Recent Gas News/GasBuddy Blog

Reuters -- Petroleum coke piled up along the banks of the Detroit River has sparked a storm of protest from local residents and environmental campaigners, who claim they are just one more problem associated with the bituminous tar sands being mined in western Canada.

The implication is that tar sands oil is uniquely dirty: without it the residents of Detroit, and neighbouring Canada's Windsor, might be spared an eyesore some fear could also pose health risks.

However, it is misleading to blame the coke mountain on Canada’s oil sands as if they were uniquely problematic.

No one is likely to welcome a stockpile of petroleum coke stored at the bottom of their street because it doesn’t look very pretty. But if there is a problem, the solution is tougher zoning regulations, not trying to blame oil sand  (go to article)

GasBuddy Blog -- Has the time finally come? Well, it may be too early to blow the final whistle, but gasoline spot values have eroded today, and that may pave the way for some price decreases that could show up beginning next week or even sooner.

The nation's hottest gas price markets, the Mid-continent region and Great Lakes should see some relief ahead as spot gasoline prices take a nose dive today. However, as indicated earlier, while the party may be over, tomorrow's pivotal Energy Information Administration report could upend the predicted drop in retail prices.

While every region appears ripe to see declining wholesale gasoline prices later today, some regions are certainly in line for more of a break than others. The Great Lakes...  (go to article)

Bloomberg News -- Enbridge, Canada’s largest oil pipeline operator, is spending more time seeking public support for new conduits than regulatory approval as opponents of fossil fuel development try to block new routes to market.

It’s all about ensuring that the public is comfortable. Enbridge has proposed the $6-B Northern Gateway pipeline to carry oil-sands crude from AB to Canada’s Pacific Coast.

Environmental and some aboriginal groups oppose the 731 mi project because of the risk of spills.

New conduits are needed from Canada to correct a “huge disconnect” in N.A. oil prices as supply exceeds pipeline capacity.

Constraints on existing lines have caused Canadian heavy oil prices to trade at a discount to WTI. WCS oil was $21 less than WTI today.

The price gap amounts to $25-B a year of value destr  (go to article)

Convenience Store Decisions -- A trio of unexpected gasoline producing unit outages in Illinois, Wyoming, and Kansas, atop of already low supply in the Midwest spiked regional gasoline prices to start out the second half of May, and in front of Memorial Day in what is known as the kickoff to the summer driving season.HollyFrontier on May 15 announced unplanned downtime for the fluid catalytic cracking (FCC) units at its 52,000 barrel per day (bpd) Cheyenne, Wyo., and 135,000 bpd El Dorado, Kan., refineries, with the outages seen lasting for 10 days. CITGO, according to trade sources, also experienced an unplanned FCC outage at its 167,000 bpd Lemont, Ill., refinery at roughly the same time, with the outage potentially lasting for 10 days and to result in the loss of 350,000 bbl of gasoline production.
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Cleveland.com - The Plain Dealer -- CLEVELAND, Ohio -- While state lawmakers consider banning controversial traffic-enforcement cameras, the city of Cleveland plans on adding them to 26 more intersections -- doubling the number of cameras that ticket thousands of motorists every year.

Cleveland City Council approved a contract Monday with red-light camera vendor Xerox State & Local Solutions Inc., for as many as four years, with three one-year options to renew. Council adopted the measure 15-3 with council members Zack Reed, Joe Cimperman and Dona Brady voting against it. Terrell Pruitt was absent.

The new contract adds more than two dozen new locations for stationary cameras, mostly on the city's East Side, to the 23 cameras already in operation. Drivers will have a 30-day warning period after equipment is installed  (go to article)

The Omaha World Herald -- Nebraska and Iowa motorists are paying some of the steepest gas prices in the nation, with Omaha breaking a local record at the pump.

“The averages for Nebraska and Iowa now match California,” said Rose White, a spokeswoman for AAA. “Those states are in the top 10 average price per gallon.”

Gas in California, Nebraska and Iowa on Monday was averaging $4.05 a gallon on Monday. Iowa was trailing a bit at $4.02.

