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Oil Bust of 1986 Reminds U.S. Drillers of Price War Risks

bloomberg -- The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans.  (go to article)

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Canada’s $9-billion auto sector bailout lacked proper oversight, says Auditor General

Financial Post -- The federal government was flying blind at some points during its bailout of GM and Chrysler during the financial crisis, and Parliament still doesn’t have a complete picture of whether the assistance was worth it, according to a new report from Canada’s AG

Ottawa was working “in a period of high uncertainty and within tight time frames,” but says more could have been done

The government has still not provided a comprehensive report on the bailout’s effectiveness, more than 5 years later

Ottawa’s lead negotiator on the bailout said the government’s contribution is abundantly clear

“I’m certain that if we had not provided our support, the companies would have been liquidated

In total, the federal and ON contributed $13.7B to the 2 companies, supplementing the $66B bailout from the U.S.  (go to article)

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What to Expect From OPEC Meeting

FOXBusiness -- While it appears that OPEC indeed is going to get a deal on a production cut, already the markets are questioning whether it is going to be enough. The talk is that OPEC as a cartel is going to cut production by 1 million barrels a day at their meeting November 27th. Non-OPEC producer Russia, in order to get the Saudi’s to agree to a cut, pledged to cut production by about 300,000 barrels per day.  (go to article)

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US energy is growing, and so is US 'power'

CNBC -- America's unexpected transformation into the world's biggest natural gas producer and one of the globe's largest oil producers will give the U.S. more geopolitical clout on the world stage—including in key relationships with China, Russia and the Middle East.

By 2020, the U.S. is likely to be energy independent, along with Canada, its biggest import and export partner. Add to that a new boom expected from a reforming energy industry in Mexico, and North America will more than hold its own as a powerhouse in the global energy market.
The ripple, however, will be increasingly felt across the world. In the next several years, the European Union could be importing U.S. gas—and possibly even oil, if current laws change—lessening Russia's stranglehold on the European economy.  (go to article)

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Oil futures fall as Venezuela says no output cut from Tues meeting

Reuters -- Crude oil futures extended their losses on Tuesday after Venezuela said officials at a meeting with Saudi Arabia's oil minister did not agree on any output cut.

Saudi Arabian Oil Minister Ali al-Naimi met with his counterparts from Venezuela, Russia and Mexico in Vienna before Thursday's meeting of the Organization of the Petroleum Exporting Countries.  (go to article)

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Top Ten Thanksgiving Travel Tips

GasBuddy Blog -- Thanksgiving travelers are about to tip their farewell hats and begin their road trips, and just in time, GasBuddy is offering some foolproof ways to make it to your destination even cheaper!

Here's our list of the Top Ten Thanksgiving Travel Tips:
Download and use the FREE GasBuddy app to shop for the cheapest gas prices, no matter where you're running low on fuel. (I'm hoping that most of you already have the free app, seeing how you're reading this on GasBuddy's website). If you'd like to share the app with a friend, give them this link: gasbuddy.com/GasBuddyMobileApps.aspx
Watch those state lines!! EEK! Did you know crossing from Missouri into Illinois the taxes on every gallon of gasoline jumps over 20 cents per gallon? In turn, you'll pay way more if you wait until you're in Illinois to fill up! Or when you leave California and hit Arizona the gas tax drops over 30 cents per gallon? New Jersey's gas tax is almost 30 cents per gallon lower than  (go to article)

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Saudi, Russia pre-OPEC talks yield no oil output cut

Reuters -- VIENNA - Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.  (go to article)

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Oil Boom Triggering Cowboy Shortage Across Canada

Bloomberg -- There’s been a lot of attention paid to how Canada’s oil boom has helped make gasoline cheaper. What many people may not realize is that the boom is also driving up the prices they pay for burgers and steaks.

Surging energy investment in Prairie Provinces, home to most of the nation’s farms and cattle ranches, has boosted domestic crude output to a record and sent pump prices to a three-year low. That’s led to jobs on drilling rigs or pipe crews paying two-thirds more than those in livestock, luring cowboys and beef-plant workers to the oil patch.

