Recent Gas News/GasBuddy Blog

AME -- Energy market sentiment remains relatively positive amid rising economic expectations, according to the latest quarterly market outlook from Ernst & Young's Global Oil & Gas Center.
David Barringer, Ernst & Young's Oil & Gas Leader in the Middle East, says that the oil and gas sector is likely to fare better than most in the year ahead, given the sustained demand for oil.
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Reuters -- Oil failed to find momentum in either direction for a clear move away from $81.50 on Wednesday as investors waited for data on U.S. stocks or OPEC's monthly report ahead of next week's meeting to provide impetus.

U.S. crude for April delivery was flat at $81.49 by 1028 GMT (5:28 a.m. ET). It had earlier risen to within 80 cents of Monday's peak of $82.41, the highest level since prices jumped to a 15-month high of $83.95 on January 11. London ICE Brent for April edged up 7 cents to $79.98.

"There's a little bit of reticence about striking out one way or the other ... there's not enough information to herald decisively a bull run," said Paul Harris, head of energy and emissions at Bank of Ireland.

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BBC -- Exploration and production firm Tullow oil says profits for 2009 were down 93% but it has made oil discoveries and upgraded prospects in Ghana and Uganda.

Pre-tax profits for the year ending in December 2009 were £20m ($30m), against £299m the year before.

Tullow said it was hit by lower oil and gas prices, and sterling's weakness.

Chief executive Aidan Heavey said the results "reflect a period of financial transition", and that Tullow was planning up to 30 new wells in 2010.

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Bloomberg -- Oil traded little changed before a report forecast to show that crude inventories expanded for a sixth week in the U.S., the world’s largest energy user.

Crude bounced back from earlier losses as the dollar gave up some gains against the euro, reinforcing oil’s appeal for hedging inflation. Crude declined yesterday after the American Petroleum Institute said inventories rose by 6.5 million barrels in the week ended March 5. An Energy Department report today is forecast to show supplies climbed by 2 million barrels.

“Demand in the U.S. has been very depressed,” said Eliane Tanner, an analyst at Credit Suisse Group AG in Zurich. “That’s looking like it’s starting to pick up and get to more average levels, and we expect a gradual improvement in prices. The risk is that the inventory num  (go to article)

Bloomberg -- OPEC President Germanico Pinto said he will seek to reduce price speculation and volatility during his term as leader of the oil cartel, adding to calls from the U.S. to Europe for measures to minimize market swings.

“The fact that there’s volatility produces difficulties in the markets and in defining a long-term strategy for public investment in the oil industry,” Pinto, who is also Ecuador’s minister of natural non-renewable resources, said yesterday in a statement.

Pinto’s call for reduced speculation in oil markets came the same day that European Commission President Jose Barroso said some credit default swaps should be banned as “purely speculative.” Crude oil prices surged 78 percent last year, after plunging 54 percent in 2008.

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BY DAVID ROEDER droeder@suntimes.com -- Blame rising gas prices on investors raising the cost of crude oil. Blame them on government spending chasing money into commodities and away from currency. Don't blame them on the local gas station.

Those are the views of oil industry analyst Trilby Lundberg, who doesn't see prices rising much beyond current levels.


Analyst Trilby Lundberg, seen here pumping gas, doesn't see prices rising much beyond current levels.
(AP File) "Gasoline prices want to decline. Demand is still low because of the economy," said Lundberg, publisher of the Lundberg Survey. Artificially high crude oil prices prevent that while pressuring stations' profit margins, she said.

In its survey issued Sunday, AAA said Chicago gas prices averaged $2.87 a gallon for regular,  (go to article)

AP -- JEFFREY McMURRAY

ERLANGER, Ky. (AP) - A high-ranking Toyota executive says the auto company's North American sales spiked around 50 percent the first eight days of March as incentives helped lure customers after a series of embarrassing safety recalls.

Don Esmond, senior vice president of automotive operations for Toyota Motor Sales, said in an interview Tuesday that the early numbers surpassed the company's expectations. Esmond, who was speaking at a conference for Toyota suppliers, didn't give detailed figures.

Last week, Toyota, which is usually stingy with incentives, announced new deals designed to bring shoppers back into its showrooms. Existing Toyota owners who buy another vehicle from the company will receive two years of free maintenance, Toyota said. The automaker also is off  (go to article)

Bloomberg -- March 9 (Bloomberg) -- Ethanol, the commodity that cost Bill Gates more than $44 million the last time prices collapsed, is poised to rally as much as 20 percent as the fastest drop since 2008 spurs demand.

