The Truth About Cars » oil glut http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sat, 02 May 2015 17:49:40 +0000 en-US hourly 1 http://wordpress.org/?v=4.0.1 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » oil glut http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Gas Prices Rising Again Behind Crude Oil Pricing Climb http://www.thetruthaboutcars.com/2015/04/gas-prices-rising-behind-crude-oil-pricing-climb/ http://www.thetruthaboutcars.com/2015/04/gas-prices-rising-behind-crude-oil-pricing-climb/#comments Tue, 21 Apr 2015 19:00:01 +0000 http://www.thetruthaboutcars.com/?p=1050201 After a slight decline during Easter, gas prices are once again climbing back up as crude oil does the same. The national average stands at $2.46 for a gallon of regular, the lowest price since 2009 at around this time, reports The Detroit Bureau. The price is a 7-cent increase over the past week, thanks […]

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Fuel Price Circa Mid-December 2014

After a slight decline during Easter, gas prices are once again climbing back up as crude oil does the same.

The national average stands at $2.46 for a gallon of regular, the lowest price since 2009 at around this time, reports The Detroit Bureau. The price is a 7-cent increase over the past week, thanks to crude oil prices climbing 17 percent since the start of April due to a combination of decreased U.S. output, ongoing refinery issues, and possible new geopolitical issues in the Middle East.

Heading into the summer, speculation points to an oil glut as Cushing, Okla.’s storage hub quickly climbs to capacity, though a recent drop in oil levels reported by commodity intelligence company Genscape has allayed those concerns for now. The aforementioned refinery issues are another factor in pricing with the West Coast remaining on the high end of the scale.

Currently, California holds the highest average at $3.15/gallon while Alabama and Mississippi are neck-and-neck for the lowest average at $2.24 and $2.23 per gallon, respectively.

[Photo credit: Cameron Aubernon/Instagram]

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Gas Will Get Cheap And Plentiful – That Other Gas Causes A Glut http://www.thetruthaboutcars.com/2013/01/gas-will-get-cheap-and-plentiful-that-other-gas-causes-a-glut/ http://www.thetruthaboutcars.com/2013/01/gas-will-get-cheap-and-plentiful-that-other-gas-causes-a-glut/#comments Thu, 24 Jan 2013 19:28:05 +0000 http://www.thetruthaboutcars.com/?p=475093 Reuters has a highly interesting oil and gasoline story. If you are one of the “peak oil” types , you may not want to hear it. As a matter of fact, it could shake your belief system so much that you scream “BIASSSSSSSS.” As a service to all our readers, we give you a chance […]

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Reuters has a highly interesting oil and gasoline story. If you are one of the “peak oil” types
, you may not want to hear it. As a matter of fact, it could shake your belief system so much that you scream “BIASSSSSSSS.” As a service to all our readers, we give you a chance to stop before it gets ugly.

So much money is made to convert crude oil in to motor fuels, that power and industry can’t afford it, making power and industry switch to other fuels, mostly gas. Motor fuels however is a low growth industry. What’s more, it could also easily switch to natural gas. The effect is an oil glut.

  • BP predicts a worldwide oil demand growth of just 0.8 percent a year up to 2030 – slower than for any other energy type and only half the projected total energy demand growth rate over the same period.
  • Transport is slow growing as cars are getting more efficient. BP’s Outlook 2030 study shows the fuel economy of new cars in the United States and China falling well below 5 liters per 100 kilometer by 2030 from between 7 and 8 now.
  • In OECD countries, transport fuel demand is set to actually fall as weak economies, a shift to smaller cars, and a move onto public transport in congested urban areas take a further toll.
  • Worldwide, gas, biofuels and other alternatives are expected to steal almost a third of what growth there might be.

Gas is already approaching a similar overall market share to oil in the world’s energy mix. Liquefied natural gas (LNG) already is a viable transport fuel, and oil executives are starting to see a point at which familiarity and availability could tip the balance away from diesel and gasoline.  Big oil players are already heavily invested in LNG.

LNG is expected to replace diesel in trucks and buses, ships, even airplanes first, before it makes a difference in private cars some decades away.

LNG-powered ships are already a reality. The first commercial gas-powered civil aircraft flight left Doha for London on Jan. 9 this year, fueled by jet fuel made from gas.

 

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