Gas

Groundhog Economics: Will Punxsutawney Phil Cost You Money?

We celebrate Groundhog Day in the U.S. (and Canada) on February 2nd. Tradition holds that if Punxsutawney Phil, the most famous groundhog, sees his shadow that day when peeking out of his burrow, there will be six more weeks of winter weather. Conversely, a cloudy day portends warmer weather for the rest of winter. Late winter weather, particularly in the Northeast (where about 80 percent of U.S. heating oil is consumed), can affect heating oil consumption and, consequently, expenditures for the residential customer.    » read more »

The Dance Between Crude Oil and Retail Gasoline Prices

February 4, 2009 -- The relationship between crude oil and retail gasoline prices is similar to dancers on the reality show “So You Think You Can Dance.” On that show, the contestants dance with a partner, but also do solo numbers. So, too, do crude oil and retail gasoline prices seemingly move in tandem at times, but at other times seem to be disconnected. What is the relationship between crude oil prices and retail gasoline prices? It’s more complicated than may appear on the surface.    » read more »

Feb. 2, 2009 -- WASHINGTON, D.C. – Secretary of the Interior Ken Salazar announced today that the Bureau of Land Management will modify an upcoming federal oil and natural gas lease sale in Wyoming to allow more time for review and study of eight lease parcels of concern to the State of Wyoming. The eight deferred parcels will not be included in the February 3, 2009, oil and gas lease auction. The auction will proceed as scheduled, however, with the sale of leases on 137 parcels totaling 163,526.74 acres.    » read more »

New Survey Shows Intention to Purchase Cars with Much Higher Fuel Economy

February 3, 2009 -- Washington, D.C. -- According to the latest Consumer Federation of America (CFA) energy survey, despite the decline of pump prices from $3.50 in April 2008 to $1.90 today, a large majority of Americans remain concerned, most greatly so, about gas prices (76%) and dependence on Middle-Eastern oil (76%). Moreover, in their next car purchase, they intend to buy a vehicle with fuel economy averaging five miles per gallon greater than the mileage of their current vehicle.    » read more »

January 28, 2009 -- The rapid fall in crude oil proved reserves that began in 1970 has moderated over the past decade, and crude oil proved reserves actually rose by 345 million barrels (2 percent) in 2007, the latest year for which information is available. Proved reserves are the estimated quantity of crude oil that can be produced with reasonable certainty from known reservoirs under current economic and operating conditions.    » read more »

Refinery Yields

“Refinery yield” is the measure analysts use to assess how the breakdown of petroleum products coming from crude or unfinished oils varies over time. Refiners can adjust product yields in response to changing product prices and other market conditions. Yield changes are made by varying how refinery process units are used and the type of crude oil that is used. EIA receives many questions about yields, including how much they may vary, why they add up to greater than 100 percent, and how to estimate yields from weekly data, which does not contain adequate detail to determine refinery yields.    » read more »

Declines in U.S. Petroleum Consumption Expected to Continue

If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.

Average monthly total petroleum consumption has now declined for 12 consecutive months when compared with the same month the year before. Within the last 25 years, we’ve identified 6 other 12-month periods during which there was a sustained drop in total petroleum consumption from the previous year.    » read more »

White House -- 12 August 2008 -- U.S. President George Bush wants Congress to allow more offshore oil drilling. High energy prices are a big part of this year's presidential campaign. President Bush says a lot of Americans are wondering why their government is not doing something about the supply of crude oil.

Following a meeting with business leaders, Mr. Bush said opposition Democrats in Congress are to blame for blocking efforts to expand domestic offshore drilling that has been restricted since the early 1980s.    » read more »

Aug 13, 2008 -- SALT LAKE CITY, Utah - Utah Governor Jon Huntsman announced today that the Department of Agriculture and Food and the Department of Commerce are actively monitoring and analyzing Utah gas prices. In the most recent AAA gas report, the State's average price for unleaded gasoline was third highest in the nation.

"Gas prices are hitting everyone hard. As the rest of the country is seeing some relief from exorbitant gas prices, gas retailers in Utah have not shown Utahns a commensurate decrease at the pumps here at home," said Governor Huntsman. "We are asking these state agencies to monitor the situation within their enforcement powers to make sure Utahns are not being taken advantage of."    » read more »

August 4, 2008 -- This week, as John McCain continues on the Low Road Express, launching false attacks and airing desperate ads, donations from oil and gas companies are fueling his campaign - and driving his policies.    » read more »

Presidential Approval to Release Oil from Strategic Petroleum Reserve would have most Immediate Impact at the Pump

August 1, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold (D-WI) is urging President Bush to bring immediate relief at the gas pump. Feingold joined 35 other Senators in sending a letter to the President, authored by Senator Richard Durbin (D-IL), calling on the President to use his emergency authority to immediately release oil from the Strategic Petroleum Reserve (SPR).

Gas pump, Petrolia, California: Photo by gerry la Photo by gerry la londe-berg (CC)-berg (CC)    » read more »

July 31, 2008 -- Chicago, IL -- Below is a Statement from Senator Barack Obama on Record Exxon Mobil Profits While Americans Pay Skyrocketing Gas Prices at the Pump

"Perhaps the only thing more outrageous than Exxon Mobil making record profits while Americans are paying record prices at the pump is the fact that Senator McCain has proposed giving them an additional $1.2 billion tax break.

While Senator McCain's plan has succeeded in helping his campaign raise over $1 million from oil and gas company executives and employees just last month, it won't lower gas prices or end our dangerous dependence on foreign oil.    » read more »

June 23, 2008 -- After years of saying he opposed drilling in our coastal waters, Senator McCain changed his position and has embraced President Bush's vision for offshore drilling. On CBS's Face the Nation, McCain advisor Carly Fiorina tried to defend John McCain's decision to cave in to Big Oil.

Offshore oil rig: Photo by arbyreed (CC)    » read more »

June 17, 2008 -- WASHINGTON, D.C. - United States Senator Dick Durbin (D-IL) released the following statement today, after hearing the testimony of Walter Lukken, Chairman of the Commodity Futures Trading Commission’s (CFTC), before a joint hearing of Durbin’s Appropriations Subcommittee on Financial Services and General Government and the Senate Agriculture Committee.

“Increasing evidence shows that the run-up in crude oil prices and gasoline is being driven by larger trader banks, pension and hedge funds. Speculation may have as much, if not more, to do with high gas prices than any Saudi Sheik."    » read more »

June 17, 2008 -- WASHINGTON, DC – United States Senators Dick Durbin (D-IL) and Tom Harkin (D-IA) chaired a hearing today to investigate how excessive speculation in the oil market may be contributing to the historic run on oil and gas prices.

The hearing, held jointly before the Senate Appropriations Subcommittee on Financial Services and General Government and the Senate Committee on Agriculture, Nutrition, and Forestry, probed the Commodity Futures Trading Commission’s (CFTC) role in regulating the market and what tools and resources the agency needs to ensure it is able to be a robust market watchdog.    » read more »