Automakers vow to double flexible fuel cars by 2010
General Motors Ford and DaimlerChrysler pledge to double flex fuel vehicles to 2 million annually by 2010 by expanding ethanol capable models and urging more fueling stations. They note only about 700 of 170 000 US stations offer E85 and claim current FFVs could displace over 3.5 billion gallons of gasoline yearly if used on E85.
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Honda plant to ease job losses in Greensburg Indiana
Honda Motor Co to build a 550 million assembly plant in Greensburg Indiana as part of a 1.18 billion global expansion. The facility aims for 200000 vehicles annually, boosting North American output to 1.6 million a year and helping Indiana recover from industrial job losses amid rising regional demand.
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Oil prices slip as Calcasieu Channel partially reopens
Crude futures eased on Wednesday after a partial reopening of the Calcasieu Ship Channel in Louisiana, easing gasoline futures which had risen after the spill. Earlier data showed shrinking oil and gasoline inventories and rising demand, keeping prices about 23 percent above a year ago amid global tensions and Middle East issues. Light crude traded around 71.30 dollars a barrel and gasoline futures fell to 2.16 dollars per gallon as limited tug and barge traffic resumed.
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Iraq hits 2.5 million barrels daily, strongest since invasion
Iraq reports an average oil output of 2.5 million barrels per day, highest since the 2003 invasion. Assem Jihad says 1.6 million barrels exported from Basra, 300,000 from Kirkuk to Ceyhan, and 600,000 for domestic use. Oil minister vows further increases.
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