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EL-ERIAN: The Oil Market Seems Surprised By OPEC — It Shouldn't Be Read more: http://www.businessin

Business Insider -- Judging from today’s sharp reaction, the oil market is surprised by OPEC’s decision not to reduce its production ceiling in order to curtail the accelerated price decline which now totals 25% for the year. It shouldn’t be. OPEC has a history of opting for strategic rather than tactical decisions; and, this time around, it may have done so from a position of caution rather than overwhelming strength.  (go to article)

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OPEC decision sends energy stocks and Canadian dollar into tailspin — with no sign of bottom yet

National Post Wire Services | -- Energy stocks on the TSX slid the most since 2011 Thursday as oil prices plummeted following the outcome of an Organization of the Petroleum Exporting Countries.

The OPEC meeting was the market’s focus as it came after months of depressed oil prices, which have been weighed by concerns about increasing supply and sluggish demand for the commodity. The cartel did not announce the output cut investors were hoping for. Oil prices tumbled to a four-year low.
 (go to article)

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Black Friday car sales explode in popularity

CNBC -- Karl Regalado calls it crazy.

In the span of a few years, Black Friday has gone from being a day he dreaded spending in the showroom to one of the busiest days at the Buick/GMC dealership he manages just outside Chicago.

"This year we're expecting business to be so strong it will be incredible," said Regalado who manages the Bill Kay Buick GMC dealership in Downers Grove, Illinois. "This weekend our sales will probably be up 200 percent"

Welcome to Black Friday, the fastest growing day for auto sales.  (go to article)

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Oil prices crash below $70

CNN Money -- Oil prices came crashing down Thursday to trade below $70 per barrel after OPEC announced it was leaving oil production levels unchanged.

WTI crude trading in the U.S. fell by roughly 7% to just below $69 -- a level not seen since May 2010.  (go to article)

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Montrealers 'don't need a PR campaign' on pipelines, Mayor Denis Coderre writes

The Gazette -- On Dec 2, 2013, the Communauté métropolitaine de Montréal’s municipalities said “Yes, but …” to Enbridge’s Line 9B reversal plan. The Yes underscores the importance of regular, cheaper oil supplies to E Montreal’s industries. The all-important “but” means the plan must ensure public safety and preserve the ecosystem’s integrity — particularly rivers, lakes and streams

Enbridge wrote to the CMM Nov 14 in response to concerns expressed earlier in the fall about requirements for pipeline water crossings and for emergency responses. The CMM is unyielding on this matter

"Companies must have a perfect score when it comes to oil transport. There is no room for error. Enbridge must respond to each of our concerns. We have said this repeatedly over the past year. And we are saying it again today  (go to article)

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How Saudi Arabia Could Spoil Christmas

The Fiscal Times (Via Yahoo Finance) -- On Thanksgiving morning, when millions of Americans rise bright and early to start preparing their turkey dinners and draw up their post-meal shopping strategies, Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries or OPEC, could deliver a surprise that may very well spoil the holiday shopping season for many.

I'm talking about the potential for a surprise crude oil production cut, which if it happened, would catch investors on Wall Street wrong footed and pinch consumer confidence heading into the most important time of the year for retail sales.

Focus has shifted to what's happening with crude oil ahead of the most important OPEC meeting in years on Thursday. Oil futures are down more than 32 percent from their high in June, putting pressure on Saudi  (go to article)

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Full steam ahead for Hyundai’s hydrogen-fuelled vehicles

The Globe and Mail -- Hyundai Corp. is looking to revive the dream of a fleet of hydrogen-fuelled vehicles driving on Canadian highways as it becomes the first auto manufacturer to launch in Canada a fuel cell version of an existing car model.

Hyundai will announce Wednesday that it is offering three-year leases for the Tucson FCEV to drivers in British Columbia’s Lower Mainland, one of the few areas in the country that have hydrogen fuelling stations that were put in place as B.C. sought to demonstrate the fuel cell hydrogen technology during the 2010 Winter Olympics.