The only states with higher prices were Hawaii at $4.35, followed by Minnesota at $4.27 and North Dakota and Alaska at $4.23 and $4.06 respectively.

In Omaha, motorists woke Sunday to an all-time high of $4.09 per gallon of regular unleaded. That beat the city's record average of $4.08, set in July 2008.

Lincoln motorists were paying even more – an average of $4.12 per  (go to article)

KSTP Minneapolis & St. Paul -- The prices seemed too good to be true and they were.

Last Saturday a Waconia Super America sold gas for $3.85 a gallon and everything inside the store was half-off. But, the owner didn't know anything about the grand sale.

The owner tells KSTP he was selling the store to prospective buyers who were running the gas station.

But, the owner says, their down payment did not clear the bank and the next thing he knew they sold gas at cut-rate prices, sold nearly everything in the store at half-price, pocketed nearly $50-thousand and then took off.

Carver County investigators confirmed they are looking into the possible theft and they say part of the investigation includes the gas prices. They say it is illegal, under state law, to set gas prices too low...  (go to article)

Downstream Today -- Plains All American Pipeline, L.P. Monday announced it is constructing a 95-mile extension of its existing Oklahoma crude oil pipeline system to service increasing production from the Granite Wash, Hogshooter and Cleveland Sands producing areas in western Oklahoma and the Texas panhandle.

The new Western Oklahoma pipeline will provide up to 75,000 barrels per day of new takeaway capacity from Reydon, Okla. in Roger Mills County to PAA’s existing Orion station in Major County, Okla. At the Orion station, crude oil will flow on PAA’s existing pipeline system to the PAA terminal in Cushing, Okla.

The new Western Oklahoma pipeline is supported by long-term producer commitments and is expected to be in service by the end of the first quarter of 2014.  (go to article)

The Week -- Solar power is getting much easier to store — and at a much cheaper price

The total solar energy hitting the Earth each year is equivalent to 12.2 trillion watt-hours. That's over 20,000 times more than the total energy all of humanity consumes each year.

And yet photovoltaic solar panels, the instruments that convert solar radiation into electricity, produce only 0.7 percent of the energy the world uses.

The percentage of light turned into electricity by a photovoltaic cell has increased from 8 percent in the first Cadmium-Telluride cells in the mid-1970s to up to 44 percent in the most efficient cells today, with some new designs theoretically having up to 51 percent efficiency. That means you get a lot more bang for your buck. And manufacturing costs have plunged as more companies ha  (go to article)

Science Daily -- Enough Northwest wind energy to power about 85,000 homes each month could be stored in porous rocks deep underground for later use, according to a new, comprehensive study. Researchers at the Department of Energy's Pacific Northwest National Laboratory and Bonneville Power Administration identified two unique methods for this energy storage approach and two eastern Washington locations to put them into practice.

Compressed air energy storage plants could help save the region's abundant wind power -- which is often produced at night when winds are strong and energy demand is low -- for later, when demand is high and power supplies are more strained. These plants can also switch between energy storage and power generation within minutes, providing flexibility to balance the region's ....  (go to article)

USA Today -- After rising since the recession and hitting record highs, used car prices are easing, and the trend will continue, experts say.

Overall, used-car prices fell 4.5% on average in April at the wholesale level, compared with the same month last year, reports Adesa Consulting. After shooting to peaks each spring over the last three years, "They had almost no where else to go but down," says Adesa analyst Tom Kontos.

But the bad news for now is that prices for good, late-model used cars aren't falling much, even though new-car sales now are booming and trade-ins are coming in. That's because many consumers are trading in aging cars they nursed through the recession years -- clunkers worth so little that dealers don't even keep them around.  (go to article)

The Sacramento Bee -- Just months after California voters passed Proposition 30 to stave off education cuts, a push is under way to ensure that the next stream of higher education funding flows out of the ground.

The idea of an oil severance tax has been bubbling for years, but proponents have been unable to surmount intense lobbying from the energy industry.

