|
August, 2005 Archives | Homepage
Experts: Katrina's Impact Means $4 Gas
Katrina, which has unleashed a catastrophic storm on New Orleans, Gulfport, Mobile and other cities located on the Northern Gulf of Mexico, has greatly impacted the oil industry. Rigzone.com says 25% of our nation's oil is produced in the impacted area.
The Gulf of Mexico accounts for about 25% of the nation's energy production, while refineries hit by the storm account for nearly 10% of the nation's refining capacity.
At least five big Gulf Coast refineries also remained shut, as was the Louisiana Offshore Oil Port, or LOOP -- the nation's only deepwater oil terminal.
The LOOP typically receives tankers delivering about 1 million barrels of crude oil a day, or 10% of the nation's imported crude.
Problems getting into the area have made it difficult for the oil industry to do a damage assessment. But at a minimum: refineries may be damaged; workers may be homeless, hurt or missing; damage to roads; and lack of power will make getting the area back up to its full capacity very difficult. CNN has an article citing experts that warn consumers their worst fears have been realized: $4 gas.
"There's no question gas will hit $4 a gallon," Ben Brockwell, director of pricing at the Oil Price Information Service, said. "The question is how high will it go and how long will it last?"
OPIS tracks wholesale and retail oil prices and provides pricing information for AAA's daily reports on fuel prices.
Brockwell said with gasoline prices now exceeding $3 a gallon before even reaching the wholesale level, it "doesn't take a genius" to expect retail prices to hit $4 a gallon soon.
"Consumers haven't seen the worst of it yet," Brockwell said.
Bloomberg reports that U.S. Energy Secretary Samuel Bodman says the White House has already made the decision to tap into the emergency oil reserves.
Bodman, speaking on CNBC television, today said the government can meet a request for oil by tomorrow. He said domestic gasoline supplies are a ``concern.''
``It certainly has got to have a dampening effect'' on prices, said Tony Machacek, a broker at Bache Financial Ltd. in London. ``It will help, but whether it's enough to keep the market down in the long term remains to be seen.''
It will clearly take some time before the full impact of Katrina on the oil and gas industry is known. In the short term it looks like more pain for drivers at the pump and more interest in hybrid automobiles. A collection of links about Hurricane Katrina can be found here.
Posted on August 31, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Katrina's Devastating Blow Will Lead to Higher Gas Prices
Hurricane Katrina's devastating impact on the Northern Gulf Coast will lead to higher gas prices. Oil has already soared to new record highs. Florida Today reports that gas prices will rise at least 15 cents for Florida residents.
"We expect prices to jump at least 15 cents a gallon in Florida, depending on the damage as a result of the storm" to Gulf of Mexico oil refineries and shipping channels, said Jake Bournazian, an economist for the Energy Information Administration. "We don't know the full magnitude until damage is assessed."
A 15-cent-a-gallon increase would boost the average Florida price of regular unleaded to $2.78 and the price of premium to $3.05. Experts say higher retail gas prices could show up within days, as the price of a barrel of crude oil closed Monday up $1.07 at $67.20, after hitting $70.80 a barrel earlier in the day.
Shortages may even occur in places in Florida according to the article because 90% of Florida's gas comes from oil delivered and produced in the area impacted by Katrina. Newsday reports that Senator Charles Schumer has warned New York residents that gas could reach $3 a gallon. With the rise in oil prices some gas price increases will occur nationwide. The final increase in price will depend on how much damage Katrina caused to oil rigs and how much delay there will be getting important infrastructure and refineries in the region back online.
Posted on August 30, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Lexus Unveils Limited Edition Pebble Beach Convertible
Lexus has unveiled the Lexus SC Pebble Beach Edition hardtop convertible at the Pebble Beach Concours d'Elegance. Lexus says the car color is a "tigereye mica exterior and
camel-color leather interior accented with an espresso dark
brown wood trim." Features of the new convertible include a
288-horsepower, 4.3-liter V8 engine and a nine-speaker, seven-channel DSP-amplified sound system designed by Mark Levinson. Lexus says the covertible's roof can be hidden within the trunk of the vehicle in 25 seconds -- with room left over for storing luggage.
Posted on August 25, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Inside Line: BMW to Unveil Z4 Coupe in Frankfurt
Inside Line reports that BMW plans to display a coupe version of the Z4 Roadster at the Frankfurt Auto Show. Inside Line says the car will be styled after the X Coupe pictured on the right.
