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Recent Gas News/GasBuddy Blog

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Honda CEO’s Pay Cut 20 Percent Following Fit Recalls

AutoGuide.com -- In response to the FIFTH recall of the new Honda Fit the company’s board has cut CEO Takanobu Ito’s pay by a whopping 20 percent!
In addition to this, a dozen other executives face a 10-percent reduction in wages because of the quality issues. This is not a good time for Honda. The Fit’s call-backs are mounting and then there’s the potentially disastrous Takata airbag issue.
 (go to article)

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Weak Q3 a 'pit stop' for Ford as major product roll-out continues

MLive -- Global wholesales are expected to continue to be slow for Ford in October but will pick up toward the end of the year, as the company continues to roll-out a slew of new products.

That was the message from the Dearborn automaker's executives in a conference call with analysts and the media Friday to discuss the company's third quarter results, which included a 3 percent decrease in wholesales, a 2 percent drop in revenue and a 34 percent decline in net profit.

"It's not a pause in our sales growth, it's a pit stop," Ford president and CEO Mark Fields said. While acknowledging that the quarter was "challenging," Fields also noted that the company launched three times as many products as it had during the year-ago quarter.

In the latest quarter, Ford began production of the all-new,...  (go to article)

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Gas prices are tumbling, but that’s not necessarily a good thing

Washington Post -- The fall in oil prices to their lowest point since 2010 makes clear that a new era for world oil is at hand – one defined by the continuing surge in U.S. production. This is a big contrast with the era – now over – that began a decade ago, when the most important factor was the dramatic increase in the oil demand of rapidly growing China.

This growth in U.S. tight oil — a light crude that is trapped in dense, hard-to-reach rock — has come on fast. It only really got going around 2008, launched by advances in horizontal drilling and hydraulic fracturing, or fracking — the same technology that created the shale gas boom. The results have outstripped expectations, with U.S. crude oil output jumping 80 percent in just six years. That increase — almost 4 million barrels per day — is greater th  (go to article)

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Average gas price in Ohio drops below $3 for the first time since 2010

Fox Business -- COLUMBUS, Ohio – Ohio's average gas price has dropped below $3 for the first time in nearly four years.

A gallon of regular gasoline in Ohio averaged $2.99 Friday, according to auto club AAA, the Oil Price Information Service and WEX Inc. The last time Ohio's average gas price dropped below $3 was on Dec. 10, 2010.

AAA says it's typical for gas prices to drop during the last months of the year, but other factors have helped bring prices down. The auto group also attributes the falling gas prices to lower crude oil prices at home and abroad, an increase in U.S. refineries' crude oil supplies to make gasoline and a quiet hurricane season along the eastern coastline.

AAA expects gas prices to remain low through the end of the year.  (go to article)

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The promise of LNG has B.C.’s Northwest buzzing

THE VANCOUVER SUN (VIDEO) -- In Kitimat, the streets are busy — the town full of activity, heady with anticipation.

Also a little apprehension.

At the entrance of town, across the highway from the chamber of commerce office, a new subdivision is under construction.

The two LNG plants — one led by Chevron (Kitimat LNG) and the other by Shell (LNG Canada) — will cost more than $20 billion. The pipelines that would supply the plants will add billions more to the price tag.

And while much of the money will be spent on the plant equipment, pipe and other supplies far from Kitimat, money will also be spent locally on workers, construction materials and fast-food outlets.

Kitimat has already tasted the effects of an industrial construction boom. The workforce for Rio Tinto’s $4.8-billion modernization of its aluminum...  (go to article)

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‘Full credit or blame’ on gas prices

MSNBC -- It was just a couple of years ago that Republicans positioned gas prices one of the nation’s most important political issues. Mitt Romney, during his failed presidential bid, argued President Obama “gets full credit or blame for what’s happened in this economy, and what’s happened to gasoline prices under his watch.”

The argument was always a little silly. Gas prices were extremely low when Obama first took office in early 2009 because there was a global economic crisis underway, weakening demand and pushing prices at the pump much lower. Consumers were paying more in 2012 than 2009, but that was because the economy had recovered.