The labor shortage is squeezing a cattle industry already diminished over the past decade by mad cow disease, drought and floods. The herd in Canada, the world’s eighth-largest beef exporter, is the smallest in 21 years. Beef supplies are so ti  (go to article)

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Enterprise Said to Offer U.S. Condensate for 2015 to Asia

Bloomberg -- Enterprise Products Partners, which got U.S. approval to ship condensate overseas this year, is offering to export the lightly processed oil to Asia in 2015, according to three traders with knowledge of the matter.

Enterprise is seeking to sell 600,000 barrels a month of condensate from the Eagle Ford formation, said the traders, asking not to be identified because the information is confidential. Potential buyers were required to make their bids by Nov. 22, they said.

Enterprise is offering to sell the cargoes as pressure increases on federal policy makers to lift the ban on U.S. crude exports amid a shale boom that’s propelled the nation’s output to the highest level in more than three decades. BHP Billiton Ltd. plans to export U.S. condensate that’s been run through distillation tower  (go to article)

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Canadian fracking boom ‘like a new lease on life’ for economy in the West

Postmedia News -- The boom in hydraulic fracking isn’t merely revolutionizing the world of oil and gas — from horizontal drilling to declining commodity prices — it’s also transforming small towns like Kindersley, SK. There, a growing population, subdivisions under construction and rising new hotels are all signs of the good times in the oilfield

“The fracking story is really a small-town story,” said one senior executive at a leading oil producer in W Can. “It’s revitalized legacy oilfields … it’s like a new lease on life

Kindersley, for example, has embraced the oil-production renaissance: The town is selling its treated municipal wastewater to oilfield-service companies for use in fracking or other water-intensive applications at well sites

The century-old town is now home to more than 5,000 people in  (go to article)

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In a self-driving future, we may not even want to own cars

LA Times -- Skeptics, however, should consider the cynicism that greeted the horseless carriage more than a century ago, said Adam Jonas, an auto analyst with Morgan Stanley Research.

Then, he said, skeptics asked: "Why would any rational person want to replace the assuredness of that hot horse body trustily pulling your comfortable carriage with an unreliable, oil-spurting heap of gears, belts and chains?"  (go to article)

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UPDATE 7-Brent above $80 as Saudis holds talks ahead of Thursday OPEC

Reuters -- Saudi's Naimi meets Russian, Venezuelan and Mexican counterparts Meeting held ahead of Thursday's OPEC summit (Recasts and updates with market up amid pre-OPEC talks held with Saudis)

By Barani Krishnan

Nov 25 (Reuters) - Oil prices rose on Tuesday, with Brent crude above $80 per barrel, after news that Saudi Arabian Oil Minister Ali al-Naimi was meeting with his Russian, Venezuelan and Mexican counterparts ahead on an OPEC meeting that could cut output.

Oil ministers from OPEC member countries will hold a summit in Vienna on Thursday amid a drop of roughly 30 percent in oil prices since June.

Tuesday's talks with al-Naimi was also attended by Russia's most powerful oil official, Igor Sechin, who is head of state oil company Rosneft, sources told Reuters.  (go to article)

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Iran Agrees to Cooperate With Russia on Oil Market, Shana Says

Bloomberg -- Iranian President Hassan Rouhani agreed to cooperate with Russia to support oil markets in a phone conversation with that country’s leader Vladimir Putin, according to Shana, the Iran oil ministry’s news service.

Rouhani and Putin “agreed on necessary cooperation” to shore up crude prices during the call yesterday evening, Shana said. The report provided no details of what the two presidents agreed on or whether they would take joint action.

The Organization of Petroleum Exporting Countries will meet Nov. 27 to decide how to respond to the slide in crude prices and whether to cut production. Brent crude, the European oil benchmark, dropped into a bear market last month after falling more than 20 percent from its high for the year in June.

Declining prices are hurting oil exporters inclu  (go to article)

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Leaked: The Oil Lobby's Conspiracy to Kill off California's Climate Law

Bloomberg Businessweek -- A Powerpoint deck now being circulated by climate activists—a copy of which was sent to Bloomberg Businessweek—suggests that there is a conspiracy. Or, if you prefer, a highly coordinated, multistate coalition that does not want California to succeed at moving off fossil fuels because that might set a nasty precedent for everyone else.

