Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.
A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.
Break out the champagne and 7-liter engines. Have one on us, alright?
The Wall Street Journal and Reuters are reporting that despite a mild increase in crude, oil is hovering around $40 a barrel and it’s expected to further dip in coming months to a six-year low on a global glut of oil.
The national average for a gallon of gas could drop to as low as $2, Green Car Reports says, which would be the cheapest its been since January, and could approach historical lows from 2008.
Last time we checked in on the reportedly fussy Corvette Z06 engine, it was leaking vital fluids after Fox News reporter Gary Gastelu took it to the track.
Now it appears that Chevrolet has a fix for at least one of the Z06’s reported engine problems: change the oil, stat.
According to a General Motors spokesman, the catastrophic engine failures all seem to have three things in common: early production builds, oil contamination and low miles (under 2,000).
(Maybe that explains the one that bought the farm at 891 miles.)
To change or not to change? (photo courtesy: www.noria.com)
Sajeev, first let me thank you for your interesting article on Mazda rust last year. Ultimately I bought the Accord, which to me seemed to have the superior (and quite lovely) stick shift, even though the Mazda is reputed superior in that department.
I decided for kicks and giggles to get my oil tested by Blackstone, and I thought this might be a potential article for Piston Slap (not my adventure, but the practice of having it done).
Engines burn oil, but how much oil burn is normal is at the heart of a Consumer Reports study that examined nearly 500,000 new cars for how much oil they have to replace in their new car’s engine.
It’s a dirty, dirty business.
In addition to the go-anywhere Toyota HiLux, it looks like Australia will get a Fortuner reprise.
Here’s what happened overnight.
Chrysler has built a lot of cars atop the K platform. BangShift has put together a handy guide to figure them all out.
As trucks ride a heat wave of interest from consumers, I look at this Grand Cherokee render and think, “That’ll do.”
Last night, it became official: Alberta, the largest producer of oil in Canada, ended the 40 year reign of the Progressive Conservatives in favor of the New Democratic Party (NDP), a democratic socialist party.
This could mean big changes in the energy sector, from oil patch to gas pump.
Despite a collapse in oil prices of 50 percent since summer’s end, Saudi Arabia, whose vast production capacity has enabled that country to modulate world oil prices by adjusting its output, “effectively resigned from that role,” Daniel Yergin wrote in this past Sunday’s New York Times Week in Review. “…OPEC handed over all responsibility for oil prices to the market, which the Saudi oil minister, Ali Al-Naimi, predicted would ‘stabilize itself eventually.’”