Short-Term Energy Outlook

The May 8 Short-Term Energy Outlook, by the EIA, had some points that help explain the high prices of gasoline, the major point being that gasoline inventories are down now and it will take until the end of summer for inventories to catch-up creating a situation where supply is very tight causing high prices. 

• Continuing problems for refineries in the United States and abroad, combined with strong global gasoline demand, have raised our projected average summer gasoline price by 14 cents per gallon from our last Outlook.  Retail regular grade motor gasoline prices are now projected to average $2.95 per gallon this summer compared with the $2.84 per gallon average of last summer.   During the summer season, the average monthly gasoline pump price is projected to peak at $3.01 per gallon in May and again in August, compared with $2.98 per gallon last July. ...
• World oil markets are projected to tighten this summer due to continued growth in oil demand and production restraint by members of the Organization of Petroleum Exporting Countries (OPEC).  Despite the recent increases in world oil prices, global oil consumption is projected to grow by 1.4 million barrels per day (bbl/d) in 2007 and by 1.6 million bbl/d in 2008.  About one-half of the projected growth will come from China and the United States  ....
• For 2007, U.S. crude oil production is projected to average 5.15 million bbl/d ... With the startup of new deepwater production from the Atlantis platform later this year and from the Thunderhorse platform late next year total domestic crude oil production is projected to average 5.34 million bbl/d in 2008.

• Gasoline inventories, which typically build slightly in April, sharply declined last month because of the high incidence of refinery outages and low imports. ... Gasoline inventories are expected to remain below the lower end of the normal range throughout the summer, which will keep pressure on gasoline prices and likely result in higher margins and retail prices than those seen last summer.

Comments

[JN2]

Jim, page is unreadable after chart (everything shifted to the right and hidden by the the third column). Using Firefox.

[Enoch]

Oil companies are really upset over the "shortages". They are crying all the way to the bank.

[BUCK]

what gas supply shortage? Did you walk to work today.

You are full of sh--, I mean Bull.

[Biodiesel Fuel]

Just make your own fuel from home and you wont have to worry about the high prices of gasoline!

[BeGreen]

Please read-Americans need to know!!!!!!!!

NHTSA Hearings 8/4/08

I just returned from the NHTSA hearings held on August 4, 2008 in Washington D.C., regarding the Draft Environmental Impact Statement (DEIS) for NEW Corporate Average Fuel Economy standards (CAFÉ) for years 2011-2015.

IMPORTANT FACTS: You will not believe what you are reading.

1) The 414 pages DEIS analysis was based on an average gasoline price of USD $2.16/gallon for 2011-2020. A calculation approved by the NHTSA administrators/managers. Would you believe it???????????

2) The new CAFÉ rules were also established, negotiated and pre-approved by the NHTSA’s management and clearly with the influence of domestic automotive companies and their lobbyists. We have now established fuel standards for 2011-2020 that are presently and already met throughout the rest of the Western world today (see below).

As one guest speaker said today “are they on another planet?”

NHTSA “NEW Fuel Standards” (2011-2015) decision:

Automobiles are to achieve 31.2 mpg by 2011 and 35.7 mpg by 2015. Light trucks are to achieve 25 mpg by 2011, and 28.6 mpg by 2015.

The NTHSA is also setting a goal of 35 mpg on average for 2020.

America needs to know:

The European Union is currently establishing standards, with a goal of reaching 48.9 miles per gallon for new passenger vehicles as early as 2012. The current EU standard already requires more than 40 miles per gallon about 15% higher than the U.S. goal set for 12 years from now.

Japan currently has a standard of about 40 miles per gallon. Japan aims to further improve fuel efficiency by 17% by 2015, reaching 46.9 miles per gallon.

China has a current average of slightly under 35 miles per gallon. Chinese fuel standards are on target to reach the government’s goal of 35.8 miles per gallon by 2009. China will not only meet, but exceed, the goal just established by the United States for 2020 — more than a full decade earlier.

Australia is targeting 34.4 miles per gallon by 2010.

Canada is targeting 34.1 miles per gallon by 2010.

Under the current administration, purchasing an electric vehicle is becoming more of a necessity rather than an alternative.
BG Automotive Group, Ltd.
http://www.bgelectriccars.com/

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[Online Furniture Stores]

Honestly I don't really see the price of gas gong down too much. Now that the gas companies know that the public is willing to pay for it they will do all they can to keep them up.