Created by the Western States Petroleum Association (WSPA), one of the most powerful oil and gas lobbies in the U.S., the slides and talking points comes from a Nov. 11 presentation to the Washington Research Council. The Powerpoint deck details a plan to throttle AB 32 (also known as the California Global Warming Solutions Act of 2006) and steps to thwart low carbon fuel standards (known as LCFS) in California, Oregon, and Washington State.  (go to article)

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Oil steady near $80 ahead of OPEC output decision

Reuters -- Brent crude oil prices steadied near $80 a barrel on Tuesday ahead of a key meeting of OPEC oil producers to decide on oil production levels for next year.
Ministers from the Organization of the Petroleum Exporting Countries were gathering in Vienna for a meeting on Thursday to agree how to respond to a collapse in oil prices, which have fallen by almost a third since June.
 (go to article)

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OPEC needs to 'wake up' to shale revolution

CNBC -- The Organization of Petroleum-Exporting Countries (OPEC) is facing a "shale-tinged" reality and needs a "wake-up call," energy analysts have warned.
Analysts in Citi's commodities research team warn that the shale gas and oil revolution in the U.S. has been ignored for too long by OPEC, the powerful group of 12 global oil producers, and it must agree to cut production when it meets on Thursday or else oil prices "will resume their slide."
 (go to article)

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To Cut or Not to Cut, All Eyes on OPEC

Fox Business --

To cut, or not to cut, that is the question—whether 'tis Nobler in the cartel to suffer the slings and pains of outrageously low oil prices to try to undermine the U.S. shale oil producer or to cut production and risk losing market share forever. For oil this week it is all about OPEC and how they can balance the conflicting short term needs of the cartel and their long term viability. The rise of the U.S. oil producer has made life very difficult for the old cartel and it is clear that there is no consensus on what to do. Saudi Arabia seems focused on the long game as it tries to outlast the shale oil production threat from the U.S. The Saudi’s are ready for a showdown, the question is if anyone else is?  (go to article)

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Proposed Vancouver oil terminal would be biggest in volume

Columbian/The Spokesman Review -- By any measure, the size of the proposed oil terminal at the Port of Vancouver is eye-catching.

The oil-by-rail facility would handle an average of 360,000 barrels of crude per day, or up to four oil trains daily. The terminal would dwarf anything currently operating in Washington.

In fact, at full capacity, the proposal known as Vancouver Energy would handle more oil by rail than any facility in the United States, according to an analysis of crude-by-rail terminals by the Columbian.

“On paper, it’s the biggest facility of that type,” said Sandy Fielden, director of energy analytics for Texas-based consultant RBN Energy. “As far as I’m aware, there’s not an existing terminal that handles that type of capacity.”

There are dozens of facilities across the country that handle oil  (go to article)

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Ford: New Aluminum F-150 To Offer 26 MPG

Associated Press (AP) Published in MBT -- Dearborn, Michigan — Ford said that its new aluminum-bodied F-150 pickup will get up to 26 mpg on the highway, making it the most fuel efficient gas-powered full-size pickup.

The Ram truck is the current leader among pickups, getting up to 25 mpg on the highway with a gas engine. The Ram gets up to 28 mpg with a diesel engine; Ford doesn't make a diesel version of the F-150.

Fuel economy is a key selling point for the new F-150, which is arriving at dealerships this month. Ford shaved 700 pounds off the weight of the truck by switching the body from steel to lightweight aluminum, a dramatic change for the best-selling vehicle in the U.S.  (go to article)

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Automakers Take Aim At Car Computer Hacks

Associated Press (AP) Published in MBT -- LOS ANGELES (AP) — Against the team of hackers, the poor car stood no chance.

Meticulously overwhelming its computer networks, the hackers showed that — given time — they would be able to pop the trunk and start the windshield wipers, cut the brakes or lock them up, and even kill the engine.

Their motives were not malicious. These hackers worked on behalf of the U.S. military, which along with the auto industry is scrambling to fortify the cyber defenses of commercially available cars before criminals and even terrorists penetrate them.  (go to article)

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Why the pros say that oil is headed way lower

Finance Yahoo -- A big meeting this week could determine oil’s next move. And while Americans sit down for Thanksgiving dinner on Thursday, OPEC ministers will be talking turkey about oil production.

