gasoline prices

Oil

As cheap gasoline shifts car buyers' habits, automakers power on

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.

Oil

Survey: US gas prices fall 27 cents per gallon

CAMARILLO, Calif. (AP) — The average price of regular gasoline nationwide has dropped 27 cents a gallon in the past three weeks, to $2.20.

Industry analyst Trilby Lundberg says it's the lowest in more than five years and more drops are possible, although probably not as steep.

Oil

Is Keystone still necessary as oil, gasoline prices dip?

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.

California lawmakers ask for vigilance on gasoline prices

Source: 
Los Angeles Times

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.

States, U.S. senators eye gasoline tax hikes

Source: 
The Wall Street Journal

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.

Durbin favors 'thoughtful' hike in gasoline tax

Source: 
Politico

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.

Obama: 'America's resurgence is real'

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.

Oil

Pump price drop making fuel efficiency less appealing

Source: 
International Business Times

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.

Pump price drop hides impact of California’s cap and trade expansion

Source: 
E&E

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.

Associated Press
Oil

Analysis: Keystone rises as job fears remain

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.

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