“We believe Hyundai has passed the tipping point in fuel cell technology development and that it’s ready to be driven by customers interested in pioneering a zero-emissions automotive future,” Don Romano, president of Hyundai Auto Canada Corp.  (go to article)

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OPEC output decision ensures U.S. shale industry will crash, says Russian oil tycoon

Bloomberg News -- OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said.

The Organization of Petroleum Exporting Countries kept output targets unchanged at a meeting in Vienna Thursday even after this year’s slump in the oil price caused by surging supply from U.S shale fields
 (go to article)

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Saudis block OPEC output cut, oil price sinks further

Reuters -- Venezuelan Foreign Minister Rafael Ramirez left the meeting visibly angry and declined to comment on the outcome.

Wealthy Gulf states have made clear they are ready to ride out the weak prices that have hurt the likes of Venezuela and Iran - OPEC members that pressed for output cuts to stabilize the market and ease pressure on their budgets, but cannot afford to make any themselves.

A price war will also seriously hurt top non-OPEC exporter Russia, which has clashed with Saudi Arabia over Moscow's support for Syrian President Bashar al-Assad. Russia is already suffering from Western sanctions over its actions in Ukraine and needs oil prices of $100 per barrel to balance its budget.

The Organization of the Petroleum Exporting Countries accounts for a third of global oil output.
 (go to article)

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Mexico emerging as powerhouse in luxury car production

The Globe and Mail -- NACHA CATTAN -- Bloomberg News

Mexico’s German auto history began with small, cheap cars. Now it’s becoming a place where top-of- the-line German brands roll out of billion-dollar factories.

By decade’s end, Mexico will claim fourth place worldwide for German luxury output after the carmakers’ home country, China and the U.S., according to estimates compiled for Bloomberg by IHS Automotive consultant Guido Vildozo, surpassing Belgium, Spain and Brazil.  (go to article)

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U.S. Regulator Demands Nationwide Takata Air-Bag Recall

Bloomberg -- U.S. regulators formally demanded Takata Corp. (7312) implement a nationwide recall of defective air bags, saying the company’s piecemeal approach to fixing a potentially deadly flaw in millions of cars is insufficient.

The National Highway Traffic Safety Administration told Takata in a letter yesterday to declare a recall by Dec. 2 that identifies a defect in “driver’s side air-bag inflators and is nationwide in scope.” Failure to do so may lead NHTSA to force a recall and issue civil fines of $7,000 per violation.

The company last week pushed back against calls by NHTSA to expand regional repair campaigns that primarily focused on 8 million cars in high-humidity U.S. states. Takata said recalling vehicles in other areas, where the risk of air bag malfunctions is lower, would aggravate  (go to article)

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OPEC Policy Ensures U.S. Shale Crash, Russian Oil Tycoon Says

Bloomberg.com -- OPEC policy on crude production will probably ensure a crash in the U.S. shale industry, a Russian oil tycoon said.

The Organization of Petroleum Exporting Countries appeared unlikely to make significant cuts in output targets at a meeting in Vienna today even after this year’s slump in the oil price caused by surging supply from U.S shale fields.

American producers risk becoming victims of their own success. At today’s prices of just over $70 a barrel, drilling is close to becoming unprofitable for some explorers, Leonid Fedun, vice president and board member at OAO Lukoil, said in an interview in London.

“In 2016, when OPEC completes this objective of cleaning up the American marginal market, the oil price will start growing again,” said Fedun, who’s made a fortune  (go to article)

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U.S. Ethanol Production Hits Record High on Profit Margins

Reuters -- U.S. ethanol makers produced a record amount of the biofuel last week, government data showed on Wednesday, as plentiful corn supplies and high ethanol prices resulted in the best profit margins in about six months, traders said.

Ethanol production rose more than 1 percent to an average of 982,000 barrels per day in the week ending Nov. 21, the EIA said. That is the largest weekly total since EIA started tracking the data in 2010.

Stocks of the grain-based biofuel decreased by 263,000 barrels to 17.07 million barrels, the smallest in about a month.

