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AP – Gas prices in West Virginia are about 46 cents higher per gallon compared with a year ago.


AP – Chesapeake Energy Corp. said Tuesday that its fourth-quarter profit more than doubled as the company benefited from hedging positions that offset lower prices for oil and gas.


ContributorNetwork – COMMENTARY | Every year at this time, the media dutifully starts to speculate whether gasoline prices will hit record highs in the summer. Last year, it was about Libya and the Arab Spring. The year before that was about possible inflation caused by the Federal Reserve’s quantitative easing.


AP – The average price for a gallon of unleaded gas in Arkansas is $3.43 — which is 20 cents higher than it was a month ago.


AP – A consumer group says gasoline prices in Anchorage are 26.3 cents higher than they were a year ago.


AP – The AAA auto club reports the average price of a gallon of gasoline in Washington is $3.64.


Gas prices continue to rise around the country in most areas compared to the week before. The national gasoline average is $.40 above the price this time last year. Diesel fuel is about $.39 above this time last year. Premium…


Gas prices continue to rise around the country in most areas compared to the week before. The national gasoline average is $.38 above the price this time last year. Diesel fuel is about $.41 above this time last year. Premium…


Newt Gingrich released a 28-minute, 59-second video on energy and gasoline prices.


President Barack Obama plans to step into the political debate over rising gasoline prices on Thursday, when he kicks off the first of a series of events focused on his energy plans, senior administration officials said.


Newt Gingrich released a 28-minute, 59-second video on energy and gasoline prices.


President Barack Obama plans to step into the political debate over rising gasoline prices on Thursday, when he kicks off the first of a series of events focused on his energy plans, senior administration officials said.


Aug. 26, 2008TOKYO-Toyota is raising its prices for the Prius and Harrier hybrids in Japan in response to the soaring cost of steel and other raw materials – the first hike here without a model makeover in three decades.Speculation had been rife that Japan’s top automaker would raise some domestic prices soon, and Toyota has acknowledged that as risky because the domestic market is already sluggish.The new suggested retail prices, announced yesterday, show an average increase of three per cent for the two gas-electric hybrid models, and an average two per cent for several commercial vehicles.Starting next month, the Prius basic S model will go up by 73,500 yen (US$668) to 2.38 million yen ($22,000). The Harrier Hybrid Premium S Package will go up by 136,500 yen ($1,240) to about 4.76 million yen ($43,000), Toyota said in a release.Other Japanese automakers may follow. With steel prices surging, Nissan’s chief executive Carlos Ghosn has hinted he is waiting for its bigger rival to take the lead to make it easier for others to raise their prices, too.Toyota said it has struggled to keep prices down with cost cuts, but material costs are expected to stay high for some time.”Recent further price increases in raw materials have been larger than (Toyota’s) cost reduction efforts are able to offset,” it said.Like other automakers, Toyota has raised its U.S. prices without major model changes previously.The last time Toyota raised prices on Japan models was in 1974, by 10 per cent, in the wake of the first oil shock.It also hiked prices in 1973, by seven per cent, as well as on its commercial vehicles such as trucks and vans in 1992.Otherwise, Toyota has not raised prices in Japan except for remodelling that happens only once every several years in which improved features are added.Although Toyota has averted some of the serious troubles of its U.S. rivals General Motors, Ford and Chrysler, even Toyota is struggling to fight skyrocketing energy prices, the crunch of material costs and fears of stagnation on global markets.Toyota, which also makes Lexus luxury models and the Camry sedan, reported a 28 per cent drop in its April-June quarterly net profit.It is forecasting its first full-year profit decline in seven years as it faces more problems from the weakening U.S. market.


TORONTO – Toyota Canada is delaying the startup of a second shift at its new plant in Woodstock, Ont., in a move that indicates the economic slowdown is affecting more than just the North American automakers. Ray Tanguay, president of Toyota Motor Manufacturing Canada Inc., said in a statement Friday that the first shift at the recently constructed plant will go ahead as planned later this year, employing approximately 1,200 people. The second shift, which would employ an addition 800, has been delayed indefinitely, Tanguay said. Although Toyota has fared better than many automakers because it has several fuel-efficient models that are in hot demand, other types of vehicles aren’t selling as well because of high gasoline prices and consumer uncertainty about the economy. “With the weak condition of the overall automotive market in North America, we must continually re-evaluate the situation,” Tanguay said in a statement. The Woodstock plant will be producing the RAV4 sport-utility vehicle. While sport-utility vehicles and pickup trucks have generally been perceived as gas-guzzlers, Tanguay said Toyota’s relatively small RAV4 “is well-positioned in the SUV market and we will start a second shift as soon as conditions permit.”The company says its eventual plan to produce 150,000 vehicles a year at the plant hasn’t changed. The Canadian auto industry has been hard hit by a series of layoffs and plant closures caused by a high Canadian dollar and skyrocketing fuel prices. Among the biggest casualties has been the General Motors truck plant in Oshawa, Ont., which makes several types of pickup trucks. The GM truck plant is reducing its production volume and workforce by half this month and is scheduled to close next year. The downsizing and eventual closure of the Oshawa truck plant has had a ripple effect among auto-parts companies in several Ontario communities that have announced layoffs as a result of lost volume at GM and other customers. Ontario’s economy has been battered by a weakened manufacturing sector, accounting for the bulk of 88,000 manufacturing jobs lost nationally over the last year.


