CARACAS, Venezuela— “There’s no more 95!” René González shouts to the queue of cars waiting to fill up their tanks with cheap fuel for the last time. González works at a medium-sized gas station that's unaccustomed to seeing many cars after 3 p.m. But Thursday wasn’t a typical day—it was the last day before a 6,000% price hike that went into effect Friday. Earlier this week, in a speech that lasted nearly five hours, President Nicolas Maduro announced a price hike on 95 octane gasoline, that amounts to 3 cents per gallon at Venezuela’s unofficial exchange rate. While that price increase sounds like peanuts to outsiders, it's slightly more substantial in a country where the minimum wage currently hovers around $11 a month. Filling the tank on a compact car will now set you back around 360 bolivares in Caracas, or roughly, $.36. But most people seem to be taking it in stride. After all, it's still cheaper than buying … [Read more...] about Venezuela hikes gas prices by 6,000 percent!!! (or 3 cents a gallon)
World cheapest gas prices
Step aside, Tata Nano. Its standing as the world's cheapest car could be in jeopardy. Bajaj Auto, an Indian company known for its three-wheelers, is set to release its new four-wheeler, the RE60. Weighing in at only 880 pounds, the car reaches a top speed of 70 kilometers per hour (43 miles per hour), emits only 60 grams of carbon dioxide per kilometer, and gets a whopping 35 kilometers per liter (82 miles per gallon). "We are very excited with the outcome of our efforts and, in the RE60, we believe we have an excellent solution for the mobility challenges arising from the rapid urbanization of India," said Rahiv Bajaj, Managing Director of Bajaj Auto. "In the RE 60 we have an immediate solution to pollution that doesn't need new infrastructure, huge subsidies or time," he added. At only 2752 millimeters (108 inches) long, the RE60, designed as an urban transport vehicle, seats up to four people. At a recent press conference, Bajaj spoke about the vehicle, emphasizing that it … [Read more...] about Bajaj RE60: could it become the world’s cheapest car?
It's the end of the year, and that means it's time to review my oil and gas price forecast for 2013, look into my crystal ball, and foretell prices for 2014. Reviewing my 2013 forecast At the end of 2012, I forecast that Brent Crude (the London benchmark price, which serves as a global proxy for oil prices) would average $105 per barrel (bbl) in 2013, and that West Texas Intermediate (WTI), the North American benchmark, would average $90 to 95/bbl. In the spring, gas prices shook off 20 straight months of unprofitably low levels and shot over $4 per million British thermal units (MMBtu). Accordingly, I updated my gas call in May to $4.50/MMBtu by the end of the year, and left my oil price calls unchanged. With no articles on my publishing schedule until late January, this seems a good time to run the numbers. As of this writing, with 49 weeks of data available for 2013, Brent has been $108/bbl and WTI has been $98/bbl on a daily averaged basis. Spot natural gas is selling for $4.24 … [Read more...] about Oil and gas price forecast for 2014
From credit card debt and school loans to rising gas prices and adjustable mortgages, there are plenty of reasons why consumers in the developed world can't afford a laptop. Not to mention the fact that underfunded schools and underprivileged kids also exist in the developed parts of the world. Enter the Medison Celebrity laptop. It's a $150 laptop from Swedish company Medison that's available through the Columbus, Ohio-based online reseller 2Checkout.com. With Nicholas Negroponte's OLPC hovering around $175, and Intel's Classmate PC expected to cost more than $200, the Medison Celebrity laptop can lay claim to being the cheapest laptop in the world. And it boasts an impressive feature set for the money. For starters, it features a large, wide-screen 14-inch WXGA display and weighs a reasonable 4.8 pounds. Powering the Medison Celebrity is a 1.5GHz Intel Celeron M 370 processor and 256MB of memory. You may scoff at such a meager memory allotment considering all the reviews out there … [Read more...] about Meet the cheapest laptop in the world
Searching for the cheapest gasoline along your summer road trip route? Look no further. The GPS and live traffic app Waze on Wednesday updated its iPhone and Android apps, adding crowd-sourced gas prices. With the latest version to the free Waze app, users can search for gas stations, see real-time prices nearby, and compare prices to find the cheapest fuel along their route. If the prices are different than what is shown at the pump, users can warn other road warriors by updating the app. In addition to celebrating this new functionality, Waze is offering users in the U.S. exclusive in-app discounts on gasoline at participating stations. Waze has partnered with select BP, Exxon, and Shell locations to bring users these deals. The app will alert users if they're close to an exclusive fuel discount by showing the station on the map. "Now 19 million strong, the Waze community is the largest group of drivers in the world- with that should come benefits as we harness our collective … [Read more...] about Waze Traffic App Adds Real-Time Gas Prices