Recent Gas News/GasBuddy Blog

Reuters -- Southern California prosecutors filed the first U.S. consumer protection lawsuit against Toyota Motor Corp on Friday, claiming it had engaged in "fraud" by hiding evidence of dangerous vehicle defects.

Orange County District Attorney Tony Rackauckas said his office along with private attorneys sued the U.S. sales arm of Toyota, charging that the world's top-selling automaker has endangered the public with defective vehicles, and engaged in deceptive business practices.

"Against this backdrop of fraud and concealment, Toyota has for decades touted its reputation for safety and reliability and knew that people bought its vehicles because of that reputation and yet purposefully chose to conceal and suppress the existence and nature of defects," said the 18-page lawsuit filed on Friday.  (go to article)

Reuters -- Toyota Motor Corp may keep aggressive discounts available for U.S. consumers beyond this month after unprecedented incentives sent its U.S. sales sharply higher in early March, an executive said on Friday.

Toyota's U.S. sales surged by 40 percent in the first 10 days of March compared to the year-earlier period after the automaker offered zero-percent financing and other incentives, Don Esmond, senior vice president of Toyota U.S. sales, told Reuters in an interview.

Esmond said Toyota would evaluate March sales results and reaction from dealers and consumers before deciding whether to extend the discounts, which the company called its most "far-reaching sales program in history."  (go to article)

Breitbart -- Oil rose close to 83 dollars a barrel on Friday as the International Energy Agency reported unexpectedly strong growth in world energy demand, led by China.
New York's main contract, light sweet crude for April delivery, added 49 cents to 82.60 dollars a barrel.

Brent North Sea crude for April gained 48 cents to 80.76 dollars per barrel in midday London trading.

"The continued economic optimism buoyed the oil price above the mark of 82 dollars per barrel," said Commerzbank analyst Eugen Weinberg.  (go to article)

MSNBC -- Predicting the end of oil has proven tricky and often controversial, but Kuwaiti scientists now say that global oil production will peak in 2014.

Their work represents an updated version of the famous Hubbert model, which correctly predicted in 1956 that U.S. oil reserves would peak within 20 years. Many researchers have since tried using the model to predict when worldwide oil production might peak.

Some have said production already peaked. One earlier model by Swedish researchers suggested that oil would peak sometime between 2008 and 2018. And other researchers have argued there are decades to go before oil production goes into irreversible decline. The only thing they all agree on: Oil is a finite and very valuable resource.

 (go to article)

Fox News -- SANTA ANA, Calif. -- The Orange County district attorney has filed a lawsuit against Toyota Motor Corp., accusing the automaker of knowingly selling hundreds of thousands of vehicles with acceleration defects.

District Attorney Tony Rackauckas said at a news conference Friday that his office has the right to bring consumer protective action on behalf of Orange County residents.

"We need to make sure that when Toyota says 'Oh, what a feeling' and 'Moving forward' that they are talking about great cars," Rackauckas said, referring to the company's slogans.

Toyota spokesman Mike Michels said he had no comment because the company hasn't been served with the lawsuit.

Orange County's lawsuit accuses Toyota of using deceptive business practices to become the world's top automaker. The suit se  (go to article)

Aol Autos -- Did the driver of a runaway Toyota Prius in San Diego tell the truth when he said his accelerator pedal stuck earlier this week? New evidence is calling the driver's credibility into question, although the real answer will not be entirely clear until Toyota and the NHTSA announce the results of their investigation. Details about the driver, James Sikes, leave many wondering if he had ulterior motives for his claims.
 (go to article)

Philadelphia Inquirer -- Phila.-area gas average up 4 cents in a week

INQUIRER STAFF AND ASSOCIATED PRESS

The average price of gas in the five-county Philadelphia area went up 4 cents since last Friday, to $2.81.

South Jersey's average for a gallon of regular no-lead was up 5 cents, to $2.62.

The U.S. average went up 6 cents, to $2.78.

Diesel is costing 2 cents more in Philadelphia and its closest suburban counties, 4 cents more in South Jersey, and 4 cents more in the United States overall.