Many ethanol plants perform annual maintenance before the autumn corn harvest, allowing them to run near-capacity when supplies of the grain are cheapest and most plentiful. Ethanol makers are earning as much as $2 per bushel of corn on the e  (go to article)

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Cosmo Oil Bought U.S. Condensate at About $4/bbl Discount

Reuters -- The first Japanese purchase of U.S. oil from shale fields was priced at a discount of around $4 a barrel to comparable grades from the Middle East, according to Reuters calculations based on customs data released on Thursday.

The discount was possible because differentials between U.S. crude and Middle East oil were at about $5 when refiner Cosmo Oil Co bought almost 300,000 barrels of condensate in mid-July.

A similar discount now would not be possible because the gap beween Nymex crude and Qatar deodorised field condensate has narrowed to less than $1 and freight rates have increased, according to trading sources.

More cargoes of condensate from the United States are unlikely to flow to Asia in the near future unless differentials return to July levels, according to trading sources.

 (go to article)

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Ottawa drivers line up as gas dips below $1 a litre

Ottawa Citizen -- Motorists, start your V-8 engines: Gasoline in Ottawa on Wed, for however briefly, fell below $1/L

A Costco gas bar at W Hunt Club and Merivale was selling a litre for 99.9c, spurring long lineups at the pumps

Nnearby Esso and Ultramar were the next cheapest at $1.015 at 6PM

Gasoline prices have been falling steadily since peaking at an average $1.38 in Ottawa in Jun, and a quick turnabout is unlikely. The emergence of the U.S., China and other as major oil producers has reduced the ability of OPEC to control prices by cutting supply

The slide is affecting the Canadian oil industry. On Wed, AB said it will be forced to trim spending because of declining oil revenue. It reduced its oil price prediction by 8%

The last time 1L in the capital was less than a loonie was in late 2010  (go to article)

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The Flying Car Is (Almost) For Real

Bloomberg -- More than a hundred people have paid deposits of $10,000 each for the Transition, which will be capable of 70 miles (110 kilometers) per hour on the road and 100 mph in the sky when it finally comes to market sometime within the next three years. Dietrich is refining details on the third-generation prototype of his $279,000 vehicle before attempting certification by both the FAA, which regulates planes, and the National Highway Traffic Safety Administration, which oversees cars.  (go to article)

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Puerto Rico threatened with transit shutdown in political spat

Reuters -- Puerto Rico's public transit system will shut down on Monday if lawmakers do not increase a tax on oil, the U.S. commonwealth's Government Development Bank said, accusing politicians of taking an "irresponsible" gamble on the island's economy.

The possible shutdown of Puerto Rico's buses and commuter train services, affecting 75,000 commuters, would be a major escalation of the island's debt crisis and would threaten its fragile economy.
 (go to article)

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Oil prices plummet as OPEC meets

USA Today -- Oil prices fell sharply Thursday amid expectations the powerful oil collective OPEC will decide against intervening in global markets by cutting production levels.

Crude oil prices plummeted over 2% to $72.15 a barrel. In June, prices were as high as $115 a barrel.
 (go to article)

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Henry Ford’s pickup camper — the first RV

Detroit News -- Think of Henry Ford as you travel this Thanksgiving weekend.

Not because of the cars, but because he followed his yearning to roam. Back in 1916 he and pals Thomas Edison, Harvey Firestone and conservationist John Burroughs set out on the first of several annual road trips in Model Ts outfitted in the style of “glamping” (glamor camping).

Henry had designed a car with a built-in stove and cooler, and a truck with show-quality custom bins for tents, beds and lawn chairs. Destinations were mountains and back roads of New York, Vermont (where the four stopped in at President Calvin Coolidge’s home), New Hampshire, Massachusetts, Pennsylvania, West Virginia and northern Michigan.

Most believe that the road trips of these four, known as the Vagabonds, were intended to promote road constructi  (go to article)

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For cup holders, Alfa, McConaughey ... we give thanks

Detroit News -- At the first Thanksgiving, the denizens of Plymouth Rock had many things for which to be thankful. Alas, motorized transportation was not among them. Four hundred years later, we 21st century pilgrims have trains for commuting, planes for vacation getaways, and rockets for space travel. Yet the automobile is our personal transportation. Our manufacturing base. Our favorite toy. The last year gave us another bountiful harvest.