Falling corn prices and record ethanol supplies have driven the price down 17 percent in three months to $1.634 a gallon, its worst run since 2008’s fourth quarter. It will average $1.96 a gallon at the peak of the U.S. summer driving season as refiners from Valero Energy Corp. to Sunoco Inc. mix more into gasoline made from increasingly pricey oil, according to the median of 10 analyst estimates compiled by Bloomberg.

Four years after George W. Bush made ethanol a centerpiece of his presidency’s push to cut dependence on foreign oil, three of the biggest producers have sought bankrup  (go to article)

Alex Kennedy, Associated Press Writer -- SINGAPORE (AP) -- Oil prices hovered above $81 a barrel Wednesday in Asia after a report showed mixed evidence about U.S. crude demand.

Benchmark crude for April delivery was up 5 cents to $81.54 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 38 cents to settle at $81.49 on Tuesday.

Oil has jumped about 17 percent since early last month on increased investor confidence in this year's global economic growth. But crude demand from the U.S., the world's largest consumer of oil, has remained sluggish.

Crude inventories jumped last week by 6.5 million barrels, the American Petroleum Institute said late Wednesday. Analysts, eyeing a cold weather spell in much of the U.S. this month, had expected a drop of 1.6 million barrels, acc  (go to article)

Elliot Spagat, Associated Press Writer -- EL CAJON, Calif. (AP) -- The government sent investigators Tuesday to examine a Prius that sped out of control on a California freeway, and Toyota said it wanted to interview the driver as the besieged automaker dealt with a high-profile new headache that raised questions about the safety of its beloved hybrid.

A day after state troopers helped the car slow to a stop and its driver to emerge unharmed, Toyota could shed no new light on what might have gone wrong. The Prius is not part of Toyota's vast recall of gas pedals that can become stuck, but it is covered by an earlier recall of floor mats that can catch the accelerator.

The freeway incident happened at the worst possible time for Toyota -- just hours after it invited reporters Monday to hear experts insist that electronic flaws co  (go to article)

Sandy Shore, AP Business Writer -- Chevron Corp. said Tuesday it will cut 2,000 jobs this year and sell some overseas operations as it revamps its struggling refinery, marketing and transportation operations.

The job cuts represent almost 12 percent of its 17,000 workers in the so-called downstream part of its business and just over 3 percent of its overall work force.

Executives of the second-largest U.S. oil producer are still deciding where and when they will eliminate the jobs as they try to complete the restructuring by the third quarter, company spokesman Lloyd Avram said. Additional cuts are expected next year.

Chevron said it will also seek bids for the Pembroke refinery in southwest Wales, and fuels marketing, aviation and lubricants businesses in the Caribbean and some markets in Central America.

Refineries, w  (go to article)

The Dailymail -- By Ray Massey

A car that runs on coffee is unveiled today - but it certainly won't take the grind out of commuting.

Excerpts

The team calculates the Carpuccino will do three miles per kilo of ground coffee - the equivalent of about 56 espressos per mile.

The journey will use about 70 kilos of ground coffee which, at supermarket prices of between £13 and £26 a kilo depending on brand and quality, will cost between £910 and £1,820, or between 25 and 50 times the £36 cost of petrol for the journey.

In total, the trip will use the equivalent of 11,760 espressos, and the team will have to take 'coffee breaks' roughly every 30 to 45 miles to pour in more granules.

"the team taking the coffee-powered car from London to Manchester will use waste coffee grounds, collected from a branch of  (go to article)

Detnews.com -- Erika Kinetz / Associated Press

Mumbai, India -- Ford Motor Co. launched its first made-for-India compact car Tuesday, as the U.S. automaker continues its push into fast-growing Asian markets.

The four-door Figo, Italian for "cool," is the Dearborn-based automaker's first car designed -- and priced -- for the mass Indian market.

"Come heat, come dust, come monsoon rains or Delhi traffic, the Figo was born and bred for India," said Michael Boneham, president and managing director of Ford India.

As the global auto industry suffers, India has been enjoying an auto boom. An economic rebound, rising incomes and pent-up demand drove car sales to 1,370,659 vehicles from April to February, 25 percent more than during the same period the previous year.

