Word: gas
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...proposed rules, which would begin to take effect in 2012, new cars and trucks will need to have an average fuel efficiency of 35.5 m.p.g. (6.6 L/100 km) by 2016 - almost 40% cleaner than they are today. The regulations would be the first national limit on U.S. greenhouse-gas emissions and could presage further action to curb climate change. "This is huge," says David Doniger, policy director for the Natural Resources Defense Council's climate center. "This meets and exceeds all our expectations...
Take the new efficiency standards. For years, U.S. automakers have fought tougher regulations by arguing that Americans tend to prefer larger, gas-guzzling SUVs and trucks. That's not always true: when gas prices were at an all-time high last summer, sales of SUVs were down considerably, while hybrids flew off dealer lots. Since then, prices at the pump have dropped - and so has the appetite for small cars. As long as the price of gas remains volatile, it's far from certain that Americans will buy the more efficient cars and trucks the new standards will require automakers...
...those feeling the pain at the gas pumps, however, there is one piece of good news. Oil is unlikely to hit $147 a barrel again - at least not during the coming decades. The U.S. Energy Information Administration said on Wednesday that oil prices would likely rise to $110 a barrel by 2015 and $130 a barrel by 2030. By that time the world oil markets might once again follow the normal rules of economics...
Storage tankers across the globe may be brimming with oil that no one is buying because of the global economic downturn, but the traditional laws of supply and demand don't always apply to oil prices. Drivers have faced rising prices at the gas pump in recent months, as investors and oil-producing countries hoard supplies in anticipation of a global economic recovery later this year...
...member countries of the OPEC cartel voted in Vienna on Thursday to maintain output at current levels rather than increase supplies in order to bring some relief to consumers, particularly in the gas-guzzling West. The OPEC oil ministers, whose countries account for about 40% of the world's entire crude-oil supply, also renewed their commitment to stick to their agreed quotas, rather than ship extra oil, as they began doing last April when several members ignored their agreed output limits. OPEC leaders, many of whose economies are heavily dependent on oil exports, have struggled to stabilize prices...