We give thanks for ...

Seat heaters. It’s not even December yet and Detroit has set a record low temperature of 11 degrees and roads left slick by snowfall. Yet commute we must. Fortunately, heated seats and steering wheels have become common in our horseless carriages. While engine-heated ventilation systems can warm slower than a child to broccoli, the electrical  (go to article)

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Oil falls $2 to four-year low as OPEC production cut seen unlikely

REUTERS -- Brent crude oil fell $2 to a four-year low under $76 a barrel as traders speculated that OPEC was unlikely to cut output to support prices at its Thursday meeting.

Gulf producers Saudi Arabia, Kuwait, Qatar and the United Arab Emirates said they had reached a consensus on oil output policies. Sources said those countries agreed not to press ahead with output cuts.

"The consensus is increasing that they will not provide any significant cut in this meeting," said Olivier Jakob, oil market analyst at Petromatrix in Zug, Switzerland.

Some fund analysts have said that oil prices could slide to $60 per barrel if OPEC does not agree to a significant output cut. Reuters analyst Wang Tao said he expected U.S. oil to drop to $63.85 per barrel over the next four weeks.

Benchmark Brent futures  (go to article)

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Oil Volatility Here to Stay Regardless of OPEC Decision

Bloomberg -- Whatever the outcome of tomorrow’s OPEC meeting, options traders are betting on oil-price swings.

That’s because the decision from the Organization of Petroleum Exporting Countries isn’t likely to make much difference. Slowing global demand and a U.S. shale-drilling boom has created a glut that won’t fade any time soon, said Torbjoern Kjus of DNB ASA in Norway.

Half of analysts surveyed by Bloomberg expect a cut in production at the meeting in Vienna tomorrow; the rest don’t see a deviation from OPEC’s 30 million barrel-a-day target. Yet an index tracking expectations for moves in oil prices reached the highest ever versus a gauge that measures equity volatility, according to data compiled by Bloomberg going back to May 2007.

“We are still talking about a market that is 2-million barrel  (go to article)

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Happy Thanksgiving To All!

GasBuddy Blog -- Image From ..Norman RockwellNo matter what any of our own circumstances may be, Thanksgiving Day unites us.  That's because we can all be grateful for who we have, not what we have... and frankly, any day above ground is a very good one.

Your friends at GasBuddy are especially grateful for all of you and all that you do!  We're grateful for all of our volunteer price spotters who collectively help the GasBuddy community nationwide save money on every fuel purchase. Hopefully you're enjoying some of the savings today at your dinner table!

We're also thankful that gas prices in most parts of the country are below $3 per gallon, and in many places now, well below!  If you're traveling today, we'd like to share just a few thoughts to stay safe... ...  (go to article)

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Why Russia Said 'No Deal' to OPEC on Cutting Oil Production

Business Week -- No country is suffering more from plunging oil prices than Russia. The world’s biggest producer of crude, it’s set to lose $100 billion a year as prices hover below $80 a barrel. President Vladimir Putin says a “catastrophic” further slump is “entirely possible.” So why has Moscow ruled out a possible deal with the Organization of Petroleum Exporting Countries to shore up prices by cutting production?

Igor Sechin, chief executive of state-controlled oil giant Rosneft (ROSN:RM), traveled to Vienna ahead of OPEC’s Nov. 27 meeting, prompting speculation that Russia, which isn’t an OPEC member, might agree to curb production in tandem with the cartel... the four countries agreed only to “monitor oil prices over the next year.”
 (go to article)

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U.S. EPA Seeks Tighter Ozone Standards to Cut Pollution

Reuters -- The Obama administration proposed stricter curbs on ground-level ozone, a pollutant linked to several serious health conditions, in a move industry groups and congressional Republicans said would place a heavy burden on the U.S. economy.

