US drivers see gas prices jump to highest level since 2023 as Iran war drags on
In Indiana, average gasoline prices have climbed by more than a $1 per gallon over the past month.
Fuel
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U.S. pump prices reach highest seasonal level in more than a decade
Fuel markets have been squeezed, with U.S. national stockpiles staying largely below seasonal norms since around mid-July.
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Indiana gas tax set to increase while state eyes inflation relief
Indiana residents will soon pay 62 cents per gallon in taxes on gasoline, the state Department of Revenue announced Monday.
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UPDATE: Biden tapping oil reserve for 6 months to control gas prices
The release of reserves in the U.S. could create pressures that could reduce oil prices, though Biden has already twice ordered releases from the strategic reserves without causing a meaningful shift in oil markets.
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Articles
Lasting surge in diesel prices would batter nation’s truckers, farmers
High diesel prices could have wide implications for the economy. Along with trucking, diesel powers the nation’s rail carriers, farm tractors, harvesters and combines.
Average US price for gallon of gas rises 11 cents overnight, AAA says
Gasoline prices were already rising before the U.S. launched strikes on Iran as refiners began switching over to summer blends of fuel.
Sweaty corn making Midwest even more humid
Farmers are also planting more acres of corn, in part to meet demand for ethanol, which means more plants working harder to stay cool — pumping out humidity that adds to steamy misery like that blanketing much of the U.S. this week.
Summer gasoline pump prices set to hit $4 a gallon
Futures and pump prices have been boosted the past few weeks by the transition to summer-grade gasoline and as inventories shrink to the lowest level since December.
New tax credits for EVs expected to boost their appeal
Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. But a complex web of requirements is casting doubt on whether anyone will be able to receive the full $7,500 credit.
Indiana gasoline tax dropping 3 cents per gallon in January
A total of 52.9 cents per gallon in state taxes will be charged during January under rate changes released Tuesday by the Indiana Department of Revenue.
Biden vows ‘consequences’ for Saudis after OPEC+ cuts output
The production cut threatens a global economy already destabilized by the Ukraine conflict and risks saddling Biden and Democrats with newly rising gasoline prices just ahead of the U.S. midterm elections.
EPA waives fuel rule in four states after Indiana refinery fire
The waiver lifts a Clear Air Act requirement that lower-volatility gasoline be sold in the states during summer months to limit ozone pollution. The refinery provides about 20% to 25% of the gasoline, jet fuel and diesel used by Indiana, Michigan, Wisconsin and Illinois.
Sky-high diesel prices squeeze truckers, farmers, consumers
For months, motorists have felt the pain of high gasoline prices. Many might not know that they’re also absorbing the impact of much costlier diesel in the form of higher priced goods.
IndyCar to use 100% renewable fuel beginning in 2023
Shell, which recently signed a five-year extension to be the fuel sponsor for the open-wheel series, announced plans Friday to switch to a low-carbon fuel in 2023.
United States can’t make enough fuel—and there’s no fix in sight
In other kinds of markets, a surge of demand and shortage of supply would trigger more investment. But the longer-term transition away from fossil fuels dims the outlook for demand, making companies unwilling to put up the billions of dollars needed to build new refinery plants.
Amazon adds 5% ‘fuel and inflation surcharge’ to seller fees
In a notice sent to sellers Wednesday, the company said its costs had gone up since the beginning of the pandemic due to increases in hourly wages, the hiring of workers and construction of more warehouses.
Biden waiving ethanol rule in bid to lower gasoline prices
Administration officials said the EPA has begun analyzing the “emergency” step of allowing more E15 gasoline sales for the summer and determined it is not likely to have significant on-the-ground air quality impacts.
Average U.S. gasoline price rises 22% in two weeks, to record $4.43 per gallon
The average price of gasoline at the pump is $1.54 higher per gallon than it was a year ago.
Hydrogen-powered vehicles: A realistic path to clean energy?
Manufacturers of large trucks and commercial vehicles are beginning to embrace hydrogen fuel cell technologies as a way forward. So are makers of planes, trains and passenger vehicles. But without advancements, hydrogen cannot yet be considered clean energy.
Purdue-patented technology turns plastic into fuel
The technology could soon scale up to commercial-level production under a demonstration project planned by Hasler Ventures LLC.
Colonial Pipeline paid hackers nearly $5 million in ransom
Colonial Pipeline Co. paid the money on Friday, sources said, contradicting reports earlier this week that the company had no intention of paying an extortion fee to help restore the country’s largest fuel pipeline.
Calumet Specialty Products posts $56M quarterly loss
The Indianapolis-based company, which makes specialty hydrocarbon and fuels products, said it is seeing business conditions improve compared with earlier months of the pandemic.
Giant Eagle to acquire 56-store Ricker’s chain
Ricker’s Chairman Jay Ricker told IBJ on Thursday morning that a purchase agreement for his 39-year-old company is in place and the deal is expected to close by the end of the month.