Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down the high pump prices that […]
Tag: gas prices
After 100 days of decline, gas prices are rising
It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices […]
This year’s October surprise; high gas prices
It’s the October surprise Americans can’t afford. A planned cut in production by Middle Eastern oil states, in defiance of White House pleas, is likely to further spike already rising gasoline prices. More pain at the pump would be a major blow to Democrats weeks from the midterm elections and bring President Joe Biden’s boasts […]
OPEC+ production cut threatens gas price hike
OPEC+ is set to hold a critical meeting on Wednesday in Vienna to decide whether to cut production, a move that would drive up the price of oil. Energy industry analysts say the cut could be as much as 2 million barrels per day, a move that would likely contribute to higher gas prices in […]
Inflation & higher gas prices remain a ‘risk’ says Yellen
Treasury Secretary Janet Yellen said Sunday that there is a “risk” that US gas prices could rise again later this year, as fears grow over the possibility that Americans’ wallets could be strained by a spike in prices similar to the one seen this summer. “Well, it’s a risk. And it’s a risk that we’re […]
Own an SUV? Your tires are at Peril
The U.K. climate group whose members deflated tires on an estimated 40 vehicles in New York City last month recently announced similar actions in cities nationwide. The Tyre Extinguishers, which encourages activists to deflate tires of parked sports utility vehicles (SUV) to reduce greenhouse gas emissions, said it has already spread to Chicago and the […]
Wholesale Gas & Crude prices are falling, Will we see relief at the pump?
Wholesale gas prices are falling, but experts are warning Americans about getting too excited ahead of the summer driving season. “Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” AAA spokesperson Andrew Gross said in a […]
Biden’s EPA Is Attacking America’s Largest Oilfield
In case you were wondering whether the Biden administration could do anything more to cripple the U.S. fossil fuel industry, the answer is yes. The Environmental Protection Agency is considering an “ozone violation designation” for portions of the Permian Basin, the largest oil field in the United States, according to Bloomberg news. The Permian Basin […]
Biden asks Congress to pause gas tax
President Biden will ask Congress on Wednesday to suspend the federal gas tax until September as Americans across the country grapple with soaring prices as the pump. The president will urge members of Congress to institute a three-month federal gas tax holiday without stripping money from the Highway Trust Fund that finances highways and mass […]
Gas Pains! Biden shifts blame from Putin to Oil Companies
The White House on Wednesday shifted from blaming Russian President Vladimir Putin’s invasion of Ukraine to oil companies for record-high gas prices, calling on them to “be patriots” and do more to lower prices. The remarks came after President Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their […]
Biden’s gas crisis solution: Threaten oil companies
Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation’s largest refiners to do more to boost supplies and lower prices. In a letter to the companies on Wednesday, Biden said refiners are taking advantage of the crisis, seeing record-high profit margins at a time when inflation has […]
1970’s style ‘Stagflation’ is looming
As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.” The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the […]