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Oil Prices Fall Below $66 a Barrel

Oil prices pulled back as investors sold contracts before their expiration Tuesday, and before the government's weekly inventory report, the Associated Press reports.
News of a partial oil production shutdown in Alaska and a government report predicting a busy hurricane season failed to boost prices, AP reports.
The June contract for light, sweet crude, which expires Tuesday, fell 86 cents to $65.41 a barrel in afternoon trading on the New York Mercantile Exchange. The July contract also dropped 88 cents to $65.99 a barrel.

Posted by   at 2:31 PM to Oil | Permalink | Comments 0

Tarbox taking over Anderson Chrysler Jeep in Attleboro

After 38 years of being locally owned, Anderson Chrysler Jeep on Pleasant Street, Attleboro, Mass., is being sold to Tarbox Motors of North Kingstown, according to the Sun Chronicle. Tarbox will take over the business tomorrow, and will retain the 30 employees who work there.
The reason for the sale, General Manager Gerry Farinelli, 66, said, is that "some of us are getting old. We want to enjoy other pleasures in life."

Posted by   at 2:16 PM to Local dealerships | Permalink | Comments 0

BP Shuts 100,000 Barrels of Alaska Oil

BP said it will shut down 100,000 barrels, or one quarter, of its Alaskan oil production for a "few days" after discovering a water pipeline leak, the Associated Press reports.
Analysts said the temporary loss of output at Prudhoe Bay should not have a dramatic impact on world oil markets, but with supplies already tight and crude futures trading near $66 a barrel, any snag in the industry tends to make energy traders jittery.
Light sweet crude for June delivery fell 32 cents to $65.95 a barrel on the New York Mercantile Exchange.

Posted by   at 11:02 AM to Oil | Permalink | Comments 0

Drivers cut back — a 1st in 26 years

The average American motorist is driving substantially fewer miles for the first time in 26 years because of high gas prices and demographic shifts, according to a USA Today analysis of federal highway data.
The growth in miles driven has leveled off dramatically in the past 18 months after 25 years of steady climbs despite the addition of more than 1 million drivers to the nation's streets and highways since 2005, USA Today reports.
Miles driven in February declined 1.9% from February 2006 before rebounding slightly for a 0.3% year-over-year gain in March, data from the Federal Highway Administration show. That's in sharp contrast to the average annual growth rate of 2.7% recorded from 1980 through 2005, the paper says.

Posted by   at 10:57 AM to Fuel economy , Gas prices | Permalink | Comments 0

Study: Worldwide carbon dioxide emissions soar

Warnings about global warming may not be dire enough, according to a climate study that describes a runaway-train acceleration of industrial carbon dioxide emissions, USA Today reports.
Fueled by rapid growth in coal-reliant China, rates of carbon dioxide emission from industrial sources increased from 2000 to 2004 "at a rate that is over three times the rate during the 1990s," says a report released by the journal Proceedingsof the National Academy of Sciences.

Posted by   at 10:55 AM to Environment | Permalink | Comments 0