But if Romney was correct, and the president deserves “full credit” for the price of gas, Republicans must be awfully impressed with Obama right now.  (go to article)

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Ford Pre-Collision Assist Adds Layer of Safety

Autonet -- Pedestrian safety is redefining how automakers design vehicles for today’s market. Hood height and angle, windshield rake and front grille dimensions and shape are just some of the considerations being taken into account as manufacturers build in layers of protection both outside and inside new automobiles.

Ford debuts their new collision warning technology starting with the 2015 Ford Mondeo in Europe. This technology is certain to make its way to North America in the coming years as new vehicles are introduced in a planned product blitz over the next 24 months. Here is how it works.  (go to article)

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Hot Wheels car gets boost from Ford

Autonet -- The Hot Wheels Rip Rod, designed and built by Mattel and Bandito Brothers, was a static showing at the 2013 SEMA show. It received a lot attention and some press, but at this year's SEMA show, it might just be one of the stars.

That's because it's coming to life with a new manufacturing partner - Ford. Specifically working with the Ford Racing team, they were able to use the 1.0-litre EcoBoost engine and fit it into the Rip Rod and let the car do what it does best – let it rip  (go to article)

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Dayton signs order easing propane rules to try to head off shortage

Pioneer Press -- Gov. Mark Dayton has temporarily lifted some rules governing the transport of propane.

Dayton signed an executive order Friday that allows propane delivery drivers a longer daily window to transport the product. They would still face limits on the amount of time they can spend behind the wheel. The order is similar to ones he's signed in the past to combat distribution shortages. Last year, propane shortages drove up heating costs.

Because of late planting and harvesting, propane is in higher demand as farmers work to dry their crops.  (go to article)

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Rust never sleeps: Here’s how you can protect your car

Driving,ca -- Aside from rustproofing, there are other ways to guard your car against corrosion

There are large gaps in warranty coverage from even the best companies out there. If you operate a vehicle on Canadian roads 12 months of the year, there really is no such thing as rustproofing. We can hope to slow down Mother Nature’s ravage so that the loan payments end before the sheet metal

1. Park carefully. Parking your vehicle on grass, dirt, snow or poorly drained surfaces is just asking for rust to come
2. Keep it clean. A garden hose and stiff brush will do the underbelly
3. Keeping the fuel tank topped off during the wet seasons can help to reduce the condensation effect
4. Blow it clean. Spray compressed air on top of the tank
5. Spray it on. purchase aerosol cans of rust inhibitors at  (go to article)

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Roadway Proximity and Risk of Sudden Cardiac Death in Women

The American Heart Association -- Sudden cardiac death (SCD) is a major source of mortality and is the first manifestation of heart disease for the majority of cases. Thus, there is a definite need to identify risk factors for SCD that can be modified at the population level. Exposure to traffic, measured by residential roadway proximity, has been shown to be associated with an increased risk of cardiovascular disease. Our objective was to determine whether roadway proximity was associated with an increased risk of SCD and to compare that risk with the risk of other coronary heart disease outcomes.  (go to article)

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A Majority of Americans Are (Technically) Multi-Modal

The Atlantic -- Only 28 percent of Americans solely rely on a car during a week. The majority of Americans are multimodal car users who drive and make at least one weekly trip by foot, bicycle, or public transportation. Stricter definitions for multimodal driving additionally show that about one in four American car users make at least 7 trips by walking, cycling, or public transportation during the week.  (go to article)

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Ford picks Mexico over Windsor for engine plant, union says

CBC News -- Ford Motor Co. has decided to build its new engine in Mexico after it was unable to reach a deal with the federal and Ontario governments to bring the investment to Windsor, Ont., Unifor said Friday.
Both levels of government suggested that they would not provide public money for the project because the automaker wouldn't make certain job and economic commitments.
In a news release, Unifor said it had hoped that months of discussions between Ford, two levels of government and the union would result in "significant investment which would have secured the production of a global engine at the Windsor facility."
It has been confirmed that the global engine will be built in Mexico,  (go to article)

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U.S. Gas Prices Will Not Rise on Lifting Crude Export Ban - study

Reuters via Downstream Today -- A highly anticipated study by the U.S. Energy Information Administration will show that domestic oil prices will not rise if the U.S. ban on oil exports is lifted, the agency's top administrator said Thursday.

