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Welcome to the Rabine Group Blog. Please find news, resources, and other pertinent information on paving, roofing, fuel delivery, construction, and other related information.
By admin on
2/23/2012 12:24 PM
Oil prices surge on worries about Iran; $4 gas possibleDesMoinesRegister.com The elements are in place for another round of increases at the pump, as gas prices march toward $4. The wholesale price for refined gasoline reached $3.25 per gallon for April delivery in trading Tuesday, some 70 cents per gallon higher than its mid-December price. Add 42 cents in state and federal taxes, and the stage is set for local prices in the $3.70 per gallon range by the end of March, if not sooner. Oil prices have climbed to the highest level since May on concerns that Iran will cut off more oil to Europe. Benchmark crude rose by $2.65, or 2.6 percent, to end Tuesday at $106.25 per barrel on the New York Mercantile Exchange. That’s the highest price since May 4. Brent crude, used to price foreign oil varieties imported by U.S. refineries, rose by $1.61 to finish at $121.66 in London. “People are just scared about Iran,” independent analyst and trader Stephen Schork said....
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By admin on
2/7/2012 3:45 PM
Maine fuel company overwhelmed by donations By AP | February 07, 2012 DIXFIELD, Maine (AP) — The owner of a Maine home heating oil delivery company says he has received at least $100,000 in donations since his company was mentioned in a New York Times article about people struggling to keep their homes warm.
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By admin on
7/1/2011 6:36 AM
Oil prices dipped right after the Obama administration announced it would tap reserves, but the price has rebounded. Gas prices, meanwhile, fell 7 cents a gallon in the past week, averaging about $3.54 a gallon.
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By admin on
6/28/2011 4:00 PM
Federal-Mogul develops brushless fuel pump
ABR Staff Writer Published 28 June 2011
Federal-Mogul, a supplier of powertrain and safety technologies, has developed an electrical brushless diesel fuel pump technology for on- and off-highway engines with improved durability to help heavy-duty vehicles work longer.
The electrical brushless fuel pumps were developed at the company's Logansport, Indiana technical center and are produced at its fuel delivery products manufacturing facility in Logansport in the US.
The technology suits 12V and 24V applications and is available for diesel engines used in the medium- and heavy-duty on-highway sector and in the construction, stationary, marine and agricultural sectors.
Read the full story here: http://powertrain.automotive-business-review.com/news/federal-mogul-develops-brushless-fuel-pump-280611
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By admin on
5/16/2011 5:56 AM
WASHINGTON — Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won't calm spiraling prices at the pump any time soon.
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By admin on
5/11/2011 9:08 PM
When a multitude of factors drove gas prices up, some industry
officials said it took the death of one man to start bringing them back
down.
Crude oil prices dropped by $13.62 a barrel last week after President Barack Obama announced Osama bin Laden's death on May 1.
According to the U.S. Energy Information Administration's website, the
nationwide oil price average was $97.18 a barrel and the retail gasoline
price average was almost $3.97 on Monday. The average for Columbus as
also about $3.97, according to columbusgasprices.com.
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By admin on
3/24/2011 7:26 AM
Global oil prices moving to hit ''acceptable'' $120 : Iraqi government news
23 March 2011
Iraqi oil minister Abdul Kareem Luaibi said yesterday that Organisation of the Petroleum Exporting Countries (OPEC) believed that oil price was approaching $120 per barrel but was not likely to go higher, a level that was "acceptable" and which would not hinder global growth.
"Global oil prices are moving towards $120 a barrel. We consider this an acceptable price that will not harm global growth," Luaibi told a news conference in Baghdad. "We think the price will not exceed USD 120 per barrel."
Oil prices were down yesterday as Brent crude fell below $115 a barrel as investors betting on rising prices with western intervention in Libya took profits anticipating a slowdown in air strikes.
READ THE FULL ARTICLE HERE http://www.domain-b.com/economy/worldeconomy/20110323_prices_moving.html
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By admin on
3/21/2011 4:50 PM
Analyst: Rising Oil Prices 'Primary Threat' To U.S. Economy As Libyan Violence Mounts
By: William Alden
HuffPost Reporting
NEW YORK -- As international military forces strike Libya, oil prices are again rising, reviving concerns that expensive energy could impede economic recovery in the United States.