Ford has ramped up investment in China an  (go to article)

NEWSVINE -- The triple A of Germany, ADAC, has published in its latest member's magazine 'Motorwelt' on analyzed data from the German Federal Vehicle Authority (KBA) / Flensburg that in 2008 more than 50 percent of all passenger car callbacks in Germany were technically and seriously relevant in terms of vehicles 'safety features'. 'Car safety related' problems that have been causing car companies to report to the KBA have been tripled for the last 10 years. The U.S. Toyota hype has only been the tip of the iceberg in terms of current or future callback actions.  (go to article)

WIRED.COM -- By Jason Paur

It doesn’t look like a car, and it doesn’t look like it would fly, but what is believed to be the world’s oldest “roadable aircraft” is for sale.

The antique was built in 1934 by Frank Skroback and at the very minimum provides proof that people have long dreamed of cars that can be flown like airplanes. Or are they airplanes that can be driven like cars? No matter, because whatever you call it, it’s being auctioned this weekend in Atlanta.

In addition to the wild machine, the winning bidder scores extensive documentation, including the 1921 patent on the design and correspondence demonstrating Skroback’s attempt to sell his vehicle.

This isn’t the first flying car to hit the block. A Taylor Aerocar was auctioned more than a year ago. The Taylor is probably the most famous  (go to article)

Bloomberg.com -- Reliance Industries Ltd., operator of the world’s largest refining complex, sold gasoline to Iran in April and May of last year, India’s government said.

Reliance was the only Indian company to sell the fuel to the Middle Eastern nation, Jitin Prasada, junior oil minister, said in a written reply to the upper house of parliament in New Delhi yesterday. The Mumbai-based refiner stopped selling fuels to Iran in May last year, Reliance said Feb. 9. National Iranian Oil Co. buys gasoline from Reliance, Seifollah Jashnsaz, managing director of the Persian Gulf company, said in December.

The U.S. Senate in January passed legislation to impose sanctions on companies investing in Iran’s energy sector or selling fuels to the country, holder of the world’s second- largest crude oil reserves.
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Bloomberg.com -- Oil pared losses to trade above $81 a barrel in New York on optimism fuel demand will recover after imports into China, the world’s second-biggest energy user, rose more than estimated.

Oil pared losses after China’s overall imports rose 44.7 percent from a year earlier, topping an estimate of a 38 percent gain. Trade data also showed that the nation purchased 58 percent more crude last month, rising to 4.85 million barrels a day, and turn into a net fuel importer again after an economic recovery spurred demand.

“Growth of oil demand from developing countries should be the key to recovery of global oil demand this year because demand in the U.S. and Europe is still quite flat,” said Gideon Lo, an analyst at DBS Vickers in Hong Kong. “Oil is likely to find a good support level at $80.”

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NYT -- Despite efforts by the federal government to discourage companies from doing business with Iran, the New York Times reports Houston-based ConocoPhillips Inc. has active contracts in Iran. Apparently the $1.7B in revenue and benefits from the U.S. Government didn’t come with strings attached.

NYT: ConocoPhillips did business in Iran through its British subsidiary, Conoco LTD, up until 2003, when it left the country. But in 2004 it bought a minority stake in Lukoil, which continues to do business with Iran. A spokesperson said that Lukoil, in addition to its contract with an Iranian oil company to develop an oil project in Uzbekistan, sells gasoline to Iran. Although ConocoPhillips is not directly involved in Lukoil’s Iran-related business, ConocoPhillips spokesperson John McLemore confir  (go to article)

Sacramento Business Journal -- KB Home said Tuesday it will begin offering an option to pre-wire its new Built to Order homes to accommodate charging stations for homeowners’ electric vehicles.

Los Angeles-based KB (NYSE:KBH), which sold 125 homes in the Sacramento region last year, said the option is designed to ease the future installation of a station to charge an electric or plug-in hybrid vehicle conveniently at home.
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Fox News -- HARRISBURG, Pa. — Authorities in Pennsylvania say a gas station patron died when static electricity ignited a fire as he filled up his tank.  (go to article)

The Detroit News -- Last year's "cash for clunkers" incentives program stoked demand for cars and trucks without pulling sales forward, according to a study by the Maritz Automotive Research Group.