Domestic gasoline prices are set in the global market, and the price of U.S. gasoline is tied more closely to the global benchmark price than WTI, the U.S. benchmark, EIA administrator Adam Sieminski said.

"If you allowed the ban to be lifted, WTI prices could indeed go up, but it probably wouldn't do a great deal one way or the other with gasoline prices,' Sieminski said.

Sieminski, a former chief energy economist for Deutsche Bank, made the comments while taking questions about  (go to article)

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Reminders to keep your vehicle safe on Halloween

GasBuddy Blog -- With Halloween approaching, it's a good time to remind drivers of how to protect their vehicles and assets from thieves this holiday season. Historically, more cars have been stolen on Halloween than any of the other major holidays, according to the National Insurance Crime Bureau's 2012 Holiday Theft Report. According to the report, on average more than 2,300 vehicles fall victim to theft on October 31st each year.You can use these simple tricks to keep robbers from making a treat out of your vehicle this Halloween:

-Don't leave your car in unfamiliar locations overnight. If you're planning on attending a Halloween party at a bar or a friend's house, leave your car at home and take a cab to and from the event....  (go to article)

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2015 Dodge Challenger SRT Hellcat Test Drive

foxnews.com -- This is just getting ridiculous.

Ridiculously awesome, that is.

The muscle car wars have a new heavyweight champion, the Dodge Challenger Hellcat.

The burly cruiser has been redesigned for 2015, and to celebrate, they stuffed the top-of-the-line model with 6.2-liters worth of supercharged V8 that pumps out an absurd 707 hp and is named for a WWII fighter plane. Deservedly so.

Never before has an American production car harnessed so many horses, and the only others in the world that do cost about five times the Challenger’s $60,990 price. That’s a big $15,000 jump from the next most powerful Challenger, the no-slouch 485 hp SRT 392, and indicative of just how special the Hellcat engine is.

Essentially an all-new motor, it has a 2.4-liter supercharger, two cooling systems, two . . .  (go to article)

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Study: Handheld phone enforcement doesn't cut crashes

Detroit News -- High enforcement of bans on hand-held driver phone use bans led to a drop in violations, but no decline in insurance claims for crashes, a study released Friday said.

The Insurance Institute for Highway Safety looked at claims after two high-profile federally funded enforcement efforts by local and state police in the Hartford, Connecticut, and Syracuse, New York between April 2010 and April 2011.  (go to article)

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Ford halts plan to create 1,000 jobs at Winsor engine plant

Global news -- Ford Motor Co. is nixing plans to award its Windsor engine assembly plant with a new investment program that would have created 1,000 jobs, according to union reps.  (go to article)

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Canadian oil producers Husky, Cenovus say price storm won’t derail growth plans

Financial Post -- Despite a bear market for oil, two of Canada’s largest producers said Tue their growth plans have not yet been derailed

“We are in the midst of volatile oil prices. We’ve taken several steps to weatherproof our business

Both companies reported production growth over the last quarter — and over the past 12 months. Husky grew production 2% Q2Q and 10% since this time last year. Cenovus’ total production was up 13% from the same Q last year

Cenovus plans to further expand its existing oil sands facilities are on track

Despite growing its production, Husky’s earnings missed analyst projections. The company’s net earnings slipped 9%

“Our philosophy is that times like these call for prudence and focus

Neither company would give a preview of their 2015 capital expenditure budgets, which are  (go to article)

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NC Prosecutor To Dismiss Speeding Tickets Because Of Radar Guns

Asheville Citizen Times -- An Asheville prosecutor will dismiss about 230 speeding tickets city police wrote using radar guns with out-of-date certifications.

District Attorney Ron Moore said he planned to file the dismissals on Thursday.

City police completed a review of 4,500 tickets on Oct. 17. Officers found about 2,000 had been issued base on speed measuring devices, such as radar guns. Of that amount, 336 came from devices with lapsed certifications.
 (go to article)

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Saudi Arabia's Risky Oil-Price Play

Bloomberg Business Week -- With the U.S. on track to become the world’s largest oil producer by next year, it’s become popular in Washington and on Wall Street to call America the new Saudi Arabia. Yet the real Saudi Arabia hasn’t relinquished its role as the producer with the most influence over oil prices. Its reserves of 266 billion barrels, ability to pump as many as 12.5 million barrels a day, and, most important, its low cost of extracting crude still make it a formidable rival to the U.S., whose shale wells are hard to exploit.  (go to article)

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Are Low Gas Prices a good sign

NPR -- All around the country, gasoline prices have been falling for weeks, down to an average of about $3 a gallon. Those lower prices are helping restrain inflation across the board.