U.S. consumers and businesses got a brief reprieve this month as oil prices eased off two-and-a-half-year highs. But escalating violence in Libya and rising tensions among the Middle...
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By admin on
3/18/2011 9:54 AM
Afternoon Price Check, March 17: Oil Prices Continue Upward March as Focus Returns to Turbulent Mideast
Posted by Josh Garrett on March 17, 2011 at 4:01 pm
The price of crude climbed steadily today at the NYMEX as political conflict in Libya and the Middle East intensified. (image: ft.com)
International negotiations over intervention in Libya, violent protests in Yemen, and the ongoing threat to Saudi Arabian stability simmering in Bahrain combined to post major increases in oil prices at the NYMEX today. The oil markets appeared to move beyond the devastation and nuclear meltdown threat in Japan and shift focus back to the protests and political upheavals taking place in the Middle East. Japanese officials announced some progress in their battle to head off a disastrous nuclear meltdown...
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By admin on
3/9/2011 5:02 PM
Oil Price Shocks and the Recession of 2011?
Ten of the last 11 recessions were preceded by oil price hikes.
Ronald Bailey | March 8, 2011 Oil prices surged to near $107 per barrel yesterday and regular gasoline is going for $3.51 per gallon. Last March oil sold for around $80 per barrel and gas cost about $2.79 per gallon. The uprisings throughout the Middle East are in part responsible for the recent uptick in prices. For example, the fighting in Libya has reduced global oil production by about one million barrels per day. On the other hand, members of the Organization of Petroleum Exporting Countries (OPEC) are boosting their output by a similar amount to make up for the shortfall. Democrats in Congress are calling upon President Barack Obama to damp down prices by...
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By admin on
3/4/2011 8:54 PM
Crude Oil Price Can Bolster Anadarko, but Natural Gas Prices Pose Threat March 4th, 2011 by Trefis Team
Anadarko Petroleum Corporation
(NYSE:APC) is among the largest independent oil and gas exploration and
production companies in the world, with about 3 billion barrels of oil
equivalent (BOE) of proved reserves. The company explores and produces
natural gas, crude oil, condensate and natural gas liquids (NGLs). Its
major operations are located onshore United States and in the deepwater
Gulf of Mexico. Anadarko also has operations in a variety of other
countries, including Algeria, Brazil, China and Ghana. Its main
competitors are ExxonMobil (NYSE:XOM), BP (NYSE:BP), ConocoPhillips (NYSE:COP) and Chevron...
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By admin on
3/3/2011 9:05 PM
METALS-Copper ends up on U.S. labor data, oil pullback
Thu Mar 3, 2011 2:59pm EST
* Copper buoyed by economic prospects seen in U.S. labor data
* Cash copper moves deeper into contango
* $ECB reviews bank support, holds rates
* Coming up: U.S. monthly jobs report Friday
(Recasts, adds New York dateline/byline, updates with New York closingcopper prices, graphics and analyst comments)
By Chris Kelly and Sue Thomas
NEW YORK/LONDON, March 3 (Reuters) - Copper ended up after hitting itshighest level in two weeks on Thursday, supported by better-than-expected labormarket data in the United States and a retreat in the price of oil.
Data showing new U.S. claims for unemployment benefits fell last week totheir lowest level in more than 2-1/2 years helped restore some confidence backinto the broader markets, recently under pressure form the turmoil in Libya...
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By admin on
2/22/2011 5:23 PM
Oil prices surge 6% on Libya unrest
By Aaron Smith, staff writer February 22, 2011: 3:15 PM ET
CNN Money
NEW YORK (CNNMoney) -- Oil prices jumped 6% Tuesday, spiking as high as $98 a barrel earlier in the session, as the crisis in Libya sparked concern that the turmoil roiling the Middle East could spread to other producing countries -- including Saudi Arabia.
U.S. crude for April delivery rose $5.71, or 6.4%, to settle at $95.42 a barrel in midday activity. The U.S. market was closed Monday for a holiday, although there was a 6% gain in international trading.
