An interesting combination of reports, compiled by the New York Times, shows that Americans saved money at the pumps from cheaper gas is mostly going to more gas and more expensive gas.

The average American should have saved roughly $41 from cheaper gas prices, according to a report by JPMorgan. Instead of taking home those savings, most people only took home $22. A separate study by Brown University and University of Chicago researchers indicated that most people were buying more expensive gas when gas prices dipped.

The phenomenon, which is called “mental accounting,” roughly translates to people spending a target amount of money — regardless of price. Read More >

Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.

A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.

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Break out the champagne and 7-liter engines. Have one on us, alright?

The Wall Street Journal and Reuters are reporting that despite a mild increase in crude, oil is hovering around $40 a barrel and it’s expected to further dip in coming months to a six-year low on a global glut of oil.

The national average for a gallon of gas could drop to as low as $2, Green Car Reports says, which would be the cheapest its been since January, and could approach historical lows from 2008.

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Starting Monday, your local Shell station will be offering a new grade of fuel said to increase engine life and boost efficiency, but at a price.

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Despite OPEC’s desire to keep its stranglehold on the market, U.S. shale oil production looks to rise again amid a strengthening dollar.

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OPEC is doubling down on shoving shale off a cliff, continuing the trend of low fuel prices through the fall in so doing, Memorial Day Weekend aside.

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Those hoping for a return to $100 per barrel of oil are in for a long wait, as OPEC says oil will remain below the price point through the 2020s.

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Those hoping to make it big on oil commodities would do well to bet against the bulls on parade, as China won’t be around to keep prices afloat this time.

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Last night, it became official: Alberta, the largest producer of oil in Canada, ended the 40 year reign of the Progressive Conservatives in favor of the New Democratic Party (NDP), a democratic socialist party.

This could mean big changes in the energy sector, from oil patch to gas pump.

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How long will Saudi Arabia allow oil prices to drop as the country’s production remains unchanged? Only Allah knows the answer.

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After a slight decline during Easter, gas prices are once again climbing back up as crude oil does the same.

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Is your wallet feeling heavier these days, despite all of the blackened Thanksgivings and cybernetic Mondays meant to liberate you from your money? It’s about to become more so, thanks to an early Christmas present from OPEC.

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In less than a week, the B&B will head out to the polls to decide the direction the United States will take for the next two years.

Big Ethanol, too, is interested in the direction taken.

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Global oil prices are on the rise as the crisis in Iraq contributes to market instability. Large chunks of Iraq’s oil production infrastructure have fallen under militant control, leading to a sharp drop in output. Meanwhile, Canadian officials are upset with the Obama administration’s handling of the Keystone pipeline. They contend that the inaction on Keystone is keeping millions of barrels of Alberta crude from reaching more profitable markets.

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The green warriors who hoped EVs and hybrids would be the dominate force on the highways of America may need to wait a bit longer: the United States Department of Energy predicts gasoline will be the fuel of a generation until at least 2040.

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