The dramatic drop of oil and gasoline prices in recent months is worrying residents of Anchorage, Alaska, who wonder whether the city’s push to diversity in recent years will be enough to cushion it from the shock of another oil bust, The New York Times reports.
DETROIT (AP) — If it weren't for the recalls, 2014 would have been a stellar year for General Motors.
Even with $2.8 billion in pretax costs to fix more than 42 million recalled vehicles worldwide and $400 million set aside for death and injury claims, GM still managed to turn a $2.8 billion profit. It plans to raise the quarterly dividend.
DETROIT (AP) — With low interest rates and cheaper gasoline to motivate them, and no polar vortex to keep them home, consumers went car-shopping in a big way in January.
New vehicle sales rose 14 percent to 1.15 million, according to Autodata Corp. It was the best January in nine years. Car buyers found a few deals, but they were also attracted to popular new vehicles such as the Ford F-150 and Jeep Cherokee.
PORT-AU-PRINCE, Haiti (AP) — Bus drivers in Haiti began a two-day strike Monday over the cost of fuel and many people were unable to get to work and school across the country.
Unions representing drivers said the government's cuts to the regulated cost of diesel and gasoline did not go far enough, given the drop in global oil prices. The government recently lowered the price of gasoline by about 25 cents to $4.50 a gallon and diesel by about 20 cents to $3.55.
Stung by lower oil and gasoline prices and raking in less from asset sales, Hess Corp. lost $8 million in the fourth quarter, compared to a profit of more than $1.9 billion in the period a year earlier, The Wall Street Journal reports.
NEW YORK (AP) — For small business owners who deliver goods and services via car, truck or SUV, lower gas prices have brought more customers within reach and put more money in their pockets.
As gas prices fell below $3 a gallon, Kristen Harris went back to delivering her desserts to Chicago-area neighborhoods she had abandoned. Harris was able to cut her delivery charge from 70 cents a mile to 60 cents, and win back customers who had balked at the higher fee.
Average gasoline prices across the country rose a fraction of a cent on Tuesday, the first time in more than four months that’s happened, according to the AAA, which added, however, that it doesn’t expect the development of any significant trend for higher costs at the pump, The New York Times reports.
Increased fuel efficiency standards, a major component of President Obama’s plan to fight climate change that he touted in last week's State of the Union address, could be threatened by continued low gasoline prices that encourage consumers to return to buying gas guzzling vehicles, National Journal reports.
Plants would no longer be exempt from air pollution regulations when they’re starting up, shutting down or malfunctioning, under a new regulation from the Environmental Protection Agency, The Hill reports.
A series of major energy and environmental regulations will be published by federal agencies between June and August, including the Environmental Protection Agency’s rules limiting power plant carbon emissions, the Interior Department’s rule protecting streams from mountaintop removal coal mining, and the Obama administration strategy for cutting methane emissions, The Hill reports.
A group of senators - 17 Democrats and Independent Bernie Sanders - has written to Interior Secretary Sally Jewell, asking her to stop Royal Dutch Shell or anyone else from drilling in the Arctic, Reuters reports.
The reaction in Washington to this week’s oil spill off the coast of Santa Barbara has been muted, National Journal reports, despite wishes expressed by environmentalists that the incident generate backing for policies moving the country away from fossil fuels.
A website set up by Sens. James Lankford, R-Okla., and Heidi Heitkamp, D-N.D., to collect grievances about federal regulation and bureaucracy has received complaints about a wide variety of the Environmental Protection Agency’s pending regulations, E&E reports.
Mississippi electric power cooperatives are backing away from a deal in which they would take 15 percent ownership of the Kemper County coal plant that will use carbon capture technology, because they said the power it generates would end up being too expensive, E&E reports.
A stronger dollar combined with the drop of only 1 oil rig in Baker Hughes’ weekly count sent crude prices sliding Friday. Benchmark West Texas Intermediate crude lost 1.6 percent, or $1, to settle at $59.72 a barrel on the Nymex, while in London, Brent was $1.17 , or 1.8 percent, lower, at $65.37, The Wall Street Journal reports.
Standard & Poor’s thinks oil companies that have managed to survive the slide in crude prices by borrowing more money may start running into trouble in the coming months, particularly if the price stays in the $50 range, FuelFix reports.
A new analysis concludes that wells in Mountrail and McKenzie counties in North Dakota’s Bakken Shale are productive enough to remain profitable even with oil prices around $60 a barrel, FuelFix reports.
With oil prices dramatically lower than a year ago, AAA predicts that more than 37 million people will travel more than 50 miles over the Memorial Day weekend - the most since 2005, The New York Times reports.