Oil prices moved above $82 a barrel after the International Energy Agency brightened its outlook for world demand, predicting that a surge in Asian economic activity would make up for a fall in developed countries.

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PickupTrucks.com -- Chrysler is talking with Cummins to continue development of an all-new light-duty diesel engine for Ram pickup trucks.  (go to article)

GasBuddy Blog -- As much as it stinks to hear, sometimes rising gasoline prices are partially our own fault. The fact that Americans are beginning to spend more shows that the economy is on the mend, and while Americans may be buying more food or clothes, they're also making more trips to the store, the mall, etc. The one product letting them get there is gasoline. We can directly tie increased shopping purchases and retail sales increases to gasoline demand. The more people are purchasing, the more gasoline they're undoubtedly using to get to stores or to the mall.

February's retail sales report showed definite signs of people beginning to open their wallets more for items they want, but that also means they should prepare to pay more at the pump...  (go to article)

NY Times -- Collecting real-time data from cars could save lives....  (go to article)

The Examiner -- The Obama administration’s six-month delay in approving new offshore drilling leases in federal waters will become a new three-year ban, Interior Secretary Ken Salazar quietly told reporters last Friday. Which means that no new oil and gas leases will be approved during President Obama’s term even though two –thirds of the American public supports such activity, according to a December 2009 Rasmussen poll.
 (go to article)

AFP -- South Korean researchers Tuesday launched an environmentally friendly public transport system using a "recharging road" -- with a vehicle sucking power magnetically from buried electric strips.

The Online Electric Vehicle (OLEV), towing three buses, went into service at an amusement park in southern Seoul. If the prototype proves successful, there are plans to try it out on a bus route in the capital.

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The Tribune -- Except for the sound of tires rolling on the ground, the latest generation of Polaris all-terrain vehicles moves almost silently across a snowy field.

Powered by an electric battery instead of a gasoline engine, the new Ranger EV (for electric vehicle) is in sharp contrast to its noisy predecessors, sounding more like an electric golf cart cruising down a fairway. Also missing is the exhaust generated by a gas engine.

The midsize, two-seat vehicle is aimed at a green audience that likes quiet as well as a rechargeable energy source. It has the longest range and largest battery pack of any midsize ATV in production today.

Whether it will convert critics who contend that all-terrain vehicles can be disruptive to the environment is up in the air.  (go to article)

LiveScience -- Predicting the end of oil has proven tricky and often controversial, but Kuwaiti scientists now say that global oil production will peak in 2014.

Their work represents an updated version of the famous Hubbert model, which correctly predicted in 1956 that U.S. oil reserves would peak within 20 years. Many researchers have since tried using the model to predict when worldwide oil production might peak.

Some have said production already peaked. One earlier model by Swedish researchers suggested that oil would peak sometime between 2008 and 2018. And other researchers have argued there are decades to go before oil production goes into irreversible decline. The only thing they all agree on: Oil is a finite and very valuable resource.  (go to article)

Bloomberg -- March 12 (Bloomberg) -- Crude oil rose toward $83 a barrel in New York, poised for a second weekly gain, as the dollar weakened and the IEA bolstered its outlook for oil demand.

The International Energy Agency raised its forecast for global oil demand this year for a second month as consumption in Asia rises more than expected. The dollar weakened, raising the appeal of crude for hedging inflation, and European stocks rose, extending the Stoxx Europe 600 Index’s second weekly advance.

“Oil is being helped by a weaker dollar and a somewhat friendlier equity market,” said Eugen Weinberg, analyst at Commerzbank AG in Frankfurt. “But the gains aren’t going to last. Demand from refineries is still very low and prices are way too high for demand to recover strongly.”

 (go to article)

Detroit Free Press -- The congressional panel overseeing federal bailout recipients estimates GMAC will never repay at least $6.3 billion of $17.2 billion in taxpayer aid and called on the Treasury Department to demand GMAC take drastic steps -- including a possible bankruptcy for its troubled ResCap mortgage lending business.

The panel, chaired by Harvard Law School professor Elizabeth Warren, also urged Treasury to give taxpayers more frequent and detailed information about GMAC's condition, demand a business plan from GMAC and consider merging the lender with its former parent GM.

