Rising consumer prices drove the annual U.S. inflation rate to a 40-year high for the 12 months ending in March of 2022, with gas prices being a key factor and hitting an all-time high.
High gas prices have revived a lot of debates. Some on the left argue that phasing out oil imports from other countries like Russia could lead the U.S. to rely less on fossil fuels overall and concentrate more on cleaner energy sources. Many on the right have called for the U.S. to shift to domestic oil production by resurrecting the Keystone XL pipeline project.
Burst your filter bubble: understand perspectives and stances from liberals, conservatives, progressives, and everyone in between on gas prices — explore fact checks, data, pro-con arguments and balanced news.
The Possible Source of Trump’s False $2 Gasoline Claim
The national average price of a gallon of regular gasoline is still over $3, and no state has an average price below $2.60. But since mid-April, President Donald Trump has falsely claimed, repeatedly, that gasoline prices “hit $1.98 a gallon” in multiple states. Now we may know his source.
Before publishing our April 24 story about the president’s inaccurate claims of much lower gasoline prices, we asked the White House for supporting evidence. Officials didn’t provide any.
Trump’s False Claims about Gas, Egg Prices
Several times over the last week, President Donald Trump has assured Americans that the prices of eggs and gasoline are down significantly. But he has made false claims about the cost of both products.
“Prices are going down, not going up,” Trump said in Oval Office remarks on April 22, for example. “I see that we had a couple of states where gasoline was at $1.98 a gallon. Nobody thought they’d see that for years maybe.”
CA gas prices lead nation at $5 per gallon as national average plummets
Average California gas prices remain near $5 per gallon despite national gas prices plummeting amid falling oil prices, leading many Californians to wonder why their gasoline is the most expensive in the United States.
Yes, Gas Was Cheaper and Mortgage Rates Were Lower in 2020
Aviral online post compares interest rates and gas prices before and after Biden’s presidency. “Remember how on November 5th, 2020 gas was $1.80 a gallon and interest rates were 2.75%,” the post reads. Another reads: “Friendly PSA: Gas Was $2.30 A Gallon And Interest Rates Were 2.75% Back On January 20th, 2021.”
The posts’ broad claims are correct: Interest rates and gas prices were lower before Biden’s presidency. However, the numbers cited in the post are not precise and lack some context.
California Gov Newsom signs bill to combat surging gas prices: Big Oil has 'been fleecing you for decades'
California Gov. Gavin Newsom on Monday signed a bill into law aimed at curbing surging gas prices soon after state lawmakers endorsed the legislation in a final vote.
The Democrat-backed measure, Assembly Bill X2-1, was introduced in response to the state's rising gas prices and will require oil refineries to keep a minimum inventory level of fuel in an effort to avoid scarce supply, which leads to price hikes at the pump.
Gas prices could pick up in summer from refinery pressures
CIBC Private Wealth US Senior Energy Trader Rebecca Babin joins Yahoo Finance's Market Domination to talk about the price pressures in the energy market stemming from OPEC's extended production cuts for oil (CL=F, BZ=F) and its spillover into gas prices (RB=F) ahead of the summer season.
Gas prices: Continue to fall to start the week
Gas prices decreased again on Monday, with an average price of $3.445 per gallon for regular-grade gas. It’s the second straight week of falling gas prices in the country, a trend that started shortly before the Memorial Day weekend. Monday’s price was slightly cheaper than Sunday when gas cost $3.449 per gallon. Gas is also cheaper than a week ago when a gallon of regular-grade gasoline cost $3.532 per gallon. A month ago, gas was $3.636 per gallon. Four states now have an average gallon of regular-grade gasoline priced under...
Gas prices keep dropping
Gas prices across the United States have continued their downward trend as summer approaches. According to the data from the American Automobile Association, the national average gasoline price has seen a decline, with states expected to see their averages dip below $3 per gallon in the coming weeks. AAA reported that the national average price for a gallon of regular unleaded gasoline was $3.49 on June 6, marking an eight-cent drop from the previous week and the largest weekly drop of the year. This decline comes despite OPEC's decision to...
OPEC agrees to keep oil production cut, likely maintaining high prices through November election
The Organization of the Petroleum Exporting Countries (OPEC+) on Sunday agreed to extend output cuts through next year, likely keeping prices high through the November presidential election.
The alliance said after a meeting Sunday that the move was aimed at boosting slack prices that have lulled despite the ongoing war in Gaza and attacks on shipping vessels in the Red Sea.
Biden Administration Will Release 1 Million Barrels of Gasoline
The Biden administration announced on Tuesday that it would sell off one million barrels of gasoline over the coming weeks from a strategic reserve in the Northeast, a move it said was designed to keep gasoline prices in check for consumers ahead of the July 4 holiday.