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Senate is Senile on Oil Speculators
Legislation meant to crack down on oil speculators passed a key test vote in the Senate on Tuesday.
I wonder what the Senate is going to do about all the other speculators in other countries. This law would seem to be a useless political gesture since a majority of the oil speculators live in other countries. Legislation meant to crack down on oil speculators passed a key test vote in the Senate on Tuesday. ... more -
Ford to Make Broader Bet on Small Cars
The Ford Motor Company, which devoted itself for nearly 20 years to putting millions of Americans into big pickup trucks and sport-utility vehicles, is about to drastically alter its focus to building more small cars.
The struggling automaker, reacting to what it sees as a rapid and permanent shift in consumer tastes brought on by high gas prices, plans to unveil its new direction on Thursday, when it will report quarterly earnings.
Among the changes, Ford is expected to announce that it will convert three of its North American assembly plants from trucks to cars, according to people familiar with the plans.
And as part of the huge bet it is placing on the future direction of the troubled American auto industry, Ford will realign factories to manufacture more fuel-efficient engines and produce six of its next European car models for the United States market.
The company will also end speculation about its Mercury division by making the brand an integral part of its new small-car strategy, according to these people, who spoke on the condition that they not be quoted by name because of the timing of the official announcement on Thursday.
The Ford Motor Company, which devoted itself for nearly 20 years to putting millions of Americans into big pickup trucks and sport-uti... more -
Cheaper Gas Websites
The cost of gas is out of control with no relief in sight. What is a consumer to do? Here are some cheap gas websites that are supposed to take some of the pain out of the pump. The cost of gas is out of control with no relief in sight. What is a consumer to do? Here are some cheap gas websites that are suppose... more
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Consumers change buying habits, but will it last?
Adrienne Radtke plans to keep riding her bike to work even if gas prices drop. Steve Pizzini got rid of his Cadillac Escalade in favor of a 16-year-old Acura and doesn't expect to have another gas-guzzler.
"I had a paradigm shift," said Pizzini, a financial analyst. "I spent the money on a nice car. But to me, it's not worth it. I don't think I will go that route again."
Every economic downturn changes shoppers in some way. But this time, experts say the new behavior — fueled by higher gas and food prices, tightening credit and a slumping housing market — are the most dramatic and widespread that they have seen since the mid-1970s.
So retailers, marketers and investors are all trying to figure out which habits shoppers will keep and which will they drop when the economy recovers. Will the people who switched to store-brand ice cream go back to Breyers or Edy's? Will shoppers return to department stores or keep looking for labels at T.J. Maxx?
"We are looking at stuff that reminds me of the 1970s," said Patricia Edwards of investment manager Wentworth Hauser and Violich. "Americans have seen a huge amount of their balance sheet evaporate. The effects will be more lingering."
Wendy Liebmann, president of WSL Strategic Retail, says people's new spending patterns are forcing companies to change the kinds of products they sell and tweak their marketing to appeal to cost-conscious shoppers. She points to the last big recession of the early 1990s that helped trigger a fundamental shift in retailing as affluent shoppers started buying at discounters as well as upscale stores.
Radtke, 31, who holds down two jobs — at a veterinarian's office and at a flower shop — recently picked up shoe glue to fix the soles of her worn sneakers. She's buying store-label soups and crackers and bought a bike for her commute after not having ridden one for five years. Adrienne Radtke plans to keep riding her bike to work even if gas prices drop. Steve Pizzini got rid of his Cadillac Escalade in favor... more -
The death of the mighty SUV?
With gas swelling above 4 dollars a gallon, many auto shoppers are opting for smaller cars, and it's not styling or horsepower making the sale. With gas swelling above 4 dollars a gallon, many auto shoppers are opting for smaller cars, and it's not styling or horsepower making ... more
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School Buse Routes Are Getting Cut
Better buy your kid-o a bike!
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10 Things You Can Like About $4 Gas
Putting a positive spin on escalating fuel costs, Time Magazine has a list of the ten best things abuot $4 a gallon gas.
Included in the list are four-day work weeks, less pollution and less obesity. Putting a positive spin on escalating fuel costs, Time Magazine has a list of the ten best things abuot $4 a gallon gas. ... more -
AMUSING VIDEO: RISING GAS PRICES!! MAN AND MACHINE
I'm hearing stories of people not wanting to fill up their cars with gas thanks to the high gas prices and then running out of gas. Here's a video of a large individual getting some unexpected exercise as his car ran out of gas. I'm hearing stories of people not wanting to fill up their cars with gas thanks to the high gas prices and then running out of gas. He... more
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Price jump worst since '91 on record gas, higher food
Record gas and higher food prices drove inflation to the biggest annual jump since 1991 and fanned fears about growing pressures on consumers.
The Labor Department reading on Wednesday is another sign, along with mounting job losses and declining home prices, of the economic pain suffered by Americans as prices outstrip increases in paychecks.