On Wednesday, the Labor Department said its consumer price index barely inched up 0.1 percent last month. Over the past 12 months, the CPI has risen by 1.7 percent, roughly half of its historical average rate of increase.

That sounds great for consumers.

But some economists see possible trouble ahead. They worry that if energy prices were to keep sliding, the process could contribute to deflation — a brutal cycle of falling prices last seen in this country during the Great Depression of the 1930s.  (go to article)

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Where Are Oil Prices Headed Next?

Fox Business -- Oil prices tried to overcome a huge 7.1 million barrel increase in oil supply but could not in the face of another act of terror and fears of declining demand.

US oil production is showing no signs of slowing as production surged above 9 million barrel per day. This comes as refiners struggled as maintence and refining glitch’s dropped refining runs to a disappointed low 86.7%. Still gas production increased to 9.3 million barrels a day which exceeded the four weak daily demand number of 8.8 million barrels a day which is 2% less than a year ago.
 (go to article)

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Future Oil Prices Drop again

Bloomberg News -- “The Saudis increased production, so there is no signal that they’ve changed their behavior with an eye on pushing prices back up,” Bjarne Schieldrop, chief commodity analyst in Oslo at SEB AB, said by phone. “The Ebola case in New York could also spark fears that restrictions will be put on international flights, potentially hurting jet fuel demand.”

WTI for December delivery dropped as much as 1.09 cents to $81 a barrel in electronic trading on the New York Mercantile Exchange and was at $81.05 at 1:42 p.m. London time.  (go to article)

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Ford Q3 net income of $835M on $1.2B pre-tax profit

USA Today -- Ford Motor said it had pre-tax profit of $1.2 billion the quarter and net income of $835 million.,

The pre-tax number was less than half the $2.6 billion a year earlier. The net was well off the year-ago net of $1.27 billion.

Shortly after the 7 a.m. announcement, Ford shares traded at $14.61, down from the pre-opening high of $14.86.

Ford affirmed the full-year pre-tax profit forecast of $6 billoin that it provided investment analysts Sept. 29. That's down from a range of $7 billion to $8 billion that Ford gave earlier in the year.

Last month Ford warned investors that its record number of launches this year is cutting into profit margins in North America. And it said losses will be greater than anticipated in Europe at $1.2 billion.  (go to article)

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U.S. Oil Seen as Buffer for Global Prices and Supply

Bloomberg -- U.S. oil output is buffering global crude prices and critical to the world’s supply balance amid the threat of disruptions, even as a ban on domestic exports remains in place, Energy Secretary Ernest Moniz said.

A surge in the nation’s oil output comes as markets are faced with near-historic highs of unanticipated outages, Moniz, 69, said at a talk organized by the public-affairs forum Commonwealth Club in San Francisco yesterday. He agreed with a government report finding U.S. gasoline prices may drop should the prohibition on crude exports be lifted.

Moniz is leading the Energy Department through an unprecedented boom in U.S. fuel production. The nation’s oil output has jumped to a 28-year high and natural gas supplies have increased by so much companies are building terminals ...  (go to article)

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Kelley Blue Book says new car purchasing is a 'bumpier road' for women

GasBuddy Blog -- When it comes to car shopping, women are driven by features – engaging in extensive research to find the best fit – while from the outset many men are revved about a particular car brand, according to a study just released by Kelley Blue Book www.kbb.com, the only vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry.           One-in-five men know the exact vehicle he wants, while women are twice as likely to be undecided about what vehicle they desire, the study revealed. Additionally, 58 percent of men are confident in the car-buying arena, versus 38 percent of women. As a result, women take longer to make a purchase (a median of 75 days, compared with men’s 63 days), because they are spending more time than men doing research in an effort to build confidence and knowledge. ...  (go to article)

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Gas Prices Just Hit a Low for 2014

Money Brad Tuttle -- Around the country, drivers are paying the lowest prices of the year for gas.
Gas prices
More

$3 Per Gallon Gas, Here We Come

The summertime swoon for gas prices has continued into fall, and now it looks like the forecasts calling for lower and lower prices at the pump are right on track.