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Morris News Service -- One Georgia state agency may have found a way to cope with limited appropriations and almost limitless expenditure needs, selling surplus property.

In addition to bringing in cash for the state, the sales would return the property to local tax rolls and generate income for cities, counties and school boards as well.

While that option isn’t open to most segments of government, the Georgia Department of Transportation routinely acquires land as part of its mission to build roads. Often, property owners will insist on the department buying their whole tract as the only way to avoid a costly court battle. In other cases, the department must buy acreage near roads or bridges to serve as staging areas during construction.
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Bloomberg -- West Texas Intermediate crude declined from the highest closing price in seven weeks on speculation that supplies will remain sufficient in the U.S. even if stockpiles decreased as forecast last week.

Futures fell as much as 0.5 percent in New York after advancing for a fourth day yesterday. U.S. crude supplies fell by 800,000 barrels last week, according to a Bloomberg News survey before a report tomorrow from the Energy Information Administration. That would still leave inventories 3 percent higher than a year ago. The industry-funded American Petroleum Institute is scheduled to release its stockpile data today.

“There’s nothing here to fundamentally justify a sustained price push at the moment, while expectations of future supplies are rather comfortable,” said Andrey Kryuchenko  (go to article)

Bloomberg News -- Elon Musk, Tesla Motors Inc. (TSLA)’s chief executive officer and co-founder, said in a Twitter post the electric-car maker will “probably” repay its Energy Department loan as early as tomorrow.

A separate announcement Tesla was planning on the expansion of its so-called Supercharger network is being pushed back to next week “given govt loan repayment this week (prob Wed),” Musk said yesterday.

The maker of Model S sedans was planning to pay off the remaining portion of its Advanced Technology Vehicles Manufacturing loan this week, two people familiar with the matter told Bloomberg on May 17.
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Bloomberg -- Royal Dutch Shell Plc (RDSA) Chief Executive Officer Peter Voser said it’s too early to speculate about the European oil-price fixing probe and the company is committed to the “highest standard of corporate behavior.” Shell, BP Plc (BP/) and Statoil ASA (STL) are targets of a European Commission inquiry into whether prices of crude, refined oil products and biofuels were manipulated, potentially harming consumers. Platts, a price assessor owned by McGraw Hill Financial Inc. (MHFI), was also questioned as the probe was announced last week.
“Since the investigation has just commenced it would be inappropriate to speculate about the outcome,” Voser told shareholders at the company’s annual general meeting in The Hague today. Shell is committed “to achieve the highest standard of corporate  (go to article)

ABC News -- The price of oil retreated toward $96 per barrel Tuesday as investors waited for the Federal Reserve's latest views on the U.S. economy. Benchmark crude for June delivery was down 28 cents to $96.43 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 69 cents to close at $96.71 on Monday. On Wednesday, Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Traders will be looking for hints on what the Fed might be preparing to do in light of recent data that has pointed toward a sustained economic recovery. There is ongoing speculation that the Fed might want to scale back or modify its super-loose monetary policy and its massive, $85 billion-a-  (go to article)

GasBuddy Blog -- Used car sales are down compared to last year. But, don't expect prices to come down. Industrywide used-vehicle sales fell to 9.7 million units in the first quarter, down 6 percent from the first quarter of last year, according to Edmunds.com's Used Car Market Quarterly Report.

Of the used vehicles sold in the quarter, franchise dealerships accounted for about 2,288,600 units, 4 percent more than in the first quarter of 2012. The remaining sales were made up by independent used car dealers and private party transactions.

Believe it or not, the high prices of used cars are helping to push new car sales. New car sales gains come even as car prices bubble up near all-time highs, offset by near-historic low interest rates...  (go to article)

AP -- RALEIGH, N.C. — Gov. Pat McCrory says a new law laying out rules for building wind farms in North Carolina will help create a diverse supply of energy for the state and boost the economy.

McCrory announced he signed five bills into law Friday, among them the measure creating a framework for a new required wind energy permit from the state Department of Environment and Natural Resources.

