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WTI crude fell below the earlier lows near $48.50 and down to $48.23 as reports reveal that once the deal is completed (presumably on June 30) all oil and banking sanctions against Iran will be lifted.

Average fuel consumption by American drivers is at its lowest level in at least 30 years, says a University of Michigan researcher... "Despite population growth of 8 percent, the absolute amount of fuel consumed by light-duty vehicles decreased by 11 percent during the period 2004—the year of maximum consumption—through 2013," said Sivak, a research professor at UMTRI and director of the Sustainable Worldwide Transportation research consortium... Sivak said that although economic factors likely contributed to declining rates of vehicle ownership and distance driven, other societal changes such as increased telecommuting, use of public transportation and urbanization of the population, along...

Brian Smith wrote: Since Ransom was kind enough to respond to me I will respond to him. The support that Obama has given for rebels Libya, Egypt, and Iran was necessary and wise because the conclusion is inevitable (the dictators are falling) and the sad fact is we (The United States and our policies) are largely resposible for putting them there. As far as Iraq as concerned we were also responsible for propping up Saddam Hussien. As the Russians learned in Afghanistan a military victory in the region is meaningless. - Kerry, Obama Seek Regime Change for Syria, Egypt...But Not...

Talk about the Norfolk terrier tail wagging the Great Dane. If they are to have any hope of winning their party’s nomination, Republican presidential hopefuls better support ethanol mandates, Hawkeye State politicos told potential candidates at the recent Iowa Agricultural Summit in Des Moines. “Don’t mess with the RFS,” Republican Governor Terry Branstad warned, referring to Renewable Fuel Standards that require refiners to blend increasing amounts of ethanol into gasoline. “It is the Holy Grail, and I will defend it,” said Rep. Steve King, another Iowa Republican. It is vital for reducing carbon dioxide emissions and preventing dangerous climate change...

Saudi Arabia and OPEC may have dropped oil prices to stifle production in the U.S. and other competing nations, but they didn’t drop it enough to stifle the U.S. oil and gas boom from fracking, a senior expert with McKinsey and Company said in Chicago. “If the Saudis think they’re going to put U.S. shale players out of business, they’re probably not, although there will be less drilling,” Joe Quoyeser told about 125 people, mostly graduate students, at Northwestern University’s Kellogg Energy Conference on Wednesday. ”But there are other elements of oil supply that are needed to balance the market...

In less than a decade, the one-time feeble U.S. energy sector has accomplished a record-breaking 180-degree turnaround thanks to advancements in new technologies. In fact, at the current rate, the nation is likely to hit production marks not seen since the 1970s. As such, we now live in a more energy self-sufficient nation, one that is inching closer every day to energy independence. While we utilize roughly 25 percent of the world’s oil on a daily basis, about 40 percent of the petroleum we consume is imported, down from 60 percent not too long ago. Consumer Energy Alliance (CEA) has...

"We're as free of foreign oil as we've been in 30 years," Obama said. "We've doubled the amount of clean energy that we're producing. A lot of families are saving a lot of money at the gas pump, which is putting some smiles on folks' faces." "You're welcome," Obama said to tepid applause.

When gasoline sold at record prices, Sen. Bernie Sanders, I-Vt., said, "I think it's time to say to these people, 'Stop ripping off the American people.'" When the average price of regular gas was close to $4 a gallon, Sen. Chuck Schumer, D-N.Y., called for Congress to look into breaking up giant oil companies. The claim was that "Wall Street greed (was) fueling high gas prices." Today in some places, gasoline is selling for less than $2 a gallon, less than half of its peak price in 2008. The idiotic explanation that attributed high oil prices to greed might now...

The world price of crude oil, which has been around 100 dollars a barrel for the past 6 years, has suddenly collapsed and is now tending below 50 dollars. Many are trying to understand this rapid decrease and have proposed various explanations. Of course, the ready explanation is simply in terms of supply and demand; but this just begs the question. The supply of oil has increased sharply in recent months – mainly because of the prolific production of shale oil in the United States, thanks to the technologies of fracking and horizontal drilling. In fact, the US is now...

Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead. Speaking to analysts about the layoffs, he said, “This is...

