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 […]
Tag: gas prices
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 […]
Crude Awakening! Gas prices climb 5 cents overnight
Gas prices are still on the rise and could soon reach $5 per gallon avg, a figure that has forced some Americans to rethink their leisure travel. The national average gas price climbed five cents Monday night into Tuesday and 10 cents since Saturday, now hitting a record $4.92 per gallon, according to the American […]
‘Not my fault’ says Biden as gas prices double since elected
Since Biden took office in January 2021, the price for a gallon of gas has doubled. On Jan. 20, 2021, the average price for a gallon of gas nationwide was approximately $2.39. As of Saturday, the price for a gallon of gas has skyrocketed to $4.81, up five cents from Friday, according to AAA. The […]