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Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say
1 year, 4 months ago

Gas prices are rising (again). The heat and supply cuts impact what you pay at the pump, experts say

Associated Press  

NEW YORK — U.S. gas prices are continuing to rise — giving drivers across the country another headache at the pump. The national average for gas prices stood at about $3.82 a gallon on Thursday — about 29 cents higher than that seen one month ago, according to motor club AAA. While today’s prices at the pump remain far lower …

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Why are gas prices rising? Experts point to extreme heat and oil production cuts
1 year, 4 months ago

Why are gas prices rising? Experts point to extreme heat and oil production cuts

Associated Press  

NEW YORK — Drivers are in for another headache at the pump as U.S. gas prices continue to rise. The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA. There are a few factors causing oil prices to rise, Gross …

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Oil slides to fresh seven-month lows as selloff deepens
2 years, 3 months ago

Oil slides to fresh seven-month lows as selloff deepens

CNN  

New York CNN — Oil prices dropped sharply on Wednesday, deepening a selloff that has already brought relief to drivers at the gas pump. “High prices are already starting to weigh on the European economy, and fears of contagion are causing a vicious selloff in oil prices today,” said Matt Smith, lead oil analyst Americas at Kpler. Tom Kloza, global …

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Explained: Why gas prices in the US are falling and will they continue to fall?
2 years, 4 months ago

Explained: Why gas prices in the US are falling and will they continue to fall?

Firstpost  

Falling gas prices gave Americans a slight break from the pain of high inflation, with the average price dipping below $4. Most analysts don’t think prices will spike in the short term unless something unexpected happens United States consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, …

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Explainer: Why gas prices are falling
2 years, 4 months ago

Explainer: Why gas prices are falling

Associated Press  

U.S. consumers are breathing a bit easier now that gasoline prices have come down from record levels, but pump prices are still high, and the two-month slide could be nearing an end. Then in late February, Russia’s invasion of Ukraine caused oil prices to spike, and they remained high into June — although not as high as in July 2008 …

Energy Inflation Oil Prices Oil Prices High Gasoline
Oil drops below $100 a barrel for first time since early May
2 years, 5 months ago

Oil drops below $100 a barrel for first time since early May

CNN  

Minneapolis CNN Business — For the first time in nearly two months, crude oil prices have fallen below $100 a barrel, reflecting investors’ growing concerns about a US recession that could crimp demand for oil. Gas prices crossed the $5 mark for the first time on June 11 and hit a peak of $5.02 a gallon on June 14. Oil …

Gas Prices Price Demand Hit First Time Gas Prices
Why US gas prices are at a record, and why they’ll stay high for a long time
2 years, 7 months ago

Why US gas prices are at a record, and why they’ll stay high for a long time

CNN  

New York CNN Business — Russia’s invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline. The good news for drivers is that crude oil prices have been falling in recent days, amid concerns that China keeping Covid lockdowns in place to combat will continue to hurt oil demand. Gas prices could be near …

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Biden demands faster drop in gas prices as oil tumbles
2 years, 9 months ago

Biden demands faster drop in gas prices as oil tumbles

CNN  

New York CNN Business — President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes. “What if I was the guy who just bought my tanker load yesterday and the next two days crude oil dropped?” …

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Gas prices in the US hit a record as Russia continues to invade Ukraine
2 years, 9 months ago

Gas prices in the US hit a record as Russia continues to invade Ukraine

CNN  

New York CNN Business — US drivers have never paid this much for gasoline. As Russia continues its military offensive in Ukraine, gas prices are rising faster than they have since Hurricane Katrina slammed into oil platforms and refineries along the US Gulf Coast in 2005. Gas prices rose 10 cents since early Monday, gaining three of those cents overnight, …

Ukraine Oil States Gas Prices Price Average
US gas prices are just pennies away from an all-time high
2 years, 9 months ago

US gas prices are just pennies away from an all-time high

CNN  

New York CNN Business — Gas prices continued to climb Monday, rising to just short of a record high. The average price of a gallon of regular gas hit $4.07, according to AAA’s survey taken Sunday at 140,000 stations nationwide. “It is conceivable that we’ll see price moves of 15 cents to 35 cents a gallon this week, and it’s …