Earlier this week, AAA noted that the national average for a gallon of regular stood at $3.29
and that we were on the brink of matching the cheapest mark thus far in 2014 ($3.27, hit on February 9). Well, as of Wednesday, AAA data indicated the national average hit $3.267, a new low for the year.  (go to article)

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The World's New Biggest Ship? Maybe. Niftiest Ship? For Sure

BLOOMBERG BUSINESSWEEK -- What’s most impressive about the Pieter Schelte isn’t its size, though, it’s what the megaship can do.

The Pieter Schelte is a cross between a ship and a giant very dexterous robot. Its job is partly to lay undersea pipelines for oil and gas and partly to install and remove offshore drilling platforms. All of this means that platforms can be built onshore then delivered to their location; when they’re no longer needed they can be taken to a new location or brought back to shore for disassembly.

To that end it has eight arms on its bow that can clamp to the supporting struts of an oil platform, holding it perfectly still even in 11-foot waves, using its “active motion compensation system.” Its massive lift system can pop an oil platform off its supports as if picking a 48,000-ton flower.  (go to article)

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Islamic State was making $1 million a day from oil sales before airstrikes began

The Washington Post (VIDEO) -- The Islamic State sells oil from territory it controls in Syria and Iraq to Turkish middlemen, Iraqi Kurds and even the Syrian government of President Bashar al-Assad, according to the Obama administration’s point man on terrorist financing.

Before the United States began targeting refineries in militant-occupied areas of Syria last month, the Islamic State was making about $1 million a day from oil sales, Treasury Department Undersecretary David S. Cohen said Thursday.

Its total income of “millions of dollars per month” from oil kidnapping ransom and extortion in occupied areas and the speed with which it has amassed funds, make the Islamic State unlike any other terrorist entity the United States has confronted, Cohen said.

The group also differs from other organizations, including...  (go to article)

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South Central Ohio gas prices down four cents

Jackson County Daily -- South Central Ohio gas prices fell four cents to $3.093 a gallon, according to AAA East Central’s Fuel Gauge Report.

This week’s South Central Ohio average price: $ 3.093.

Average price during the week of Oct. 14, 2014: $ 3.136.

Average price during the week of Oct. 22, 2013: $ 3.409.

The average price for unleaded regular gasoline in Ohio is $3.044.

On the National Front

Today’s national average price for regular unleaded gasoline is $3.09 per gallon. This is a dime less than one week ago, 25 cents less than one month ago and 26 cents less than one year ago. Drivers are saving an average of 61 cents per gallon compared to the 2014 high of $3.70 (set on April 28).  (go to article)

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A World Without OPEC?

The New York Times -- Forty-one years ago this month, the Arab oil embargo began. The countries that were part of it belonged, of course, to the Organization of Petroleum Exporting Countries — OPEC — which had banded together 13 years earlier to strengthen their ability to negotiate with international oil companies. The embargo led to widespread shortages in the United States, higher prices at the gas pump and long lines at gas stations. By the time it ended, the price of oil had risen to $12 a barrel from $3.

Perhaps more important than the price increases themselves was the new world order the embargo signaled. The embargo “set in motion geopolitical circumstances that eventually allowed [OPEC] to wrest control over global oil production and pricing from the giant international oil companies — ushering in  (go to article)

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Syrian Regime, Iraqi Kurds Among Those Buying ISIS Oil: Official

NBC News -- ISIS makes its fortune by selling oil from seized territory to its enemies, including the Syrian government it has vowed to topple and to Kurds in Iraq, a U.S. official said Thursday.

The official, Undersecretary David Cohen of the Treasury Department, is in charge of cracking down on ISIS finances. In remarks prepared for a speech to the Carnegie Endowment for International Peace, he said that ISIS “has amassed wealth at an unprecedented pace.”