Oil prices have plunged 27 percent in the last six months. That means the oil cartel may look to cut production to boost prices when it meets at its headquarters in Vienna on Thursday.

How should investors be positioned before the meeting?

According to one oil market watcher, crude prices will likely head down because even some of the expected production cut proposals won’t be enough to offset North American shale oil production.

“This is a game of chicken between Saudi Arabia and North America,” said Gina Sanchez, founder of Chantico Global. “North America is becoming far less dependent on Saudi Arabia.  (go to article)

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Automakers debut newest production vehicles & concept cars in California

GasBuddy Blog -- Chevrolet Chapparal 2X Vision Gran Turismo (concept)When it comes to consumer products and trends taking root, America has often looked to California first and clearly, cars are no exception. AP reports that one out of every 10 new vehicles sold in the U.S. last year was purchased in California. So it's no wonder automakers saved some of their most important introductions for the Los Angeles Auto Show last week.As usual, green cars are a focus in eco-conscious L.A. Toyota is showing its emission-free hydrogen fuel-cell car, the Mirai, which goes on sale next year in the U.S. and Europe. Honda has a fuel-cell concept car, the FCV, which is expected to go on sale in 2016, while Volkswagen is showing a fuel-cell version of its Golf wagon.What are the cars everyone's talking about?  Here's a sample... ...  (go to article)

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Russia to lose up to $140b a year on sanctions, cheaper oil

Gulfnews.com-Lower oil price to cost Russia $90-100b a year ; Cost of Western sanctions put at $40b -- Lower oil prices and Western financial sanctions imposed over the Ukraine crisis will cost Russia around $130-140 billion (Dh477 billion to Dh514 billion) a year — equivalent to around seven per cent of its economy — Finance Minister Anton Siluanov said on Monday.

His comments are the latest acknowledgement by Russian policymakers that sanctions restricting borrowing abroad by major Russian companies are imposing heavy economic costs. But in Siluanov’s view, the fall in oil prices is the bigger worry.

“We’re losing around $40 billion a year because of geopolitical sanctions, and about $90 billion to $100 billion from oil prices falling by 30 per cent,” he told a news conference.

“The main issue that affects the budget and economy and financial system, this is the price of oil and the...  (go to article)

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Fire drill in Tempe highlights natural gas dangers

azcentral.com-12News-The Arizona Republic -- The hood of a blue car slowly began melting as a loud fire slowly overtook the vehicle and firefighters stood watch nearby waiting for the fire to grow as the telltale 'raw egg' odor of natural gas became more potent.

The scene at a Tempe facility near Kyrene Road and Baseline Road had all the sights sounds and smells of a disaster but firefighters and paramedics from throughout the Valley were practicing to prepare for a rare event that became a reality in a Gilbert neighborhood earlier this year.

Monday's demonstration was the first of three annual hazardous materials evaluations that firefighters will participate in before the end of the year and tested firefighters on their ability to control natural gas fires. The burning car in Monday's exercise was ignited with natural gas but,...  (go to article)

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Coastal storm, including snow, on the menu for some Thanksgiving travelers along East Coast

Star Tribune -- MINEOLA, N.Y. — A nor'easter is expected to develop Wednesday along the East Coast just as millions of travelers are heading to their Thanksgiving destinations.

"I would pack your patience," said Robert Sinclair Jr., of AAA New York.

The storm, forecast to dump rain along the coast and snow inland, could cause delays at Northeast airports and along its busy highways. Precipitation was forecast to sweep in from the south Tuesday night into Wednesday morning and exit the region Thursday morning.

Jeff Masters, chief meteorologist for Weather Underground, said coastal cities are likely to mostly receive rain, although he cautioned Monday afternoon that meteorologists would be keeping a close eye on the rain/snow line.

"A small deviation in the track could change things dramatically," he sa  (go to article)

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Ohio gas prices down heading into holiday week

WFMJ -- COLUMBUS, Ohio (AP) - Ohio motorists are seeing lower gas prices as they prepare to travel for Thanksgiving this week.

The average price for a gallon of regular gas in Ohio was $ 2.74 in Monday's survey from auto club AAA, the Oil Price Information Service and WEX Inc. That's down 13 cents from a week ago and a quarter from last month at this time. Last year's state average heading into the Thanksgiving holiday was $3.25 per gallon.