The [EPA] said it would set National Ambient Air Quality Standard between 65 and 70 parts per billion concentration of ozone and consider public comments on standards within a 60 to 75 ppb range.

The proposed rule would lower ozone-forming emissions from power plants and car exhaust pipes, leading to slightly cleaner air.

Industry groups had braced for a standard as low as 60 ppb and estimated annual costs of $270 billion at that level, according to the National Association of Manufacturers.
 (go to article)

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Oil Wars? Read This Saudi Official’s Ambivalent Sentence and Understand Why OPEC’s Meeting Tomorrow

TheBlaze-Reuters -- It’s an understated sentence with huge implications: He expects the global oil market “to stabilize itself eventually.”

Those were the words of Saudi Arabia’s oil minister Ali al-Naimi on Wednesday, Reuters reported, as the 12 members of OPEC geared up for a Thursday meeting to discuss the precipitous decline in oil prices.

Al-Naimi’s sentiment could mean cheap oil for the world and tough times for countries including Venezuela and Russia as Saudi Arabia, one of the world’s three biggest oil-producers, refuses to cut production as prices fall.

Oil prices have declined precipitously since the summer in the face of increased global (and especially U.S.) production and a dip in global demand.

For more than a month Saudi Arabian officials have been saying that they are OK with falling oil  (go to article)

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Market-share wars and a plunging price loom as OPEC nations meet

The Globe and Mail -- Global oil producers could face a bleak winter unless OPEC heavyweights reverse course as they head into a critical meeting and reach an agreement on production cuts to boost sagging prices.

Ministers from Saudi Arabia and the United Arab Emirates signalled Wednesday that there would be no deal reached in Vienna, although the cartel’s leaders may have been employing scare tactics in order to persuade fiscally-strapped members that they must participate in production cuts or face steep price declines.

Saudi Oil Minister Ali al-Naimi said Wednesday that he expects the oil market “to stabilize itself,” leading to speculation that the Organization of Petroleum Exporting Countries will be unable to implement a substantial production cut. UAE Energy Minister Suhail bin Mohammed al-Mazroui...  (go to article)

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Snow and rain ground flights, make Thanksgiving driving 'a little hairy' in the Northeast

Star Tribune -- MINEOLA, N.Y. — A sloppy mix of rain and snow rolled into the Northeast on Wednesday just as millions of Americans began the big Thanksgiving getaway, grounding hundreds of flights and turning highways hazardous along the congested Washington-to-Boston corridor.

By early evening, more than 700 flights had been canceled, the bulk of them in the Northeast, during what is typically one of the busiest travel periods of the year. Thousands of flight delays were also expected as the snow from the nor'easter piled up.

Some travelers tried to change their plans and catch earlier flights to beat the storm, and major airlines waived their re-booking fees. But most planes were already filled.

Numerous traffic accidents were reported across the Northeast, where by midafternoon the line between rain  (go to article)

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Holiday travelers are in for 'roller-coaster' weather

Star Tribune -- Twin Citians might be able to deep-freeze their turkeys Thursday as temperatures stay cool for the Thanksgiving holiday only to yo-yo throughout the weekend.

While Thanksgiving is predicted to be mostly sunny during the day, high temperatures in the metro are expected to hover around 10 degrees, said Rick Hiltbrand, a meteorologist for the Twin Cities office of the National Weather Service. But that will change over the weekend as Saturday warms up to highs around 40 degrees and then drops down to highs around 20 on Sunday.

“It’s kind of a roller coaster this weekend, up and down,” he said.

Black Friday shoppers in the Twin Cities can expect about an inch of snow Thursday night and half an inch early Friday, Hiltbrand said.

“It just may end up causing some more slick roads again,” he s  (go to article)

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Change of Heart for OPEC?

FOX Business -- What is 2Mbpd of overproduction between friends?