The Republican governor said his signature helps develop his "all-of-the-above" energy strategy that includes both traditional and alternative sources. McCrory also has urged President Barack Obama to open mid-Atlantic waters to offshore exploration of natural gas and oil.

"This law will help unleash our state's energy resources to power our economy and enable us to harness those resources in a safe, rel  (go to article)

FORBES -- Overshadowed by the debate over natural gas exports, a battle is brewing in the Western United States over exports of coal to Europe and, especially, to the booming economies of Asia. Buoyed by rising overseas demand for American coal, big coal producers including Arch Coal and Peabody are seeking to build new ports and new shipping facilities, particularly along the West Coast, to send U.S. coal from the Powder River Basin, in Montana and Wyoming, across the Pacific.

Those plans have met with fierce resistance from local residents and environmental groups. ”I want to make it absolutely clear: I am vehemently opposed for a private, for-profit corporation to use eminent domain to condemn my private land for a rail line to export coal to China,” Clint McRae, a rancher whose family has...  (go to article)

The Oil & Gas Journal -- Cabot Oil & Gas Corp. said it is using natural gas from the Marcellus shale in Susquehanna County, Pa., to fracture wells via dual-fuel technology in a process that can displace as much as 70% of the diesel fuel traditionally used to operate hydraulic fracturing equipment.

The dual-fuel technology involves engines operating on a mixture of natural gas and diesel. The effort was a partnership with FTS International (FTSI) and Caterpillar Global Petroleum, Cabot said. Benefits are said to include:

• Reduced air emissions for a cleaner environment, due to a reduction in diesel usage.

• Reduced truck traffic when field gas at or near the well site is used due to a reduction in the transportation of diesel fuel to site.

• Reduced costs, as natural gas can be a less expensive fuel option...  (go to article)

Bloomberg -- Canadian energy producers lobbying for U.S. approval of the Keystone XL pipeline are targeting undecided Democratic lawmakers in Washington in advance of a decision on the $5.3 billion project.

The Canadian Association of Petroleum Producers, which represents more than 100 energy producers including Canadian Oil Sands Ltd. (COS) and Exxon Mobil Corp. (XOM)’s Imperial Oil Ltd. (IMO), will travel to the U.S. capital next month to promote TransCanada Corp. (TRP)’s plan to carry Alberta oil-sands crude to Gulf Coast refineries. A decision by U.S. President Barack Obama on the pipeline is expected this year.

The association’s focus is “primarily on what I would characterize as moderate Democrats, those who are perhaps on the fence, who are perhaps looking for more information as to what will.  (go to article)

Motorsport.com -- Alongside the Vantage GT3 charger Aston Martin’s mould-breaking Hybrid Hydrogen Rapide S – designed and built with the support of hydrogen specialists Alset Global and based on the manufacturer’s new four-door, four-seat sports GT – achieved its ambitious goal of completing the world-famous 24-hour race.

“This is a historic day for two reasons,” explains Jose Ignacio Calindo, CEO of Alset Global. “Besides being the first hydrogen-powered race car to compete and undertake zero CO2 emissions laps in an international event, it has showcased the most practical technology available to fundamentally address the challenge of global emissions without disrupting the automotive industry.”

The #005 V12 Vantage, which encountered a minor electrical issue in the first few hours of the race, charged  (go to article)

The Sacramento Bee -- Roseville's Solar Power Inc. reported another quarterly loss today and warned shareholders again the company is in danger of going out of business.

The developer of solar projects across the company said it lost $3.1 million during the first quarter, compared to a $1.1 million loss a year earlier. The per-share loss doubled to 2 cents.

Revenue plunged to $1.8 million from $26.3 million.

Much of the solar-power industry has slumped badly, due mainly to over-building by Chinese manufacturers. LDK Solar Co., a Chinese company that owns 71 percent of the Roseville firm, is facing significant financial problems, which are affecting operations in Roseville.