"Our findings not only provide strong evidence that many more vehicles were sold as a direct result of the incentive program than were previously estimated, but they also largely debunk the myth that 'cash for clunkers' mortgaged future car and truck sales," said Dave Fish, vice president, Maritz Automotive Research Group.

"In fact, the program resulted in sales of vehicles to people who don't normally buy them."

Toledo, Ohio-based Maritz surveyed nearly 36,000 consumers who bought a new car or truck between July and August 2009, when the Car Allowance Rebate System was in effect.

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Anchorage Daily News online -- JUNEAU -- A bill that would change Alaska's system of taxing oil and gas production together got its first hearing Tuesday, with consultants giving the Senate Finance Committee a rundown on the separation of the two.

Public testimony is set for later this week, with senators hoping to hear from Gov. Sean Parnell's administration as well.
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Forbes -- Is the market underplaying the electric car or are investors being suitably wary of a new technology that holds promise, but not necessarily profits? Old-fashioned gas-powered cars are one of academia's favorite case studies on the unprofitable nature of disruptive technologies.

Add to that lesson learned the dot-com bust and the most recent financial crisis and perhaps financial markets should only be lukewarm on battery-powered vehicles. Yet Rod Lache of Deutsche Bank sees reason to think electric cars will spread faster than the public gives them credit for.  (go to article)

Forbes -- In 2008, when gas cost $4 a gallon, the fuel-sipping Smart Fortwo looked like a smart buy. Now the quirky two-seater made by Daimler (better known for its Mercedes) looks like a fad that has run its course. After a nice start in the U.S.--24,600 vehicles in 2008--Smart sales fell 41% in 2009, the victim of a weak economy and lower gas prices. The tally was even worse in January, with sales of 278 cars, a decline of 84% from a year earlier.

Can it be revived? A big name in the auto industry, Roger Penske, is behind the car. He's the chief executive of Smart's U.S. distributor, Penske Automotive Group (PAG). In January he asked Jill Lajdziak, who ran General Motors' Saturn division for a decade, to recapture some buzz for the car.  (go to article)

JuneauEmpire.com -- President Obama plans to boost the effort to develop Alaska's natural gas resources into the executive office of the White House, according to legislators who visited Washington, D.C., to discuss energy issued with other legislators.

Sen. Mark Begich, D-Alaska, recently nominated legislative aide Larry Persily for the Obama appointment as federal coordinator. Persily has support from Sen. Lisa Murkowski, R-Alaska, as well.

He is now awaiting confirmation by the Senate, after having been approved by the Senate Energy Committee.  (go to article)

bloomberg --

By Joe Carroll

March 9 (Bloomberg) -- Chevron Corp., the second-largest U.S. energy company, plans to sell its only remaining European refinery, cut 2,000 jobs and shed assets in the Caribbean and Central America to stanch losses from its fuel-making business.

Chevron also plans to slash capital spending on refineries by 23 percent this year and may reduce operations at a plant in Hawaii, Mike Wirth, executive vice president of the company’s global refining and marketing business, said in a presentation to analysts today in New York.

Chevron’s refining unit lost $613 million during the fourth quarter of 2009 as fuel demand sank, hindering Chief Executive Officer John Watson’s goal of generating returns of at least 10 percent from each plant. The job cuts announced today will shrink th  (go to article)

Automotive News -- WASHINGTON -- Chrysler Group, reacting to General Motors Co.'s plans to reinstate 661 rejected dealerships, is signaling that it will not follow suit while noting that the number of arbitration claims involving its former dealers has fallen 5 percent.

“Dealer appointments will be a function of the arbitrations,” Chrysler said in an e-mail yesterday to Automotive News. “The company looks forward to the expeditious completion of the arbitration process.”

As of late January, 418 of the 789 shuttered Chrysler dealerships had paid $1,625 apiece to give notice of their intent to arbitrate, the company said. That number has fallen to below 400 after some dealerships changed their minds, Chrysler said.

On Friday, GM said it plans to reinstate 661 of the 1,160 dealerships that had filed ar  (go to article)

Reuters -- NEW YORK, March 9 (Reuters) - U.S. retail gasoline demand rose 2.5 percent in the week to March 5, according to a MasterCard SpendingPulse report released on Tuesday.

Stocks | Financials

Gasoline demand averaged 9.619 million barrels per day last week, up from 9.385 million the previous week, the weekly survey showed.