The car will be officially a concept, but BMW will hurry it into production as a rival to the new Porsche Cayman S, a coupe version of the Boxster. Like its predecessor, the Z3-based M Coupe, it will be built at BMW's Spartanburg factory in the South Carolina. But unlike the boxy M Coupe, the Z4 coupe will be a more conventional fastback coupe, with styling similar to the Xcoupe concept of a couple of years ago.
The Z4 Coupe will be powered by BMW's 255-horsepower, 3.0-liter, inline six-cylinder gasoline engine. There also will be an M version with a 3.2-liter inline six from the M3, upgraded to 360 hp.
No word on the price tag for the new BMW but the rival Porsche Cayman S costs around $58,000 according to a Car and Driver article.
Posted on August 24, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Drive-Offs Increase as Gas Prices Continue Steep Climb
Everyone is upset at the rising gas prices which are currently at a $2.61 average nationwide per gallon -- but some people are so angry they are resorting to crime to avoid paying for gas. MSNBC.com reports that at a Texaco station in Alabama the owner was killed when a driver stealing gas ran over the owner as he exited the station. There has also been a rise in the number of drive-offs -- people who leave without paying for the gas. According to the MSNBC.com article gas station owners in many areas are requiring drivers to pay upfront for gasoline.
Posted on August 23, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
High Gas Prices Make Carpooling More Popular
Carpooling never went away but it is getting a boost because of the high price of gas. Gas prices have reached a national average of $2.61 according to today's Fuel Guage Report. So carpooling is no longer just a convenience it also saves drivers money. NewsChannel 11 reports that carpooling is a popular trend in Lubbock, Texas.
Gas prices jumped ten cents over the weekend, meaning at most places in Lubbock you'll pay $2.44 to $2.49 for a gallon of regular unleaded-- that's the highest they've ever been. Regardless, thousands filled up before dropping their kids off for the first day of school. NewsChannel 11 found the latest trend among parents is carpooling.
With hundreds of students heading back to school, the latest trend has nothing to do with clothes or shoes, it's carpooling.
If the gas prices get high enough you are likely to see adults carpooling for work and other activities as well.
Posted on August 22, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Gas Soars Towards $3 Gallon
Gas prices have hit another record of $2.60 average nationwide according to the Fuel Gauge Report. Last year at this time the national average price for gas was $1.87 per gallon -- so that's a 39% increase in gas prices since this time last year. GasPriceWatch.com lists Long Beach, CA with the highest prices at $3.49. Nowhere in the U.S. is gas under $2.00 a gallon. The lowest, according to GasPriceWatch.com, is $2.09 in Monroe City, MO. The USA Today has an interesting collection of what editorials in major newspapers are saying about the high gas prices. Our favorite is this one from the The Daily News in Greenville, Michigan.
The Daily News, Greenville, Mich., in an editorial: "What always has amazed us is how price fluctuations can affect gas already received and in underground tanks. ... Whenever an appliance store receives a new shipment of refrigerators, it doesn't ... increase the prices on all the refrigerators already out on the floor. The same goes for books and many other retail items. It is only once the old are sold that the new, higher price kicks in. Why then is gas so special? That's the $2.499 question."
Posted on August 19, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Car Modders Experimenting to Lower Gas Mileage
The Associated Press reports that Corte Madera, California resident Ron Gremban has modified his Toyota Prius by adding 18 electric bicycle batteries. For a cost of $3,000 and several months of effot his Toyota Prius now gets an ultra-efficient 80 mpg.
So far, DaimlerChrysler AG is the only company that has committed to building its own plug-in hybrids, quietly pledging to make up to 40 vans for U.S. companies. But Toyota Motor Corp. officials who initially frowned on people altering their cars now say they may be able to learn from them.
"They're like the hot rodders of yesterday who did everything to soup up their cars. It was all about horsepower and bling-bling, lots of chrome and accessories," said Cindy Knight, a Toyota spokeswoman. "Maybe the hot rodders of tomorrow are the people who want to get in there and see what they can do about increasing fuel economy."
The extra batteries let Gremban drive for 20 miles with a 50-50 mix of gas and electricity. Even after the car runs out of power from the batteries and switches to the standard hybrid mode, it gets the typical Prius fuel efficiency of around 45 mpg. As long as Gremban doesn't drive too far in a day, he says, he gets 80 mpg.
Car modification is a big trend these days and there are many people like Ron Gremban who are experimenting and trying to get more mileage out of their vehicle. The AP article says that some of these experimental hybrids have gotten as much as 250 mpg. On the other side of the car modification trend are vehicle owners that are souping up their car's stereo and look -- like on MTV's popular Pimp My Ride.
