OPEC Approves Biggest Production Cut Ever, Market Goes "Meh" [I Feel Gassy]

OPEC today announced it will cut daily oil production by 2.2 million barrels, a response to the shrinking price of gas. And how did the market respond to the news? Crude is down.

OPEC President Chekib Kheli told reporters "I hope we surprised you. If you're not surprised we need to do something about it." Be careful what you wish for President Kheli. The big surprise is the energy markets don't seem to care with crude prices dropping 4.5% to $41.64 a barrel. So no need to trade-in your Excursion yet.

The drop in production is, in the eyes of the market, not large enough to counterbalance the decrease in energy use by a recession-weary populace. Gas prices may continue to rise slightly after January 1st when the change becomes effective, but the economy is still so bad people aren't using as much black gold as before. We're trying to process if this is good or bad news. H/T to Jason for the tip!

Photo: ALI AL-SAADI/AFP/Getty Images

[MSNBC via Truckblog]

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Bad Gas Angers Drivers, Damages Cars in Seattle

It’s bad enough that we have to pay high gas prices. What’s even worse is when you pay high gas prices only to find out that the gas has caused your car to breakdown. All the more reason to go hybrid, or even better electric.

Three gas stations were shut down temporarily on Sunday after at least 11 vehicles were damaged by bad gas the drivers had just pumped.

“I filled the tank up and as soon as I pulled away from the pump my car died,” said Mary Anne Trengove, who stopped at the Shell station on 2nd Street in Snohomish.

“When I got out of the car there was a gentleman who was putting gas in his lawnmower and noticed the gas was brown,” she said. “The guy right next to him had just filled up his motorhome and the motorhome did the same thing — started but didn’t pull away.

“While we were there people just kept wandering up to the station and saying their car had broken down.”

Officials said tanker trucks that filled up at the Shell Terminal on Harbor Island in Seattle at about 5 p.m. Sunday received a sludgy gas that may have been mixed with water.

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Track Your Gas Mileage With FuelFrog

FuelFrog is a cool web based application to help you track your cars fuel efficiency and in the future you will be able to compare your car to others. What’s really cool is you can use Twitter to help track your fuel consumption as well. Twitter is another web based application that allows you to update friends and family on what your doing right now.

Track your gas mileage by letting us know the miles you traveled on your last tank, the price you paid, and how many gallons you added to your car. FuelFrog will compile and trend information about your gas mileage, the amount you spend, and more! In the near future, you’ll be able to compare your vehicle to others and see how you stack up.

With FuelFrog, you’ll be able to:

* Quickly add info to your account after filling up.
* View trends for the amount you spend on gas.
* See how gas prices change in your city over time.
* Gain insight into how your car’s gas mileage changes.

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