The market should laugh off any pledge to rigididly comply to existing quota’s because the NON-OPEC players have no quota. It seems that the market is not buying into the fact that this decision is final as they agreed to monitor market conditions and keep in touch if say perhaps emergency measures may need to be taken

They may need to be taken in if we get a very bearish EIA report. The expectations are for a slight build in crude supply. If the API is any indication we might get a bearish surprise. The API report that crude supply increased by 2.8Mb. Distillates dropped on the gold but gas supply rose. Demand was poor due to bad weather or perhaps because the excitement of lower gasoline prices is wearing off just a bit

So for OPEC it  (go to article)

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Dutch Seek to Harness Energy From Salt Water Mix

ABC News -- Dutch researchers are seeking to add a new, largely untapped renewable energy source to the world's energy mix with the opening of a "Blue Energy" test facility on Wednesday.

Blue energy takes advantage of the difference in salt concentration between sea water and fresh water to produce electricity.

Rik Siebers of REDstack BV, the company overseeing the project, said the goal is to improve the technology to the point where it will be profitable to build blue energy plants commercially in the 2020s.

Siebers said blue energy will one day have its own niche.

"For wind turbines you need wind, and solar panels work in the day, but water is always flowing," he said in a telephone interview Wednesday.

The Dutch plant has a theoretical maximum capacity of 50 megawatts, about enough to power 1  (go to article)

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Crude Oil Futures Decline Before Tomorrow’s OPEC Meeting

Bloomberg -- Oil futures closed Wednesday at the lowest level in more than four years amid skepticism OPEC ministers will come to an agreement that trims a supply glut behind a five-month slide in prices.

Futures dropped 0.7 percent in London and 0.5 percent in New York after Saudi Oil Minister Ali Al-Naimi said tumbling crude prices will stabilize on their own. Naimi later said that Persian Gulf countries have reached a consensus on output and OPEC will take a “unified position,” without elaborating on what they agreed to do.
Gasoline futures climbed 0.33 cent to close at $2.0351 a gallon in New York. Ultra-low sulfur diesel rose 0.17 cent to settle at $2.3965

Regular gasoline at U.S. pumps fell to the lowest level since November 2010. The average retail price fell 0.2 cent to $2.81 a gallon Tuesday  (go to article)

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Oil price drop brings back memories of 1986

Bloomberg -- NEW YORK—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.

In 1986, the Saudis opened the spigot and sparked a four-month, 67 per cent plunge that left oil just above $10 (U.S.) a barrel. The American industry collapsed, triggering almost a quarter-century of production declines, and the Saudis regained their leading role in the world’s oil market.

So while no one expects the Saudis to ramp up output now like they did then, and U.S. shale oil companies are pledging to keep drilling regardless, the memory of that bust looms large for American industry executives on the eve of OPEC’s meeting Thursday. As the Saudis gather with officials from the 11 other OPEC nations in Vienna, analysts are split on whether the  (go to article)

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U.S. Refiners Looking Closer to Home to Buy Their Crude

Bloomberg -- The U.S. is relying the most in four decades on oil from the Americas as the shale revolution reduces imports from the Persian Gulf and Africa.

Countries outside North, Central and South America supplied the smallest portion of foreign crude in August to the U.S. in government records dating back to 1973. Surging production in Canada and the U.S. has reduced the need for cargoes of light oil, with the remaining imports of heavy crude more likely to be from Mexico or Venezuela than Nigeria or Saudi Arabia.

The shift is another sign of how the North American energy revolution is affecting some suppliers more than others.

U.S. refiners built the capacity to use heavy crude, so this is the natural home for Latin American heavy oil, said John Auers, executive vice president of the Dallas-bas  (go to article)

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US House To Hold Hearing On Oil Export Ban

Reuters -- A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

The House subcommittee on energy and power, chaired by Representative Ed Whitfield, will hone in on the 1975 Energy Policy and Conservation Act, drafted in response to the 1973 oil crisis. The law prohibited the export of most crude oil, created the Strategic Petroleum Reserve and Corporate Average Fuel Economy rules for cars and trucks, also known as CAFE standards.

"We need to take a comprehensive look at where we came from, where we are today, and where we want to go from here," Whitfield said in a release.

