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At $3.67, US Regular gasoline prices are their highest since March 2013 having risen over 12% (40c) in the last 2 months. This must be great news, right? It must mean world demand is picking up and driving up prices of crude oil as global trade soars (amid a collapsing Baltic Dry and decelerating Chinese growth). This can't be related to "war premia" right? - as we noted here - because stocks (which always know best) have discounted all this tomfoolery. However, as the following chart shows, each time gas prices have surged up toards the Maginot Line of $3.80,...

California is preparing for an oil boom — brought in on rail cars. There are no pipelines that bring crude oil into California. For decades, the fuel that powers the state’s 32 million vehicles has come from tanker ships or in-state production. But government regulators predict a surge in U.S. oil production will means a steep increase in the number of trains carrying it to California refineries. The Ventura County Star reported Sunday that the increase in rail traffic will happen quickly, jumping from 9,000 carloads in 2011 to more than 200,000 carloads by 2016, according to California Energy Commission...

>Gasoline prices have risen steadily in the past six weeks through March 18. There was an uptick in gas prices in 37 of the past 38 days, and gas is now more expensive than at any point in the past six months. In a number of states, the price of gas is now more than $3.75 per gallon, versus $3.52 nationwide, with gas prices in several other states not far behind. In Hawaii, the price of gas is $4.17 per gallon. Here, as in a number of states, the high price of gas reflects the difficulties involved in transporting oil...

Lots of things that should have happened in 2013 did not. We were supposed to have long ago reached "peak oil" and an age of always-higher gas prices. Wind and solar power -- and a reduced lifestyle -- were our dismal future. But someone or something did not cooperate with gloomy government predictions. After all the failed subsidized green companies, the postponement of the Keystone Pipeline, the radical restrictions of new gas and oil leasing on federal lands, and the promises for radical climate-change legislation curtailing carbon energy use, the United States nevertheless seems awash in old energy. Gas prices...

Warren Buffett’s company has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses. Houston-based Phillips 66 said Monday that Berkshire Hathaway will give up about 19 million of its 27.2 million Phillips 66 shares to acquire a business that makes additives that help crude oil flow through pipelines. …

At the beginning of this year, many Americans opened their paychecks to find that their take-home pay was suddenly less than it had been the previous month. The payroll tax cut had expired, resulting in the average American worker owing an additional $700 in payroll taxes this year compared to last. For a two-parent household, that’s $1,400 less with which to pay the bills, put food on the table, and fill up the gas tank. But it’s far from the only added expense straining family budgets. Oil prices, in particular, have skyrocketed over the past decade, imposing higher direct and...

An eyewitness noted when thirteen railroad tanker cars carrying propane and crude oil across Alberta, Canada exploded after derailing early on October 20th, "the fireball was so big, it shot across both lanes of the Yellowhead (Highway)... there's fire on both sides." Only two Canadian National Railway workers were injured and no deaths have been reported in this latest "pipeline on rails" calamity, but the horrific accident comes just 3 months after a similar oil train disaster in a populated area took 47 lives in Lac-Megantic, Quebec. It is too early to determine the cause of the latest accident, although...

We’re all paying more at the pump. It’s hurting consumers and dangerous for the fragile economy. And, it’s because of a Washington handout to corn farmers and big Wall Street banks – all disguised as a measure to promote renewable energy and clean-burning fuels. The Renewable Fuel Standards (RFS) mandates an ever-increasing floor of ethanol be mixed with gasoline. The bill, which was expanded under President Obama, ensures a baseline level of demand for ethanol, distorting the market and sending the price of corn substantially higher. That’s because gasoline refiners have to purchase ethanol, regardless of the price. So, corn...

Gasoline prices are at their lowest level since early July and are expected to fall further, according to an analysis from GasBuddy.com. The national average for a gallon of regular is $3.47, down 34 cents from a year ago, according to AAA. The average price for a gallon of regular in Houston is $3.23, down 37 cents from a year ago, according to AAA data. Because refineries are running at high rates and consumer demand likely will be down from last year, prices will continue a gradual decline, GasBuddy.com Chief Oil Analyst Tom Kloza said in an email. Several refuelling...

In a New York Times interview published Saturday, President Obama came out foursquare against the Keystone XL pipeline, claiming that it would not create jobs. “Republicans have said that this would be a big jobs generator,” Obama said. “There is no evidence that that’s true.” He then blamed Canada for not “doing more” to prevent carbon emissions from oil sands. Obama continued, “I meant what I said; I'm going to evaluate this based on whether or not this is going to significantly contribute to carbon in our atmosphere. And there is no doubt that Canada at the source in those...

At an incredible $9.98 per gallon, Turkey has the most expensive gasoline in the world - almost triple that of the US - closely followed by Norway at $9.97. In fact, as Bloomberg notes, the US can celebrate its good fortune at being only the 51st most expensive country in the world for gasoline. So why is it then that so much is made of a rising gas price in the US? Why do we fear $3.80 when Turkey shows us things could be a lot worse? The simple answer lies in the chart below. The US spends the...