The latest reading came as Federal Reserve Chairman Ben Bernanke, in testimony on Capitol Hill, was warning that inflation could pose a major drag on the economy for the rest of this year.
Retail prices were up 5% annually in June, the biggest 12-month change since May 1991 - an annual figure that was skewed by the surge in gasoline prices related to the first Gulf War.
A separate Labor Department report showed the average hourly wage up only 3.4% over the same 12-month period, meaning the typical American is having trouble keeping up with the price increases.
"The government report confirms what every consumer in America has known for months now: inflation is soaring and it's having an adverse impact on the economy," said Rich Yamarone, director of economic research at Argus Research.
On a monthly basis, the Consumer Price Index was up 1.1% in June, after a 0.6% rise in May. Economists surveyed by Briefing.com had been looking for only a 0.7% rise.
Energy prices were up 6.6% in the month, led by a 10.1% jump in gas prices. That left gasoline prices up nearly a third from a year earlier. Record gas and higher food prices drove inflation to the biggest annual jump since 1991 and fanned fears about growing pressures on co... more -
Dad names kid after radio show hosts, for free gas
Orlando morning radio personalities Dixon and Willoughby, have convinced a man to name his unborn child after them, for $100 worth of gas.
According to the mother-to-be, Dixon and Willoughby Partin, will have an interesting story of how he got his name.
Imagine being named for two tanks of gas. Orlando morning radio personalities Dixon and Willoughby, have convinced a man to name his unborn child after them, for $100 worth of ... more -
Oil shale as the latest miracle solution to our energy crisis
Bush has been talking about this as a way to bring down gas prices for the average American and accuse Democrats of standing in the way of lower gas prices. But in reality, we wouldn't see an real effect from this until at least 2020, and there are still other questions about oil shale as an energy source. Bush has been talking about this as a way to bring down gas prices for the average American and accuse Democrats of standing in the wa... more
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Barack Obama "We Need A Change"
New Obama Video Artist: Jesse "X-Ro" Pinkney Title: We Need A Change myspace.com/x-ro
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Higher Gas Prices=Less Auto Deaths
A silver lining, or a bunch of BS?
"WASHINGTON (AP) — Today's high gas prices could reduce auto deaths by nearly a third as driving decreases, with the effect particularly dramatic among price-sensitive teenage drivers, the authors of a new study said.
Professors Michael Morrisey of the University of Alabama-Birmingham and David Grabowski of Harvard Medical School found that for every 10 percent increase in gas prices there was a 2.3 percent decline in auto deaths. For drivers ages 15 to 17, the decline was 6 percent, and for ages 18 to 21, it was 3.2 percent.
The study looked at fatalities from 1985 to 2006, when gas prices reached about $2.50 a gallon. With gas now averaging over $4 a gallon, Morrisey said he expects to see a drop of about 1,000 deaths a month.
With annual auto deaths typically ranging from about 38,000 to 40,000 a year, a drop of 12,000 deaths would cut the total by nearly a third, Morrisey said.
"I think there is some silver lining here in higher gas taxes in that we will see a public health gain," Grabowski said. But he cautioned that their estimate of a decline of 1,000 deaths a month could be offset somewhat by the shift under way to smaller, lighter, more fuel-efficient cars and the increase in motorcycle and scooter driving.
Morrisey said the study also found the "same kind of symmetry" between gas prices and auto deaths when prices go down.
"When that happens we drive more, we drive bigger cars, we drive faster and fatalities are higher," he said.
Morrisey and Grabowski presented their findings to a meeting of the American Society of Health Economists in Raleigh-Durham, N.C., last month. The study was funded by the Robert Wood Johnson Foundation." A silver lining, or a bunch of BS? ... more -
Inexorable Comeback of Nuclear Energy
Oil prices are sky high. Greenhouse gases are driving up temperatures around the world. And many are now looking to nuclear power as the possible solution. Dozens of new reactors are under construction, but in Germany the subject remains taboo -- for now.
Read more... Oil prices are sky high. Greenhouse gases are driving up temperatures around the world. And many are now looking to nuclear power as t... more -
Brothel entices Customers with Gas rebate
A Nevada brothel is trying to stimulate business by offering free gasoline.
Clients of the Shady Lady Ranch will get a $50 gas voucher if they fork out $300 -- worth about one hour's worth of services -- at the brothel in Beatty, Nevada, 130 miles northwest of Las Vegas.
Owner James Davis said he already has had to order another $1,000 set of gas vouchers because the first $1,000 were spent in one week.
"It's rocking along. We're doing quite well. June and July historically are not big months," said Davis, who is co-owner of the brothel along with his wife Bobbi, in a telephone interview.
The $50 rebate would roughly cover the cost of a round trip drive from Las Vegas to the ranch.
Davis said business at the ranch, which has been operating for 16 years, generally slows in the early summer. He said the brothel regularly offers specials to lure clients and his wife came up with the gas vouchers for this month.
U.S. gasoline prices hit a record $4.08 a gallon last week, up 38 percent from a year ago.
Brothels, illegal in most U.S. states, are legal in parts of Nevada.