In a Securities and Exchange Commission filing today, Solar Power warned anew that there is "substantial doubt as to the company's abil  (go to article)

U-T San Diego -- The mystery behind a fallen turbine blade at the Ocotillo Wind power plant east of San Diego has led the manufacturer to curtail operations at select wind farms around the world.

Siemens, a global leader in wind-turbine manufacturing, confirmed Monday that it has convened a team of experts at a wind farm outside the desert town of Ocotillo, where a 170-foot blade broke loose and fell to the ground. Residents of Ocotillo noticed the fallen blade on Thursday morning.

"Siemens does not yet know the root cause of this incident and is working to determine if and how this is related to a recent similar incident in Iowa," the company said in a written statement. "Out of an abundance of caution, Siemens is taking the step of curtailing all turbines with the B53 blade type globally."

On April 5,  (go to article)

ABC NEWS -- It’s almost Memorial Day and the price of driving for the first holiday weekend of the summer just got a bit higher.

The weekly average price of a gallon of regular gas is $3.67, up 7 cents from a week earlier, according to the Department of Energy.

Minnesota is ground zero for the high prices with a record high of $4.28, a rise of 44 cents in the just the last week, according to AAA. Other Midwestern states and the Rockies also saw spikes because of refinery outages due to planned maintenance and some unplanned problems

This price rise can significantly increase the price of a summer trip. Filling up your gas tank for a drive from Minneapolis to the Grand Canyon could cost up to $200 more today than it would have a month ago.  (go to article)

Detroit News -- Automakers support a proposed free trade deal between the United States and European Union, and want auto safety regulations harmonized on both sides of the Atlantic.

Vehicle and auto parts trade between Europe and the United States was $57 billion in 2012, accounting for 9 percent of the total $646 billion in U.S.-EU trade.
 (go to article)

The Tennesseeian -- Troubles at several oil refineries are driving gasoline prices sharply higher in the Midwest, and the regional shortages are expected to boost pump prices nationwide.

While the U.S. may be drenched in newfound crude oil deposits, and early May supplies were at their highest levels since the early 1930s, issues at a handful of refineries that turn crude into gasoline and diesel fuel underscore how kinks in the supply chain can cause quick surges in what consumers pay at the pump.

Gas prices in Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Ohio, Oklahoma and Wisconsin have jumped up to 27 cents a gallon in the past week alone.

Behind the rise: Outages and extended maintenance has curbed output at refineries in Joliet, Ill.; Whiting, Ind.; Tulsa, Okla.; and El Dorado  (go to article)

WOOD TV 8 -- Palisades to replace water tank bottom
Nuclear plant has been shut down since May 5

Updated: Monday, 20 May 2013, 7:10 PM EDT
Published : Monday, 20 May 2013, 7:02 PM EDT

COVERT TOWNSHIP, Mich. (WOOD) - Palisades nuclear power plant will completely replace the bottom of a leaky 300,000-gallon water tank that has been responsible for several shutdowns since late 2011.

The Covert Township plant most recently shut down on May 5 when a crack in the tank allowed 79 gallons of "slightly radioactive water" to flow in to a pond that feeds directly into Lake Michigan. There was no public health threat.

Monday, the plant said it would completely replace the tank bottom and reconstitute the tank's subflooring. Plant spokeswoman Lindsay Rose said in a statement that "by replacing the tank bottom,  (go to article)

LA Times -- Monday’s morning commute started off horribly for drivers in the San Gabriel Valley when a big rig carrying fruit overturned on the 210, blocking lanes in both directions in Monrovia for most of the morning.

The big rig crashed through the center divider just before 5 a.m. near Myrtle Avenue. Three westbound lanes and two eastbound lanes will be blocked until about 9:15 a.m., according to the California Highway Patrol.

Westbound traffic appeared to be backed up to the 605 freeway.  (go to article)

Enbridge -- Clean-up operations continued Monday in response to a crude oil release May 18 from a storage tank fill line within the Enbridge Pipelines (Ozark) L.L.C.’s Cushing South Terminal in Lincoln County, Oklahoma. An estimated 2,500 barrels of WTI-grade crude oil was released and held within the terminal containment structures. The failed tank fill line and associated tank were isolated soon after the release was reported, stopping any further release of oil.

