U.S. Gasoline Slides to Nine-Month Low
A study conducted by Lundberg Survey Inc. shows that the average price for regular gasoline fell to the lowest level in almost nine months as crude oil price cuts reduced costs. Regular gasoline slid 2.01 cents in the past two weeks to $3.3628 a gallon, the least since Jan. 25, the California-based company said. The survey is based on information obtained at about 2,500 filling stations. The highest price for gasoline among the markets surveyed was in the San Francisco Bay Area, at $3.81 a gallon. The lowest was in Albuquerque, New Mexico, where customers paid an average of $3.03.
China Solar Says Three Directors are Detained and Probed for Fraud
China Solar Energy Holdings Ltd., the panel maker that has lost 93% of its market value since 2007, revealed that its chairman and two directors have been detained by the authorities on online casino allegations of fraud. Chairman Yeung Ngo, Yang Yuchun and Hao Guojun were arrested and have been held since Aug. 26, China Solar Energy said in a statement last Oct. 18. Based on investigations into allegations against the company, one subsidiary in Changzhou had failed to pay a reported increase in its registered capital with the local authority.
China Qinhuangdao Coal Price Rebounds as Unsafe Mines are Decommissioned
China’s price for power-station coal picked-up from the lowest level in four years as the government sought to close unsafe mines. According to data from the China Coal Transport and Distribution Association, the price of spot coal at the port of Qinhuangdao rose to a range of 530 yuan ($86.87) to 540 yuan a metric ton as of Oct. 20. China, the world’s biggest consumer of coal, is pushing for small and mid-sized mines to be suspended to avoid fatal accidents. More than 2,000 mines may be closed by 2015, according to a government statement on Oct. 12.
Saudi Aramco Acquires Canadian Solar Panels for Power Plant
Saudi Arabian Oil Co., the world’s largest crude exporter, agreed to purchase 1.78 megawatts of photovoltaic panels from Canadian Solar Inc. to expand the country’s biggest solar project. Saudi Aramco will add the panels to the solar system it began operating in December at the King Abdullah Petroleum Studies and Research Center. The project will help the country meet its goal of installing 16 gigawatts of photovoltaic panels. The state-owned oil producer initially used 3.5 MW of panels from Suntech Power Holdings Co. for the project, and the expansion will make it the country’s largest ground mounted solar farm.