Gas

March 26, 2008 -- Washington – Despite declining gasoline consumption, high inventory levels and increased production of ethanol, America’s gasoline consumers continue to face escalating prices at the pump, according to a new report released today by the Consumer Federation of America (CFA).

“For half a decade the major oil companies have exercised their market power,” said Dr. Mark Cooper, research director of CFA and author of the report. “In response to record high prices, consumers are cutting their consumption and lower priced alternatives, like ethanol are expanding supplies. But these market responses are being counteracted by high crude prices driven up by speculators and reduced oil company refinery runs."    » read more »

Bait and Switch

Many drivers in the U.S. who chose diesel-fueled vehicles over gasoline-fueled ones may have done so for the expected savings from higher fuel economy and historically lower prices per gallon, especially during the summer driving season. However, diesel is currently selling at about a 70-cent premium to gasoline at the retail pump, and that has consumers scratching their heads.    » read more »

Sales Launch Enhanced Revenue Sharing Program, Increased Royalty Rates; Sale 206 Sets Record for Highest Total in High Bids

March 19, 2008 -- NEW ORLEANS — Two federal sales of offshore oil and natural gas leases in the Eastern and Central Gulf of Mexico attracted more than $3.7 billion in high bids today, inaugurating enhanced revenue sharing with oil and gas producing Gulf states, instituting higher royalty rates and underscoring the region’s continuing importance as a vital source of domestic energy production for the nation.

The first sale, the Central Gulf of Mexico Sale 206, attracted a record-setting $3,677,688,245 in high bids. This sets the record in high bids in U.S. leasing history since area-wide leasing began in 1983.    » read more »

March 18, 2008 - “When ticket prices need to increase to pay for oil, airlines do it, and when ticket prices need to be raised to repair pilot contracts, airlines must do it then, too,” said ALPA's president, Capt. John Prater, to hundreds of the leading U.S. financial analysts on Tuesday. Prater addressed the 2008 JPMorgan Aviation and Transportation Conference held in New York City.    » read more »

With Americans Facing Record High Gas Prices, Feingold Joins Effort Calling on President to Stop Stocking Oil Reserve

March 18, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold is calling on President Bush to stop filling the Strategic Petroleum Reserve (SPR) while American consumers face record high gas prices.    » read more »

March 14, 2008 -- Connecticut Governor M. Jodi Rell today announced she has written the leadership of Congress, asking them to consider the spike in energy prices as a crisis worthy of the same treatment legislators gave to the recent economic stimulus package.

“The people of Connecticut and other states are suffering,” Governor Rell said. “The U.S. dollar is trading at all-time lows against major currencies. Crude oil is trading at record highs, closing last night at over $110 a barrel after reaching the $111-a-barrel mark during the day.    » read more »

$4 per gallon?

When the weather forecast calls for a partly sunny day, will it be sunny where you are? Or, if the weather forecast calls for a “chance of scattered showers,” does that mean it will be raining at the park when you’re planning to have a picnic? While it may be interesting to know what the overall weather might be, what we’re really interested in is what the weather will be for us at some important time of the day.    » read more »

"The Long Run"

In 1979, the Eagles released “The Long Run”, an album whose title track includes the lyric “We’ll find out in the long run.” This week, EIA released revised long-run reference case energy projections which incorporate the estimated impact of the Energy Independence and Security Act of 2007 (EISA2007) that was signed into law in December 2007.    » read more »

Massachusetts Consumers Paying Skyrocketing Prices at the Pump

02/29/2008 -- Washington, DC – Senator John Kerry today sent a letter to President Bush expressing his deep concern that the President and his Administration remain out-of-touch with skyrocketing gas prices across the nation.

Just yesterday, President Bush, when asked about predictions that gas prices would approach $4 a gallon, said, "That's interesting. I hadn't heard that."    » read more »

Looking for Shadows

February 2 was Groundhog Day. According to the lore, if the groundhog sees its shadow that day when peeking out of its burrow, there will be six more weeks of winter weather. While Punxsutawney Phil, perhaps the Nation’s most famous groundhog, did see his shadow on that day, it was reported that Jimmy the Groundhog, of Sun Prairie, Wisconsin did not, giving us conflicting forecasts on whether the United States will have an early spring. Reportedly, there were at least a dozen Groundhog Day celebrations across the country, with mixed results.    » read more »

A Possible Economic Slowdown and Its Impact on Oil Demand

Economic analysts became concerned about the durability of the U.S. economic expansion earlier in 2007 due primarily to the apparent weakness in the housing market and the possibility that this weakness would spread to other sectors of the economy. By August 2007, U.S. economic policy makers, households, and firms became even more concerned about the economy as financial market conditions deteriorated.    » read more »

On Sunday, February 3, millions of Americans will be watching Super Bowl XLII, to see if the New England Patriots or the New York Giants will be crowned champions of the most recent football season. However, two days before the “Big Game”, another event will take place that could have a larger impact on the daily lives of Americans. On February 1, the Organization of the Petroleum Exporting Countries (OPEC) will meet to discuss whether any change in production targets is warranted. Their decision could impact the price of gasoline this spring.    » read more »

January 28, 2008 -- ARLINGTON, VA -- John McCain campaign Communications Director Jill Hazelbaker today issued the following statement on Governor Mitt Romney's attacks this morning on John McCain:

"Mitt Romney has proven in this campaign that he will say anything to anyone at any time if he thinks it will help him politically. His stunning capacity to reverse his position on virtually every issue casts serious doubt on his ability to lead. Floridians need to ask themselves: If he changes his position today, what prevents him from reversing himself again tomorrow?    » read more »

United States seeking forfeiture of $6.6 million

January 24, 2008 -- LOUISVILLE, KY - A federal Grand Jury in Louisville returned an Indictment on Wednesday, January 23, 2008, against David G. Rose, age 57, of Louisville, Kentucky, charging him with 15 counts of mail fraud, 6 counts of wire fraud, and 1 count of forfeiture in which the United States seeks forfeiture of $6,631,255 from Rose, David L. Huber, United States Attorney for the Western District of Kentucky, announced today .    » read more »

The Cost of Coming in from the Cold

It’s the middle of January, and the temperatures outside remain chilling. It’s the time of year when many people, especially in the Northeast, are relying on heating oil to keep the inside temperatures toasty. However, this year, using heating oil has been a costly proposition.    » read more »