While few Americans were fortunate enough to see a holiday bonus this year, there is one gift that American motorists have been enjoying of late; lower gas prices. Currently sitting at more than a dollar below the average price last year, U.S. drivers are projected to save somewhere between $380 and $750 dollars during 2015 if the prices hold. While wages have remained stubbornly flat for most workers, gas prices have provided a rare glimmer of hope for American workers, who have been struggling with an anemic job market, labor participation rates not seen since the 1970s, and median family...

We have witnessed the price implosion of oil, and the subsequent decline in gasoline prices. Is this the beginning of a trend, and what industry will admit and be subject to an inability to control its pricing structure? Cable television? The cost of cable television is a broken promise. Originally, for those old enough to remember, the promise of cable television was that though it may involve a charge, something new for television, there would be no commercials. Anyone remember? Now, the cable providers have it both ways. There are commercials, and infomercials, on which they receive money from not...

The cheapest gas in the country costs less than a bottle of soda or cup of coffee. A gas station in Tomball, Texas -- Stripes -- is selling a gallon of regular unleaded gas for $1.42 this morning. The price is 62 cents below the national average of $2.14 a gallon, which is among the country’s lowest levels for gas prices in five years. Stations in 45 states are selling gas for under $2 a gallon, according to Gasbuddy.com.

Gas prices are the lowest they've been in five years — a welcome relief for many drivers. But now that fuel prices are falling, some lawmakers are talking in a serious way about raising the gas tax — Republican lawmakers. The debate is at an early stage, and it’s fair to say House conservatives will hate the idea. But a few powerful GOP senators are signaling they're open to the idea. Even House Speaker John Boehner, who personally opposes raising the gas tax, hasn't ruled it out. “Some Republicans in the Senate are speaking up,” says Todd Zwillich, The Takeaway's...

(WASHINGTON, December 29, 2014) Average gas prices in two states – Missouri ($1.93) and Oklahoma ($1.98) – have dropped below $2.00 per gallon for the first time since 2009. The national average has fallen 95 days in a row for a total of $1.06, and prices have plummeted $1.38 (nearly 40 percent) since the start of June. The national average price for regular unleaded gasoline is $2.29 per gallon, and motorists are saving 11 cents per gallon compared to one week ago, 49 cents compared to one month ago and $1.02 per gallon compared to this same date last year....

Gasoline prices are on the verge of crashing down to below $2 a gallon. The price of oil may dip below $50 a barrel. Even with renewed demand from a global economic resurgence, energy prices continue to fall. The U.S. has suddenly become the world's largest combined producer of oil and natural gas. That fact -- along with a desire to weaken hostile Iran and Russia -- has prompted the oil-rich Gulf sheikdoms to keep pumping oil even as the price falls. In their game of petro-chicken, the desperate sheiks hope that either their poorer enemies will run out of...

... While the U.S. does not export crude oil, its increased production has curbed imports, resulting in excess supply. Although the fracking boom has helped to increase supply and steal market share from the Middle East, it is the Saudi response to the increased production from North American shale that has sent the price of oil tumbling. In September 2014, in the face of falling oil prices, Saudi Arabia chose to increase oil production by half a percent. Days later on Oct. 1, they discounted oil exports to leading Asian customers. These actions set off a rapid decline in international...

There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months. Well, now it is happening again, but this time the stakes are even higher. When the price of oil falls dramatically, that is a sign that economic activity is slowing down. It can also have a tremendously destabilizing affect on financial...

Cratering crude-oil prices may be a blessing to cash-strapped American consumers, but it’s a double-edged sword when it comes to the overall economy. The problem for the overall economy is not so much the drop in oil prices as it is the velocity at which oil prices have fallen. The plunge from a peak of just over $100 per barrel in the early summer to today’s $58 — a massive 42 percent drop in just a few short months, most of which has come in the last 90 days — could make anyone’s head spin. The rapid fall in crude...

Just two weeks ago a sole gas station in Oklahoma swept headlines for dropping gas prices below $2 a gallon. Today, 13 states have joined that list and the trend is expanding. Gas for less than $1.90 a gallon can be found in at least one station in Oklahoma, Louisiana and Ohio, according to CNN. CNN cites ten additional states– Alabama, Arizona, Colorado, Indiana, Mississippi, Missouri, Nebraska, New Mexico, Texas and Virginia– that now have gas below $2 a gallon. “What we’re seeing is markets at work,” Heritage Foundation economist Nick Loris said. “Significant increases in supply and a relatively...