As of Monday morning, more than 2,400 barrels of oil and water have been recovered from the south terminal containment system. Enbridge and environmental contractors are continuing clean-up operations on a 24-hour schedule. Investigation of the cause of the tank fill line failure continues and a repair plan is being developed.  (go to article)

Energy Business Review -- US-based Paradigm Midstream has announced its plans to construct a crude oil pipeline in Bakken Shale oil formation in Williston basin and parts of Montana, North Dakota, and Saskatchewan.

Construction of the new 12in multi market pipeline with a capacity of 120,000 barrels per day is expected to begin in late 2012 and become operational in 2014.

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Scranton Times-Tribune -- Researchers in the Rice University chemistry professor's laboratory have developed nanoparticles that will flow with the fluid used to hydraulically fracture oil and gas wells, slip through rocks and travel wherever the water ends up - in a holding pond at the surface, a tanker on the highway or, in a worst-case scenario, a nearby drinking water well.

The particles, which can bear unique magnetic signatures tailored to each fracking company that uses them, have the potential to clarify the troubled debate over whether and how oil and gas extraction damages water supplies.  (go to article)

commercial carrier journal -- On May 16, the Democrat governor signed the Transportation Infrastructure Investment Act, which will invests an annual $800 million in highway and transit projects. On July 2, a sales tax rate on motor fuels will start at 1 percent. In 2015, it will increase to 2 percent that January and 3 percent that July, according to the Maryland Motor Truck Association

If Congress passes legislation permitting states to collect sales tax from Internet purchases, the sales tax will remain at 3 percent. However, if Congress does not approve this measure, motor fuel tax will increase during 2016 to 4 percent in January and 5 percent in July.  (go to article)

Detroit Free Press -- AAA Michigan says gasoline prices have risen about 10 cents during the past week to a statewide average of about $3.88 per gallon. Michigan joins the rest of the country in reporting price jumps in the past week. The Lundberg Survey of fuel prices released Sunday says the price of a gallon of regular is $3.66 nationally. Of the cities surveyed in the lower 48 states, Tucson, Ariz., has the nation’s lowest average price for gas at $3.18. Minneapolis, where prices have jumped 62 cents a gallon in two weeks, has the highest at $4.27, Lundberg said. The Lundberg Survey blamed the higher prices on outages at refineries in the Midwest and West Coast. The auto club says today the Michigan average is about 13 cents per gallon more than last year at this time.  (go to article)

The Charlotte Observer -- A second Charlotte-area state representative on Sunday announced his opposition to planned Interstate 77 toll lanes.

“When you’re driving down a road that you already paid for, you shouldn’t be taxed again with a toll,” State Rep. Larry Pittman, R-Cabarrus, told members of Widen I-77, a Lake Norman-area citizens group fighting North Carolina's $550 million toll road plan. The project calls for a private contractor to design, build and operate toll lanes from the Brookshire Freeway in Charlotte to I-77 Exit 36 in Mooresville.

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GasBuddy Blog -- It's one thing to hear it from 'Big Oil' companies, public relations firms and others with vested interests. It's something else entirely when the International Energy Agency (IEA) bluntly says the energy boom in the U.S. will 'displace OPEC as the driver of (oil) supply growth.'

North America will provide 40 percent of new supplies to 2018 through the development of light, tight oil and oil sands, while the contribution from the Organization of Petroleum Exporting Countries (OPEC) will slip to 30 percent, according to the IEA.

"The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15,” the Paris...  (go to article)

Motley Fool -- The mandated blending of ethanol in motor fuel -- specifically when produced from corn -- is a highly controversial issue. Is it really corrosive to engines at concentrations of just 10%? What about 15% blends?

...

It doesn't have to be so complicated. Controversy aside, there is one calculation that can bring everyone together to support ethanol. The calculation is so simple that you can do it on the back of a napkin. What if I told you that simply blending ethanol into motor gasoline saved the United States $50 billion in 2012?