As part of the bankruptcy restructurings of GM and Chrysler, Treasury wiped out the companies' common stock and, in Chrysler's case, forced bondholders to take about 29 cents on the dollar for the company's debt.  (go to article)

Domestic Fuel -- When discussing indirect land use it brings a popular saying to mind: If a tree falls in the forest and no one is around to hear it, does it still make a sound? Only in this situation the saying should be modified as follows: If a tree is cut down in a rainforest in Brazil to sell wood, should corn ethanol’s carbon footprint go up? Anyone with an ounce of commonsense would say no.  (go to article)

Central Valley Business Times -- Gasoline prices have increased for the third week in a row in California, according to two price surveys Friday.

“Prices are typically on the upswing at this time of year because demand is usually picking up from the slower winter months, and because refineries are beginning the switchover to producing the more-expensive ‘summer blend’ of gasoline that must be sold by all gas stations beginning April 1 to satisfy state air quality requirements,” Jeffrey Spring, a spokesman for the Automobile Club of Southern California.

Here are Central Valley market averages on March 12, driving from south to north, as reported by the American Automobile Association with last week’s (March 5) averages in parentheses and [Feb. 26] prices in brackets:  (go to article)

The Wall Street Journal -- Exxon Mobil Corp. said it would expand its oil and natural gas production this year, a notable feat for any large Western oil company. But analysts are growing concerned that much of the new production will be under conditions that could mean smaller returns than in the past.

The Irving, Texas-based energy giant said Thursday its production of oil and gas should expand by between 3% and 4% this year, equaling the company's best performance since a giant merger a decade ago. The expansion doesn't include Exxon's pending acquisition of U.S. natural-gas firm XTO Energy Inc., which could boost growth to between 9% and 10% if the deal closes as expected by mid-year.  (go to article)

The Detroit News -- Diesel power has reached a new mark for heavy-duty pickup trucks.

The all-new 6.6-liter Duramax diesel engine will deliver 397 horsepower and 765 pound-feet of torque, GMC officials said Wednesday when they took the wraps off of the 2011 Sierra Denali HD pickup at the National Truck Equipment Association Convention in St. Louis.

The pickup sibling of the heavy-duty Chevrolet Silverado, which was unveiled at the Chicago Auto Show, will include the strongest diesel engine being offered by any major automaker.

Ford Motor Co. recently announced its all-new 6.7-liter V-8 diesel engine, which produces 385 horsepower and 735 pound-feet of torque. The 2010 Dodge Ram Heavy-Duty offers a 6.7-liter I-6 Cummins diesel engine that creates 350 horsepower and 650 pound-feet of torque.  (go to article)

Baltimore Sun --


Energy By Ronald D. White
Tribune Newspapers
March 12, 2010
E-mail Print Share Text Size bal-bz.refineries11mar12

Some of the nation's biggest oil companies are looking at permanently reducing how much gasoline and diesel fuel they make, a move that analysts say would almost certainly trigger higher  (go to article)

CBC News -- Members of Parliament grilled Transport Canada officials Thursday about what they knew about safety problems with Toyota vehicles — and when they knew it.
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But many MPs were not satisfied with the responses, saying they want to put the spotlight on Toyota officials themselves next week.
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Transport Canada has received 17 complaints about Toyota cars involving a number of issues over the past three years.
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The transport committee meeting was told Transport Canada had received a total of 17 complaints about Toyota cars involving a number of issues in the past three years, but none involving sticky pedals until Toyota informed the department it had received five.  (go to article)

Earth Techling -- We all know that automakers are feverishly developing hybrid vehicles in an attempt to reduce our dependency on gasoline. But as long as gasoline is available and petrol-based cars remain prolific, that gasoline is going to be used despite all our efforts to wean ourselves from it. So, why not devise a more efficient method of consuming it? Transonic Combustion, a fuel efficiency startup company located in Camarillo, CA, submits an answer to that logical inquiry in the form of a fuel injection system that the company claims will improve gasoline efficiency by 50 percent when it is implemented in production cars by 2014.
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Bloomberg -- Valero Energy Corp. plans to build a 100,000-barrel-a-day pipeline between its refinery near Quebec City and a fuel storage site on the island of Montreal, the company said.