Year-on-year, gasoline demand rose by 5.4 percent for the week.

The increase in the week-on-week consumption may have been driven in part by a storm on the West Coast, which disrupted gasoline pumping patterns, Michael McNamara, VP Research and Analysis for MasterCard Advisors SpendingPulse said.

"I might pay a little more attention to the four-week moving average," he said.

Consumption of the motor fuel in the world's top oil consumer over the last four-w  (go to article)

Associated Press -- NEW YORK — The Energy Department on Tuesday said it still expects pump prices to climb past $3 per gallon as more motorists hit the road in the spring and summer driving seasons.

In its monthly short-term energy outlook report, the Energy Information Administration said that for the full year it sees a national average price of $2.84 per gallon, up from $2.35 per gallon in 2009.

Oil prices should average above $80 per barrel this spring, rising to an average of about $82 per barrel by the end of the year and to $85 per barrel by the end of 2011, the report said.

A more optimistic view of global economic growth prompted the EIA to boost its 2010 forecast for oil consumption growth to 1.5 million barrels per day from last month's prediction of 1.2 million barrels per day. EIA predic  (go to article)

Fox News -- A Prius driver calls 911 after accelerating to pass another vehicle on a California freeway and finding that he could not control his car.  (go to article)

GasBuddy Blog -- With warmer weather infiltrating the U.S. and Canada, you can expect that refiners will begin to undergo maintenance to prepare for summer blended gasoline, and to ensure their equipment is ready for additional production. Facilities typically undergo maintenance during the Spring and Fall, coinciding with switches in gasoline production.

According to reports, Shell has recently restarted a Bay area gasoline producing unit after completing a two month overhaul. The restart had previously been delayed at least twice, according to the report. The latest restart is nearly two weeks after it was expected.

Delek recently reported shutting down a unit at its relatively small 60,000bpd facility in Tyler, Texas, according to a...  (go to article)

Reuters -- Fueled by leftover chocolate and with components made from carrots, potato starch and flax, the world's first sustainable Formula 3 racing car has a top speed of 135 miles per hour and can go from zero to 60 in 2.5 seconds  (go to article)

NY Times -- As Toyota stumbles through its recall ordeal, G.M. and Ford have been handed a big chance to make their argument on quality to American consumers.  (go to article)

Globe and Mail - Reuters -- Some of the boldest speculative oil traders at banks and hedge funds are betting on a return of gasoline's strength ahead of peak summer demand, bringing an early shift to summer from winter to the oil market.

Many traders use a popular spread play between gasoline and heating oil to try to make money from seasonal shifts in demand in the Northern Hemisphere.

But the spread is one of the most volatile and unpredictable in the oil market and is often called “the widowmaker” after the plight of those who have made the wrong bet.

Unusually cold winter weather and a belief in resurgent gasoline demand this summer has lured traders back onto the seasonal play after 2009's relatively flat demand picture, analysts and traders said.

“We have seen massive speculative inflows this year  (go to article)

Bloomberg -- March 9 (Bloomberg) -- Commodities fell, the dollar strengthened and Treasuries advanced amid speculation that a yearlong rally in riskier assets overshot prospects for the global economic recovery.

Crude oil declined as much as 2.1 percent after reaching an eight-week high near $82 a barrel yesterday. The Dollar Index, which gauges the U.S. currency against six major trading partners, climbed 0.3 percent to 80.648. The yield on the benchmark 10-year Treasury note slipped 2 basis points to 3.7 percent before today’s record-tying $40 billion auction of three-year notes. The Standard & Poor’s 500 Index drifted between gains and losses on the anniversary of its 12-year low last year.

European shares fell after European Aeronautic, Defence & Space Co., owner of planemaker Airbus SAS, posted  (go to article)

Canadian Driver -- Back when the automobile was young, many cars ran solely on electricity. At a time when you had to manually crank a gasoline engine to start it, battery-powered models offered the ease of simply pushing a button.

Cadillac’s introduction of an effective gasoline engine self-starter in 1912 changed all that. But today, concerns about fuel prices, oil reserves and the environment have automakers looking at a variety of vehicles that use electricity either alongside or instead of gasoline.  (go to article)

The Korea Times -- The government will finalize a roadmap plan by September to outline the strategies for the Korean auto industry to achieve a ``top-four'' global status in the emerging field of environment-friendly cars.