...

In 2012, Americans consumed 134 billion gallons of gasoline that contained approximately 13 billion gallons of ethanol (a blend rate of 9.7%), .. we can say that ethanol blending displaced 8.7 billion gallons of gasoline last year.  (go to article)

LA Times -- Apparently, location, location, location is the latest twist on electric vehicles and the environment: Whether an electric car such as the Nissan Leaf protects the atmosphere from greenhouse gases depends on where it's charged, according to a new study. Such a car is no better than a standard gasoline-powered subcompact such as a Hyundai Elantra in cities such as Denver and Wichita, but far exceeds even the best hybrids in Southern California.
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NBC News -- The state draws water from the Missouri River and aquifers for its hydraulic fracturing, the process also known as fracking and the key that has unlocked America's abundant shale deposits. The process is water-intensive and requires more than 2 million gallons of water per well, equal to baths for some 40,000 people.  (go to article)

Bloomberg -- West Texas Intermediate crude fell for the first time in four days on speculation that prices climbed more than justified last week.

Futures declined as much as 0.8 percent in New York as U.S. equity indexes were little changed after advancing for four straight weeks. Oil futures and equities surged last week on signs that U.S. economic growth will accelerate, bolstering demand for fuel.

“Crude oil and other risk assets were a little overcooked,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “The rally in equities and oil at the end of the week isn’t sustainable.”

WTI oil for June delivery fell 51 cents, or 0.5 percent, to $95.51 a barrel at 9:17 a.m. on the New York Mercantile Exchange. Prices rose 86 cents to $96.02 on May 17, th  (go to article)

Wall Street Journal -- NEW YORK--Oil futures fell slightly in thin trading Monday as traders weighed the recent rally in the stock market against high inventories and weak oil demand. Light, sweet crude for June delivery fell 31 cents, or 0.3%, to $95.71 a barrel on the New York Mercantile Exchange. Brent crude on ICE Futures Europe slipped 28 cents, or 0.3%, to $104.36 a barrel. Monday's decline halted a three-session climb in oil prices, driven largely by a surge in the stock market that has boosted broader investor sentiment and lifted expectations of an improving U.S. economy. On Monday, U.S. stocks retreated slightly. The Standard & Poor's 500 Index was recently down 0.1% at 1666.34, after posting a 2.1% climb last week on a string of better-than-expected quarterly earnings reports. "Oil got caught up in  (go to article)

GasBuddy Blog -- It's been a perilous week for motorists in the nation's midsection as gasoline prices have soared. There's good news: relief may soon be on the way.

Spot gasoline prices, which have a strong and direct impact on retail prices, have seemingly begun to move lower. As spot prices move lower, the decreases are passed on to wholesale channels, and finally, allow gas stations to drop their retail prices several days later.

But it all comes too late, as many areas have set all time record highs for gasoline prices. Iowa, Minnesota, North Dakota, and Oklahoma have all seen new statewide record high averages in the last week. Cities breaking their all time highs include Des Moines, Minneapolis/St. Paul, Fargo, Oklahoma City, Sioux...  (go to article)

Fuelfix.com -- SCRANTON, Pa. — Oil and gas development damaged the water supplies of at least 161 Pennsylvania homes, farms, churches and businesses between 2008 and the fall of 2012  (go to article)

Associated Press -- North Dakota's congressional delegation doesn't like a proposed new rule that would require energy companies on federal lands to publicly disclose chemicals used in hydraulic fracturing.

Fracking involves pumping water, sand and chemicals underground to break open rocks and allow oil and gas to flow. Critics fear it causes environmental harm.

Sen. John Hoeven says the proposed rule will add “a new layer of regulation and bureaucracy.” He says a better approach is to let states regulate energy development within their borders.

Sen. Heidi Heitkamp also believes the rule will cause delays and frustrations in permitting and drilling on federal lands, though she says it's a step in the right direction.