Unlike al Qaeda, he said, ISIS gets only a small share of its money from deep-pocketed donors. It relies mostly on black-market oil sales, extortion and ransom payments, Cohen said. Estimates of how much ISIS makes selling oil have varied widely, but it is believed to be at least $1 million a day.

ISIS, which controls oil refineries in the vast  (go to article)

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BP, Chevron strike oil at major deepwater Gulf of Mexico prospect site

New Orleans Times-Picayune -- Chevron and BP have hit oil at a key exploration site in the deepwater Gulf of Mexico. This is BP's second major discovery in the deepwater Gulf since the 2010 oil spill.

The discovery, known as Guadalupe, is in the Keathley Canyon region of the Gulf of Mexico about 300 miles southwest of New Orleans in nearly 4,000 feet of water.

The Guadalupe prospect targets oil in a Paleogene-era layer of sand more than 30,000 feet under the ocean floor. Chevron and BP did not say how much oil they estimate is in the reservoir.

Chevron and BP each own a 42.5 percent share in the well. Venari Resources, a Texas oil and gas exploration company focused on the deepwater Gulf, owns the remaining share.

Chevron Corp. Vice C  (go to article)

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NHTSA apologizes for botched air bag warnings

CNBC -- The nation's top automotive safety official has issued an apology regarding the issuance of incorrect information about the number of vehicles equipped with faulty Takata air bags, which left motorists scrambling for answers earlier this week.  (go to article)

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Saudi Arabia’s Crude Oil Supply Said to Fall in September

bloomberg.com -- The amount of oil Saudi Arabia supplied to markets fell last month, according to a person familiar with the country’s oil policy. Its production climbed.

The world’s biggest crude exporter supplied 9.36 million barrels a day last month, a reduction of 328,000 barrels daily from August, according to the person, who asked not to be identified, citing policy. The supply figure excludes what’s stored. Saudi Arabia produced about 100,000 barrels a day more than in August, the person said.

Crude collapsed into a bear market this month as Saudi Arabia and other producers deepened price discounts for their oil, amid speculation they’re competing for market share in Asia. Global supplies are rising as the U.S. pumps the most in almost three decades and Russia’s output nears a post-Soviet record.  (go to article)

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Honda Air-Bag Deaths Draw Congress Query as Recalls Widen

Bloomberg -- The congressional investigators who dug into fatal defects in General Motors Co. and Toyota Motor Corp. cars are now asking U.S. safety regulators to brief them about potentially deadly air bags.  (go to article)

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Wind energy is dominating Michigan's investment in renewable energy

MLIVE -- GRAND RAPIDS, MI – Wind energy is generating most of the dollars being invested in renewable energy in Michigan, according to a study released by the Pew Charitable Trust on Thursday, Oct. 23.

More than $2 billion was invested in renewable energy between 2009 and 2013, according to the study, which examined the impact of Michigan’s 2008 Clean, Renewable, and Efficient Energy Act, which required state utilities to produce 10 percent of their power via renewable energy.  (go to article)

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GM posts higher-than-expected profit on strong North American demand

Reuters -- General Motors Co (GM.N) on Thursday reported a higher-than-expected profit in the third quarter on strong demand for its redesigned full-size pickup trucks in North America.

"Clearly, high transaction prices - the new trucks and SUVs are more profitable than the ones they replace - that certainly helps," GM Chief Financial Officer Chuck Stevens said at the company's Detroit headquarters.

The positive results provided a respite from the drumbeat of negative news this year surrounding faulty ignition switches that led to massive recalls and have been blamed for at least 29 deaths.
Shares in the No. 1 U.S. automaker were off 13 cents at $31.18 in midday trade.
Morgan Stanley analyst Adam Jonas lauded GM's "Audi-style" profit margins in North America that approach German luxury levels. Ho  (go to article)

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Tribal leaders testify against Canada pipeline

Associated Press -- SEATTLE (AP) - U.S. tribes told Canadian regulators on Wednesday they're opposed to a proposed pipeline expansion project..which
could increase by seven-fold the number of oil tankers that transit Washington state waters.

The risk of oil spills with devastating consequences for tribes' way of life, culture and the environment, as well as their U.S. treaty right to fish, they said.

