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Groups: Gas costs families $1,000 more a year than in '01

U.S. families paid $1,000 more on average for gasoline last year than in 2001, as higher prices at the pump ate up a hefty portion of the increase in their paychecks, two consumer groups said yesterday, USA Today reports.
The average U.S. household paid $2,277 for gasoline in 2006, up 78% from 2001, according to estimates from the Consumer Federation of America and Consumers Union, the publisher of Consumer Reports. The numbers are similar to other estimates, including those from Moody's Economy.com.

Posted by   at 9:49 AM to Gas prices | Permalink | Comments 0

Toyota Unveils New Luxury Hybrid Vehicle

Toyota's commitment to hybrid automobiles was on full display today when it unveiled in Tokyo its most expensive gasoline-electric vehicle yet - the $124,000 luxury Lexus LS sedan, according to the Associated Press.
Executives at Japan's No. 1 automaker are fully convinced that hybrid cars are the way of the future. And they're betting that growing consumer concern about the environment - and higher gas prices - will lure even wealthy buyers to the new model, which went on sale Thursday in Japan and will arrive later elsewhere.

Posted by   at 9:44 AM to Alternative fuels , Companies , Environment | Permalink | Comments 0

Crude Oil Futures Rise Above $63 a Barrel

Oil prices rose Thursday on comments by a top OPEC leader that the oil cartel will not pump more crude to meet an expected surge in demand during the summer driving season, the Associated Press reports.
The concerns surfaced despite a U.S. government report that showed domestic gasoline stockpiles increased last week.

Posted by   at 9:43 AM to Oil | Permalink | Comments 0