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OIL/FUEL/AUTOS NEWS & COMMENTS
* USA - NY crude's out of whack, but is it undervalued? - Opportunity hidden in the wide spread between WTI and Brent crudeSan Francisco,CAL,USA -MarketWatch, by Myra P. Saefong -Jun 1, 2007: -- The crude market may be trying to tell us something, and here's the biggest hint: The price difference between crude traded on the New York Mercantile Exchange and the IntercontinentalExchange has touched its widest level ever... Despite concerns over tight-gasoline supplies and production uncertainties related to the Middle East and Nigeria, crude futures on Nymex fell almost 5% during the month of May, with the July contract unable to climb past $68 a barrel... But prices for July Brent crude climbed as high as $71.80 that month...
* USA - Exxon Mobil goes green at annual meeting - CEO Rex Tillerson defends oil giant's position
New York,NY,USA -MarketWatch, by Steve Gelsi -May 30, 2007: -- Exxon Mobil Corp. never set out to become "public enemy No. 1" in the global climate-change debate, Chairman and Chief Executive Rex W. Tillerson said Wednesday in response to complaints at the company's annual meeting in Dallas... The talk at the meeting reflected the growing concern among investors about climate change, one of the hottest issues in this year's proxy season. Nevertheless, none of the shareholder resolutions -- including a move to withhold votes on aimed at ousting board member Michael J. Boskin, chairman of the company's public issues committee -- drew a majority vote... While the hot button of executive compensation did arise, most comments were aimed at ascertaining why Exxon Mobil hasn't taken up the global-warming cause by investing heavily in alternative energy as willingly such as peers ConocoPhillips, BP Plc, and Royal Dutch Shell... Critics speak up: California Controller John Chiang said that the company has shown a "resistance" to strong greenhouse-gas policies...
* USA - Gas-saving secrets - Five little-known tips for getting better gas mileage
Washington,DC.USA -MarketWatch, by Ruth Mantell -Jun 1, 2007: -- On a recent drive to work, Philip Reed was able to boost his car's gas mileage by almost 25%... "You'll not only save gas, but your entire day will be easier," Reed said. "I left earlier, and I didn't stop once. When you hit the brakes, you waste energy"... With gas prices reaching all-time highs, consumers can save money by following these five off-the-beaten-track tips:
1. Commute early/commute late
2. Ditch that SUV
3. Plan ahead for fueling
4. Catch a ride with coworkers
5. Down with drag
More fuel-efficiency tricks: Here are some more ways to save on gas, as recommended by Consumer Reports and others:
* Get out of your car and walk, bike or use public transit.
* Minimize driving with a cold engine by combining separate short trips into one longer trip.
* Drive smoothly, avoiding hard acceleration and braking, and maintain a steady pace in top gear. Aggressive driving can lower gas mileage by 33% at highway speeds, according to FuelEconomy.gov, a government Web site.
* Turn off your car rather than letting it idle for extended periods.
* Keep your tires properly inflated, which can improve gas mileage by about 3.3%, according to FuelEconomy.gov.
* Keep your car in good shape and well-tuned. Correcting a serious problem can improve mileage by up to 40%, according to FuelEconomy.gov.
* Try to use regular gas unless the manufacturer indicates that premium is necessary...
* USA - Changing Course: The Chrysler Deal, Rising Gas Prices and Other Car Talk
Penn,USA -Knowledge@Wharton -May 30, 2007: -- Earlier this month, Cerberus Capital Management bought 80.1% of Chrysler Group from German auto maker Daimler-Chrysler, effectively ending a nine-year marriage between the two that never quite worked out... The expectations created by this acquisition are huge, and revolve in part around Cerberus's ability to make a deal with the United Auto Workers union that would include restructuring billions of dollars of retirement and health-care benefits -- a burden that both Ford and GM -- but not Toyota -- also carry. We asked Wharton management professor John Paul MacDuffie, co-director of the International Motor Vehicle Program, to give his views about Chrysler, Cerberus, high gas prices and other auto-related issues...
* USA - Smaller autos fuel sales - Vehicles with better gas mileage lift May results
Detroit,Mich,USA -The Detroit News, by Bryce G. Hoffman -June 02, 2007: -- Buoyed by a surge in demand for cars, crossovers and fuel-sipping hybrids, U.S. auto sales jumped 5 percent in May, making for a solid month for most automakers... The uptick in vehicle sales came despite weak economic growth and ongoing erosion in the housing sector. But sky-high gas prices and the lure of new models like the car-based GMC Acadia and Ford Edge crossovers combined to increase the popularity of more fuel-efficient cars and crossovers... Car sales were up 6.1 percent in the month, while truck sales, which include most crossover models, rose 3.9 percent...
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