There’s pain at the pump for American drivers as US gas prices soar to record highs. Although the United States barely uses Russian oil, Russia’s invasion of Ukraine is still a big factor in the gas-price spike — among other reasons. Most of Russia’s oil goes to Europe and Asia. But the key here is […]
Tag: gas prices
US barreling toward recession, experts say, as inflation hits 40-year-high
Inflation hit a 40-year high in February, and the worst is yet to come as the U.S. economy barrels toward a recession, experts say. The consumer price index (CPI) climbed 7.9% on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. Month over month, inflation rose 0.8%. Gas jumped 6.6% […]
How Much Does It Cost to Charge an Electric Car?
Prospective electric car owners gotta know, “Will my electric bill go through the roof when I charge at home?” After all, you’re plugging a battery literally the size of a Volkswagen into your house, so it must make the electric meter spin like when Clark Griswold plugged in a million strands of Christmas lights, right? […]
Russia warns of $300 oil, threatens to cut off European gas if / when West bans energy imports
Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if / when the West goes ahead with a ban on its energy exports. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander […]
Energy industry swipes back at Psaki ‘red herring’ comment on oil and gas leases
Energy industry representatives pushed back on a comment from White House Press Secretary Jen Psaki Monday regarding unused oil and gas leases, accusing the Biden administration spokesperson of misleading Americans with a “red herring.” Fox News asked Psaki Monday why President Biden won’t resume new oil and gas leases on federal lands. She responded that […]
Gas prices above $4 per gallon as Russia-Ukraine war impacts supply
The U.S. national average price for a gallon of regular gasoline notched $4.065 Monday as supply disruptions continue to drive up oil prices to new highs, according to AAA. “Supply disruptions are getting worse as oil traders, vessel owners, governments, ports, and dock workers do not want to touch anything related to Russia,” Lipow Oil […]
Oil Rally Explodes As US Mulls Russia Crude Ban, Saudis Hike Selling Price
Crude prices posted double-digit weekly gains and closed at their highest in at least nine years after the White House said it was considering a ban on Russian oil imports, adding to the worries of a market already hyped up about sanctions on one of the world’s largest energy exporters. The escalating war in Ukraine […]
Gas prices in many US cities will hit $5 in ‘weeks.’ Some are already higher
Get ready to pay even more at the pump – perhaps as much as $5 per gallon or more. Some consumers are already paying more than that: The average price for a gallon of regular gasoline in San Francisco hit the $5 mark Thursday. That’s the first time a U.S. city has hit an average […]
Oil prices surge above $110 as Russia fears mount
Global crude oil prices surged to more than $110 per barrel and the cost of natural gas skyrocketed to a new record in Europe on Wednesday as Russia’s escalating military campaign in Ukraine stoked fear in markets about a supply shock. Brent crude futures, the global benchmark, jumped nearly 7% to $111 per barrel at […]
Biden admin dismisses calls to increase oil production at home as prices soar
White House press secretary Jen Psaki said the U.S. needs to decrease its reliance on foreign oil by switching over to renewable energy, not increasing domestic production. “We need to reduce our dependence on foreign oil, on oil in general, and we need to look at other ways of having energy in our country and […]
Should middle-class households fear inflation?
For economists, the surge in public alarm over inflation is puzzling. By most measures, both the national economy and the personal economies of Americans are doing quite well. Gross domestic product rose last year at the fastest pace since 1984, recovering all of the output lost during the pandemic-induced recession in 2020. Moreover, the unemployment […]