Petroleum

WASHINGTON, D.C., July 16, 2008 -- In a Record of Decision issued today, the Bureau of Land Management (BLM) announced that it will make land available for oil and gas leasing in the northeast portion of the National Petroleum Reserve in Alaska (NPR-A).

“This action sets the stage for a major lease sale this fall. This is welcome news at a time when Americans are paying record prices at the pump,” said C. Stephen Allred, Assistant Secretary for Land and Minerals, in signing the ROD.

At the same lease sale, the BLM also plans to offer land in the northwest portion of the NPR-A.    » read more »

Monte Carlo and Forecasting Hurricanes

The gaming rooms at Monaco’s famous Monte Carlo Casino resonate with people trying their luck at the baccarat, poker, and craps tables. No one knows who will break the bank or who will go home broke. Although wise gamblers carefully consider the odds, or estimates of expected results, when placing their bets, they also understand there’s no such thing as a “sure thing” in a casino.    » read more »

Good, Better, and Best-A Comparison of Weekly, Monthly, and Annual Data

When buyers are confronted with a major purchase, they often weigh their options by considering whether to buy a “good,” “better,” or “best” product. All three have advantages and disadvantages. The same holds true when using Energy Information Administration (EIA) petroleum supply data because analysts have the option of using weekly, monthly, or annual data, depending on their needs.

As highlighted in the recently published article Accuracy of Petroleum Supply Data, oil data collected by the EIA showed an improvement in the accuracy of the 2006 data from initial estimates (weekly), to interim values (monthly), to final values (annual).    » read more »

Memorial Day Gasoline Prices

Despite cool weather along the East Coast over the past several weeks, Memorial Day weekend, the unofficial start to the summer driving season is upon us. Some may interpret recent increases in gasoline prices as yet another manifestation of a long-standing tendency for gasoline prices to rise dramatically in the days before the holiday weekend.

Memorial Day gas prices: DOE chart    » read more »

Going the Way of the Typewriter?

A generation is growing up in the United States with no idea what a typewriter is! Once an important part of the work place, typewriters are almost impossible to find these days. Will the same be said about home heating oil tanks, outside limited areas, several generations from now?

Home heating chart    » read more »

Spring and the Summer-Grade Gasoline Price Bump

For many, the sight of a bird’s eggs hatching or tulips blooming signifies the arrival of spring. Historically, spring is also the time for rising gasoline prices. Over the last 10 years, the monthly average retail price for regular-grade gasoline has increased by an average 7 cents a gallon from April to May. In EIA’s latest Short-Term Energy Outlook, the average gasoline wholesale price for May is projected to increase by 10 cents per gallon from last month.    » read more »

April 16, 2008 -- If winter is the “Most Wonderful Time of the Year” as the popular song implies, it may not be too much of a surprise that gasoline consumers find the spring and summer anything but wonderful, when it comes to prices. This year’s upcoming spring and summer are expected to see retail gasoline prices rise even further from current high levels.

Seasonal increases in gasoline demand    » read more »