Prices at the pump dropped to a three-year low on Labor Day weekend and are expected to continue falling through November, reaching lows that would please drivers and favor Democratic nominee Kamala Harris in the presidential election. After reaching a peak of $3.69 per gallon in April, gas prices have been sliding down steadily in […]
With only six months to go before the election, President Joe Biden’s strategy to lower gasoline prices is in jeopardy. The administration’s soft approach to sanctions on oil from Iran, Russia and Venezuela has been key to its efforts to tame fuel costs. But that leniency is becoming politically riskier: Iran’s attack on Israel has […]
Surging gas prices and sky-high mortgages and rent sent inflation rising more than expected in March, adding to Americans’ prolonged and painful battle with high costs. That could force the Federal Reserve to keep its punishing rates higher for longer. US consumer prices picked up again last month, vaulting to a 3.5% increase for the […]
Gas prices remain high across the country despite slower demand and weaker inflation, an issue that could become critical for President Joe Biden ahead of the 2024 election, analysts have told Newsweek. When Biden took office in January 2021, gas prices were an average of $2.4 per gallon across the country, according to historical data […]
The White House is watching rising gas prices “very carefully,” as President Joe Biden’s top advisers are briefing him regularly on the situation, a senior administration official told CNN. At present, top advisers to Biden believe the situation is steady, the official said, considering it’s the height of air conditioning and driving season and given […]
Saudi Arabia announced earlier this week that it will further reduce its oil production in a unilateral attempt to rise the price of crude, which two previous cuts agreed by major producing countries in the OPEC+ alliance couldn’t prop up. The cuts, equal to 1 million barrels per day starting in July, are likely to […]
Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July. Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices. Opec+ accounts for around 40% of the world’s crude oil […]
A group of OPEC+ member countries on Sunday announced voluntary oil production cuts that will run from May through the end of this year. The surprise move entails cuts of about 1.15 million barrels per day (BPD) and was led by Saudi Arabia, Iraq, United Arab Emirates and Kuwait. Saudi Arabia’s Ministry of Energy said […]
Despite rising slightly by midweek, gas prices remained cheaper than last week, but a switch to more expensive summer-blend gasoline could change that, according to the latest report from AAA. The national average cost for a gallon of gas dropped to $3.37, two cents less than last week but a penny more than the cost […]
Americans are saving money at the gas pump, only to spend it in the produce aisle. Gasoline and grocery prices moved in opposite directions last month, as the overall inflation rate declined slightly. Consumer prices in November were up 7.1% from a year ago, compared to an annual increase of 7.7% the month before. It […]
On his first day in office, President Joe Biden decided to cancel the cross-border permit for the northern leg of TC Energy’s Keystone XL Pipeline with a stroke of his presidential pen. The decision was not made because TC Energy or its partners had been found to be in violation of U.S. law or regulations […]
After two difficult years for the global economy and in the midst of an energy crisis fueled by the Russian invasion of Ukraine, U.S. diesel inventories are currently “unacceptably low,” National Economic Council Director Brian Deese said on Bloomberg TV last week. This supply crunch is raising concerns among analysts and energy experts of an […]
