DETROIT (AP) — Inside the auto show here, automakers are showing off electric and other vehicles designed to cut our dependence on fossil fuels. Outside, car buyers are paying the lowest prices in years for carbon-based fuels.
That dichotomy has the industry scrambling to sell alternative vehicles and buyers making choices that seemed impractical just a short time ago.
WASHINGTON (AP) — A 50-percent plunge in the price of crude oil, resulting from abundant global oil supplies and cheaper gasoline at the pump, raise critical questions about whether the Keystone XL oil pipeline is still needed or even makes financial sense.
Oil prices always have been volatile, and both the pipeline company and the oil refiners and producers that would use the pipeline expect prices to rise and plunge throughout the project's life.
A majority of state Senators in California have signed a letter asking the attorney general’s office to guard against possible gasoline price manipulation by the oil industry in any attempt to undermine the cap-and-trade program, the Los Angeles Times reports.
Poised to take advantage of a dramatic drop in gasoline prices, Iowa, Michigan and Utah are among states where gas tax increases are under consideration, and there’s some bipartisan support for the idea in the U.S. Senate as well, The Wall Street Journal reports.
The dramatic drop in oil and gasoline prices offers an opportunity to increase federal gasoline taxes, but the step should be taken in a “thoughtful way,” Senate Democratic Whip Dick Durbin told reporters Wednesday, Politico reports.
WAYNE, Mich. (AP) — Declaring an American economic resurgence, President Barack Obama opened a three-state swing Wednesday aimed at claiming credit for recent growth and blunting the momentum of the new Republican congressional leadership.
"We are entering into the new year with new confidence that America is coming back," Obama declared at a Ford plant in Michigan, a state at the center of both the downturn and rejuvenation of the U.S. automobile industry.
The average fuel economy of new vehicles dropped in December for the first time in five years, likely reflecting Americans’ lessening concern in the face of the dramatic decline in gasoline prices, University of Michigan researchers have found, according to the International Business Times.
The dramatic drop in pump prices that has followed the slide in crude is blunting the impact of bringing gasoline and diesel under California’s cap-and-trade umbrella, a move that took effect Jan. 1, E&E reports.
The Keystone XL oil sands line has over the years been loudly touted by advocates as much as an energy security project, one that would help the U.S. wean itself off of imports from OPEC, as a jobs creator.
Yet the jobs argument is taking the starring role both for and against approving the $8 billion line, as oil imports fall and Republicans seek credit for addressing public worries about the economy.
Incoming Senate majority leader Sen. Mitch McConnell, R-Ky., said Sunday on CNN that Keystone would be among bills Republicans would pass early in the year, "which would put a lot of people to work almost immediately," he said.
More than 3,000 wells across the country have been drilled but not tapped, as companies like Apache Corp. and EOG Resources Inc. wait for the prices of crude to rise before pulling it out of the ground, Bloomberg reports.
The slide in crude prices was continuing to affect drilling rigs this week, with the U.S. oil rig count falling 64 to 922 and the total oil and gas count standing at 1,192, around 38 percent less than in September, FuelFix reports.
When asked about the views of Sen. Jim Inhofe, R-Okla., Vice President Joe Biden said in an interview for the HBO Series "Vice" that refusing to acknowledge human impact on climate change is a “close to mindless” stance akin to “denying gravity,” The Hill reports.
Sen. Tom Udall, D-N.M., says he’s “fighting” to protect children from “being pumped full of chemicals” as he negotiates new chemical safety legislation with Sen. David Vitter, R-La., but critics question the donations and support he has received from the industry, The New York Times reports.
At a hearing Thursday, State Sen. Isadore Hall told Brian Ablett -- manager of Exxon Mobil's Torrance refinery -- that lawmakers would hold the company “accountable” for last month’s explosion at the facility, which Ablett said was caused by pressure in an emission control device, the Los Angeles Times reports.
Daniel Poneman, who used to hold the number-two position at the Energy Department, will become president and CEO of uranium enrichment company Centrus Energy, formerly the U.S. Enrichment Corp., E&E reports.
Energy companies whose collateral has shrunk as a result of the oil price slide are using different methods to deal with their debt: Some are refinancing with leveraged loans, others are selling bonds or stock or assets, Reuters reports.
Matt Lepore, the head of Colorado’s Oil and Gas Conservation Commission, told a forum this week that he’d like to see some action this year on recommendations from a task force about ways to handle oil and gas drilling, The Daily Sentinel reports.