Oil Gas Prices Price Average Russian Gas Prices
Texas refinery blast could help push gas prices above $4 a gallon
3 years ago

Texas refinery blast could help push gas prices above $4 a gallon

CNN  

New York CNN Business — The blast at a Texas oil refinery early Thursday will probably push already high gasoline prices even higher — although not immediately. The accident could hamper output at one of America’s largest refineries for months, weighing on gasoline supply at at time when US refining capacity has already been reduced, said Tom Kloza, chief oil …

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Oil will spike to $150 in 2023, JPMorgan predicts
3 years ago

Oil will spike to $150 in 2023, JPMorgan predicts

CNN  

New York CNN Business — The surge in oil prices this year has angered drivers, tainted Americans’ views on the economy and confounded both the White House and Federal Reserve. In a new report on Monday, JPMorgan warned clients that Brent crude oil will hit $125 a barrel next year and $150 in 2023, in large part because OPEC doesn’t …

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Why Biden’s bid to lower gas prices is more of a Band-Aid than a gamechanger
3 years, 1 month ago

Why Biden’s bid to lower gas prices is more of a Band-Aid than a gamechanger

CNN  

New York CNN Business — For months, OPEC and its allies refused pleas from Washington and otherworld capitals to pump more oil. “While our combined actions will not solve the problem of high gas prices overnight, it will make a difference,” Biden said. “Releasing oil from the SPR reserve will likely not have a long-term effect on lowering gasoline prices,” …

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Why surging gas prices are a huge opportunity for Costco, Walmart and BJ’s
3 years, 1 month ago

Why surging gas prices are a huge opportunity for Costco, Walmart and BJ’s

CNN  

New York CNN Business — Gas prices are skyrocketing, and Americans want to save at the pump. “It’s US consumers’ nature to go out of their way for lower gas prices.” Costco, for example, is typically 20 cents a gallon below the market average, according to Tom Kloza, the global head of energy analysis at IHS Markit’s Oil Price Information …

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Gas stations are running out of gas ahead of the holiday weekend
3 years, 5 months ago

Gas stations are running out of gas ahead of the holiday weekend

CNN  

New York CNN Business — When tens of millions of Americans hit the road this holiday weekend, they’re going to find the highest prices for gasoline in nearly seven years. “We’ve been dealing with a driver shortage for awhile, but the pandemic took that issue and metastasized it,” said Ryan Streblow, executive vice president of the NTTC. “It certainly has …

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Ransomware attack: Colonial Pipeline launches restart after six-day shutdown
3 years, 7 months ago

Ransomware attack: Colonial Pipeline launches restart after six-day shutdown

CNN  

New York CNN Business — The Colonial Pipeline launched the restart of its operations Wednesday evening following a six-day shutdown caused by a ransomware attack, but the pipeline’s operators warned it will take several days for service to return to normal. “Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period,” …

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Gas prices: Pipeline shutdown sparks worries of $3 a gallon
3 years, 7 months ago

Gas prices: Pipeline shutdown sparks worries of $3 a gallon

CNN  

New York/London CNN Business — A cyberattack forced the largest US fuel pipeline to shut down Friday, and analysts are worried the disruption could result in a spike in gas prices. “The number of days that the line is out of service is critical,” Tom Kloza, global head of energy analysis for the Oil Price Information Service, which tracks gas …

Gas Fuel Gasoline Gas Prices Kloza Prices Pipeline Shutdown Sparks
Gas shortages predicted this summer
3 years, 7 months ago

Gas shortages predicted this summer

CNN  

New York CNN Business — Millions of people stuck at home for more than a year are expected to hit the road for much-needed post-pandemic vacations this summer. According to the National Tank Truck Carriers, the industry’s trade group, somewhere between 20% to 25% of tank trucks in the fleet are parked heading into this summer due to a paucityof …

Summer Driver Drivers Run Mccormick Truck This Summer