 (go to article)

NPR -- Tesla Motors, the American maker of luxury electric cars, has been riding a wave of good publicity.

Its Model S sedan (base priced at $62,400, after federal tax credits) was just named Motor Trend Car of the Year. Reviewers at Consumer Reports gave the lithium-ion battery powered vehicle a rave.

And the company, headed by billionaire innovator Elon Musk, 41, posted a profit for the first time in its 10-year history — powered in part by zero-emission environmental credits.

But Tesla also finds itself, and its business model, under sustained attack by a formidable foe: the National Automobile Dealers Association, one of the most powerful lobbying groups in Washington with a strong network of state chapters.
 (go to article)

USA Today -- Toyota is planning a giant increase in production of lithium ion batteries as prepares to use them in its flagship Prius sedan.

Toyota plans a six-fold boost in it use of the batteries, which are substantially lighter and more powerful than the nickel-metal hydride batteries it uses in the current Prius.

The report comes from Japanese newspaper Nikkei, which, citing unnamed sources, says Toyota and battery partner Panasonic will increase lithium-ion battery output capacity to 200,000 units a year.

Nearly all plug-in vehicles depend on lithium-ion batteries. Nickel metal hydride, which powered the first generation of hybrids, are cheaper, but are clearly on the way out.  (go to article)

CNN Money -- About 80% of the 1,000 people Bankrate surveyed said they have not increased their discretionary spending in response to falling gas prices this year.

erhaps it's because prices have been choppy?

Gas prices rose for 34 straight days at the beginning of the year, then fell through most of March and April. They have since risen again slightly. That said, gas is still cheaper compared to a year ago. As of Friday, a gallon of unleaded gasoline cost $3.62, according to AAA. That's about 10 cents lower than the same time last year.

Economists have welcomed this year's lower gas prices as an inadvertent stimulus. Many have said that cheaper gas could lessen the blow from the higher payroll taxes that went into effect at the start of the year.  (go to article)

USA Today -- General Motors is still in the "early innings" of its recovery, but it won't be long before it rejoins the S&P 500 largest companies and gets its bond rating back to investment grade, GM CEO Dan Akerson said Saturday.

Speaking at the commencement for business graduates at Notre Dame, Akerson noted GM's 13 consecutive profitable quarters and progress since its 2009 bankruptcy filing.

In prepared remarks, he said recovery has been built on "pillars are to design, build and sell the world's best vehicles, differentiate and strengthen our brands, maintain a fortress balance sheet and pursue profitable growth around the world."

Akerson, a U.S. Naval Academy graduate, says GM is benchmarking against the world's best, especially when it comes to its Cadillac brand. GM has made Cadillac ...  (go to article)

msn auto -- Chances are it's been a few years since you bought a new car. In those years, 40 mpg has become the new 30 mpg, as smaller conventional cars are increasingly able to crack the magic 40 mpg barrier on the highway. And if you consider hybrids, 40 mpg is downright mainstream.

So, should you dump your current ride and buy a 40 mpg car? Sounds like a silly question. Who wouldn't love to pass up the pump on a more frequent basis and save money in the process? Let's consider all the costs and capability trade-offs to see if you'd do better to stick with Old Faithful out in the driveway for a couple more years or choose a new vehicle that gets close to 40 mpg.  (go to article)

MarketWatch -- U.S. crude-oil futures slipped Monday, pulling back from gains in the previous session after a firmer view of the economy by consumers raised prospects for energy demand.

Crude oil for June delivery shed 183 cents to $95.84 a barrel in electronic trade during Asian hours.

Oil prices last week ended down by 2 cents a barrel.

The contract on Friday rose 86 cents, or 0.9%, to end at $96.02 a barrel on the New York Mercantile Exchange after preliminary consumer-sentiment data in May rose to its highest level in nearly six years. Separately, leading indicators in April showed the U.S. economy was still expanding.

The S&P 500 Index on Friday bounced to an all-time high after the release of the economic data, and the rally in the benchmark equity index “seems to have once again inspired ...  (go to article)