"It's not if, but when, one of these tankers run aground somewhere," said Brian Cladoosby, chairman of the Swinomish Indian Tribal Community near Anacorte  (go to article)

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Car Care Council: Multiply gas savings with vehicle maintenance

GasBuddy Blog -- As gas prices continue to drop, motorists can take advantage of their savings at the pump and invest it back into their vehicles. By spending a little now to increase fuel efficiency, drivers can multiply fuel savings and save more money at the pump, says the Car Care Council.The national average of the cost of a gallon of gas has been above $3 since 2010 but is expected to dip below that mark this year, according to a recent forecast by GasBuddy.com."Gas prices are expected to fall below $3 per gallon on average, and that means motorists can count on significant savings at the pump," said Rich White, executive director, Car Care Council. "A small investment in simple and inexpensive auto care will add up to better fuel economy and even more savings."...  (go to article)

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Canada’s biggest banks say the worst is to come for the Canadian dollar

Bloomberg News -- The oil boom that powered Canada’s recovery from its 2009 recession is turning into a bust for the nation’s dollar

Canada’s currency tumbled this month to a 5-year low of C$1.1385/US as the price of oil, the country’s biggest export, fell 30% from a Jun peak. Without a sustained increase in crude, the local $ will weaken at least another 4% to C$1.18

The risk is, a sustained push lower in oil prices cuts Canadian growth. The risk is, a sustained push lower in oil prices cuts Canadian growth

The slide in oil, caused by a combination of oversupply and falling global demand, is a setback for Canada. Since the recession, most new business investment and jobs have come from the oil-rich AB

The nation’s trade surplus turned into a deficit in Aug, and economic growth stalled the previous mont  (go to article)

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Canadians may be ‘buying too much car': Moody’s sounds alarm on bank auto loans

Financial Post -- Bank auto lending has grown at a compounded annual rate of 20% since 2007, “significantly outpacing” the growth of even red-hot mortgages, credit cards, and lines of credit., according to the ratings agency report released Thu

In 7 years, vehicle loans have jumped from $16.2B to $64B

The concerted push into auto lending – buoyed by low interest rates and longer amortization periods that reduce a buyer’s monthly payments — has exposed Canadian banks to the risks of soured loans and lower recovery rates in the event of a downturn

“If the economy takes a turn for the worst, we could see these loans becoming problematic for the banks

Auto loans have taken a backseat to mortgage concerns among policy makers over the past couple of years, but there are signs the focus on them could be increa  (go to article)

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A Mysterious Oil Tanker Might Hold the Key to Kurdish Independence

Businessweek.com -- At any given time, the Gulf of Mexico is crawling with oil tankers, many of them delivering some of the 7.5 million barrels of foreign crude the U.S. imports each day. On July 23 a Greek-owned oil tanker named the United Kalavryta came around the tip of Florida and into the Gulf of Mexico. For the previous month, as it crossed the Atlantic, its destination had been Brazil. Now it was headed for Galveston, Texas, a gateway to some of the biggest refineries in the U.S. What made the Kalavryta special was that its cargo was from Kurdistan, the semiautonomous region in northern Iraq that boasts an estimated 45 billion barrels of oil reserves. The Kurds contend it’s theirs to produce and sell as they choose. The government in Baghdad disagrees.

By the time the Kalavryta reached the edge of U.S  (go to article)

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China SPR fill could help rebalance market, support oil prices

Platts -- China's continued filling of its strategic crude reserves could give support to current depressed oil prices and help rebalance the global market, Bernstein Research suggested in a new report issued Wednesday.

While China's oil demand growth has been weak this year, its crude imports have surprised to the upside, with inflows rising 8.3% over the first nine months of the year to an average 6.14 million b/d. This has outpaced the 5.3% growth seen over the same period of 2013.

This year has been the strongest year of crude oil import growth in China since 2010, according to Bernstein.

"The key factor that explains such discrepancy could be China's filling of SPR [strategic petroleum reserves], which could further accelerate given the low oil prices and elevated geopolitical risk," Bernste  (go to article)

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Crude exports and re-exports continue to rise

EIA -- The United States exported 401,000 barrels per day of crude oil in July 2014 (the latest data available from the Census Bureau), the highest level of exports in 57 years and the second highest monthly export volume since 1920, when EIA’s published data starts. Recent crude oil exports are also noteworthy for both their origins and destinations. Typically, crude exports are sourced domestically and are sent only to Canada. However, since April, crude exports have included modest amounts of Canadian-produced barrels that were moved through the United States and re-exported to Switzerland, Spain, Italy, and Singapore.

