GasBuddy Blog -- The Energy Information Administration released its weekly report on the condition of petroleum inventories in the United States today.

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 0.3 million barrels to a total of 339.2 million barrels. At 339.2 million barrels, inventories are 5.8 million barrels below last year (-1.7%) and are in the upper limit of the average range.

GASOLINE INVENTORIES:
Gasoline inventories increased by 1.6 million barrels to 231.8 million barrels. At 231.8 million barrels, inventories are 9.1 million barrels, or 3.8% lower than last year. Here's how individual regions and their gasoline inventory fared last week: East Coast (N/C); Midwest (+0...  (read more)

BLM.gov -- The GAO calculated the U.S. government ranked 93rd lowest out of 104 fiscal systems surveyed, losing between $21 and $53 billion in potential revenue.

The Department of the Interior disagreed with the GAO’s 40-page analysis, and released a 300-page study. The GAO’s analysis of this complicated arena was superficial and inadequate.
The government take as a proportion of the cash flow, typically nets more than the oil or gas-producing company does. The IHS-CERA study finds that on average the federal government captures 64 percent of the cash flow from Gulf of Mexico deepwater oil leases.
http://www.blm.gov/wo/st/en/prog/energy/comparative_assessment.html
Fig 2 shows how it works with gas leases in Wyoming, the “government take” ranging from a low of 50 percent to a high of 73 percent.  (read more)

The Detroit News -- A House panel approved a bill Tuesday that would block the Environmental Protection Agency from allowing the use of a higher blend of ethanol for use in vehicles without further study.

The Science Committee approved the bill, sponsored by Rep. James Sensenbrenner, R-Wisconsin, on a 19-7 party line vote.

Automakers and other engine makers have clashed with corn growers since 2010 over whether the United States should allow the use of a new blend of ethanol called E15 because it is 15 percent biofuel — usually made from corn.  (read more)

www.wlox.com -- BILOXI, MS (WLOX) - You've probably noticed gasoline prices are on the rise again.

One local small business owner shared his frustration with WLOX.com. David Vickers said not only does he have to pay more at the pumps, he also loses revenue every time gas prices go up. With pump in hand, Vickers said, "It makes me mad, it makes me upset."

Vickers is furious he has to spend close to $100 every time he fills up his F-150 pickup truck. He said, "It's crazy, we shouldn't be paying for these prices over here in the United States. We have more oil here in the United States than we could ever deplete. I read about it, I hear about it you know paying $3.50, $3.49 a gallon, it's crazy!"

His fantasy solution? Slash the prices!

"If you would drop fuel prices down to a buck fifty, they're st  (read more)

Reuters -- A plan to fast-track the stalled Keystone XL oil pipeline was passed by a key committee in the U.S. House, as Republicans made yet another attempt to spur approval of the project that has become a major issue in the 2012 elections.

The bill would wrest decision-making from the Obama administration and hand it to the Federal Energy Regulatory Commission, which would be compelled to issue approval permits quickly on the Canada-to-Texas project.

Tuesday, the House Energy and Commerce Committee voted 33-20 to send its Keystone bill to the full House, where it will likely become part of a highway and infrastructure funding bill that House Speaker John Boehner wants to see passed this month.

Republicans also have not ruled out trying to attach a Keystone provision to must-pass payroll  (read more)

foxbusiness.com -- Representative Alcee Hastings, (D-FL), introduced a bill that would abolish write-offs oil companies take on their tax returns for the costs of cleaning up their oil spills.

Taxpayers have footed oil companies’ cleanup costs for decades. For instance, BP can deduct on its tax returns cleanup costs and settlements for its massive oil spill in the Gulf of Mexico. Estimates already show those costs may amount to $32 billion, which could translate into a $10 billion tax write-off for the oil major.

But these deductions are meant for the "ordinary costs of doing business," reads the tax law.

Are oil spills “business as usual’? Or should taxpayers foot the bill for oil companies’ own negligence?

...slamming this loophole shut would save taxpayers an average $1.3 billion annually.  (read more)

Wall Street Journal -- Not everyone in Canada supports the proposed oil pipeline from Alberta to the U.S. and to the British Columbia coast.

Claude Gravelle, vice chair of the Canadian Parliament's Natural Resources Committee, spoke about how the exporting of Canadian oil could translate into oil spills, environmental costs and lost Canadian jobs.

Gravelle, talked about his controversial meetings with U.S. lawmakers, problems with China's human rights record and his dispute with Prime Minister Stephen Harper's take on how to bring financial security to Canadians.

[Harper] is giving [the oil industry] billions of dollars in subsidies. How does that assure our financial security? We're giving money away and we're giving jobs away. We want to do it differently.

More and more Canadians are in opposition  (read more)

GasBuddy Blog -- The latest report from the AP desk in Beirut says that the U.S. has closed its embassy in Syria and Britain recalled its ambassador to Damascus in a new Western push to get Syrian President Bashar Assad to leave power and halt the murderous civil war in Syria.