Ohio's average is lower than the national average, which was $2.81 per gallon Monday. That's 8 cents less than a week ago and 26 cents less than last month at this time.

Analysts say gas prices will likely remain low through the end of the year.  (go to article)

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Klobuchar demands answers on recalled air bags

Star Tribune -- Shashi Chopra and her husband were on their way to meet their future son-in-law in March 2013 to discuss wedding plans for their daughter Tina.

The North Oaks couple were traveling the speed limit, 30 miles per hour, when another driver crashed into their 2002 BMW. The passenger-side air bag deployed, after which Chopra was completely blind. As she was loaded into the ambulance, the last thing she remembers is her son Vikas telling her, “Don’t worry. I’m here for you.”

“I stared death in the face,” she said at her home Monday.

As she told her story, Chopra was joined at her kitchen table by her family and Sen. Amy Klobuchar, D-Minn., who is highlighting defective Takata air bags found in millions of cars on U.S. roads. BMW recently expanded its air bag recall to 574,000 vehicles like th  (go to article)

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Gabriel Nadeau-Dubois launches fundraiser to fight TransCanada pipeline

The Gazette -- After winning the GG’s Literary Award for his book documenting his role in the 2012 student strike, activist Gabriel Nadeau-Dubois turned over his $25K prize to a coalition of citizens’ groups opposing TC’s Energy E pipeline project

On the talk show Tout le monde en parle Sun, Nadeau-Dubois challenged viewers to double his donation. In less than a day, the campaign has raised over $200K, and counting

“If QC blocks this project, we will do a service to ourselves and future generations, but we also send a clear signal that we are prepared to contribute to the global fight against climate change

Nadeau-Dubois was both “proud and a little embarrassed” to receive a literary award from the federal government

“I was very touched by the award, but I was less thrilled with the monarchist stamp  (go to article)

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Driver cleared in GM ignition switch accident

CNBC --
General Motors has confirmed that a car accident involving a Texas woman is linked to the company's faulty ignition switch issue.

Candice Anderson pleaded guilty to criminally-negligent homicide in 2004 after she lost control of her Saturn Ion and hit a tree, killing her fiancé Gene Erickson.

An email sent by a GM lawyer on Sunday confirmed that Anderson's accident was counted by the company as an ignition switch accident, according to Dow Jones.

2.5 million vehicles were recalled by GM earlier this year due to this defect. The company determined that the ignition switch could be jostled from "run" to "accessory" while in motion thereby cutting power from the electric steering and air bags. Candice Anderson has lived with this Anderson's attorney wrongful conviction for too long  (go to article)

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Plains to Expand Major New Permian Basin Pipeline in Texas

Reuters via Downstream Today -- Plains All American aims to expand its new Cactus Pipeline to move West Texas oil to Corpus Christi, increasing the company's ability to move super-light crude to the Texas Gulf Coast for possible export.

The move further positions Plains to export minimally processed condensate if it chooses to do so. Pressure from oil producers to scrap the decades-old domestic crude export ban has grown as super-light condensate emerging from the U.S. shale oil boom overwhelms refineries with limited capacity to handle it.

Plains on Monday said it will push the 250,000 barrels per day, 310-mile Cactus line's capacity to 330,000 bpd. The initial 250,000 bpd remains on track to start up in April, with the additional 60,000 bpd to come online in the fourth quarter next year.

The Cactus expansion comes a  (go to article)

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Honda has reporting issues

Detroit CBS -- DETROIT (AP) — Honda is admitting that it failed to report more than 1,700 injury and death claims about its vehicles to U.S. safety regulators, a violation of federal law.DETROIT (AP) — Honda is admitting that it failed to report more than 1,700 injury and death claims about its vehicles to U.S. safety regulators, a violation of federal law.
But Honda said it did not report 1,729 death and injury claims from July 1, 2003, through June 30, 2014. During that 11-year period, the company only reported 1,144 claims, it said in statements. The numbers are the result of an audit conducted by the law firm of Bowman and Brooke that began on Sept. 23.  (go to article)

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Honda admits failing to report deaths, injuries

AP via Yahoo News -- Honda is admitting that it failed to report more than 1,700 injury and death claims about its vehicles to U.S. safety regulators, a violation of federal law.

