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Think last summer's $4 a gallon prices at the pump were painful? Imagine being the US Military, which pays around $400 a gallon in Afghanistan according to the Pentagon comptroller's office in a report to the House Appropriations Defense panel. More »
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Juan Zamora pumped $26 of gas into his 1994 Chevy Camaro at his regular Conoco just like any other normal day. The only problem is his Paypal debit card recorded a transaction of $81,400,836,908. More »
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The price of gasoline's certainly lower than the record highs of this past summer. But are they low enough? More »
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The futures price of a barrel of crude oil closed today at $69.85, down $4.69 a barrel since trading ended yesterday. This is the first time oil closed below $70 a barrel since June 2007, which forced us to ask the question: 'How much did a gallon of regular cost in June 2007?' Well, after a quick hunt we found the answer was $3 a gallon, with a low price of $2.75 in Jackson, Mississippi and the high in Chicago at $3.39. Where does that leave us? With a desire to shake our fists at big oil about why gas prices haven't come down...only to find out they have, and match the historical record almost perfectly. Dagnabit. [NYTimes, Gas prices from: CarSeek] More »
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As MSNBC reports, crude oil prices are creeping upward on reports of positive economic news around the globe, but not before they hit their lowest price in over a year on Friday: $77.70 a barrel. Turns out the global recession is lowering demand for oil, forcing prices into an overall downward trend, a cycle at least one analyst expects to continue in the short term. The result at home has been a drop in gas prices from a national average of $4.11 per gallon in mid-July to the current $3.35 for a gallon of dino-juice — just the thing to prop up consumer confidence, at least until OPEC's special meeting next month, which actually might have more to do with propping up the Dow Jones Industrial Average today than anything else. So do your part, folks: Drive your cars or the domestic terrorists on Wall Street win! More »
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If you haven't been paying attention lately, the price of a barrel of crude oil has dropped over the last month, trading today at a 13-month low of $78.61 in mid-day trading. Analysts are pointing toward the continued disintegration of the financial markets which could lead to drops in global productivity and thus fuel consumption. The gaspocalypse is indeed easing as we've seen such craziness as above, regular on sale for under the $2.99 figure right at our corner fuel stop. Sure is a far cry from that trade-halting $120-a-barrel price spike three weeks ago. [CNN Money]
Check out Gawker Media's full Financiapocalypse coverage at Economy.Consumerist.com! More »
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International, makers of the stupidly huge and awesome CXT, MXT and RXT $90,000+ luxury consumer trucks, has killed its consumer products division. You can guess why: The rise of green fashion, gas prices and the whole "America doesn’t have money anymore" thing. The company will now focus exclusively on their commercial and military ranges. [Kicking Tires] More »
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Bloomberg today reports that GM product czar Bob Lutz, referencing a handful of GM dealerships, is saying that the decline in pickup sales may be "bottoming out." Lutz apparently commented that dealers are seeing "some resurgence in demand for full-size SUVs and pickups," though he declined to mention specific figures — or the specific dealers reporting the demand. So, what's behind the new SUV boomlet? More »
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According to a report from the U.S. Federal Highway Administration, Americans drove 3.7% less in May 2008 than in May 2007. It may not sound like much, but that equates to 9.6 billion fewer miles driven during a month particularly significant as a big vacation travel time. The report notes the decline is primarily due to high gas prices, but it's being used as a rallying cry for alternative infrastructure funding: With less fuel usage, gas taxes alone won't pay for desperately needed roadwork and bridge repair. We bet you Prius owners out there didn't think about how you were screwing over the rest of us, did you? More »
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Not surprisingly, the implosion of the new pickup/SUV market now means that your '06 Silverado doubles in value every time you fill the tank. Large retail groups such as CarMax are reporting wholesale prices for big pickups have plunged 25% in the last three months alone. With trade-in values making up a significant factor in many new car transactions, dealers are finding themselves squeezed by more truck owners "upside-down" in their loans. With dealers unable to finance new purchases, they've resorted to desperate tactics — like leaving truck owners sitting their with their manhood replacements hanging out, unable to trade it in. More »
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As fuel prices rise, gas is rapidly becoming an extremely valuable commodity. And after sharing the five best ways to steal gas last week, we figure it's prudent to do the right thing by providing six of the best ways to protect your gas investment from the shady characters out there wishing to make it their own. More »
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Today brought us news of a purported new solution to high gas prices: SwiftFuel. Currently intended as a replacement for leaded 100-octane aviation fuel, SwiftFuel claims to be ethanol-based, but somehow free from ethanol's negatives such as its lower energy density, incompatibility with gasoline, and propensity to destroy rubber components. How do we know all this? The company's MySpace page told us so. But since we realize social networking sites sometimes contain minor misrepresentations, we decided to dig deeper. What we've discovered, and more importantly, what we still don't know, after the jump. More »
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A wide swath of small trucking companies and independent truckers everywhere will be staging a protest of sorts today. Truckers will be slowing their rigs down and parking them as a protest against both fuel prices and perceived industry unfairness. They're mad as hell about the meteoric rise in the price of diesel fuel over the last two years and they're not going to take it anymore. Making things doubly maddening is the odd way in which diesel — a more crude product which requires less refinement and delivers more gallons per barrel — is rising in a decoupled manner from gasoline, first surpassing gas prices and then leaving them in the dust. We suspect the sort-of-a-strike will fall on deaf ears, but we understand the sentiment. [NYTimes] More »
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