Could Venezuela Gas-Price Rise From 5 Cents Sell Greener Cars?

Green Car Reports

If you have friends in Europe, you might have heard them complaining of gas prices topping $8 per gallon. Until you see what our counterparts in Venezuela are paying for gas--with the nation''s subsidies, drivers pay a nominal 5 cents per gallon It''s certainly enough to make you feel better about the average $3.60 a gallon drivers pay in the U.S.

IHS-CERA concludes “no material impact” on US GHG from Keystone XL; heavy crude from Venezuela most likely replacement

Green Car Congress

The study also found that any absence of oil sands on the US Gulf Coast would most likely be replaced by imports of heavy crude oil from Venezuela, which has the same carbon footprint as oilsands crude. Critics cite the steep crude oil price discounts for Canadian producers in the past year as further evidence that rail is not economic. Future price volatility is to be expected. Venezuela.

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IHS Markit: Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela

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Transportation constraints such as a lack of adequate pipeline capacity and the resulting sense of price insecurity in western Canada have weighed on new large scale incremental investments in the oil sands, said Kevin Birn, vice president, IHS Markit. Canadian oil sands production is set to enter a period of slower annual production growth compared to previous years.

Saudis Expand Price War Downstream

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The gross refining margin is nothing but the difference between the value of the refined products and price of the crude oil. In case of Saudi Arabia, the price of crude oil would be extremely low. Is Saudi Arabia likely to win a potential price war against Asian producers of diesel? million barrels of low-sulphur diesel to Asian and European markets, the Saudis are directly competing with Asian refiners, potentially sparking a price war.

The 5 Countries That Could Push Oil Prices Up

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Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. Venezuela.

2017 65

Global Gas Prices | Hybrid Sales

Hybrid SUV Blog

sales of hybrid SUVs and other fuel efficient vehicles will prove interesting to watch this year, especially if fuel prices remain relatively low. Expert predictions about where oil and gas prices are headed vary widely. prices at the pump. Since then we’ve seen the price dip below $34/barrel (12/08) and most recently it has traded in the $70 to $80 range. Low gas prices encourage less fuel efficient vehicles. World Gas Prices By Country (converted to U.S.

2010 78

Opinion: The Saudi Oil Price War Is Backfiring

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With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have already sparked an oil price war with the Asian refiners downstream by offering close to 2.8 Saudis are now reducing their crude oil price hikes in Asia in order to save their market share. Is Saudi Arabia losing the oil price war? “It by Gaurav Agnihotri of

Gas Prices: You Could Pay $10 A Gallon. Or Just 6 Cents. Why?

Green Car Reports

But you may wish you were in Caracas, Venezuela, where enormous government subsidies cut the price to a ridiculous 6 cents per gallon. What did you pay for gasoline the last time you filled up? If you're in the U.S., probably about $2.70 per gallon. Yep, six pennies. And you may thank your stars you're not in Asmara, Eritrea, where taxes

Harvard Kennedy School researcher forecasts sharp increase in world oil production capacity and risk of price collapse

Green Car Congress

Such an increase in capacity could prompt a plunge or even a collapse in oil prices, he suggests. Much of this increased capacity comes from “unconventional sources” such as US shale/tight oils, Canadian oil sands, Venezuela’s extra-heavy oils, and Brazil’s pre-salt oils. A major increase in Iraq’s oil output as it regains stability, which will add new production in the Persian Gulf region—potentially destabilizes OPEC’s ability to manage output and prices, he notes.

2012 89

Future Ford F-150 MPG, Electric Motorcycle Guide, 5-Cent Gasoline: Today's Car News

Green Car Reports

Today on Green Car Reports: We look at what could raise fuel efficiency in the next Ford F-150 pickup truck, we run down electric motorcycle options this year, and cheer the passing of Venezuela''s soon-to-vanish gas price: 5 cents per gallon. All this and more on Green Car Reports. After an incident in which faulty garage wiring may have caused a

Strong Dollar Could Cap Oil Prices

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dollar poses an obstacle to further gains in oil prices. As Reuters points out , in dollar terms the price of Brent oil has climbed 9 percent this year, but in yuan terms oil is now nearly 14 percent more expensive. The problem for many emerging markets is that oil prices have been going up at the same time. Typically, oil prices trade inversely to the U.S. Painful price increases threatens oil demand. By Irina Slav for The strength of the U.S.

Eni report: global oil reserves and oil production up in 2018 due to US

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The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. OPEC registered zero growth as production in the Arab Gulf countries were offset by losses in Iran and Venezuela due to geopolitical issues. Global oil demand grew by 1.4%, slightly lower than in 2017 (+1.6%) in a context of increasing oil prices.

