#GasolinePrices

The Biden administration has decided against purchasing oil for the Strategic Petroleum Reserve after promising to refill the nation’s emergency energy supply after it reached a 40-year low. This news does not bode well as we head into the summer months when fuel prices tend to be higher.

America’s oil reserve is currently authorized to hold more than 720 million barrels of emergency crude oil that can be released under certain conditions. While the exacting thresholds are fairly vague, emergency drawdowns have occurred in the past due to oil supply disruptions stemming from trade embargoes, natural disasters, and warfare. The Biden administration argued that both the COVID-19 pandemic and Russo-Ukrainian War qualified.

Fuel prices have been climbing this year and continue to do so. However, consumer demand can no longer be blamed as we enter into the autumn months when consumption consistently drops. The Energy Information Administration (EIA) estimates that Americans were burning through a million fewer barrels of oil last week than they were the week before.

What isn’t dropping is oil prices and that seems to be making all the difference.

Fueling prices and average economy aren’t exactly the sexiest of automotive topics, but they are the two that will probably influence your life the most directly in the coming year. Expensive gas thrusted countless Americans into economy cars during the early 1980s and 2000s, so any advanced warning would be useful to those considering a new vehicle this year.

Last month, crude prices surpassed $60 per barrel after weekly American output dipped and stockpiles fell. That’s the highest they’ve been in over two-years and, with OPEC cutting production and China hungrier for the black stuff than ever before, prices aren’t expected to drop anytime soon. Does that mean you should nix purchasing that big sport utility vehicle you’ve been eyeballing and option the greener alternative?

What a difference a few years make.

Perhaps you’re old enough to remember when scientists warned us about an impending ice age. Today, climate change concerns have to do with global warming.

Just a few years ago, “peak oil” — the theory of terminal decline once we’ve reached the maximum extraction rate from known petroleum reserves — was popular. A couple of recent perspectives, however, indicate that we may not hit peak oil production and consumption for the foreseeable future — and that the price of oil may actually go down long-term.

When you’re in conversation with a self-described urbanist, it’s usually impossible to avoid numerous references to Amsterdam, that progressive utopia of bikes, tulips, marijuana-smoking tourists, and more bikes.Well, expect to hear about it even more, now that Dutch parliament has passed a Dutch Labor Party motion to ban the sale of internal combustion vehicles in that country after 2025, according to Auto Express. The bill, which requires senate approval to become the law of the land, would see existing gas and diesel vehicles grandfathered, and the sale of new ones banned.

Volkswagen’s simple, effective and direct slogan “Das Auto” ist kaput after about a decade of ruining our logic and grammar.

That, and BMW gets spanked by NHTSA, drive like it’s 2008, and more … after the break.