The Japanese automaker, in statements issued Monday, also said it became aware of the omissions in 2011, yet it took about three years to take action.

The company said it filed documents detailing the lapses on Monday with the National Highway Traffic Safety Administration, which had demanded an explanation on Nov. 3.

Honda blamed the lapses on inadvertent data entry and computer programming errors, as well as a misinterpretation of the federal TREAD act, a law passed in 2000 requiring faster reporting of deaths, injuries and safety defects ...  (go to article)

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Fort Drum powered by wood in renewable energy push

AP -- Bulldozers rumble up and down steaming mountains of wood chips 24 hours a day, stoking the boilers that provide electricity to all 168 square miles of Fort Drum, home of the Army's 10th Mountain Division.
The 60-megawatt biomass power plant is providing 100 percent of the electricity for the sprawling northern New York base starting this month. It's the first green energy project to come online since the Pentagon's 2012 commitment to developing 3 gigawatts of renewable energy — enough to power 750,000 homes — on Army, Navy and Air Force installations by 2025 as a way to help ensure the military's energy security.

The Pentagon is pushing construction of independent power grids at military bases out of concern that utility companies are vulnerable to hackers, terrorists and natural disaste  (go to article)

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Two more deaths identified by GM ignition-switch program

Reuters -- Two additional deaths have been attributed to a faulty ignition switch in General Motors Co (GM.N) vehicles, bringing the total to 35, according a report on Monday from the lawyer overseeing a program to compensate for deaths and accidents linked to the part.

As of Friday, the program, which began accepting claims on Aug. 1, had received 2,180 claims for injuries and deaths, an increase of more than 3 percent from a week earlier, according to the report from the office of lawyer Kenneth Feinberg.

Overall, the fund has received 225 claims for deaths, 139 for catastrophic injuries and 1,816 for less-serious injuries requiring hospitalization. Of those, claims from 35 deaths, five severe injuries and 39 other injuries have been deemed eligible for the program.
 (go to article)

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Oil at $75 Won’t Shut in Much U.S. Shale, Dow’s Liveris Says

Bloomberg -- Oil at $75 a barrel won’t affect U.S. output from shale much because investments in wells and production have already been made, said Andrew Liveris, chairman and chief executive officer of Dow Chemical Co.

Some U.S. shale producers are already hurt by the drop in oil prices, though Dow, based in Midland, Michigan, sells enough different products that it can withstand lower crude, Liveris, the head of the largest U.S. chemical maker, said at a conference in Dubai.

Chemical companies such as Dow use oil products and natural gas to make finished goods, which they sell at prices linked to crude.

“They’re not shutting in because that’s all ’sunk costs,’” he said of U.S. shale producers. “So you’re not going to get a lot of producers stopping at 75-buck oil.”

 (go to article)

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Oil Falls for First Time in Three Days in Run-Up to OPEC

Bloomberg -- Brent and West Texas Intermediate declined for the first time in three days as investors weighed the odds of a production cut from OPEC this week.

Hedge funds have turned less bullish on oil in the absence of any clear signal from the Organization of Petroleum Exporting Countries that it will act to bolster prices. The 20 analysts surveyed last week by Bloomberg were divided, with half predicting a cut and the rest no action. Saudi Arabia’s Oil Minister Ali Al-Naimi said today it’s not the first time the oil market has been over-supplied.

“Whether they are going to cut is up in the air,” said Paul Crovo, a Philadelphia-based oil analyst at PNC Capital Advisors. “I won’t make big bets either way. There is a lot of expectation that OPEC does need to cut. That’s the perception, and it’s  (go to article)

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Despite Senate shortfall, TransCanada's Girling remains optimistic

GasBuddy Blog -- Russ Girling, CEO of TransCanada, the firm that's trying to complete the Keystone Pipeline that is intended to cross the U.S. - Canada border, says he remains optimistic despite the U.S. Senate's failure to approve the $8 billion infrastructure project that would create more than 40,000 jobs.

He has more patience than most of us.  The Senate vote failed by one vote.

