Low Oil Prices
Just What the Planet Needs: More Oil Production
A surge of oil from four countries—Norway, Guyana, Canada and Brazil—will more than compensate for slowing growth of U.S. oil production. The new sources might cause oil prices to dip to $50 a barrel and slow the transition to electric vehicles.
Oklahoma Gas Tax Hike Faces Multiple Hurdles
Oklahoma is among a number of Republican-controlled states considering gas tax legislation, particularly since it faces a budget gap of $900 million. Bills to hike the tax are expected to be proposed this month, but they face formidable challenges.
How Low Will Oil Prices Go?
Oil prices are now at a 12-year low. Prices have been very consistent this year: they have dropped every day. As they slide to going below $30 a barrel, service stations could be selling gasoline at $1 per gallon, a price not seen since 1999.
Saudi Arabia Reducing Gasoline Subsidies to Cope with Budget Deficit
The world's third cheapest gasoline will increase by 40 percent in order to deal with a record budget deficit of $98 billion this year. Plummeting oil prices have forced the world's largest oil exporter, Saudi Arabia, to reduce energy subsidies.
As Oil Prices Fall, Alaska Considers an Income Tax
Not only might Alaskans have to pay a state income for the first time since 1980, three years after the Trans-Alaska Pipeline was completed, but Alaska Permanent Fund checks might drop 50 percent to cope with falling crude oil tax revenue.
Vehicle Miles Traveled Hits Record; Fuel Efficiency Decreasing Too
New figures from the Federal Highway Administration show no abatement in increasing vehicle miles traveled (VMT). While low oil prices have been beneficial for the environment on the production end, it is wreaking havoc on the consumption side.
Shell Gives Another Early Christmas Gift to Environmentalists
Shell Oil surprised the environmental community in September by announcing an end to Arctic drilling. What could come next? Shell is abandoning plans for the Carmon Creek oil-sands project in Alberta and taking a $2 billion write-down.
World Demand for Oil to Increase in 2016
It's the best of both worlds for OPEC as cheap oil prices increase demand while high-cost rival oil producers are forced to close down wells according to an OPEC study released Oct. 12. And it was all planned.
First West Coast LNG Export Facility Gets Critical Federal OK
On Sept. 30, the Federal Energy Regulatory Commission approved the final environmental impact statement for a contentious $7.5 billion Liquefied Natural Gas export facility, pipeline, and power plant in Coos Bay, Ore. More approvals are still needed.
Drivers Enjoy Lowest Gas Prices in 11 Years on Labor Day Weekend
Not since 2004 have gas prices been this low, an outcome of a glut of oil on the market from producers amidst a slowdown of demand from China. No surprise that driving is at all-time hime. Prices are expected to drop below $2 per gallon by Christmas.
First Senate Bill Introduced to Raise Gas Tax
Carper, a Democrat, hopes to take advantage of historically low gas prices to hike the federal fuel taxes four cents a year for four years to end reliance on General Funds to fund transportation spending. Increased credits would offset the tax hike.
Hold the Presses: Alaska Gas Tax Increases Today
Alaska's 11.30 cents per-gallon gas tax, lowest in the United States, increases today for the first time in 45 years. As of July 1, the tax increases to 12.25 cents. Yes, by less than a penny. Percentage wise, though, it looks bigger: 8.4 percent.
Record U.S. Oil Production Assures Low Gas Prices Through 2016
Oil prices plummeted 60 percent since last summer, yet American crude output will reach a record this year according to the Energy Information Administration's Fall Short-Term Energy Outlook. Gas prices will drop about 35 cents this year.
North Carolina Struggles to Prevent Deep Gas Tax Cut
The News & Observer's "road worrier" (not a typo!), Bruce Siceloff, provides ongoing coverage of the sad saga of North Carolina's gas tax, set to be adjusted downwards by statute.
Where Have All the Oil Trains in California Gone?
While many California were protesting oil trains carrying the hazardous Bakken crude, a funny thing happened—they stopped coming. While protests may have delayed the construction of new oil terminals, economics is at the root of the slowdown.
The Far-Reaching, Lasting Effects of Low Oil Prices
With SUV sales up, car sales down, and mileage driven up, the effects of lower gas prices could soon extend to land use, making suburban and exurban commuting more affordable. Economists have a term for these effects: demand response.
OPEC Sees U.S. Motorists as Their Ally
An IEA report suggests that oil prices have bottomed-out, are now on the rebound, and that demand for OPEC's oil will start rising next year. OPEC predicts that U.S. oil consumption will increase after years of decline, thanks to U.S. motorists.
Seizing the Moment: Nations Slash Energy Subsidies as Oil Prices Fall
Just as plummeting oil prices have caused state and federal political leaders to consider raising gas taxes, leaders in developing nations, both oil producers and consumers, are considering reductions in national energy subsidies.
Plunging Fuel Prices Could Bring Plunging Fuel Taxes
It was considered a given by many analysts that global oil prices would only increase as world oil demand outstripped supply, so switching to percentage-based fuel taxes from per-gallon taxes made sense, until OPEC chose not to restrict their output.
Conservative Columnist Promotes $1 Gas Tax Alternative
Charles Krauthammer offers his own brand of gas tax hike that differs from others mentioned recently. One, it's much bigger. Two, revenues won't be used for transportation. It would be revenue neutral; all funds would be returned to taxpayers.
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