuters - USA
WASHINGTON (Reuters) - The United States and Saudi Arabia agree that high crude oil prices are bad for global economic growth, US Secretary of State ...

US leading economic indexes lower on surging oil prices
Xinhua - China
... With the priceof a barrel of oil still around 70 dollars, and with interest rates slowly rising, the economy isn't likely to be picking up steam, he added. ...

Oil prices rebound after two-day decline
BusinessWeek - USA
MAY. 18 5:23 PM ET Oil prices climbed Thursday, reversing a two-day decline that was prompted by concerns about weakening demand. ...

Oil prices rise almost US$1 a barrel, rebounding after two-day ...
Canadian Business - Toronto,Ontario,Canada
WASHINGTON (AP) - Oil prices climbed by almost $1 US a barrel Thursday, reversing a two-day decline that was prompted by concerns about weakening demand. ...

Headwaters Cuts FY06 Forecast On Volatility In Oil Prices - Update
Trading Markets - Los Angeles,CA,USA
... The company noted that the uncertainty surrounding oil prices and lack of legislative action, which would affect its synthetic fuel production resulted in ...

PTT still keeps fuel prices unchanged
Thai News Agency MCOT - Bangkok,Thailand
... Executive Vice President of PTT, revealed the company’s decision to refrain from further raising the fuel prices was made because crude oil prices had begun ...
 

Russian Finance Minister Says Soaring Oil Prices Push Up Inflation
MOSNEWS - Russia
Russian Finance Minister Alexei Kudrin said on Wednesday, May 17, that Russian inflation is closely tied to global oil prices and expressed hope that annual ...

Higher Oil Prices boost HELPE Profit (18/05/2006)
Energy.gr - Greece
Greece’s largest refiner, Hellenic Petroleum (HELPE), reported stronger first-quarter net profits yesterday, helped by higher oil prices and favorable ...

Oil prices fall
NDTV.com - New Delhi,India
Oil prices fell below $69 a barrel on Wednesday after the US government data showed the domestic supply of gasoline rising for the third straight week amid ...

Rising oil prices will not impact GDP growth: Assocham
Hindustan Times - India
Industry body Assocham said on Thursday that rising oil prices are unlikely to affect India's GDP growth rate as the economy was no longer susceptible to oil ...

Gas Price News 5/18/06

Gas prices won't slow holiday driving
CNN - USA
... NEW YORK (CNNMoney.com) - Despite near record gas prices and repeated cries for someone to do something about them, the American motorist plans on driving even ...

Commodities: Utilities and chemical industry help lift gas prices
International Herald Tribune - France
... Industrial consumers that include chemical and fertilizer companies have moved operations outside the United States to avoid high gas prices. ...

StatsCan says April gas prices drove up inflation
CTV.ca - Canada
OTTAWA -- Higher gasoline prices at the pump drove up the annual inflation rate to 2.4 per cent in April, from 2.2 per cent in March, Statistics Canada said ...

Natural-gas prices drop to a 16-month low
MarketWatch - USA
... Despite the lofty supply levels, Shankar said he still believes there is "some upside potential for natural-gas prices in the second half of the year.". ...

Climbing gas prices derail holiday plans
Macomb Daily - Mount Clemens,MI,USA
By Tom Watts. Many Macomb County motorists may stay closer to home for Memorial Day weekend because of increasing gas prices. The ...

Gas prices drive up transit costs
YorkRegion.com - Keswick,Ontario,Canada
With gas prices hovering around the $1 mark for most of the year, the region's operations budget has increased by about $2 million, Rick Takagi, manager of ...

Shoppers cut back as gas prices rise: survey
Reuters - USA
... Some 69 percent of shoppers with household incomes of $50,000 or higher said that gas prices were negatively affecting spending, up from 59 percent in last ...

Gas Prices Spike Searches For Hybrids
WebProNews - Lexington,KY,USA
Gas prices reaching $2.90-$3.00 per gallon appear are the boiling point that pushes consumers onto the Internet to research some peace of mind, according ...

Gas prices drive down demand
USA Today - USA
... EIA analysts said in their weekly report that declines in wholesale prices this week suggest the average gas price will remain below $3 a gallon, "absent ...

State Senate hopeful offers relief proposal on gas prices
Urbana/Champaign News-Gazette - Champaign/Urbana,IL,USA
... Rural East Central Illinois residents often have longer commutes and less access to alternatives like public transportation, and high gas prices are having a ...

Coming Sunday: Vanpooling grows as gas prices rise
Greensboro News Record - Greensboro,NC,USA
A look at the increasing popularity of vanpooling in the Triad amid rising gas prices in Sunday's News & Record. An open casting ...

Refinery News 5/17/06

Weighing the Alternatives in Energy
TheStreet.com (subscription) - New York,NY,USA
... we are running tremendous risks due to the instability of the countries that supply us with crude oil and the fact that 40% of our refinery capacity is in two ...

Oil Prices Fall After Inventory Data
TheStreet.com - USA
... Wednesday's report showed a lower-than-expected reading on refinery capacity use last week, suggesting that gasoline demand remains relatively muted. ...

Two bauxite firms exploring US$1.5-b plant in Jamaica
Jamaica Observer - Kingston,Jamaica
... industry standards, it cost US$1,000 per metric tonne to build an alumina refinery. Therefore, the cost to build the plant of the capacity being contemplated ...

Gas prices may ease, but is it too late?
Inside Bay Area - Oakland,CA,USA
... He also said refinery capacity is strained and can't keep up with world demand, including China and India using more petroleum. ...

MUD FOR THE MIND
Buffalo Alt Press Online - NY, United states
... Others blamed Katrina and lack of refinery capacity, while some others blamed China and India for demanding their fair share of world oil and driving the ...

Sino-Saudi Symbiosis
TCS Daily - Washington,DC,USA
... won natural gas exploration rights in the Rub al-Khali Basin in 2004, while Saudi Arabia has agreed to help China upgrade its refinery capacity with the ...