The line will help the refinery meet fuel needs in the Montreal market, according to Louis Forget, a company spokesman. Construction will probably begin in the late summer or early fall, he said. Valero ships 45,000 to 50,000 barrels a day of fuels from its Quebec refinery by train and vessel to Montreal. The company also imports some fuels to meet demand, said Forget.

The planned pipeline could be expanded to transport 170,000 barrels a day of gasoline and distillate fuels with additional pumps, Forget said. There are no plans to expand the 265,000- barrel-a-day refinery, he said.  (go to article)

Bloomberg -- Ayman Asfari, the chief executive officer whose oil and gas engineering skills guided a fourfold increase in the value of Petrofac Plc within five years, is now preparing to tap Iraq’s energy boom.

Iraq, with estimated reserves of 115 billion barrels of oil, the world’s third-largest, is set to ramp up production as companies including BP Plc, Royal Dutch Shell Plc and Exxon Mobil Corp. spend as much as $100 billion to develop fields awarded in contracts last year. A good chunk of that will go to contractors including Petrofac and larger U.S. rivals Baker Hughes Inc. and Halliburton Co.  (go to article)

The Toronto Star -- NEW YORK, N.Y.—Following a brief pullback the previous day, oil prices jumped Wednesday after a U.S. government report showed that crude stockpiles grew less than analysts had predicted, raising hopes that demand for oil and gas is picking up.

Oil also got a boost from China, which reported surging trade figures — and from OPEC, which bumped up its global oil demand forecast for the year.

Benchmark crude for April delivery rose as high as US$83.03 a barrel in morning trading on the New York Mercantile Exchange, before moving back to $82.08, up 59 cents.  (go to article)

CNet.com -- View the slideshow..

BOSTON--The MIT Energy Conference, now in its fifth year, is the place to show off energy inventions and discuss how to tackle big-picture energy challenges.  (go to article)

Detroit Free Press -- WASHINGTON – The chief U.S. auto safety regulator told Congress today that regulators had done their jobs in pressuring Toyota to recall 5.6 million vehicles in the United States for problems linked to sudden acceleration.

David Strickland, administrator of the National Highway Traffic Safety Administration, also said he will consider a bevy of new rules in the wake of the Toyota recalls, but that he has enough resources at the moment to watch the industry.

Federal officials have said NHTSA had to press Toyota into its recalls, including a December visit by acting administrator Ron Medford to Toyota's headquarters. But several lawmakers have questioned why NHTSA did not order recalls earlier, despite thousands of complaints and eight probes involving sudden acceleration dating back  (go to article)

CNN -- John D. Rockefeller figured out a long time ago that the most efficient way to transport liquid fuels long distances wasn't on wheels but in pipelines. Today POET, the privately held Sioux Falls, S.D., company that is the country's largest producer of ethanol, and Tulsa pipeline-builder Magellan Midstream Partners are poised to make the same leap.

They want to build a $4 billion ethanol pipeline -- the first in the U.S. and the longest in the world -- linking cornfields and refineries in the upper Midwest to fuel-hungry markets on the East Coast, while boosting transport efficiency (equivalent to reducing the carbon footprint) 30% compared with rail and nearly 90% compared with trucks.

 (go to article)

news.bbc.co.uk -- China's demand for oil jumped by an "astonishing" 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.

The body added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia.

But the IEA predicted demand in developed countries would fall by 0.3%.  (go to article)

Energy -- Ethanol is taking a bite out of crude oil, this according to a recent OPEC report. An article published in The National, says that rising ethanol use in the United States is dampening demand for petroleum based fuels and this will be felt even more during the next few months.

