MarketWatch Pulse --
Crude-oil futures traded lower Monday as investors were concerned about the threat of a default in Greece and its impact on the global economy, and the dollar traded higher. Crude for March delivery declined 70 cents, or 0.7%, to $97.13 a barrel on the New York Mercantile Exchange. Greece is seen as running out of time to work out a deal for a second bailout package as party leaders have resisted more austerity measures.

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Wall Street Journal -- Not everyone in Canada supports the proposed oil pipeline from Alberta to the U.S. and to the British Columbia coast.

Claude Gravelle, vice chair of the Canadian Parliament's Natural Resources Committee, spoke about how the exporting of Canadian oil could translate into oil spills, environmental costs and lost Canadian jobs.

Gravelle, talked about his controversial meetings with U.S. lawmakers, problems with China's human rights record and his dispute with Prime Minister Stephen Harper's take on how to bring financial security to Canadians.

[Harper] is giving [the oil industry] billions of dollars in subsidies. How does that assure our financial security? We're giving money away and we're giving jobs away. We want to do it differently.

More and more Canadians are in opposition  (read more)

foxbusiness.com -- Representative Alcee Hastings, (D-FL), introduced a bill that would abolish write-offs oil companies take on their tax returns for the costs of cleaning up their oil spills.

Taxpayers have footed oil companies’ cleanup costs for decades. For instance, BP can deduct on its tax returns cleanup costs and settlements for its massive oil spill in the Gulf of Mexico. Estimates already show those costs may amount to $32 billion, which could translate into a $10 billion tax write-off for the oil major.

But these deductions are meant for the "ordinary costs of doing business," reads the tax law.

Are oil spills “business as usual’? Or should taxpayers foot the bill for oil companies’ own negligence?

...slamming this loophole shut would save taxpayers an average $1.3 billion annually.  (read more)

Forbes -- The Keystone XL pipeline may have kicked off the presidential race but it’s also setting the stage for a Battle Royale in Congress. Not only are senior House Republican preparing to link its construction to key spending bills but they are also playing up the Obama administration’s apparent hypocrisy.

When news spread on Friday that the U.S. Department of State had approved two years ago a similar oil sands pipeline, even members of the president’s party were caught off guard. That approval, which paved the way for the 326-mile “Alberta Clipper” stretching from Canada to Wisconsin and began operations in October 2010, was made with the president’s blessings.

That news is now giving even more fodder to Republican members, who have argued strenuously that the Keystone pipeline is not...  (read more)

Reuters -- Republicans in the House of Representatives will try to force quick approval of the Canada-to-Texas Keystone XL oil pipeline using a highway funding bill, but the plan's author said on Monday there may be more than one avenue for advancing the project.

President Barack Obama's administration blocked TransCanada's $7 billion project last month.

A key House panel is set to vote on Tuesday to attach a plan to speed approval for the project into the highway bill, but a must-pass payroll tax cut legislation provides another option, said Lee Terry, a Republican from Nebraska.

"We'll keep swinging," Terry told reporters.

"Maybe we'll use both."

Terry's plan is slated for a vote by the House Energy and Commerce Committee on Tuesday.  (read more)

GasBuddy Blog -- Illinois Governor Pat Quinn signed this morning SB965, giving the City of Chicago new authority to use its extensive network of red light running cameras as speed cameras. The law becomes active on July 1, so motorists should be prepared.

This new law, authorities say, has always been for the protection of children and not about revenue. However, the same authorities argue that red light cameras also are only for safety, even while many studies have shown this is not the case. Such studies as a 2008 University of Florida study, or a 2007 Virginia Department of Transportation study that showed "the cameras were associated with an increase in total crashes... The aggregate EB results suggested that this increase was 29%... The cameras...  (read more)

USA TODAY -- After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.

Tom Kloza of the Oil Price Information Service expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.  (read more)

GasBuddy Blog -- California has the most expensive red-light camera tickets in the world; and the tickets are so steep, according to Kevin Fagan, reporter for the San Francisco Chronicle, that one camera in Oakland generates more than $3 million annually.

According to Fagan and the traffic-watch site TheNewspaper.com, anyone in California photographed violating a red light pays a fine of $480 and no other jurisdiction in the U.S. has a tab that high. The second-highest fine in the U.S. is $250, Fagan says.

California's Dept. of Finance estimates that red-light cameras bring in more than $80 million annually to the state and $50 million to cities and counties. Not all $480 from each ticket goes to the cities or counties that authorize...  (read more)

Business Week -- Ford Motor Co.’s global marketing chief says the automaker is focused on high “real world” fuel efficiency in its vehicles after a California woman won a case against Honda Motor Co. for failing to meet mileage claims.

Heather Peters, owner of a 2006 Civic Hybrid, won $9,867 in small claims court in Los Angeles last week, alleging Tokyo- based Honda overstated the model’s fuel economy. Honda has said it will appeal the ruling, and that the car’s efficiency rating was determined by the U.S. Environmental Protection Agency.

