article thumbnail

BNEF: Oil price plunge to have only moderate impact on low-carbon electricity development, but likely to slow EV growth

Green Car Congress

The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60

article thumbnail

API reports record US petroleum production in April: 10.543 million b/d; strongest April demand since 2007

Green Car Congress

This was the strongest April monthly demand since 2007. Strong global demand raised international oil prices by more than domestic ones. Domestic WTI crude oil prices averaged $66.25 Meanwhile, international Brent crude oil prices continued to increase by more—8.5 from March but 3.8%

2007 259
article thumbnail

EIA: US summer gasoline demand expected to be at 11-year low, prices at record high

Green Car Congress

High prices at the pump—mostly a result of global crude oil prices—and the use of more efficient vehicles both encourage reduced gasoline consumption. less than 2007’s record summer gasoline demand of 9.4 US gasoline consumption is forecast to average almost 8.8

Gasoline 247
article thumbnail

IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

Green Car Congress

million barrels per day over the last five years, IHS Markit says in the new report from its oil markets and research team. Current global total liquids oil demand growth is at similar levels to what was recorded during the 2003 to 2007 commodity super-cycle, referred to as the “golden age” of refining. —Spencer Welch.

Oil 276
article thumbnail

The Real Reason for USA based Economic Recessions.

DIY Electric Car

There have been 5 recession since then until now and I wanted to see if Oil had anything to do with them, because deep in my heart, I knew the most recent recession was directly caused by the oil price spikes that started in 2007 and peaked in 2008. This increase in oil prices again pushed the economy into a recession.

USA 180
article thumbnail

US Vehicle Miles Traveled Increased 2% in June Year-on-Year

Green Car Congress

US traffic volumes started declining in November 2007 as oil prices rose and experienced dramatic drops in 2008. While traffic volumes have shown some year-over-year gains earlier this year, June marks the first month when driving was higher in all regions of the United States and on all types of roads.

Miles 210
article thumbnail

$92.22

Plugs and Cars

NY Times reports: Oil Prices Continue to Rise $91.86 A little context: oil at its lowest this year? a barrel on January 18, 2007. Tags: oil price per barrel Big Oil. per barrel at Friday's close.