Next week, OPEC ministers are getting ready to meet in Vienna, and last month OPEC participated in a preliminary report that estimates that $500 billion a year could be spent yer year on fossil-fuel based subsidies. In its latest monthly oil market report issued two days ago, the organization’s secretariat drew attention to an eight-fold increase in U.S. ethanol consumption since 2000. This use should grow as the E15 waiver, which allows consumers the choice to use up to 15 percent ethanol in conventional cars is e  (go to article)

Bloomberg.com -- Toyota Motor Corp. set a 2010 goal of regaining most of the U.S. market share lost in the past two months after global recalls of 8 million vehicles damped demand, the No. 2 U.S. sales executive said.

The target would be as much as 16.7 percent of new-car deliveries, said Don Esmond, senior vice president of Toyota’s U.S. sales unit. That would be the same level as in 2008, and less than 2009’s 17 percent, when Toyota trailed only General Motors Co., according to industry researcher Autodata Corp.

Esmond’s plan would require a rebound from Toyota’s U.S. share of 13.4 percent through February. With inventory replenished after the recalls, he said, no-interest loans and lease discounts helped boost sales through the first 10 days of March by about 40 percent over a year earlier.
 (go to article)

By Chidem Kurdas Guest blogger / March 10, 2010 -- The word “speculator” sounds derogatory, but it has a neutral, technical meaning. In commodity futures exchanges – the oldest and best established derivatives markets – a speculator is a trader who is neither a producer nor a user of the commodity in question. Commodity producers and consumers protect themselves against price fluctuations with futures contracts that specify delivery at a certain price and date.

By contrast, speculators trade the contracts as an activity in itself. They typically do not deliver or take delivery of the physical commodity. These specialized middlemen mediate between future buyers and sellers, playing an essential role in meeting the needs of both sides.

Futures markets work smoothly and effectively because there is a large number of so-called “speculato  (go to article)

The Detroit News -- Congress plans to toughen fines against automakers for safety breeches, and give government regulators more money and authority to speed recalls.

Congress also may require vehicle electronic data recorders -- so-called "black boxes" -- as well as brake override systems to help motorists stop runaway vehicles, and bar former government regulators from taking jobs with automakers for at least two years.

The proposed overhaul of auto safety laws, the biggest in more than a decade, was triggered by what critics call plodding action by Toyota Motor Corp. and the National Highway Traffic Safety Administration in the worldwide recall of 8.5 million vehicles for sudden acceleration concerns.

NHTSA had eight separate investigations into sudden acceleration since 2000.  (go to article)

Bloomberg.com -- Crude oil traded above $82 a barrel in New York, poised for a second weekly gain, on optimism fuel demand will recover as China’s economic expansion accelerates.

Oil was little changed amid expectations the Organization of Petroleum Exporting Countries will increase shipments this month on strong demand from China, the world’s second-biggest energy user. China’s inflation last month outstripped returns on household savings, threatening to spur asset purchases.

“China is going to continue to grow strongly, but it’s not going to be at a rampant pace,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “The oil market is sitting and waiting to see what happens at the moment.”

Crude oil for April delivery was at $82.17 a barrel, up 6 cents,  (go to article)

Detroit News -- Ford Motor Co. will unveil the new Ford Police Interceptor today -- the replacement for the venerable Crown Victoria that has been the backbone of the nation's law enforcement fleets since the early 1990s.

As The Detroit News first reported last year, the new model will be based on the same platform as the new Ford Taurus. However, it will be built for law enforcement work and incorporate several modifications to meet the needs of police officers  (go to article)

Bloomberg -- The state and local employment data are derived independently from the national statistics, which are typically released on the first Friday of every month. The state figures are subject to larger sampling errors because they come from smaller surveys, making the national figures more reliable, according to the government’s Bureau of Labor Statistics. State totals showed the economy gained 135,000 jobs in January.

Unemployment in the Detroit area, home to General Motors and Ford Motor Co., dropped to 15.3 percent from 16 percent in December, contributing to the decrease in Michigan’s jobless rate.

Jobs at GM
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CNW -- CALGARY, March 11 /CNW/ - The National Energy Board (NEB) today approved an application from TransCanada Keystone Pipeline GP Ltd. (TransCanada) to construct and operate the Keystone XL Pipeline Project, as well as the proposed tolls for the pipeline once it becomes operational.

