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Posts Tagged ‘gasoline prices’

Gas prices surge toward $4, threaten economic recovery

April 16, 2011 3 comments

lakelandtimes

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Gas prices continued to gallop toward $4 a gallon early this week, both in the area and across the state, as prices in Minocqua and Rhinelander hit $3.99 on Tuesday, even as prices for crude oil eased, at least temporarily.

Across the nation, according to GasBuddy.com on Wednesday morning, the national average price for a gallon of regular gasoline stood at $3.79; in Wisconsin, the average was $3.87. Four states, including Illinois, have seen prices already surpass $4.

Crude oil prices moved downward Tuesday from $113 a barrel – the highest price since September 2008 – to $106, a Read more…

High Gas Prices May Turn Suburbs Into Slums

March 28, 2011 Comments off

discovery.com

suburban sprawl

Americans rarely think much about zoning, but it governs almost every facet of how we live our lives. And unintended consequences of 50-year-old zoning codes may be about to turn some of our loveliest and quietest suburbs into the next slums.

Why? Simply because they’ve been built too far away from everything else, and we won’t be able to afford the gasoline it takes to go to and fro.

Suburbs: slums of the future?

At least, that’s the provocative conclusion of Peter Newman, one of the authors of a study released by the Planning Institute of Australia late last year.

The study looks at the future of suburban Australia, which has evolved in patterns very much like suburban America: sprawling, low-density, auto-dependent residential enclaves miles away from commercial areas and office parks.

“Urban sprawl is finished,” Newman told The Age. “If we continue to roll out new land releases and suburbs that are car-dependent, they will become the slums of the future.”

Following World War II, with the rise of affordable automobiles, cheap fuel and an increasingly Read more…

Will $200 oil kill the economy?

March 2, 2011 Comments off

money.msn.com

Unrest in key oil-producing nations opens the door to price spikes that could push gas to $7 a gallon and spin the world back into recession. Here’s how we’d get there, and how to protect your portfolio.

Image: Oil drums © Kevin Phillips, Digital Vision, age fotostock


Are your pocketbook and portfolio ready for $200-a-barrel oil?

This kind of dramatic price spike may seem less likely now than a few days ago, with oil markets calming down a bit and the price slipping below $100. But given the instability and unrest rolling through the Middle East and North Africa, it’s a definitely a viable scenario.

For the moment, most oil sector analysts have gone off high alert because of a Saudi Arabian pledge to increase production to make up for any shortfalls sparked by unrest. But that ignores a key angle in all this: There’s simply not enough spare capacity to make up for the production losses we’d see if the rolling crises in the region hit just two or three major producers at once.

This could easily happen, given the heightened Read more…

If Libyan unrest spreads, gas could reach $5

February 22, 2011 Comments off

Gary Strauss on Feb. 21, 2011 USA Today News

If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.

Benchmark crude oil prices soared Monday, rising about 6% to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway’s Statoil to pull oil workers from the besieged country.

“If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” says Darin Newsom, senior analyst at Read more…

Oil Prices: Egypt’s Crisis Could Hurt Europe First

February 1, 2011 Comments off

CHARLES WALLACE

Some crude oil prices brushed $100 a barrel Monday as fears escalated that the violence in Egypt would spread to other parts of the oil-producing Middle East. But so far, no reports have surfaced that the disturbances in Egypt have disrupted oil deliveries.

Brent crude oil surged to $99.97 a barrel on London’s ICE futures exchange, up about 5% since the beginning of last week, when violence spread from Tunisia to Egypt. In U.S. trading, West Texas Intermediate shot up 1.7% on Monday, but was still about $10 a barrel cheaper than Brent crude, its European counterpart.

Julius Walker, a senior analyst at the International Energy Agency in Paris, says the organization has received no reports that oil shipments were being delayed, but the website of the agency that runs the Suez Canal has been shut down by the ban on Internet use in Egypt, so a precise reading isn’t available.

“Nothing has been affected. It’s just the worry of it,” Walker says.

A Chokepoint for Europe-Bound Oil

Egypt is a small oil producer, and its output is almost exactly equal to Read more…