Despite the strengthening of ``green'' car initiatives, vehicles with hybrid drives are slowly rolling out of the gate here, with drivers being put off by the high prices and lagging fuel economy.

The Ministry of Knowledge Economy launched a forum on the green car strategies Tuesday, which was attended by more than 500 government officials, auto industry representatives and independent experts as they shared their ideas on expanding the market for hybrid and electric cars, and easing the transition on the manufacturing side.  (go to article)

The Financial Times -- The Wall Street Journal has an interview with J. Craig Venter, the biologist who mapped the human genome and whose company Synthetic Genomics last year received a sizeable commitmentfrom ExxonMobil to develop biofuels from algae.

Venter strikes an interesting balance between optimism and the reality of the many unknowns in getting algal biofuel towards being both cost-effective and scalable.

[We were interested to read the Synthetic Genomics is also working on a project with BP, although the financial details of that arrangement have not been disclosed.]  (go to article)

Bloomberg.com -- Brent crude oil may average $75 a barrel this year and trade between $60 and $85 as Saudi Arabia, OPEC’s largest supplier, maintains output policies to keep prices stable, Credit Suisse Group AG said.  (go to article)

The Detroit News -- Ford Motor Co. launched its first made-for-India compact car today, as the U.S. automaker continues its push into fast-growing Asian markets.

The four-door Figo, Italian for "cool," is the Dearborn-based automaker's first car designed -- and priced -- for the mass Indian market.

"Come heat, come dust, come monsoon rains or Delhi traffic, the Figo was born and bred for India," said Michael Boneham, president and managing director of Ford India.

As the global auto industry suffers, India has been enjoying an auto boom. An economic rebound, rising incomes and pent-up demand drove car sales to 1,370,659 vehicles from April to February, 25 percent more than during the same period the previous year.
 (go to article)

Yahoo News -- A California Highway Patrol officer helped slow a runaway Toyota Prius from 94 mph to a safe stop on Monday after the car's accelerator became stuck on a San Diego County freeway, the CHP said.

Prius driver James Sikes called 911 about 1:30 p.m. after accelerating to pass another vehicle on Interstate 8 near La Posta and finding that he could not control his car, the CHP said.

"I pushed the gas pedal to pass a car and it did something kind of funny... it jumped and it just stuck there," the 61-year-old driver said at a news conference. "As it was going, I was trying the brakes...it wasn't stopping, it wasn't doing anything and it just kept speeding up," Sikes said, adding he could smell the brakes burning he was pressing the pedal so hard.
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AP - Curt Anderson and Greg Bluestein / Associated Press From The Detroit News -- Last Updated: March 09. 2010 6:43AM
Class-action lawsuits could cost Toyota $3 billion
Curt Anderson and Greg Bluestein / Associated Press

Miami -- Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class-action lawsuits that could cost the Japanese auto giant $3 billion or more, according to an Associated Press review of cases, legal precedent and interviews with experts.

Those estimates do not include potential payouts for wrongful death and injury lawsuits, which could reach in the tens of millions each. Still, the sheer volume of cases involving U.S. Toyota owners claiming lost value -- 6 million or more -- could prove far more costly, adding up to losses in the billions for the automaker.

Such class-action l  (go to article)

Reuters -- Chevron Corp, the second-largest U.S. oil company, said it planned to put several downstream operations up for sale, including its Pembroke refinery in the UK, and eliminate 2,000 jobs this year.

"Downstream market conditions are likely to be difficult for the next several years," Mike Wirth, executive vice president for Chevron's global downstream, said in a statement to its annual meeting with analysts in New York.

Wirth said he would continue to cut jobs into 2011 and expected after-tax severance charges of $150 million to $200 million in the first quarter of this year.  (go to article)

Gm-Volt.com -- Electrification of the automobile is well underway, with the first mass produced cars expected to hit the roads later this year.
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The firm notes the average lithium-ion cell price in 2009 has been $650 per kwh, but claims automakers are already seeing bids for $450 per kwh from battery companies for delivery contracts in the 2011/2012 timeframe.
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If one considers the Volt has a 16 kwh lithium ion battery, at $450 per kwh its total cell cost would be $7200.  (go to article)

Reuters -- Japanese carmakers are considering following Toyota Motor's lead in adopting a brake override system that would potentially address all sources of unintended acceleration, including driver error.