The debate over whether Washington should lift its nearly 40-year crude oil export ban wi  (go to article)

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Ultra-Strong Graphene's Weak Spot Could Be Key to Fuel Cells

NBCNews -- In a discovery that experts say could revolutionize fuel cell technology, scientists in Britain have found that graphene, the world's thinnest, strongest and most impermeable material, can allow protons to pass through it.

"We are very excited about this result because it opens a whole new area of promising applications for graphene in clean energy harvesting and hydrogen-based technologies," said Geim's co-researcher on the study, Marcelo Lozada-Hidalgo.
 (go to article)

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Saudi Oil Minister Naimi suggests OPEC does not need to cut output in effort to drive up price

Associated Press -- Ali Naimi said Wednesday he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's policy as its top producer, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting  (go to article)

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US oil ends lower after report says OPEC won't cut production

Reuters -- U.S. oil prices settled lower on Wednesday after Saudi Arabia's oil minister said he expects OPEC members to reach a unified decision later this week, but he would not disclose details on the decision, according to Dow Jones reported.
A Gulf OPEC delegate told Reuters the GCC had reached a consensus not to cut oil output. Three OPEC delegates separately told Reuters they believed OPEC was unlikely to cut output when the 12-member organisation meets on Thursday.
 (go to article)

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NTSB demands nationwide Takata Recall

Detroit News -- The National Highway Traffic Safety Administration on Wednesday formally demanded the Japanese auto supplier Takata Corp. declare that millions of vehicles sold with driver-side air bags nationwide are defective — the first step toward forcing the company to recall the vehicles.

Takata has until Dec. 2 to respond. If it refuses, the next step will be for NHTSA to issue an initial decision demanding a recall and to schedule a public hearing. If Takata refuses following the hearing, the agency would have to go to court to enforce the recall demand.  (go to article)

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'Black Friday' brings compelling deals on new cars

GasBuddy Blog -- Seize the day! Black Friday sales, promoted by manufacturers and individual dealers, can mean significant savings for consumers in the market for a new vehicle at this time of year.The day after Thanksgiving is an opportunity for wise car buyers to skip the crowds at malls and big-box stores and instead head to their local dealer where considerable savings are to be found on a wide range of vehicles.Chevrolet, for example, is running the Chevy Black Friday Sale, which offers zero-percent financing, $1,000 cash back and no monthly payments until next year on a number of models, including the 2014 Camaro, 2014 Silverado 1500 pickup, 2014 Cruze sedan, 2015 Malibu sedan, 2015 Traverse SUV and 2015 Equinox compact SUV. ...  (go to article)

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Error Leads Casey’s to Revise Financial Results

Convenience Store News -- ANKENY, Iowa — Casey's General Stores Inc. paid $31.5 million to the Internal Revenue Service (IRS) due to an inadvertent accounting and reporting error related to the treatment of the excise tax on ethanol. This payout comprises $30.4 million in taxes and $1.1 million in interest.  (go to article)

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Taking Command of Fuel Pricing

CSP Daily News -- SCOTTSDALE, Ariz. -- Declining gas volumes, heavy competition from inside and outside the convenience store channel, and regulatory burdens are just a few of the challenges that make the business of selling fuel one tough slog. For two retailers who attended an educational session on fuel pricing strategy at CSP's 2014 Outlook Conference, the key is taking control of the offer before it takes control of you.  (go to article)

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Tesla Motors and Germain Hotels offer EVs a free charge

The Gazette -- Tesla chose the QC-based hotel chain for its 1st Canadian “Destination” charging program partly because of the companies’ common sustainability ambitions. The private network will deliver a full charge in 4-to-8h

Groupe Germain hotels, under the Le Germain and Alt banners, are stretched as far W as Calgary and the company is seeking the right site to expand to Vancouver

Universal and Tesla charging stations are already located at Groupe Germain hotels in QC City, Montreal and Toronto. “Destination” units will be added in the New Year, starting with Calgary

"EV-driving guests can now have peace of mind knowing they can get a full charge overnight or while attending on-site meetings

The Model S is a premium zero-emission EV sedan with a range of about 285mi at an average of 247mi/gal  (go to article)

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EIA: Crude, gasoline inventories rise

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

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 1.9 million barrels to a total of 383.0 million barrels. At 383.0 million barrels, inventories are 8.4 million barrels below last year (2.1%) and are in the upper limit of the average range for this time of year.