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Opinion: How Much Longer Can OPEC Hold Out?

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Simply put, the world has too much oil at the moment which has resulted in the reduction of price levels from approximately $100 to $50 a barrel, and OPEC (as well as US shale producers) has a major role to play in this supply glut. With the decline of average annual crude prices, OPEC earned around $730 billion in net oil export revenues in 2014 (Source: EIA), a big decline of 11% from its previous year. Venezuela’s Woes. The current oil price levels are nowhere near this.

2015 76

Opinion: Who Will Be Left Standing At The End Of The Oil War?

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Breakeven prices are hard to pin down, and harder yet because they fluctuate. OPEC governments downsize their budgets, cut social spending and put big projects on hold to lower the breakeven price. They underpin generous spending levels by their governments, and thus any estimate of a “breakeven” price should include the cost of those obligations. It’s probably more concerned about regaining the market share it lost under sanctions than it is about low prices.

2016 84

IHS Automotive forecasts 88.6M unit global light vehicle market in 2015; 2.4% growth

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The campaign is expected to have a long-lasting effect on premium parts/vehicle prices in China. Coupled with this, the momentum could lead to downward adjustment in premium pricing, which helps provide solid foundation for premium vehicle penetration to further increase in China in the next decade. In India, falling inflation, lower interest rates, energy prices and a regained confidence will help lift the car market into growth mode starting in 2015 after a two-year lull.

2015 81

IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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This sharp slowdown in activity in the conventional oil sector was the result of reduced investment spending driven by low oil prices. It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said. The average break-even price in the Permian basin in Texas, for example, is now at US$40-45/bbl.

2017 60

Opinion: Saudi Oil Strategy: Brilliant Or Suicide?

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In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. In October, Saudi sources first prepared the market with statements that the country would be comfortable with oil prices as low as $80 per barrel for “a year or two.” Prices rebounded to $60 for a few months, before falling once again below $50.

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Opinion: Is Russia Plotting To Bring Down OPEC?

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Even a casual glance at the IMF’s World Economic Outlook statistics for Russia shows the tight correlation since 1992 between GDP growth on the one hand and oil and gas output, exports, and prices on the other (economic series available here ). The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. Such a price war would pressure the competitors’ currencies.

Are The Saudis About To Reveal The Best Kept Secret In Oil?

Green Car Congress

That is because of two reasons—the size of its reserves, and the ability to use latent spare capacity to quickly adjust supply, affording it an outsized influence on crude oil prices. But while everyone believes Saudi Arabia has some of the largest oil reserves in the world, perhaps rivaled only by Venezuela, there has been a lot of uncertainty and skepticism over exactly how much sits beneath the Saudi desert. by Nick Cunningham of

What Does The Next OPEC Meeting Have In Store?

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The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. Iran has increased its market share in the excess supply environment by offering large discounts , undercutting the Saudi and Iraqi prices for their deliveries to Asia.

Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

Green Car Congress

November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward path. Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices. Their suffering has led some to call for a change in strategy to “balance” the market and boost prices. by Dalan McEndree for

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. In fact, Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices. by Dalan McEndree for

2015 78

Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

Green Car Congress

Chevron is taking its technology learnings from Kern River and apply them to Duri and other major heavy oil fields globally, such as Wafra in the onshore Partitioned Neutral Zone (PNZ) between Kuwait and Saudi Arabia and in the Orinoco in Venezuela. The US Geological Survey has estimated a mean volume of 513 billion barrels of technically recoverable heavy oil in the Orinoco Oil Belt Assessment Unit of the East Venezuela Basin Province; the range is 380 to 652 billion barrels.

2011 85

IEA World Energy Outlook view on the transport sector to 2035; passenger car fleet doubling to almost 1.7B units, driving oil demand up to 99 mb/d; reconfirming the end of cheap oil

Green Car Congress

But the average oil price remains high, approaching $120/barrel (in year-2010 dollars) in 2035. If, between 2011 and 2015, investment in the MENA region runs one-third lower than the $100 billion per year required, consumers could face a near-term rise in the oil price to $150/barrel. Demand for mobility is strongly correlated with incomes and fuel prices. However, vehicle usage patterns are also affected by incomes and prices.

2011 86

Electric cars to account for 64 per cent of car sales by 2030

Green Cars News

The study predicts that electric vehicles with this type of pricing will account for 64 per cent of light vehicle sales and comprise 24 per cent of the U.S. This level of adoption is made possible by the lower purchase price and reduced per-mile driving cost of electric cars with switchable batteries as compared to gasoline-powered cars. million barrels per day, equivalent to the amount currently imported daily from the Persian Gulf region and Venezuela.

2009 39