The NEB found the proposed pipeline to be in the public interest and accepted that the project would connect a large, long term and strategic market for Western Canadian crude oil with the U.S. Gulf Coast in a manner that would bring economic and other benefits to Canadians.

The Canadian portion of the project involves the construction and operation of approximately 529 kilometres of new pipeline and related facilities.  (go to article)

Matt Hardigree, the author of this post, at jalopnik.com -- James Sikes, the San Diego runaway Toyota Prius driver, filed for bankruptcy in 2008 and now has over $700,000 in debt. According to one anonymous tipster, we're also told he hasn't been making payments on his Prius. UPDATE!

We received an email earlier today from an anonymous tipster who claims James (Jim) Sikes, the driver of the runaway Toyota Prius, was in financial trouble and even behind by five months on his payments for the Prius. If that's true, it's potential motivation for wanting to find an out — any out — on paying for the vehicle.

We did some public records searches (thanks to the help of Gawker's John Cook) and found Sikes and his wife Patty found themselves, like many in the California real estate business, on the bursting side of the real estate bubble last year. The  (go to article)

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.  (go to article)

Reuters -- U.S. safety regulators are weighing whether to make "black boxes" mandatory for all new vehicles in response to recent unintended acceleration problems in Toyota Motor Corp vehicles.

National Highway Traffic Safety Administration chief David Strickland told a congressional hearing the agency would be looking at the possibility of requiring the devices that can capture data on speed, braking effort and other details.

Strickland also said he was conducting a full review of NHTSA's legal authority and whether it had the tools necessary to oversee automakers at a time when vehicles are becoming increasingly sophisticated.  (go to article)

Technology Review -- Weimer, a former Dow Chemical engineer, says the system is "agnostic" to the types of biomass it can process. "It's like a sledgehammer because of the (1,200 to 1,300 ºC) temperatures it operates at," he says, explaining that conventional gasification uses lower temperatures to try to minimize the volume of biomass used to fuel the process. But keeping the temperature lower poses another problem. Gasification at temperatures below 1,000 ºC leaves behind tar. "And that tar is expensive to get rid of," says Weimer. "If you leave it in there, it will end up killing your catalysts downstream when you try to reform your product into (liquid) fuel."  (go to article)

examiner.com -- The attraction for many of hybrid vehicles is higher fuel efficiency. High fuel efficiency means making the same travel with less energy expended.

In general efficiency is recognized as one of the ways to reduce the environmental impact made by our society. A 50 miles/gallon car on a 200 mile trip burns 4 gallons of gas while a 25 miles/gallon car requires 8 gallons of gas for the same trip. That effect of fuel efficiency means half the cost, half the harmful emissions, and half the oil used, to take the same trip.

According to fueleconomy.gov: "On the EPA highway cycle with an average speed of 48 mph, 54% of the energy required to move a car goes to aerodynamic drag. Because drag increases with the square of speed, more than twice as much energy would be required to overcome
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NY Times Editorial -- THE Obama administration has said that it may require automakers to install “smart pedals” on all new cars. This kind of system — already used in BMWs, Chryslers, Volkswagens and some of the newest Toyotas — deactivates the car’s accelerator when the brake pedal is pressed so that the car can stop safely even if its throttle sticks open.

...

But based on my experience in the 1980s helping investigate unintended acceleration in the Audi 5000, I suspect that smart pedals cannot solve the problem. The trouble, unbelievable as it may seem, is that sudden acceleration is very often caused by drivers who press the gas pedal when they intend to press the brake.

From the mid-1980s until 2000, thousands of incidents of sudden acceleration were reported in all makes and models of cars ...  (go to article)

Globeandmail.com -- By Jeff Rubin

Excerpts

Between explosive growth in oil-thirsty economies like China and India, and OPEC’s voracious appetite for its own fuel, OECD fuel markets are becoming increasingly marginal. That’s why Saudi Aramco is far more interested in securing long-term supply contracts with rapidly expanding domestic oil markets in countries such as China and India than in supplying shrinking oil markets like those in the US.