Under fire after recalling more than 8 million vehicles globally for problems of uncontrollable acceleration, Toyota said last month it would add the function to all future vehicles worldwide. The system cuts engine power when the accelerator and brake pedals are applied at the same time.  (go to article)

Market Watch Wall Street Journal Digital Network --

AUSTIN, Texas, Mar 09, 2010 (BUSINESS WIRE) -- FieldPoint Petroleum Corporation /quotes/comstock/14*!fpp/quotes/nls/fpp (FPP 2.18, +0.10, +4.81%) today announced that production is averaging more than 300 BOEPD (barrels of oil equivalent per day). This includes production for the fourth quarter of 2009 and up to this point in the first quarter of 2010.

In the fourth quarter of 2009, oil production was approximately 19,300 barrels and natural gas production was approximately 47,071 mcf. This represents increases of approximately 39% for oil production and 26% for gas production over the same quarter in 2008.
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Wall Street Journal -- The oil market's usual spring bounce may not get far off the ground this year.

The U.S. Energy Information Administration will release its widely followed short-term energy outlook midday Tuesday.

Its price forecasts typically have underestimated a spike in summer oil prices. This month, though, the government forecast could closely mirror the mood in the market, which seems reluctant to kick off a rally that has come like clockwork each of the past six springs.

Oil futures normally begin a steady climb around this time of year, as large fuel consumers lock in supplies at cheap winter prices before heavy summer U.S. gasoline demand begins to strain supplies.

Hedge funds and other speculative traders often hitch a ride on a rally that has become almost an annual tradition.  (go to article)

NY Times -- U.S. EPA has submitted the first piece of its suite of greenhouse gas rules to the White House for review, a signal that the agency is on schedule to finalize its first regulations to curb the heat-trapping emissions.

EPA sent to the White House Office of Management and Budget last Thursday its final reconsideration of the George W. Bush administration's "Johnson memo," a determination from former EPA Administrator Stephen Johnson about when the government must begin to regulate industrial facilities' greenhouse gas emissions. That decision is seen as a critical policy to have in place before the agency issues its final greenhouse gas rule for tailpipe emissions (Greenwire, March 5).  (go to article)

News Herald Panama City -- Retail gasoline prices jumped another 10 cents per gallon here over the past week, but a AAA spokeswoman said the spike won’t last.

“Right now, there’s really not much there to drive these prices,” AAA Auto Club South spokeswoman Jessica Brady said. “The fundamentals aren’t there to support these prices.”

Locally, retail gasoline averaged about $2.64 per gallon a week ago but averaged $2.74 per gallon as of Monday afternoon. Prices are likely to creep up as investors hear more good news about the economy and buy crude oil. Sweet crude remains over $81 per barrel despite ample supply and lower consumer confidence in February.

Investors are optimistic after hearing reports that unemployment remained steady and that travel is up after an abysmal 2009, Brady said.  (go to article)

Galveston County Daily News -- LEAGUE CITY — More than 1,700 drivers given red light camera tickets in League City are due refunds, the city’s police chief said Monday.

The citations are being dismissed because the time it takes for the traffic light at FM 518 and Interstate 45 to change from yellow to red is less than state law requires.

Chief Michael Jez said he was alerted to the quick-changing lights by Byron Schirmbeck, a Baytown resident who has been fighting Baytown’s decision to install red light cameras. Schirmbeck complained that the time between a yellow light and a red light was 4 seconds, when the state requires it to be 4.7 seconds, Jez said.
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Detroit Free Press -- Toyota's top two U.S. executives must appear Thursday and Friday in Troy for questioning by lawyers for the family of Guadalupe Alberto, Genesee County Circuit Judge Archie Hayman ordered today.

Alberto died in April 2008 after her 2005 Toyota Camry allegedly surged from 25 to 80 mph near her home in Flint. Representatives of her family have sued Toyota and Denso, one of Toyota's largest suppliers, alleging that Alberto's death was caused by a defect in the car's electronic throttle control system that Toyota had known about for several years.

Toyota attorneys had filed a motion to protect Yoshimi Inaba, chairman and CEO of Toyota Motor Sales U.S.A., and Jim Lentz, president and chief operation officer, from testifying in the case.

Andrea Moody, a lawyer representing Toyota today  (go to article)