According to this Los Angeles Times article this morning, the US EPA is considering a temporary waiver of the oxygenate switchover to ethanol in New York and California that took effect this spring. Information that the government is considering this waiver moved oil and gasoline market prices strongly downward. Responding to comments by Energy Secretary …
This article suggests that the 4% reduction in output may not happen, because of the cheating I discussed yesterday. More along those lines from BBC News and Reuters. Oil prices actually fell in overnight trading because of the expectations that the participants would not be able to adhere to their agreement. Cartel instability, almost as …
I’ve been meaning to post this link for a few days, but have been in somewhat flighty-chicken mode … Skip Sauer at the Sports Economist had this good post on petroleum refining and environmental regulation. He links to an article in the Houston Chronicle that gives some good information, and makes the following observations: My …
Nick Schulz from TechCentral Station and Transition Game has an article in today’s National Review Online, in which he discusses gas prices and Kerry’s energy policy suggestions. In addition to referencing yours truly, for which I am exceedingly grateful, he makes a lot of good points about these subjects and how likely Kerry would be …
More on OPEC’s new attempt to restrict its production and the federal government reactions, from the New York Times (link courtesy of Megan McArdle), Forbes, and PBS’s Newshour Online.
Many thanks to Virginia Postrel for the link. Note that she observed a reduction in driving in LA in this period of high gas prices. Yes, the demand for gasoline is inelastic, but it’s not vertical/perfectly inelastic! Note also her post that suggests that it could be 1996 all over again in terms of the …
Last night there was an explosion at the third-largest petroleum refinery in the US. Fragmented fuel markets as a result of the patchwork of 40+ fuel formulations in the US to meet federal+state air quality reguations has created an environment in which our refinery industry has little fault tolerance. Put another way, when unexpected stuff …
Let the demagoguery begin! Let it know no bounds, nor be the private purview of either major political party. One the one hand, John Kerry makes several “proposals” for reducing gas and oil prices, which are of course President Bush’s fault, ably summarized in this Houston Chronicle article. Kerry’s suggestions are laughably unrealistic and unlikely …
A guest post from my colleague Mike Giberson: In response to your ENOUGH ALREADY ON “RECORD HIGH” GAS PRICES, note that the Washington Post does, on occasion, adjust for inflation in its commentary on gasoline prices: For one, it is worth pointing out that gasoline prices, while higher than a few years ago, are still …
Run, don’t walk, to back40’s house at CrumbTrail to read this post and the article to which he links on the dubious reasons for claiming that biofuels are renewable. It has bothered me for a long time that no one has really quantified the entire supply chain in modern biofuels, including all of the attendant …
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