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Entries in Gasoline (34)

Thursday
Dec302010

Former Shell Executive Predicts High Gas Prices in Coming Years

Photo Courtesy - Getty Images(NEW YORK) -- A former Shell executive is predicting that gas prices could reach the $5 mark by the late 2012, just as Americans are seeing a preview of rising prices throughout the nation.

John Hofmeister, the former president of Shell and now chief executive of a non-profit group called Citizens for Affordable Energy, said he expects the hike by November 2012 mostly because of higher demand for gasoline worldwide -- especially in Asia.

"There is more demand because the economy is recovering," he said. "There is much more demand in Asia because the economy is growing rapidly."

While demand is rising steadily, the world is struggling to increase production. Demand is approaching 90 million barrels per day, while only 85 million barrels are being produced.

Today, gas prices are averaging at $3.07 a gallon, while a year ago they were at $2.62 -- 45 cents cheaper. Drivers experienced the highest gas prices in October 2008, when many paid $4.11 for every gallon, according to AAA. While everyday commuters certainly will be suffering, it will be those who consistently travel across the country who will be paying the most at the pump. Americans drove 16 billion more miles this year than they did last year.

Copyright 2010 ABC News Radio

Saturday
Dec252010

Christmas Getaway: $3 Gas, More Travelers

Photo Courtesy - Getty Images(WASHINGTON) -- National prices at the gas pump are now averaging $3 a gallon for the first time since October 2008, according to a survey commissioned by AAA. That's nearly 40 cents a gallon higher than last year at this time, or around $3 extra for a 100-mile trip each way to visit grandma.

No matter how you are traveling -- car, train, bus, plane or ferry -- expect more company on your trip. AAA projects 92.3 million Americans will travel 50 miles or more from home during the year-end holidays, an increase of 3.1 percent from last year. As on every major holiday, the vast majority of travelers -- 93 percent -- will be drivers.

Winter weather is not going to cooperate for all travelers. Flights in and out of Europe have been delayed or canceled all week by bad weather. Those who did make it didn't always make it with their bags. In the U.S., meanwhile, a separate storm front is threatening to cause delays in the Southeast and the East Coast over the weekend.

Delta Air Lines is allowing travelers to and from Atlanta, Baltimore, Boston, Newark, New York and Washington to make changes to flights at no cost.

Copyright 2010 ABC News Radio

Saturday
Dec112010

Gas Prices Up as Consumers Prepare to Travel

Photo Courtesy - Getty Images(NEW YORK) -- Gas prices at the pump are surging this holiday season to a two-year high.

A gallon of regular unleaded gas averaged $2.97 as of Friday, up nearly 10 cents in the past week and 34 cents higher than December of last year.

Copyright 2010 ABC News Radio

Monday
Oct112010

Could Nuclear Power Fuel Your Car?

Photo Courtesy - Getty Images(LOS ALAMOS, N.M.) -- A newly discovered form of uranium could lead to a nuclear power plant small enough to fit in your car and eventually even power it.

Scientists from the Los Alamos National Laboratory have created a long-sought molecule known as uranium nitride. Besides offering cheaper and safer nuclear fuel, the new molecule could extract more energy from fossil fuels, making cars more fuel-efficient, while potentially leading to cheaper drugs.

"Actinide nitrides are candidate nuclear fuels of the future," said Jaqueline Kiplinger, a scientist at the Los Alamos National Laboratory who led the team of researchers on the recent Nature Chemistry paper.

Uranium nitride could lead to smaller, cheaper and even portable nuclear power plants. NASA, Hyperion Power Generation and other organizations are all looking at using uranium nitride as a next generation nuclear fuel in their reactors.

Despite uranium's association with deadly radiation, the new molecule contains depleted uranium, which is relatively harmless from a radiological standpoint and offers many opportunities in catalytic and industrial applications.

The ability to quickly and reliably destroy carbon-hydrogen bonds could make drugs and other industrially important chemicals cheaper. Many of these compounds are petroleum-based. It takes high temperatures, high pressures and multiple steps to refine oil into everyday items.

If this new molecule could do the job at room temperature, room pressure and in a single step, it would save time and money.

Copyright 2010 ABC News Radio

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