VANCOUVER – Honda has launched its second-generation Fit subcompact car just as soaring fuel prices have driven up sales in a vehicle class once considered fit only as second cars and student wheels. The 2009 Fit began rolling into dealerships this month, earlier than expected because Honda Canada has gone through its allocation of the old 2008 version, says executive vice-president Jerry Chenkin. “Basically we ran out of product,” he says. “The shift in the marketplace and consumers’ taste has been so rapid that basically we could not react quickly enough to the demand.” Pricing for the new Fit, slightly larger, more spacious and with a peppier engine, will start at $14,980 up to $20,480, about $1,000 more than the top-selling Toyota Yaris. Subcompact cars such as the Fit, the Yaris, Hyundai Accent, Kia Rio, Suzuki Swift and Nissan Versa made up seven per cent of new vehicle sales in Canada last year but their share is growing. Their U.S. market share is much lower – about 3.66 per cent for the first seven months of this year, according to J.D. Power Ltd., an industry research firm. But U.S. sales spiked along with fuel prices this year, up 39 per cent compared with 2007 when the segment’s market share was 2.34 per cent, leading the industry. Only three of the other 26 vehicle segments that Power tracks – subcompacts, wagon-like compact crossovers and mid-sized cars – grew at all, says Tom Libby, Power’s senior director of industry analysis in Troy, Mich., outside Detroit. “The industry over the same time period is down over 11 per cent,” says Libby, adding in July alone, subcompact had a 4.6 per cent market share. “To lend some perspective to it, it is greater than the share for mid-sized vans and mid-sized utilities and pickups. Using a lot of different measures it’s doing very, very well.”The single-digit market share may not seem like a lot but translated into projected U.S. new vehicle sales of about 14.5 million this year, that’s more than 500,000 cars – almost a third of all new Canadian sales last year. In Canada, subcompact sales soared 27 per cent in the first seven months of this year to more than 94,000 vehicles – 10 times the overall new vehicle sales hike – according to DesRosiers Automotive Consultants. J.D. Power forecasts subcompacts – which it terms basic compact – will reach eight per cent market share this year. Libby says his firm believes the higher U.S. market share is sustainable and could rise further if gas prices continue higher. “Not only gas prices but also these products are different than what had been in the segment before,” he says. “They’re no longer really econo-boxes that are sort of perceived as very, very cheap. Also there (are) more models coming in the segment, so we see this segment staying robust.” Foreign makers dominate the subcompact market and even North American companies rely on offshore models in the segment, at least for now. Chevrolet imports the Korean-built Aveo and Ford plans to offer its European-designed Fiesta for 2010 built in North America, which probably means Mexico. Chrysler is said to be considering China as the source of a new subcompact. Low-cost manufacturing will be crucial to the success of any new subcompacts from the so-called Big Three automakers, says Libby, because factory and dealer profit margins for them have always been low. “The lower margins, if they exist, will be a limiting factor,” he says. “There’ll be less motivation for the companies to make them.”The Fit sold here is made in Japan but Chenkin says Honda’s philosophy is to bring production close to target markets. Bringing Fit production to North America will depend on growth in demand, he says. The current model Fit ranks fourth in sales in its segment and about 10,000 have been sold so far, tracking for 16,000 for 2008. Chenkin says the sales target for the new version is 20,000 cars a year. Honda makes about 400,000 vehicles, mostly Civics, at its Alliston, Ont., plant and is opening a new engine-manufacturing facility next to the plant later this month. Canadian and American drivers flocked to small cars in the 1970s after the Arab oil embargo and the 1979-80 oil crisis triggered by the U.S. confrontation with Iran. Consumers went back to larger vehicles as soon as the heat was off. But Libby said sustained high gas prices may shift North Americans’ thinking about smaller cars closer to the European approach. Subcompact and compact cars are the norm in Europe, where fuel prices have always been much higher. Models come in all grades, from entry level to luxury. Chenkin agrees this may be a more permanent change, spurred partly by higher prices and more environmental consciousness. “But my feeling is that unlike previous gas crises where as soon as the price of fuel went down, people came running back to larger vehicles, I think this time we’re seeing a very different trend,” he says. “It’s not cool to drive a gas guzzler right now.” The success of premium subcompacts such as the Mini and the stylistic flair of the Fit and its competitors is helping make them more desirable to North American buyers. “I think they’re perceived as more acceptable, more mainstream, less purely utilitarian and cheap than they were,” says Libby. “I think that helps the segment a lot. They’ve lost that negative connotation.”


Virginia Railway Express officials have announced a series of hearings so riders can ask questions and comment on the agencyas proposed fiscal 2013 budget.

If adopted, the budget would mean an average hike of 3 percent for passengers. The move would come on the heels of a reduction in pretax transit benefits allowed under federal law. The proposed increases are due to several factors, including contractor fee hikes and projected higher gas prices, VRE officials have said.

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D.C. region gas prices climb
From feeds.washingtonpost


Washington area drivers have discovered a new way to ward off their pain at the pump: They close their eyes.

aI donat really look at the gas prices before I fill up,a Brett Miguel of Northwest Washington said Tuesday as he topped off his Chevrolet Cruze at a British Petroleum station at 13th and N streets. aItas all so volatile.a

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With gas prices rising fast, MoneyWatch editors Jill Schlesinger and Jack Otter turn to Kelly Blue Book’s Alec Gutierrez for information on what’s driving the increase. And CBSNews.com political reporter Brian Montopoli explains what pain at the pump means for the Presidential race.

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