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GCFLASH
Hot Off the Press!
Tuesday, June 17, 2008 - Edition #459
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Weekly Spotlight
Car crazy? GCF's Collector Car program can put you in the driver's seat of your dream car! Whether your pulse quickens at the thought of a 1940 Ford Roadster or races at the speed of a 2008 Corvette Z06, we can make your dream come true. Visit our website for details.
1st Flash:
FUEL ECONOMY
This summer, gas prices are predicted to hit an all-time high. I can say that with confidence because they already have hit an all-time high and expected to keep increasing. The average price for a gallon of gas in New Jersey is $3.988 and the average price in Pennsylvania is $4.003. If you think that's bad, consider that the average price in California is $4.576 and the average price in Alaska is $5.026. Since we all can't drive to Wichita, KS to fill up, where the average price is still only $3.744, it makes sense to try to make some changes here at home that will help cut down on our fuel consumption. The most obvious tip is to choose a more fuel-efficient vehicle. In recent years, advances in hybrid technology have made hybrids much more appealing to consumers. The most fuel-efficient vehicle, according to the government website on fuel economy, is the Toyota Prius coming in at 48 MPG city and 45 MPG highway. The next closest competitor is the Honda Civic Hybrid at 40 MPG city and 45 MPG highway. Other fuel-efficient vehicles near the top of the list are:
Other tried and true tips include:
2nd Flash:
A CLEAN ALTERNATIVE ROLLS OUT
Honda Motor Company announced yesterday that its first new zero-emission, hydrogen fuel cell car rolled off a production line in Japan and is making its way to its new owner in Southern California. Running on hydrogen and electricity, the only byproduct emitted is water. The FCX Clarity is reported to be two times more energy efficient than a gas-electric hybrid and three times more than a standard gasoline-powered car. Only a "few dozen" units will be leased out this year with about 200 more planned over the next three years. At this time, the vehicles will only be available to consumers living near hydrogen fuel stations located in Torrance, Santa Monica and Irvine, California. Fuel cell technology is the most promising form of clean fuel being developed today. President Bush announced the program for its creation during his 2003 State of the Union Address. The Energy Policy Act of 2005 and the Advanced Energy Initiative of 2006 brought life to the project. It called for development of fuel cell and infrastructure technologies that make fuel cell vehicles practical and affordable by the year 2020. That may sound like a long way off, but such is the case with developing new, sustainable technologies. I recall reading about the International Space Station (ISS) in the early 1990s during its early stages of development. I was fascinated by how space agencies around the world united in designing individual laboratory units that would one day be joined to become an orbiting, scientific gem. Two of these laboratories were finally deployed by our space shuttle just this year, and are now permanently docked and functioning components of the ISS. Developing new technology is even more difficult in today's economic arena where time and money are scarce commodities. Yet delaying the project will prove even more costly. This article would not have been necessary had alternative fuel initiatives gained roots in the early '70s when oil supply was scarce. We would already be pumping hydrogen or another viable product instead of gasoline. We would have already achieved results rather than focused on who's to blame for our current crisis. Fuel cell technology is not a new concept. Credit Sir William Grove in 1839 for its invention. Grove already knew that water could be split into hydrogen and oxygen by sending an electric current through it, a process known as electrolysis. He believed that you could produce electricity and water by reversing the procedure. He called his primitive fuel cell a "gas voltaic battery." A fuel cell is a form of an electrochemical energy conversion device. It converts hydrogen and oxygen into water, producing electricity in the process. It's similar to a battery that converts stored chemicals into electricity. But once a battery depletes its stored chemicals, its useful life comes to an end. The battery goes dead. Chemicals, hydrogen and oxygen, constantly flow into a fuel cell so it never goes dead. While the technology itself is not new, making it practical is a completely different matter. The component pieces of a fuel cell come with a hefty price tag. Researchers must find a way to either decrease the amount of platinum needed as a catalyst or find an alternative. Finding a way to keep the membranes hydrated in sub-zero or high operating temperatures is another challenge. And the infrastructure to create a delivery system is still in its infancy. While much has been achieved, far more needs to occur before fuel cell automobiles become commonplace. Honda Motor Company should be applauded for taking that first leap into the unknown. The FCX Clarity may not end up being the best overall option to solving the emerging oil supply and global warming crisis. But they took whatever risk it involved and rolled out a viable solution. Stay tuned to see how others respond. Financial News
The Producer Price Index less food and energy for May 2008 was released today, coming in as expected at a .2% increase. The complete PPI increased 1.4% compared to the anticipated 1% increase. The PPI measures prices of consumer goods and equipment at the producer level before they are passed along to consumers. Some of the inflation at the producer level gets passed on to the consumer price index (CPI). The thought is that by tracking pricing pressures, investors hope to predict inflation in coming months. Housing starts at 975M were close to the predicted increase of 985M. This indicator measures new residential construction, both single and multi-family units. The housing trend also points to the broader economy with demand for furniture, home furnishings and appliances. This is another indicator that points to a leveling of the economy. The market seems to be betting that Mr. Bernanke will not adjust interest rates at the next meeting on June 25th. The watch word is on inflation as opposed to recession. Interest rates in the deposit and loan markets have begun to climb, albeit slowly. The interest rate changes by the Federal Reserve certainly need some time to show some results in the economy, and those changes do not happen overnight! Today's National Market Rates
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In This Issue... 1st Flash: FUEL ECONOMY 2nd Flash: A CLEAN ALTERNATIVE ROLLS OUT Today's Market Rates On the World Wide Web Tip of the Week Financial News Past issues of GCFlash: June 10, 2008 Edition #458 June 3, 2008 Edition #457 May 27, 2008 Edition #456 May 20, 2008 Edition #455 Looking for articles from a past issue of GCFlash not listed above? Find them in our Knowledge Base!
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