Posted on August 18, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
New Technology Eliminates Blind Spots
JapaneseCarFan.com reports that Nissan is working on a technology combining cameras and software that eliminates blind spots from vehicles.
The rear view system now available on nearly every model in the Nissan range eliminates the worst blind spot during reversing i.e. what's beneath your rear window. But there's a second blind spot along both sides of the car. To eliminate this, side mounted cameras need to be fitted as they have been to the Presage model on sale in Japan since June 2003. Now Nissan is testing front mounted cameras. Even more amazing is that the driver sees an image on the dashboard mounted monitor as if he or she were looking down onto the car. It also shows up everything around it.
Cameras mounted at the front and rear and on both sides take pictures of the surrounding road surface, which are synthesized by an image processing technique into one view that is shown on a central display. The system is especially helpful when parking, enabling the driver to steer easily and precisely into a parking space. It also eliminates any fear of running over the neighbour's prized belongings or posts or animals or anything else for that matter.
The trend in cars seems to be to turn the driver's area and the dashboard into more of a cockpit where the driver can visualize everything that is going on without looking outside. But problems may occur if the new tools, like GPS mapping, XML radio and blindspot eliminators, are so distracting that they cause the driver to take their eye of the road itself.
Posted on August 17, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Lions Pursue Smart Cars
Smart Cars are small enough that they confuse some lions into thinking they might be. A BBC news story says there have been reports of lions chasing after the vehicles in Knowsley Safari Park in Merseyside, England.
Mr Ross said: "The lions will take an interest in peculiarities on cars and we always keep a close eye on the cars coming in.
"With Smart cars and sometimes Mini Coopers the lions definitely raise an eyebrow. It sparks their interest because of their size.
"We had an incident of two ladies in a car being chased by lionesses.
"It must have been quite frightening for them, but we always have staff in a vehicle by the lion enclosure to deal with any problems."
In earlier post we mentioned that a company called Zap plans to sell at least 15,000 of the tiny Smart Cars here in the U.S.
Posted on August 16, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Gas Prices Continue to Climb
Gas prices have now reached a nationwide average of $2.55 according to the Energy Department and $2.48 according to the Fuel Guage Report. An MSNBC.com article reports that nearly 2/3 of people responding to a recent AP-AOL poll said that the high gas prices would hurt them financially.
Commuters are especially hurt by the rising gas prices. Economist Stephen P. Brown told the AP he thinks people will start looking at alternative cars at a nationwide average of $3.
None of this detracts from the fact that many Americans, particularly those with fixed or low incomes, are feeling the pinch. But there are often few significant, affordable changes that can be made overnight, economists said.
"If somebody lives 20 miles from where they work and they have an SUV, they can't do very much about that in the short run," said Stephen P. Brown, an economist at the Federal Reserve Bank in Dallas. The savings from switching to a hybrid-electric vehicle would be negligible when the cost of the new car is factored in, he said.
Posted on August 15, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Used Car Lots Fill Up
USA Today reports that used car lots are filling up thanks to the "employee pricing" discount offers which are boosting auto sales. Paul Taylor, chief economist for the National Automobile Dealers Association. told USA Today that used car prices could fall as much as 5% as dealers try to clear out overflowing lots.
Automakers see the possibility that used car sales could cut into new car sales, but are hoping the effect is minimized by a strong overall market for both. "It will wash itself out," predicts Paul Ballew, GM's director of global market and industry analysis, about the used car glut. On the flip side, buyers may get less for their trade-ins.
Buyers will see more recent-model used cars. The frenzied atmosphere of the employee-pricing deals has led more people to trade in even newer cars than usual, says Jack Nerad, editorial director for Kelley Blue Book.
Plus, dealers' new car inventories are depleted of the most popular models. "We're going to have big used car sales this month. We have to. We don't have anything else to sell," says Jack Fitzgerald, who owns dealerships in Maryland, Pennsylvania and Florida.
Posted on August 11, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Record High Gas Prices to Continue
Drivers continue to get bad news about gas prices. Not only did gas hit a record $2.37 for regular unleaded on Monday but another 21-cent spike is expected to hit with the next few weeks. And USA Today reports that gas prices are expected to remain above at a nationwide average price of at least $2.10 through all of 2006.
Over the next few weeks, the EIA said a recent 21-cent rise in gasoline spot prices will be passed on to consumers at the retail level.
So far, only about 8 cents of that increase has made it into the pump price, the agency said.
"It takes about 2 weeks for changes in the spot price of gasoline to begin to show up at the pump and it is mostly passed through after 4 weeks," the EIA said. "This implies more price increases lie ahead for the next few weeks."
