Main page | November 1, 2007 »

Oil jumps 4 percent to record over $94 a barrel

NEW YORK - Oil surged more than 4 percent to a record over $94 a barrel on Wednesday after a steep drop in U.S. inventories fueled winter supply concerns and markets awaited the U.S. Federal Reserve's decision on interest rates, according to Reuters.

U.S. oil jumped $4.00 to $94.38 a barrel.

U.S. crude oil stocks fell 3.9 million barrels in the week to October 26, government data showed, countering expectations for a build ahead of the Northern Hemisphere winter.

Posted by Peter C. T. Elsworth  at 3:20 PM to Crude oil market | Permalink | Comments 0

Europe Proposes Warnings for Auto Ads

Here's a New York Times story that reveals how far ahead Europe is when it comes to tackling carbon emissions and global warming:

Quick, what’s more dangerous: automobiles or cigarettes?

The European Parliament has proposed that car advertisements in the European Union carry tobacco-style labels, warning of the environmental impact they cause.

Under the plan, 20 percent of the space or time of any auto ad would have to be set aside for information on a car’s fuel consumption and carbon dioxide emissions, cited as a contributor to global climate change.

Posted by Peter C. T. Elsworth  at 10:01 AM to Environment | Permalink | Comments 0

Vice chairman Bob Lutz sees 'a new era' for GM

MEMPHIS, Tenn. -- With its reputation on the mend, sales of new cars and crossovers exceeding expectations, and a new labor deal projected to cut billions from its annual costs, General Motors is in its best situation in decades, Vice Chairman Bob Lutz said Tuesday, according to the Detroit Free Press.

In a wide-ranging interview with the Free Press, Lutz said he wants to make up to 100,000 fuel-efficient Chevrolet Volts in the first year of production. The first batteries were delivered Tuesday, he said.

He also said that the new UAW contract provides a big boost to GM, as well as rivals Chrysler, which also has a new contract ratified with the UAW, and Ford, which is in the midst of negotiations.

"The labor cost gap to the Japanese transplants have been narrowed, but they have not been closed," by the new UAW contract, Lutz said. "It's closer than it ever was before. That's good for a five-minute celebration, but then you say, 'Well, now what?' "

The big fear now, Lutz said, is "ill-conceived" government-imposed fuel economy standards at the state or federal level.

Posted by Peter C. T. Elsworth  at 9:53 AM to GM | Permalink | Comments 0

UAW deal may alter Ford plan

With top UAW and Ford bargainers now in the final phase of negotiating a new labor contract, experts said the resulting deal could significantly alter the details of the high-stakes turnaround plan under way at the 104-year-old auto company, according to the Detroit Free Press.

Union leaders are expected to press Ford for product commitments that will keep their plants running and also to push for saving plants now slated for closure under Ford's turnaround plan.

Ford's so-called Way Forward turnaround plan currently calls for closing 16 factories, eliminating 44,000 jobs and revamping the entire lineup of Ford, Mercury and Lincoln vehicles in an effort to restore profits by 2009 to the company's crucial North American unit.

Posted by Peter C. T. Elsworth  at 9:46 AM to Ford , Unions | Permalink | Comments 0