Contrary to President Obama's comments in his State of the Union address, the AP reports that the U.S. "diplomatic effort was stymied at the U.N. by vetoes from Russia and China," but, the recent moves by the U.S. and Britain (to evacuate the Syrian Embassy) were a clear message that Western powers see no point in engaging with Assad and now will seek to bolster Syria’s opposition.

”This is a doomed regime as well as a murdering regime,” British Foreign Secretary...  (read more)

MarketWatch Pulse --
Crude-oil futures traded lower Monday as investors were concerned about the threat of a default in Greece and its impact on the global economy, and the dollar traded higher. Crude for March delivery declined 70 cents, or 0.7%, to $97.13 a barrel on the New York Mercantile Exchange. Greece is seen as running out of time to work out a deal for a second bailout package as party leaders have resisted more austerity measures.

 (read more)

Forbes -- The Keystone XL pipeline may have kicked off the presidential race but it’s also setting the stage for a Battle Royale in Congress. Not only are senior House Republican preparing to link its construction to key spending bills but they are also playing up the Obama administration’s apparent hypocrisy.

When news spread on Friday that the U.S. Department of State had approved two years ago a similar oil sands pipeline, even members of the president’s party were caught off guard. That approval, which paved the way for the 326-mile “Alberta Clipper” stretching from Canada to Wisconsin and began operations in October 2010, was made with the president’s blessings.

That news is now giving even more fodder to Republican members, who have argued strenuously that the Keystone pipeline is not...  (read more)

GasBuddy Blog -- Illinois Governor Pat Quinn signed this morning SB965, giving the City of Chicago new authority to use its extensive network of red light running cameras as speed cameras. The law becomes active on July 1, so motorists should be prepared.

This new law, authorities say, has always been for the protection of children and not about revenue. However, the same authorities argue that red light cameras also are only for safety, even while many studies have shown this is not the case. Such studies as a 2008 University of Florida study, or a 2007 Virginia Department of Transportation study that showed "the cameras were associated with an increase in total crashes... The aggregate EB results suggested that this increase was 29%... The cameras...  (read more)

GasBuddy Blog -- California has the most expensive red-light camera tickets in the world; and the tickets are so steep, according to Kevin Fagan, reporter for the San Francisco Chronicle, that one camera in Oakland generates more than $3 million annually.

According to Fagan and the traffic-watch site TheNewspaper.com, anyone in California photographed violating a red light pays a fine of $480 and no other jurisdiction in the U.S. has a tab that high. The second-highest fine in the U.S. is $250, Fagan says.

California's Dept. of Finance estimates that red-light cameras bring in more than $80 million annually to the state and $50 million to cities and counties. Not all $480 from each ticket goes to the cities or counties that authorize...  (read more)

USA TODAY -- After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.

Tom Kloza of the Oil Price Information Service expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.  (read more)

The Telegraph -- Oil prices could fall to $70 a barrel during 2012, from current levels above $110, as high volatility in the economy and energy markets becomes "a fact of life", Royal Dutch Shell executives said.

 (read more)

Business Week -- Ford Motor Co.’s global marketing chief says the automaker is focused on high “real world” fuel efficiency in its vehicles after a California woman won a case against Honda Motor Co. for failing to meet mileage claims.

Heather Peters, owner of a 2006 Civic Hybrid, won $9,867 in small claims court in Los Angeles last week, alleging Tokyo- based Honda overstated the model’s fuel economy. Honda has said it will appeal the ruling, and that the car’s efficiency rating was determined by the U.S. Environmental Protection Agency.

“As fuel economy becomes more important, all the manufacturers are looking to be more dramatic in their advertising claims,” Jim Farley, told reporters today in Las Vegas at the National Automobile Dealers Association convention.  (read more)

MLIVE -- In the past decade, at least 1,100 crashes involving cellphones occurred throughout Kent, Ottawa and Allegan counties, according to an analysis by MLive Media Group. More than 5,400 others involved some other form of distracted driving.

Most are in Kent, about two out of three. Ottawa accounts for about 25 percent, with Allegan just under 10 percent.  (read more)

Popular Mechanics -- The 2012 Hyundai Elantra and Ford Focus SFE are among 20-plus cars that now claim 40 mpg highway. But given the peculiar way in which the EPA calculates its fuel economy estimates, do those mileage numbers truly reflect real-world driving? We tested the Elantra and Focus on the streets and roads of Michigan to find out, with some surprising results.

PM Mileage Test at a Glance

We took two closely matched, high-mileage vehicles on multiple test loops to see if they could hit their EPA window-sticker numbers on real roads...
 (read more)

Yahoo Autos -- When Nissan unveiled its Leaf EV last year, the wedge-like machine lifted the spirits of any motorist disgruntled by the Who Killed The Electric Car? era. None more so than Sadow, who grew up criss-crossing the country thanks to his father's job with the electric golf cart giant, E-Z-Go.