A Nevada brothel is trying to stimulate business by offering free gasoline. ... more -
Have you tried the new low-car diet?
With gas prices at a record high and public transit a cost-effective and greener option, now's a good a time to ditch your car. Car-pooling organization Zipcar is trying to ease the transition with the "Low-Car Diet." Beginning 21 July 2008, they're challenging North Americans to go car-free for a full 30 days. They will replace participants' car keys with a complimentary transit pass, a free one-year Zipcar membership, drive time credit and a number of other perks from local partners. In the New York City area, Zoo York will aid the car-less participants by donating skateboards.
The events kick off on the 21st with a ceremonial key-drop event at a currently undisclosed location. On 15 August 2008, they'll hold a completion event where people can compare their car-free experiences. Zipcar is offering the "Low-Car Diet" in ten of its American cities, plus Vancouver and Toronto.
With gas prices at a record high and public transit a cost-effective and greener option, now's a good a time to ditch your car. Car-po... more -
CFTC's New Enforcement Head to Face Political Unrest: Oil Speculation Improvements...
US lawmakers have beeen increasing pressure on the Commodities Futures Trading Commission (CFTC) as oil prices soar to record highs. Gregory Mocek has been replaced by Stephen Obie, who will serve as acting director of the regulating agency until the position is filled. Last month, US House of Representatives passed a bill requiring the CFTC to crack down on swaps in the energy futures markets by making use of existing powers, such as introducing position limits. (click on the link for full story) US lawmakers have beeen increasing pressure on the Commodities Futures Trading Commission (CFTC) as oil prices soar to record highs. G... more
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Spend $300 at the brothel, get a $50 gas voucher!
Clients of the Shady Lady Ranch will get a $50 gas voucher if they fork out $300 at the brothel in Beatty, Nevada, 130 miles northwest of Las Vegas. The $50 rebate would roughly cover the cost of a round trip drive from Las Vegas to the ranch.
Owner James Davis said he already has had to order another $1,000 set of gas vouchers because the first $1,000 were spent in one week.
Clients of the Shady Lady Ranch will get a $50 gas voucher if they fork out $300 at the brothel in Beatty, Nevada, 130 miles northwest... more -
British Gas prices to go up by 15%
British Gas, the country's largest energy supplier, is preparing for a fresh round of energy price rises of at least 15 per cent, which could hit its 16 million customers within a matter of weeks.
Centrica, the owner of British Gas, is struggling to maintain profitability in its retail energy business as gas prices have trebled over the past year. Wholesale gas prices soared to a fresh record last week, adding to the pressure on Sam Laidlaw, the chief executive, to act swiftly to ensure the business is not forced into a loss this year.
British Gas, the country's largest energy supplier, is preparing for a fresh round of energy price rises of at least 15 per cent, whic... more -
$200 a barrel oil could happen this year
Oil's historic ascent from $100 to nearly $150 a barrel in just six months is lending weight to a far grimmer prediction: Crude could reach $200 a barrel by the end of the year.
Oil at that price would wreak deeper havoc on the world's airlines and automobile industries.
In the U.S., $200 crude would push the price of gasoline to well over $6 a gallon, causing commuters to alter their driving habits more sharply than they have already, while putting extreme strains on large sectors of the U.S. economy. In Europe, it would stir more political unrest and increase the clamor to cut the continent's stiff petrol taxes. In Asia, governments would be under pressure to cut fuel subsidies and risk a popular backlash.
U.S. benchmark crude prices leapt 3.6% last week, closing before the Independence Day holiday at a record $145.29 a barrel. Roughly halfway through the year, oil prices have soared 50% since Jan. 1 and have doubled since the same time last year. (Please see related article on page C8.)
Few oil watchers are now ready to bet that oil will hit $200 a barrel by New Year's Eve. But nearly all are wary of predicting how and when oil's upward stampede will be reversed.
What makes the market so unpredictable, analysts say, is that prices are being pushed by such a wide array of factors, while no single force has emerged with the power to throw them in reverse.
"Crude is going up," said Dave Pursell, an oil analyst at Tudor Pickering in Houston, "because there is nothing strong enough yet to push it down."
In Washington, deepening fears that oil prices will shoot still higher have stoked talk in Congress and within the Bush administration of using one of the last remaining cudgels to try to reverse the price rise: a sharp and sustained release of oil from the U.S. Strategic Petroleum Reserve.
Those discussions remain preliminary, though, while most senior administration officials remain opposed to such a move, because the oil stored in salt mines is meant for release in genuine supply emergencies.
The list of forces shoving prices upward is long: a weak dollar driving hot money into commodities; jitters over a possible military conflict with Iran; soaring costs and chronic project delays in the world's oil patch; concerns over scarce supplies and long-term production declines; and continued robust demand growth in much of the developing world.
For the rest of the story click link at top
Oil's historic ascent from $100 to nearly $150 a barrel in just six months is lending weight to a far grimmer prediction: Crude could ... more
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