“As fuel economy becomes more important, all the manufacturers are looking to be more dramatic in their advertising claims,” Jim Farley, told reporters today in Las Vegas at the National Automobile Dealers Association convention.  (read more)

nationaljournal.com -- As unemployment continues to tick downward, Republicans are searching for messages other than joblessness with which to bludgeon President Obama. On Sunday, GOP presidential candidate Newt Gingrich hinted at such a new line of attack: Gas prices.

In appearances on both NBC’s Meet the Press and CBS’s Face the Nation, Gingrich cited pain at the pump to make the case against Obama – even if the unemployment rate, which dipped to 8.3 percent in January, continues to drop.

Asked how he would campaign against the incumbent in an improving economy, Gingrich replied: “If it is combined with the highest-priced gasoline in American history because of his anti-American energy policies, he's still going to have a challenge.” He went on to attack an upcoming Environmental Protection Agency rule  (read more)

MLIVE -- In the past decade, at least 1,100 crashes involving cellphones occurred throughout Kent, Ottawa and Allegan counties, according to an analysis by MLive Media Group. More than 5,400 others involved some other form of distracted driving.

Most are in Kent, about two out of three. Ottawa accounts for about 25 percent, with Allegan just under 10 percent.  (read more)

Popular Mechanics -- The 2012 Hyundai Elantra and Ford Focus SFE are among 20-plus cars that now claim 40 mpg highway. But given the peculiar way in which the EPA calculates its fuel economy estimates, do those mileage numbers truly reflect real-world driving? We tested the Elantra and Focus on the streets and roads of Michigan to find out, with some surprising results.

PM Mileage Test at a Glance

We took two closely matched, high-mileage vehicles on multiple test loops to see if they could hit their EPA window-sticker numbers on real roads...
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Yahoo Autos -- When Nissan unveiled its Leaf EV last year, the wedge-like machine lifted the spirits of any motorist disgruntled by the Who Killed The Electric Car? era. None more so than Sadow, who grew up criss-crossing the country thanks to his father's job with the electric golf cart giant, E-Z-Go.

"You can say I got bit by the EV bug early, around the age of 7," Sadow says.

Fast forward a few decades, and that kid is now an electrical engineering whiz who has become consumed with making this incarnation of the electric car live.

"My goal is to make the EV a success, because it's the only thing that's going to save us," he says. "Our culture is based on cars, so that's not going away. But when petroleum becomes scarce, our economy is going to tank given our dependency on foreign oil. I just  (read more)

Times Of India -- India will have to walk a fine line between continuing to source oil imports from Iran and escalating pressure from the US and Europe to adhere to tighter sanctions against the Islamic republic designed to prevent it from weaponizing its nuclear programme.

New Delhi may be staunchly opposed to Tehran acquiring nuclear weapons, but is caught in a bind since it cannot afford to substantially cut back energy imports from Iran, which as India's second largest supplier after Saudi Arabia meets 12% of its total oil requirements.

Tighter Western sanctions will make it harder for India to pay for the oil it sources from Iran, especially since Washington has declared it will ban from the American market all financial institutions that transact petroleum business with Tehran's Central Bank from  (read more)

Anchorage Daily News online -- EMPLOYMENT: It's also at a record high as companies hire maintenance workers.

By STEFAN MILKOWSKI
Petroleum News

Published: January 31st, 2012 10:05 AM
Last Modified: January 31st, 2012 10:05 AM

A new report by the research firm McDowell Group is shedding light on seemingly contradictory North Slope employment figures and an apparent spike in nonresident hire.

North Slope employment dropped sharply in 2009 but has since rebounded and is now at an all-time high. Industry spending is up, but more money is being spent on maintenance. And the third-quarter 2010 spike in nonresident hire is not likely the start of a trend.

State lawmakers commissioned the study last year during the debate over Gov. Sean Parnell's oil tax proposal, House Bill 110. Supporters of tax cuts pointed to the jump  (read more)

Reuters -- * Democrats say bill would ensure Keystone benefits US

* Republicans have been pushing to approve pipeline

* Republican says U.S. needs more exports

By Ayesha Rascoe

WASHINGTON, Feb 3 (Reuters) - U.S. Democrats unveiled legislation on Friday that would block export of any oil transported by the Keystone XL pipeline, as they challenged claims that the delayed project would boost U.S. energy security.

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physorg.com -- As the United States transitions away from a primarily petroleum-based transportation industry, a number of different alternative fuel sources—ethanol, biodiesel, electricity and hydrogen—have each shown their own promise. Hoping to expand the pool even further, researchers at the U.S. Department of Energy's Argonne National Laboratory have begun to investigate adding one more contender to the list of possible energy sources for light-duty cars and trucks: compressed natural gas (CNG).

Compressed natural gas is composed primarily of methane, which when compressed occupies less than one percent of the volume it occupies at standard pressure. CNG is typically stored in cylindrical tanks that would be carried onboard the vehicles it fuels.