GASOLINE INVENTORIES:
Gasoline inventories increased by 1.8 million barrels to 206.4 million barrels. At 206.4 million barrels, inventories are down 4.2 million barrels, or 2.0% lower than one year ago. Here's how individual regions and their gasoline inventory fared last week: East Coast (-0.4mb); Midwest (-1.2mb); Gulf Coast (+3.6mb); Rockies (+0.3mb); and West Coast (+0.6mb). It is important to note which regions saw increases/decreases as this information likely drives prices up (in the case of falling inven  (go to article)

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OPEC wants higher oil prices, but lower prices looming as politics, economics get in the way

Associated Press -- NEW YORK – These are the moments OPEC exists for: A sharp drop in global oil prices has reduced the amount of money OPEC countries take in by nearly $1 billion a day.

The 12-member group's purpose is to coordinate how much oil is produced in order to keep prices high and stable and maximize member countries' revenue while making sure global demand for oil stays strong. A steep, coordinated cut in output could stop and possibly reverse what has been a 30 percent decline in prices over five months.
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OPEC can no longer call all the shots on its own,says oil industry veteran

Bloomberg News -- The days when OPEC members could all but guarantee consensus when deciding production levels for oil are long gone, according to a veteran of almost two decades of the group’s meetings.

The global glut of crude, which has contributed to a 30% decline in prices since June 19, has left the Organization of Petroleum Exporting Countries disunited and dependent on non-members to shore up the market, said former Qatari Oil Minister Abdullah Bin Hamad Al Attiyah. The 12-member group is set to meet in Vienna on Nov. 27.
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Saudi Arabia Says Oil to Stabilize

Bloomberg -- Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow.

The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna today. The world’s largest oil exporter yesterday failed to agree a plan with Russia, Venezuela and Mexico to curb output. Iran’s oil minister said there is an oversupply of crude.  (go to article)

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IL Fracking Rules To Proceed, Despite Landowners Concerns

Associated Press - Published by MBT -- A judge in southwestern Illinois has denied a bid by a landowners group to suspend the state's new rules for high-volume oil and gas drilling, ruling that the plaintiffs failed to show they would suffer immediate harm if the practice commonly known as "fracking" was to go forward.

Madison County Circuit Judge Barbara Crowder rejected the request for a preliminary injunction on Friday, three days after she heard arguments about the rules meant to regulate hydraulic fracturing.
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Oil price could fall to $60 if OPEC does not cut output this week

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

Brent crude futures have fallen 34% 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.  (go to article)

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Anti-pipeline grandma willing to go to jail by violating B.C. court order

Canadian Press -- An 84-yr-old retired librarian says she’s willing to violate a court injunction and go to jail as she and other anti-pipeline protesters take a stand against fossil fuels by interfering with survey work in Burnaby, BC

Barbara Grant joined activists on Tue to demonstrate against KM’s proposed plan

Grant said she has the support of her 3 children and 3 grandchildren, some of whom have joined the protest as crews drilled 2 bore holes into Burnaby Mountain before a decision on the project by the NEB

“This pipeline must be stopped,” Grant said, noting crews were working on public land. "The NEB process by which the KM cause is being advanced is totally undemocratic

“The financial benefit is all for KM and those who have money invested in the oilsands. But there’s very little benefit to BC  (go to article)

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M.T.A. Issues Plans on Higher Fares and Tolls

New York Times -- The Metropolitan Transportation Authority released its proposals on Monday for higher fares and tolls and began its campaign to win over riders and drivers skeptical of what are now routine increases.

Fares for subways and buses and tolls for bridges and tunnels are scheduled to rise by 4 percent in March as part of the authority’s long-term revenue plans. The proposals detail the options the board is considering for how to carry out the increase. It will vote in January after a series of public hearings.  (go to article)

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