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.
US to close Northeast gasoline reserve with 1 million-barrel sale
President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the near decade-old reserve.
The department created the Northeast Gasoline Supply Reserve in 2014 after Superstorm Sandy left motorists scrambling for fuel. But storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed in March by Biden, a Democrat.
Biden to sell off 1M barrels of gasoline held in reserve to keep prices low before election
The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election.
The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.
California Has Become a Billboard Advertisement for Trump Amid Rising Gas Prices
Californians pay more at the gas pump than residents of any other state in the United States despite Gov. Gavin Newsom’s (D-CA) so-called “plan” to crack down on windfall oil profits.
“Is Gavin Newsom trying to help Donald Trump?” Is Wall Street Journal’s Allysia Finley question, citing his plan to raise fuel prices in Nevada and Arizona just before the November presidential election.
California's 'secret' 50-cent gas tax hike coming in the next two years
A longstanding emissions reduction program may lead to a 50-cent increase in gasoline prices within two years in California, according to a little-known state air quality regulator report.
In September, the California Air Resources Board (CARB), the state's primary environmental regulator, reported gas prices will rise next year by about 50 cents a gallon and every year thereafter to aid in clean air efforts. The price increase does not include the existing gas tax in the state.
Could Fossil Fuels Re-Elect Biden?
Despite President Biden’s best efforts, U.S. fossil-fuel production continues to grow, and it’s supporting the economy he touts. That’s one notable finding from the Bureau of Economic Analysis’s recent report on state GDP growth in 2023 that is always instructive about regional and industrial economic trends.
Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack
Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.
Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.
US signals Venezuela oil sanctions relief at risk as deadline looms
The Biden administration has signaled that it could reimpose oil sanctions on Venezuela on Thursday in response to what U.S. officials see as President Nicolas Maduro's failure to meet his commitments for free and fair elections this year.
Barring any last-minute concessions by Maduro, the U.S. has made clear it is not likely to renew a six-month license that granted the OPEC member partial sanctions relief from October, following an election deal reached between the government and the Venezuelan opposition. It expires just after midnight EST (0400 GMT Thursday).
Big Oil Companies Warm to Biden After Years of Bad Blood
Heading into an election in which energy prices figure to be a key issue, President Biden and some of the country’s biggest oil companies have reached a surprising detente.
The truce comes after years of acrimony: The White House routinely slammed windfall oil-and-gas profits as pump prices surged in 2022, and industry executives bemoaned Biden’s campaign promise to transition the U.S. away from oil.
Gas prices are on the rise again. Here's where experts say they are going next.
Budget-conscious motorists may want to fill up sooner rather than later, as prices at the pump are likely headed higher in the near term. The approach of the peak driving season and the annual switch by refineries to more costly summer gasolines has driven up the national average for unleaded to $3.63, according to AAA. Prices have been edging higher, with motorists on average paying six cents more per gallon than a week ago and 23 cents more this time last month. Still, the cost of filling up is in...
Michigan gas prices set new 2024 record over the weekend
DETROIT (FOX 2) - Michigan gas price averages over the weekend were the highest they have been this year.
According to AAA, a gallon of unleaded gas cost an average of $3.57 on Saturday. The previous record-high price, $3.45, was set last week before the weekend jump.
Saturday's high fell one cent to an average of $3.56 ahead of Monday's data release. The price is 11 cents more than this time a week ago, 31 cents more than this time a month ago, and 1 cent more than a year ago.