As China moves from consuming 8 million barrels a day to 10 million barrels, and OPEC ramps up its own daily consumption from 10.5 million to 12 million barrels,

So instead of thinking that a decline in U.S. oil consumption means a build-up in global oil inventories, just think of it as freeing up another barrel to be guzzled in China or the Middle East.
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Bloomberg.com -- By Jordan Burke

TransCanada Corp., owner of Canada’s largest pipeline system, received approval to expand the Canadian portion of its Keystone pipeline to bring crude from Alberta’s oil sands to refineries in the U.S. Gulf Coast.

Canada’s National Energy Board announced the approval with 22 conditions in a statement today. The 1,980-mile (3,185- kilometer) Keystone XL project extends the Calgary-based company’s existing Keystone pipeline, which runs through Canada to the central U.S. and will begin operating this year.

Excerpts

“Keystone will be the first pipeline to directly connect a growing and reliable supply of Canadian crude oil to the largest refining market in North America,”

TransCanada became the sole owner of Keystone in August, buying ConocoPhillips’s 20.1 percent stake  (go to article)

FORBES.COM -- By CHARMAINE NORONHA

TORONTO -- Canadian politicians on Thursday accused the nation's transportation agency of failing to take swift action after receiving acceleration-related complaints in Toyota vehicles three years before the company began a series of safety recalls.

Excerpts

The Parliamentary committee probe is part of a larger investigation by the government into the recall of 270,000 Toyota vehicles in Canada.

The U.S. National Highway Traffic Safety Administration has tied 52 deaths to crashes allegedly caused by the accelerator problems, and the agency has received new complaints from owners who had their cars fixed and said their vehicles suddenly accelerated afterward.

Toyota Canada president Yoichi Tomihara and managing director Stephen Beatty are scheduled to testify  (go to article)

Minneapolis StarTribune -- Stillwater Motors was down to the last few Buicks on the lot.

But the third-generation General Motors dealership is looking to the future and ready to order -- and hire -- again after GM included it among the 661 dealerships nationwide that it has saved from the chopping block.

The dealership, which has been selling Buicks since 1922, was among the more than 2,000 across the country that GM had said would close as part of its government-backed bankruptcy restructuring to pare down stores and return to profitability.

"It's good news and a victory and we are excited," said general manager Michael Kahn. "It's good for the community, and a lot of customers were happy. Now I can see the glimmer in the employees' eyes. Everybody is excited."  (go to article)

The Vancouver Sun -- CALGARY — The Canadian oilsands suffered another public relations blow after two major U.S. retailers announced they were shunning fuel from there in favour of greener gasoline for their fleets.

Organic foods grocery chain Whole Foods Market and household accessories chain Bed Bath & Beyond said Wednesday they were actively seeking alternatives to oil-sands fuels to reduce their carbon footprints.

Wednesday’s announcements underscored the need for Alberta’s oil patch to step up their communications campaign and dispel misconceptions around their operations, said federal Environment Minister Jim Prentice.

“The oilsands, at the end of the day, are an essential part of the overall supply-demand balance in North America,” Mr. Prentice told the Calgary Herald.  (go to article)

Comtex News Network -- Petroleos de Venezuela SA is suing ConocoPhillips (NYSE:COP) over Conoco's attempt to buy PDVSA's interest in their jointly-owned Merey Sweeney LP unit.

Venezuelan Oil Minister Rafael Ramirez announced the lawsuit last week.

A spokesman for Conoco declined to provide the location for the arbitration hearings and said the company wouldn't give any more details on the case.
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Professional Pensions (UK) -- A cross-party group of politicians will today urge the MPs’ pension fund to vote in favour of resolutions questioning BP and Shell’s controversial tar sands proposals.

Six MPs from the three major political parties have tabled an Early Day Motion highlighting concerns over the financial, environmental and social risks associated with the projects.

Liberal Democrat spokesman for energy and climate change Simon Hughes will also grill the leader of the house about the fund's exercise of its voting rights at annual general meetings.

Hughes called on government to "lead by example" by voting in favour of the resolution.

He added: "Tar sands are a very risky investment - financially, environmentally and socially."
 (go to article)