"You can say I got bit by the EV bug early, around the age of 7," Sadow says.

Fast forward a few decades, and that kid is now an electrical engineering whiz who has become consumed with making this incarnation of the electric car live.

"My goal is to make the EV a success, because it's the only thing that's going to save us," he says. "Our culture is based on cars, so that's not going away. But when petroleum becomes scarce, our economy is going to tank given our dependency on foreign oil. I just  (read more)

Times Of India -- India will have to walk a fine line between continuing to source oil imports from Iran and escalating pressure from the US and Europe to adhere to tighter sanctions against the Islamic republic designed to prevent it from weaponizing its nuclear programme.

New Delhi may be staunchly opposed to Tehran acquiring nuclear weapons, but is caught in a bind since it cannot afford to substantially cut back energy imports from Iran, which as India's second largest supplier after Saudi Arabia meets 12% of its total oil requirements.

Tighter Western sanctions will make it harder for India to pay for the oil it sources from Iran, especially since Washington has declared it will ban from the American market all financial institutions that transact petroleum business with Tehran's Central Bank from  (read more)

Anchorage Daily News online -- EMPLOYMENT: It's also at a record high as companies hire maintenance workers.

By STEFAN MILKOWSKI
Petroleum News

Published: January 31st, 2012 10:05 AM
Last Modified: January 31st, 2012 10:05 AM

A new report by the research firm McDowell Group is shedding light on seemingly contradictory North Slope employment figures and an apparent spike in nonresident hire.

North Slope employment dropped sharply in 2009 but has since rebounded and is now at an all-time high. Industry spending is up, but more money is being spent on maintenance. And the third-quarter 2010 spike in nonresident hire is not likely the start of a trend.

State lawmakers commissioned the study last year during the debate over Gov. Sean Parnell's oil tax proposal, House Bill 110. Supporters of tax cuts pointed to the jump  (read more)

Reuters -- * Democrats say bill would ensure Keystone benefits US

* Republicans have been pushing to approve pipeline

* Republican says U.S. needs more exports

By Ayesha Rascoe

WASHINGTON, Feb 3 (Reuters) - U.S. Democrats unveiled legislation on Friday that would block export of any oil transported by the Keystone XL pipeline, as they challenged claims that the delayed project would boost U.S. energy security.

 (read more)

physorg.com -- As the United States transitions away from a primarily petroleum-based transportation industry, a number of different alternative fuel sources—ethanol, biodiesel, electricity and hydrogen—have each shown their own promise. Hoping to expand the pool even further, researchers at the U.S. Department of Energy's Argonne National Laboratory have begun to investigate adding one more contender to the list of possible energy sources for light-duty cars and trucks: compressed natural gas (CNG).

Compressed natural gas is composed primarily of methane, which when compressed occupies less than one percent of the volume it occupies at standard pressure. CNG is typically stored in cylindrical tanks that would be carried onboard the vehicles it fuels.

Because the domestic production of natural gas  (read more)

Wired Magazine -- The Center for Automotive Research (CAR) is launching a campaign to help cars lose weight in order to gain efficiency and performance.

By bringing together members of the aluminum and plastics/composites industries, CAR hopes that automakers will reap the benefits of new lightweight materials to meet stricter fuel economy standards without sacrificing acceleration or handling.

While overall fuel economy has increased dramatically in the past few decades, so has the weight of passenger vehicles. MIT economist Christopher Knittel recently found that the average vehicle’s curb weight increased 26% between 1980 and 2006. If today’s powertrains were fitted to cars as light as the Chevettes and Civics of yore, the average fuel economy of cars sold in the US would be as high as 37 mpg in 2012.  (read more)

Popular Science -- Installing a solar roof on your home could one day be as simple as mixing your yard clippings into a stew of inexpensive chemicals and painting the resulting mixture right onto your rooftop. An MIT researcher has developed a method of manufacturing solar panels on the spot from agricultural waste, sidestepping the need for silicon and making ready-to-mix solar cheap and abundant virtually anywhere.

But first things first. What MIT’s Andreas Mershin has done here is pretty interesting. His chemical cocktail extracts the photosynthesizing molecules from plant matter--including chlorophyll--and stabilizes them such that they can be spread on a glass substrate. Said substrate is coated in nanowires and titanium dioxide “sponges” that help convert photons to electrons and then ferry those ele  (read more)

Mywesttexas.com -- "We were involved in drafting the bill," pointed out Ben Shepperd, president of the Permian Basin Petroleum Association. "Our members were supportive of the bill, we think it's the right thing to do. Transparency is good and we think being transparent will help dispel some of the myths around hydraulic fracturing. Fracturing has become an overused, misused word."

Nye said many Texas operators werealready voluntarily reporting hydraulic fracturing chemicals since the FracFocus website went live on April 1, 2011. "In fact," she said, "as of January 31, 2012, of the 10,914 total wells nationwide voluntarily reporting disclosures on the FracFocus website, 4,169 of the wells are in Texas."  (read more)