Fossil Energy, Inc, a Delaware Corporation, is involved in oil and gas exploration and recovery from mature onshore U.S. oil fields. The Company purchases mineral leases, explores, develops, produces, and sells crude oil and natural gas. The Company focuses on undervalued properties with high recovery potential for oil and gas and specializes in continuing the operations of current producing oil and gas properties. It brings together qualified investors seeking high yield income with excellent tax benefits through lucrative investments in natural gas and oil development.
We believe at Fossil we are in the right business at the right time. There is not only an economic push to get more oil reserves into production within the United States there is also a societal push to reduce our reliance on foreign oil interests. As the United States emerges from the most recent economic crisis it would appear that being in the oil and gas business may prove to be very lucrative.
While distillate fuel oil (diesel and heating oil), along with jet fuel, continued to show year-to-year delivery declines, of 3.3 percent and 11.1 percent, respectively, August gasoline deliveries rose, marking the third consecutive monthly increase. Prior to the past three months, gasoline delivery declines had persisted for more than a year and a half. Still, gasoline deliveries for the traditional June-through-August peak driving season, while up one percent from a year ago, were measurably below the peak reached in 2007, and with the exception of 2008, were the lowest since 2002.
“While lessening economic gloom is likely one factor behind the slight rebound in petroleum demand, lower retail prices may have also played a role, particularly for gasoline,” noted API Statistics Manager Ron Planting. “We saw retail gasoline prices some 35 percent lower than a year ago during the peak driving season when there is more discretionary driving.”
Source: Pace of U.S. petroleum demand decline slows in August API NEWS 1220 L Street, NW | Washington, DC 20005-4070 www.api.org
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