During a press conference immediately after the vote, bill sponsor Sen. John Hoeven (R-N.D.) promised that it would be a top priority when his party takes control of the Senate next year, the New England Fuels Institute (NEFI) said. Support from newly elected Republicans and moderate Democrats in the new Congress will provide more than enough votes to pass the bill and perhaps even the 67 votes necessary to override a presidential veto, says NEFI. ...  (go to article)

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Driver fatigue may have led to deadly tour bus crash, CHP says

Los Angeles Times -- The driver of a tour bus that crashed Sunday morning in Northern California, killing a man and injuring 30 other passengers, may have been extremely fatigued, authorities said..

The investigation of the crash remains underway, but the California Highway Patrol said the fact that the bus had crashed earlier in the morning points to fatigue on the part of the driver, identified as Jose Victor Garcilazo Palencia, 67, of Los Angeles.
 (go to article)

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Oil price seen falling to $60 if OPEC does not cut output

Reuters -- Oil prices could plunge to $60 a barrel if OPEC does not agree on a significant output cut when it meets in Vienna this week, market players say.

Brent crude futures have fallen 34 percent since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say.
 (go to article)

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Chrysler's Pentastar logo takes backseat to FCA

Detroit Free Press -- Say goodbye to the Pentastar and hello to FCA.

With the formation of Fiat Chrysler Automobiles now complete, the letters FCA are now appearing everywhere — from the corporate websites to Twitter accounts to the sign to the sign outside Chrysler's headquarters.

The Pentastar, meanwhile, is largely being phased out — a move that has angered enthusiasts loyal to the Chrysler brand and has spawned a Facebook page and a petition drive to save it.  (go to article)

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GasBuddy Says: Give Thanks For Gas Prices 44 Cents Lower Than Last Year

GasBuddy Blog -- With the U.S. average price of gasoline at $2.80 today, the national average is at its lowest level since December 2010. Especially this week, Americans should be grateful that 80% of the nation’s gas stations are reporting prices under $3/ gal. today, compared to just 22% at this time in 2013.

“While many of us are convinced that gas prices automatically go up in advance of every travel holiday, our price tracking has proven that to be a widely-held misconception,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “In some years we’ve seen occasions, particularly during the Thanksgiving and Christmas travel periods, when prices remained flat or even posted a decline.”...  (go to article)

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In North Dakota, Rising Unease Over Oil's Effects

NY Times -- In early August 2013, Arlene Skurupey of Blacksburg, Va., got an animated call from the normally taciturn farmer who rents her family land in Billings County, N.D. There had been an accident at the Skurupey 1-9H oil well. “Oh, my gosh, the gold is blowing,” she said he told her. “Bakken gold.”

It was the 11th blowout since 2006 at a North Dakota well operated by Continental Resources, the most prolific producer in the booming Bakken oil patch. Spewing some 173,250 gallons of potential pollutants, the eruption, undisclosed at the time, was serious enough to bring the Oklahoma-based company’s chairman and chief executive, Harold G. Hamm, to the remote scene.

It was not the first or most catastrophic blowout visited by Mr. Hamm, a sharecropper’s son who became the wealthiest oilman in Ameri  (go to article)

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Oil price seen falling to $60 if OPEC does not cut output

CNBC -- Oil prices could plunge to $60 a barrel if OPEC does not agree on a significant output cut when it meets in Vienna this week, market players say.
Brent crude futures have fallen 34 percent since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say.
"The market would question the credibility of OPEC and its influence on global oil markets if there was no cut," said Daniel Bathe, of Lupus alpha Commodity Invest Fund.

That could send Brent down to around $60, Bathe said.  (go to article)

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Some fund managers see oil falling to $60 without OPEC cut

Reuters -- Reuters) - Some commodity fund managers believe oil prices could slide to $60 per barrel if OPEC does not agree a significant output cut when it meets in Vienna this week.

Brent crude futures LCOc1 have fallen by a third since June, touching a four-year low of $76.76 a barrel on Nov. 14.

They could tumble further if OPEC does not agree to cut at least one million barrels per day (bpd), according to some commodity fund managers' forecasts.

"The market would question the credibility of OPEC and its influence on global oil markets if there was no cut," said Daniel Bathe, of Lupus Alpha Commodity Invest Fund.

That could send Brent down to around $60, Bathe said.