NEW YORK (MainStreet) — The U.S. Department of Energy (DOE) announced last month the launching of the "eGallon" - a tool that will compare the costs of fueling electric vehicles (EVs) to fueling gasoline-powered ones. According to the report, the national average eGallon price is about $1.14. This means that an EV can travel as far on $1.14

Drivers’ views of “too high” gasoline prices appears to be changing after seeing years of steady hikes at the pump. According to a AAA survey, more than half of adults believe gasoline is too costly when it reaches $3.44 per gallon. Those adults are driving, buying and dining out less as a result of the higher prices. “It was not long ago that motorists were shocked to pay more than $3 per gallon for gasoline, but now that is standard at stations nationwide,” said Robert L. Darbelnet, president and CEO of AAA. “Expensive prices have forced many motorists to change...

Owning a car will cost the average American driver more than $9,100 this year, the AAA has revealed. The automotive club unveiled its annual study of driving costs on Tuesday and found that the average sedan owner will rack of $0.61 for every mile on the road. SUV drivers are in for even more pain in the wallet - $0.77 per mile or $11,600 a year. The AAA estimates include nearly all expenses of taking to the road - from the cost of the car itself to gasoline, tires, insurance and repairs. The data estimates that Americans drive 15,000 miles...

NYT March 2011 ($3.57 a gallon): US better prepared for rising gas costs NYT August 2005 ($2.55 a gallon): Economy shows signs of strain from oil prices 'Two oil men' to blame for high gas prices, Pelosi says http://articles.cnn.com/2008-07-17/politics/congress.oil_1_drilling-anwr-pelosi?_s=PM:POLITICS April 24th, 2006, "Democrats Eager to Exploit Anger Over Gas Prices http://www.nytimes.com/learning/teachers/featured_articles/20060424monday.html Blame rising oil prices on Bush Wednesday, June 11, 2008 Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/10/EDPP11775T.DTL#ixzz1p3rq8dZ8 As gas prices and oil profits soar, Bush promotes giveaways to corporations http://www.wsws.org/articles/2008/apr2008/gas-a30.shtml Mr. Bush, Lead or Leave http://www.nytimes.com/2008/06/22/opinion/22friedman.html http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/10/EDPP11775T.DTL

Cost Of Green: The same day the government blamed high fuel prices for February's inflation spike, President Obama unveiled his latest idea: Waste billions more taxpayer dollars on the same failed "green" energy programs. Pump prices have climbed 40 cents a gallon since the start of the year, topping $3.60 a gallon. Obama complains that every time gasoline prices spike, "politicians dust off their three-point plans for $2 gas, but nothing happens and then we go through the same cycle again." But the truth is that Obama's the one who keeps dusting off the same tired old proposals — the...

Energy: In yet another green folly, the lawless Environmental Protection Agency continues to fine gasoline producers for not using cellulosic biofuels in quantities that don't exist, making only more pain at the pump. Last month, a federal court dealt a serious blow to the Environmental Protection Agency's renewable fuels push by ruling that the agency exceeded its authority by mandating refiners use cellulosic biofuels, which aren't commercially available. The EPA's lawless response in a lawless administration was to raise its requirements. In 2005 and 2007, Congress twice amended the Clean Air Act to establish a renewable fuel standard (RFS) that...

Per gallon cost has risen every business day for a month. Consumers are taking another huge hit in 2013. First, the two percent Social Security tax hike began the year. Now, gas prices are soaring ever closer to $4 a gallon and have jumped 51 cents a gallon since Dec. 20. According to the Oil Price Information Service, the national average for a gallon of unleaded was $3.21.9 on Dec. 20, 2012. Today, that price is $3.73.0. While there has been a steady increase, prices shot almost 9 cents just over the weekend. ... It took the media some time...

The persistent drought is taking a toll on producers of ethanol, with corn becoming so scarce that nearly two dozen ethanol plants have been forced to halt production. The Renewable Fuels Association, an ethanol industry trade group, provided data to The Associated Press showing that 20 of the nation’s 211 ethanol plants have ceased production over the past year, including five in January. Most remain open, with workers spending time performing maintenance-type tasks. But ethanol production won’t likely resume until after 2013 corn is harvested in late August or September. Industry experts don’t expect a shortage — millions of barrels...

Full Title: Announced Closure of Hess Corp.'s Port Reading Refinery Not Seen Having Major Impact on Gasoline Markets This Week In Petroleum On January 28, Hess Corp. announced plans to close its Port Reading, New Jersey, refinery by the end of February. Port Reading further processes feedstocks produced by other refineries. Futures prices for reformulated blendstock for oxygenate blending (RBOB) rallied on the news, as markets considered the impact the closure would have on gasoline supply to the Northeast (PADDs 1A and 1B) in the coming months. Given the refinery's location in New York Harbor, an actively traded physical market,...