Unrest in Libya has entered its eighth day, fueled by protestors against high unemployment and dictator Moammar Gadhafi's 42-year reign. At least 233 people have been killed since protests began, according to Human Rights Watch.
Gadhafi appeared on state-run television in front of his Tripoli home, the damage still evident from a U.S. bombing in the 1980s, in response to Western news reports that he had fled the...
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By admin on
2/19/2011 8:39 PM
The gasoline at the pump might be fine for your new car but harmful to your boat engine. The Environmental Protection Agency recently decided to allow gasoline to have 15 percent ethanol, up from 10 percent. The
new blend is approved for 2001 and newer model cars and trucks - but
not boats, buses, delivery trucks and other large vehicles.
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By admin on
2/19/2011 8:30 PM
China, Asia’s biggest oil consumer,
increased retail gasoline and diesel prices for the first time
this year after crude in London rose above $100 a barrel. Prices of both gasoline and diesel will rise by 350 yuan
($53) a ton starting today, or as much as 4.6 percent, the
National Development and Reform Commission, the top economic
planner, said on its website yesterday. Gasoline in Xinjiang,
the lowest among all Chinese cities, cost 8,265 yuan a metric
ton and diesel was at 7,630 yuan a ton before the increase.
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By admin on
2/17/2011 3:51 PM
Heating oil in New York declined as forecasts for normal weather in the U.S. Northeast indicated less demand for heating fuel.
Futures fell as normal temperatures were projected in the U.S. Northeast Feb. 22 through March 2, according to the National Weather Service’s Climate Prediction Center. The Northeast is the largest user of heating oil.
“We’re getting toward the end of the season and warmer weather is on the horizon,” said Fred Rigolini, vice president of Paramount Options Inc. in New York and a trader at the New York Mercantile Exchange.
Heating oil for March delivery dropped 1.65 cents, or 0.6 percent, to $2.7583 a gallon at 10:46 a.m. on the Nymex.
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By admin on
2/14/2011 4:42 PM
Wall Street Journal
NEW YORK (Dow Jones)--U.S. crude futures fell to a two-month low Monday despite growing Middle East unrest, as the gap between oil prices in the U.S. and Europe increased to the widest on record.
West Texas Intermediate futures, the most widely-traded oil contract and a price benchmark in the U.S., settled at a two-month low, down 77 cents, or 0.9%, at $84.81 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $2.14 higher at $103.08 a barrel, settling at a two year high.
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By admin on
2/11/2011 4:54 PM
Asia marine fuel oil, gasoil and jet fuel rose for a sixth week. Gasoline fell by the most in 16 weeks on signs that stockpiles in the U.S., the biggest consumer of the fuel, are growing amid slower demand.
Light Distillates
Benchmark 92-RON gasoline for loading from Singapore dropped 2.3 percent this week, the most since Oct. 22, to $105.65 a barrel, according to data compiled by Bloomberg. Open- specification naphtha for delivery to Japan fell 0.2 percent this week to $872.50 a metric ton.
Gasoline’s premium to naphtha narrowed to $10.50 a barrel compared with $12.85 on Feb. 2. A narrower reforming margin means the profit from turning naphtha into gasoline is falling.
The premium of Japan-delivered naphtha to Brent crude, or the crack spread, fell to $107.42 a ton from $108.40 at the end of Asian trading on Feb. 2, according to Bloomberg data. Markets were closed on Feb. 3 and Feb. 4 in Singapore because of the Lunar New Year holiday.
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By admin on
2/9/2011 4:54 PM
NEW YORK (Dow Jones)--Oil futures finished slightly lower Wednesday after the government reported an unexpected increase in U.S. fuel supplies.
Light, sweet crude for March delivery fell 23 cents, or 0.3%, to settle at $86.71 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange, heading the opposite direction, recently rose $2.07, or 2.1%, at $101.99 a barrel.
The price difference between the two benchmarks diverged to a fresh record Wednesday, with the Nymex contract recently trading at a discount of as much as $15.39 a barrel to Brent.
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