To export crude oil from the United States, a company must obtain a license from the Bureau of Industry and Security of the U.S. Department of Commerce. Pursuant to Section  (go to article)

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Why you should never try to charge your electric car with a mobile charger: Chinese showroom set on

Daily Mail -- A Chinese car salesman started a fire in a busy exhibition hall after he used a phone charger to try and restart a car with a dead battery.

The incident happened at an exhibition in Wuhan city, in central China's Hubei province, while the vehicles were being put in position and as the public queued up outside.

Some of the cars needed to be started for the show, including a Cadillac Escalade, but it wouldn't turn over because its battery was flat.

A salesman then offered his phone charger, suggesting that might do the job.

But instead of firing up the ignition, the charger caused the truck to catch fire, sparking a major alert as dozens of fire engines rushed to the congress centre.

 (go to article)

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U.S. prosecutors probe Takata Corp over statements: WSJ

Yahoo News - Reuters -- U.S. federal prosecutors are trying to determine whether Japanese auto parts maker Takata Corp misled U.S. regulators about the number of defective air bags it sold to automakers, including Toyota Motor Corp and Honda Motor Co Ltd, The Wall Street Journal reported on Wednesday.
Word of the investigation follows a notice on Tuesday from the U.S. auto regulator, the National Highway Traffic Safety Administration, which increased the number of cars potentially affected by defective air bags made by Takata to at least 7.8 million, up from the roughly 4.74 million it announced a day earlier.
According to Wednesday's article in WSJ, the investigation by the U.S. attorney's office for the Southern District of New York is in very early stages. The company has not been accused of any wrongdoing.  (go to article)

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Oil will tumble to $70 says new 'bond king'

CNN -- The meltdown in the oil market is not over yet.

Jeffrey Gundlach believes Saudi Arabia loves 'turning the screws' on rival Iran.

That's the message from Jeffrey Gundlach, the star bond investor who predicts oil will plunge another $10 (it's $80 a barrel now).

While another decline in oil prices would bring smiles to American consumers -- think around $2.70 a gallon at the pump as a national average -- it could spell trouble for the boom in shale projects boosting the U.S. economy.

"I think it's going to $70 and if it does, it's bye, bye fracking. Goodbye all of the great job creation from fracking because fracking becomes too expensive if you can buy oil at $70 a barrel," Gundlach said on Wednesday at ETF.com's Inside Fixed Income Conference.  (go to article)

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Rising supplies sink oil prices to 27-month lows

USA Today -- Crude oil prices renewed their multi-month slide Wednesday, falling to 27-month lows in a move that's likely to continue pushing gasoline prices toward below $3 a gallon.

Benchmark West Texas Intermediate crude for mid-December delivery dropped 2.4% to $80.49 a barrel, a level not seen since June 2012. The slide came after the U.S. Energy Information Administration said crude oil supplies were at their highest levels since July. The unexpected rise in inventories comes at a time when post-summer travel demand continues to wane.

Wholesale gasoline futures for mid-November delivery fell 3% to $2.15 a gallon, a key signal for another fall in retail gas prices. Nationally, the price of regular unleaded gasoline is now $3.08 a gallon, down from $3.34 a gallon last month. The bear market melt  (go to article)

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Investors Pulling Money From Shale Put Brakes on Wall Street-Funded Boom

Bloomberg -- Falling oil prices are testing investors' commitment to the Wall Street-funded shale boom.

Energy stocks led the plunge earlier this month in U.S. equities and the cost of borrowing rose. The Energy Select Sector Index is down 14 percent since the end of August, compared with 3.8 percent for the Standard & Poor's 500 Index. The yield for 190 bonds issued by U.S. shale companies increased by an average of 1.16 percentage points.

Today, shale companies are outspending their cash flow by 50 percent thanks to borrowed money, according to the IPAA. They're selling more than twice as much equity to the public as they did 10 years ago, according to Tudor Pickering Holt & Co., a Houston-based investment bank.
 (go to article)

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