FuelClub Discount

As world crude oil prices plunge, small oil players on Thursday started implementing price cuts in their gasoline products.

SeaOil announced that it will cut by P1.00 per liter its gasoline prices starting 2 p.m. Thursday. This will be followed by Eastern Petroleum Corp. at 6 a.m. Friday.

Fernando Martinez, Eastern Petroleum president, said the prices of the company’s gasoline products will be slashed by P1.00 per liter at 6 a.m. Friday.

“We have decided that by tomorrow Eastern Petroleum will rollback gasoline prices at 6 a.m.,” Fernando Martinez, Eastern Petroleum president, told ABS-CBN’s morning show, “Umagang Kay Ganda.”

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The one that got away isn’t a fish at the Lone Pine Inn on Madison Lake near Mankato. It’s a gasoline thief.

Angler Curt Schueneman says the fuel from his boat and others has been stolen twice this summer, most recently on Sunday night.

He suspects the thieves, or thief, is coming in from the lake late at night and siphoning gas to use in their own boat.

He thinks that because if the thieves drove up the gravel road to the lodge, someone would hear them. And since boat fuel is a mixture of gasoline and oil, it can’t be used in cars and trucks.

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Oil settled down $US2.24 a barrel at $US119.17 - almost $US30 below its highs in July.

After the Federal Reserve left rates unchanged, investors charged into stocks that suffered most during oil’s rise. The Amex Airline Index rallied 2.12, or 9.6 per cent, to 24.20, reaching its apex of the northern hemisphere summer.

American Airlines parent AMR surged $US1.26, or 13 per cent, to $US10.95. Ford Motor added US28 cents, or 5.8 per cent, to $US5.09, and General Motors rose US59c, or 5.8 per cent, to $US10.69, although the latter was down 57 per cent for the year to date.

Owing to the spikes in oil and petrol prices this summer, malls have lost customers, airlines have turned in massive losses and the auto market is such that a recent review of EBay showed sports utility vehicles less than five years old selling for a fraction of their purchase price.

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Customers of Alabama Power Co. might see their rates go up as customers of some other Southeastern utilities have seen due to rising costs for coal and natural gas.

Alabama’s utility regulatory commission instructed its staff Tuesday to look into the amount Alabama Power is receiving to cover its fuel costs. The Public Service Commission acted after Alabama Power reported that it spent $24.6 million more on fuel in June than it recovered from its customers.

Alabama Power spokeswoman Jan Ellis said the utility has discussed its rising costs for coal and natural gas with the PSC, but it is premature to say what might happen in the coming months.

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Not long ago LA/Ontario International Airport was setting growth records. Airlines flocked to the Inland Empire airfield in what Los Angeles Mayor Antonio Villaraigosa hailed as the “great first steps” to regionalizing air travel in Southern California.

In a much publicized event last year, the mayor even helped welcome the start of an airline’s service at Ontario by donning a safety vest and directing an ExpressJet plane to its gate.

Come September, ExpressJet will no longer operate at Ontario, becoming one of the latest casualties of high fuel costs and a souring economy, which have grounded airline service across the country. Other domestic airlines, such as United, Delta, Southwest and JetBlue Airways, have slashed or eliminated service at Ontario as well.

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U.S. airlines are cheering a steep decline in the price of jet fuel since mid-July, when crude oil began a nearly $27-per-barrel descent, but that good news may come with a slight sting for carriers that locked in fuel prices when oil was at its peak.

The risk is that oil may drift below the current price airlines guaranteed with hedging contracts, which are usually options. If that happens, the hedges carriers purchased could be a waste of money.

Worse yet, it is possible some airlines could be committed to paying more for their fuel than market prices.

“Given some of the hedging mechanisms they are using, they are going to be subject to significant losses on those portfolios. We’ve never seen such volatility on oil prices,” said Brian Nelson, equity analyst at Morningstar.

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