Because the domestic production of natural gas  (read more)

Wired Magazine -- The Center for Automotive Research (CAR) is launching a campaign to help cars lose weight in order to gain efficiency and performance.

By bringing together members of the aluminum and plastics/composites industries, CAR hopes that automakers will reap the benefits of new lightweight materials to meet stricter fuel economy standards without sacrificing acceleration or handling.

While overall fuel economy has increased dramatically in the past few decades, so has the weight of passenger vehicles. MIT economist Christopher Knittel recently found that the average vehicle’s curb weight increased 26% between 1980 and 2006. If today’s powertrains were fitted to cars as light as the Chevettes and Civics of yore, the average fuel economy of cars sold in the US would be as high as 37 mpg in 2012.  (read more)

Popular Science -- Installing a solar roof on your home could one day be as simple as mixing your yard clippings into a stew of inexpensive chemicals and painting the resulting mixture right onto your rooftop. An MIT researcher has developed a method of manufacturing solar panels on the spot from agricultural waste, sidestepping the need for silicon and making ready-to-mix solar cheap and abundant virtually anywhere.

But first things first. What MIT’s Andreas Mershin has done here is pretty interesting. His chemical cocktail extracts the photosynthesizing molecules from plant matter--including chlorophyll--and stabilizes them such that they can be spread on a glass substrate. Said substrate is coated in nanowires and titanium dioxide “sponges” that help convert photons to electrons and then ferry those ele  (read more)

Mywesttexas.com -- "We were involved in drafting the bill," pointed out Ben Shepperd, president of the Permian Basin Petroleum Association. "Our members were supportive of the bill, we think it's the right thing to do. Transparency is good and we think being transparent will help dispel some of the myths around hydraulic fracturing. Fracturing has become an overused, misused word."

Nye said many Texas operators werealready voluntarily reporting hydraulic fracturing chemicals since the FracFocus website went live on April 1, 2011. "In fact," she said, "as of January 31, 2012, of the 10,914 total wells nationwide voluntarily reporting disclosures on the FracFocus website, 4,169 of the wells are in Texas."  (read more)

GasBuddy Blog --
US Defense Secretary Leon Panetta believes there is a "strong possibility" that Israel will strike Iran's nuclear installations this spring, it was reported today.

That belief, is based on intelligence data gathered by NBC News that was produced by unidentifed military and civilian experts to assess the likelihood of an Israeli attack on Iran; the potential impact on the middle east, the U.S., and the global economy.
Here is an excerpt from that report:
Q: What are the chances Israel attacks Iran?

A: Officials agree the chances for an Israeli attack on Iran are at least 50-50, maybe higher. More than one former official has suggested the possibility is as high as 70 percent, but events can move...  (read more)

GasBuddy Blog -- An article by a Londer Finance newspaper spells out what I've been trying to let our GasBuddy family know- that I believe rejection of the Keystone pipeline will allow Canadian oil prices to remain at huge discounts to other global crude oils.

Now the proof is here in the pudding according to the LSE:

"Canadian heavy crude differentials began to slide two days ago, falling from the low $20s a barrel under benchmark West Texas Intermediate to as much as $32 a barrel under WTI on Friday."

See? The above paragraph is showing that the price of Canadian crude oil is falling- even faster than changes in other types of higher quality crude oil!

The same story goes on to say "Traders of Canadian crude had...  (read more)

The Nation --
Lincoln, Nebraska

Long before the Occupy movement swept the country—more than two years ago—a revolt began in one of the reddest states in America. Farmers and ranchers in Nebraska, many of them longtime conservatives, got angry about corporate influence on a single issue that has since captivated the entire state and upset national politics: the Keystone XL pipeline.

 (read more)

Kuwait Times -- British gas prices are likely to become more volatile and prone to spikes over the next few years after the UK has moved from self-sufficiency to increasing dependence on imports of liquefied natural gas (LNG) from Qatar.

The latest UK government data show Qatari LNG imports were equivalent to 52 percent of the gas consumed over the first nine months of 2011, up from 11 percent for 2009 as a whole.
Qatar also accounted for 85 percent of UK LNG supplies between January and November last year, with Nigeria a weak second at just 5 percent. Britain’s gas market is exposed to diversions of Qatari ships to countries that pay more, to shipping restrictions or unplanned outages on production facilities.  (read more)

Kuwait Times -- Iran has agreed to be paid 45 percent of revenue from its Indian oil exports in rupees, to be deposited with an Indian bank beyond the reach of new US and European sanctions, a report said Thursday.
The two countries have chosen UCO Bank, headquartered in the eastern city of Kolkata, for the rupee transactions to settle part of India's $12.68-billion annual oil bill, The Indian Express reported.
India currently pays for 20 percent of its oil imports from Iran in rupees, with the remainder settled in euros at the Turkish bank, Turkiye Halk Bankasi.
There are concerns that the Turkish route will be closed by tough new European sanctions on oil exports from Iran imposed over the Islamic Republic's disputed nuclear programme.
India has said it will continue to buy crude from Iran despite moves  (read more)