CNBC The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time due to increased demand from the economy reopening from the pandemic and depleted oil supplies stemming in part from the war in Ukraine. Prices look set to continue rising into the summer months, analysts said. According to AAA, the average national price reached
Yahoo Finance NEW YORK – Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment
CNBC Oil prices reversed early gains and moved lower Monday, despite U.S. fuel demand, tight supply and a lack of progress towards a European ban on Russian oil, as Shanghai prepares to reopen after a two-month coronavirus lockdown that fuelled economic growth fears. Brent crude futures were down 0.4% at $112.09 per barrel U.S. West Texas Intermediate (WTI) crude slid 90 cents, or
CNBC Retail diesel and gasoline prices climbed to another record high Thursday, as rampant inflation sends costs across the economy surging. The national average for a regular gallon of gasoline hit $4.418 on Thursday, according to AAA. The price is not adjusted for inflation. Prices had previously hit all-time highs on Tuesday and Wednesday. Consumers are now paying 32 cents per
Nasdaq Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season. The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.
US News A surge in U.S. retail gasoline prices to record highs has prompted governors and lawmakers in several states to consider slashing their fuel taxes and to ramp up pressure on the federal government to do the same. The push reflects worries in state governments that the rapid spike in fuel costs could hurt motorists and chill local economies,
World Oil (Bloomberg) –The gasoline market is painting a picture of tight supplies this summer — the last thing Joe Biden will want to see as he tries to contain high fuel prices. On the New York Mercantile Exchange, futures contracts for gasoline are in an increasingly bullish structure called backwardation. They show that those who trade the fuel expect
Fox Business President Biden on Wednesday called for the Federal Trade Commission to probe whether oil and gas companies are engaging in criminal conduct by profiting from artificially high prices at the pump, even as wholesale fuel costs decline. Biden – under mounting political pressure with inflation at the highest rate in more than three decades – urged FTC Chair Lina Khan in a
World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the largest share of
World Oil (Bloomberg) –European gas futures continued their march upwards on Thursday, even after Russia pledged to deliver as much supply as the continent needs. Europe’s largest gas supplier is ramping up deliveries in line with requests from customers and is “prepared to discuss any additional steps” to stabilize the market, President Vladimir Putin said on Wednesday. He blamed the
World Oil MOSCOW (Bloomberg) – Russia is ready to deliver all of the natural gas that Europe needs, said President Vladimir Putin, blaming the continent’s current energy crisis on flawed policies rather than a lack of supply. Europe’s largest gas supplier is raising deliveries in line with requests from its customers and is “prepared to discuss any additional steps” to
Bloomberg President Joe Biden is under intensifying pressure to keep a lid on rising gasoline and natural gas prices that threaten the economic recovery and Democrats’ political ambitions. But he has little power to control global energy markets. “The toolbox is actually pretty limited,” said Kevin Book, managing director of research firm ClearView Energy Partners. “The U.S. government doesn’t have
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