The agency said that after the Labor Day holiday in early September gasoline prices often decline as fuel demand drops when people go back to school and work.
However, the EIA warned that with a government forecast of an active hurricane season this year, gasoline prices "could continue to surge" beyond Labor Day if a major storm disrupts supplies in the Gulf of Mexico or more oil refinery outages occur.
For current gas price information try the AAA's Fuel Gauge Report. More resources can also be found on our gas price page.
Posted on August 10, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
New PowerFlare Light Could Replace Flares
A new type of safety light improves on the old-fashioned flare technology. The device is a battery powered LED safety light called the PowerFlare.
Invented by a police officer, the PowerFlare safety light is your best friend in the dark. Whether you're using it on the road instead of old-fashioned flares or taking it with you on a hike, this innovative new product is for you. PowerFlare safety lights feature the latest in LED light technology, emitting light in all directions (can be seen for miles at night). Each PowerFlare unit is about the size of a hockey puck yet is strong enough to withstand being run over by trucks at highway speeds.
The PowerFlare comes in a rechargeable version and a version that runs on a CR123 lithium battery. Boing Boing says the LED battery-powered flares can be programmed to blink SOS.
Posted on August 8, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Solar Powered Vehicles
After reporting on the solar powered ice cream truck Tree Hugger followed up by reporting on a website called Eco-Car that discusses bikes, buses, mopeds and vans powered by electricity. The website is in Spanish but Tree Hugger has a few details about the vehicles including that they are rechargable with solar power:
These modes of transport are almost silent therefore reducing noise pollution as well as exhaust pollution. The price per kilometre is 6 times less than that of petrol or diesel. When you are standing at traffic lights these vehicles don?t consume any energy, so no need to argue about whether its more or less efficient to turn the engine off and on at traffic lights. And did I mention that they can be recharged by solar power? Oh yes, yes I did! To be honest these little get-abouts aren?t really designed for the open road, but they do make it up to 50 Km per hour which is perfectly respectable for getting around town. Eco-car are based in Barcelona and are part of the Elektron Group.
Posted on August 6, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Toyota Thinks Hybrids are the Future
Toyota plans to make hybrid vehicles 25% of its business by 2010 according to a new MSNBC.com article. Toyota's North American president Jim Press said Toyota wants to sell 1 million hybrids worldwide and 600,000 hybrids in the U.S by early next decade.
That would require a significant increase in U.S. hybrid sales. A total of 83,153 hybrids were sold in the United States last year, according to R.L. Polk & Co., a Southfield, Mich. -- based firm that collects and interprets automotive data. The Toyota Prius hybrid dominated that market, with 53,761 new Prius cars registered.
Press said Toyota will meet its goal by aggressively introducing new hybrid versions of its lineup. The company launched two hybrid sport utility vehicles this year -- the Lexus RX 400h hybrid in April and the Toyota Highlander hybrid in June -- and will introduce hybrid versions of the Lexus GS sedan and the Toyota Camry next year.
In addition, Press said Toyota has 10 hybrids under development.
That's a lot of hybrids but with oil prices staying high as we near the end of summer it sounds like a logical plan.
Posted on August 4, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
Porsche Will Build Panamera Line
Porsche has announced it will build a fourth line of Porsche automobiles called the Panamera. The Panamera will be a premium-class sports coupe with four seats, four doors, and a choice of front-mounted engines driving the rear wheels. The Panamera will follow the other Porsche's lines which include the 911, the Boxster and the Cayenne. Production of the Panamera is to be in Leipzig, where Porsche already builds the Cayenne SUV and the Carrera GT.
"The Panamera is a perfect fit for Porsche," said Dr. Wendelin Wiedeking, the President and CEO of Porsche AG. "It has all the typical DNA characteristic of a genuine sports car. In terms of performance, design, and driving dynamics, it meets Porsche's high standards in every respect. Through this sports coupe we are making our customers a highly attractive offer in the top performance segment."
Automobile magazine has a sneak preview of the Panamera.
Posted on August 2, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
May, 2105 Car and Driver
The Magazine Publishers of America is running an interesting feature that includes this futuristic Car and Driver cover. Here is what's featured on the May, 2105 Car and Driver of the future.
A new see-through Cadillac SUV
The Rinspeed Senso -- 2400 hp and 410 mph on natural gas
The Honda Accordian 12 seater
Dale Earnhardt IV wins the Nascar F1 title
BMW iThink's telepathic control system
Today's Car and Driver magazine can be found here.
Posted on August 1, 2005
Permalink | Blogs linking to this post: Bloglines | BlogPulse | Technorati
| |
|
|