"Herding behaviour and a shift to net negative speculative positions should accelerate the price plunge," he said.  (go to article)

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Devils Lake group wants public vote on refinery

mySA.com -- DEVILS LAKE, N.D. (AP) — A citizens group in Devils Lake is pushing for a public vote on a $200 million oil refinery proposed for the city's industrial park.

The city should have gathered input from residents before signing a letter of support for the project in October, Mary Lundy, spokeswoman for the Devils Lake Oil Refinery Citizens, told The Bismarck Tribune (http://bit.ly/1xsbwll ).

City officials promised to get public comments last year when a different refinery project was talked about, she said. That project never materialized.

"We just want them to fulfill their obligation to represent the community correctly," Lundy said. "It's not OK to tell the citizens one thing and then do something else."  (go to article)

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White House threatens to put brakes on alternative fuels

Los Angeles Times -- As biotech masterminds and venture capitalists scramble to hatch a new generation of environmentally friendly fuels that can help power the average gasoline-burning car, they are confronting an unexpected obstacle: the White House.

Yielding to pressure from oil companies, car manufacturers and even driving enthusiasts, the Obama administration is threatening to put the brakes on one of the federal government's most ambitious efforts to ease the nation's addiction to fossil fuels.
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Thumbs down on oil projects, survey suggests

Presse Canadienne -- Poll suggests 7 out of 10 Quebecers against oil port in Cacouna

The port has been proposed by AB energy company TransCanada. The survey, conducted by research firm SOM, also suggests that 87% of the provincial populace thinks QC should have the right to refuse TransCanada’s Energy E pipeline, which would transport crude oil from AB to NS

Nature Québec, The David Suzuki Foundation, Greenpeace and the World Wildlife Fund paid for the survey

For Karel Mayrand, general manager of the Suzuki Foundation’s QC branch, the survey demonstrates that the more informed Quebecers are about the pipeline project, the more they question it

He says Energy East does not pass the “transparency test.”
 (go to article)

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While U.S. feasts on cheap oil, OPEC nations likely to squabble

The Columbus Dispatch -- Thanksgiving is a time of reflection on resources and relatives, even for one group of a dozen oil-producing countries that won’t observe the holiday this week.

The free fall in oil prices has led to billions of dollars staying in U.S. consumers’ pockets instead of pumped into their gas tanks just as the holiday spending season gets underway. Since June oil prices have fallen 30 percent. While OPEC nations aren’t about to cry poverty, the cartel will be working in the new week to stop the drop.

OPEC oil ministers meet on Thursday but not for a Thanksgiving feast. Instead, the powers that control almost 40 percent of world oil production will argue over how much oil they are pumping and if they should pump less of it. But like many extended family gatherings for the holiday, there will...  (go to article)

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Opec a shadow of its former self

Times LIVE-The Sunday Telegraph -- In 1976, Saudi Arabia's former oil minister, Ahmed Zaki Yamani, stormed out of the Opec gathering early when other members of the cartel would not comply with the wishes of his new master, King Khaled.

The 166th meeting of the group, in Vienna next week, is looking like it could end in a similarly acrimonious way, with Saudi Arabia and several other members at loggerheads over what to do about falling oil prices.

Whatever action Opec agrees to take to halt the sharp decline in the price of crude, experts agree that one thing is clear: the world is entering an era of lower oil prices that the group is almost powerless to change.

This new energy paradigm might result in oil trading at much less than the $100 (R1100) a barrel that consumers have grown used to paying over the past decade...  (go to article)

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Falling apart: America's neglected infrastructure

CBS News -- Our roads and bridges are crumbling, our airports are out of date and the vast majority of our seaports are in danger of becoming obsolete.  (go to article)

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Macy’s Will See Benefit From Lower Gas Prices, CEO Lundgren Says

Bloomberg -- Macy’s Inc. (M), the largest U.S. department-store chain, will gain from consumers that are less burdened by energy costs, Chief Executive Officer Terry Lundgren said.

“We expect to benefit from the lower gas prices,” Lundgren said in an interview with Fox News’ Maria Bartiromo today. “We have much higher expectations for the fourth quarter.”

Sales at stores open at least a year declined 1.4 percent last quarter as the retailer struggled to get people in the door. The Cincinnati-based retailer relied on trimming expenses to post a 23 percent increase in net income for the quarter, according to a Nov. 12 statement.  (go to article)

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