Even given the recent drop in oil prices, lifting the ban on U.S. crude exports would still give a boost to domestic producers trying to compete in other markets around the world, according to an analysis by Columbia’s Center on Global Energy Policy and The Rhodium Group, FuelFix reports.
WASHINGTON (AP) — U.S. consumer prices fell in December by the largest amount in six years, reflecting another big monthly decline in gasoline prices and providing further evidence of falling inflation pressures.
The Labor Department said Friday that its consumer price index dropped 0.4 percent last month, the biggest one-month drop since December 2008. It was also the second straight monthly decline in prices with both months reflecting big decreases in gas prices, which have been tumbling in recent months because of the global plunge in oil prices.
WASHINGTON (AP) — The new Republican-controlled Congress is facing an old problem: where to find the money for highway and transit programs.
With gasoline prices at their lowest in years when the new Congress convened, there had been talk that it might be time to raise federal gas and diesel taxes, which haven't budged in more than 20 years.
DETROIT (AP) — The head of electric car maker Tesla Motors says the company should turn a profit in five years after it brings a lower-cost car to market.
CEO Elon Musk, speaking Tuesday at an automotive conference, said Tesla needs to show a profit, and will when it's selling 500,000 cars per year. He predicted that sales milestone will be reached in 2020, when its lower-cost car — the Model 3 — is in full production.
The auto industry – seeing consumer interest in less efficient vehicles skyrocket as pump prices fall – will make a concerted effort to seek relief from fuel economy standards when regulators review them in 2017, executives told The Wall Street Journal at the Detroit auto show.
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.
Under pressure from Democrats, Republican and the White House to step down, Rafael Moure-Eraso has resigned as chairman of the U.S. Chemical Safety Board, although the CSB said he would remain a member until mid-April, National Journal reports.
A budget amendment from Sen. John Barrasso, R-Wyo., which some say is a referendum on opposition to the Environmental Protection Agency’s proposed Waters of the U.S. rule, was approved on a 59-40 vote, E&E reports.
Oil has started to give back some of its recent gains as fears that the Yemen conflict would affect the supply in the region have receded. U.S. benchmark crude was $1.05 lower to $50.38 a barrel in electronic trading on the Nymex, while in London Brent also fell $1.05 to $58.14, Reuters reports.
Brazil’s troubled state-run oil company has picked development bank chief Luciano Coutinho as chairman, disappointing some who had wanted to see an outsider in the post, The Wall Street Journal reports.