The average price for a gallon of regular-grade gas in the United States reached $3.80 on Wednesday, 26 cents more than a month ago, according to data from AAA.
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Filling up is now is as low as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis.
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The alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of elections.
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Indiana residents will soon pay 62 cents per gallon in taxes on gasoline, the state Department of Revenue announced Monday.
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Patrick De Haan, head of petroleum analysis for GasBuddy, said while it was difficult to predict with certainty, consumers could see a bump in prices as early as next week, if not sooner.
Other financial stressors—like the cost of housing or the amount of money in their bank accounts—weigh more heavily on younger Americans, according to polling.
The EPA is issuing the emergency waiver to help alleviate gasoline shortages in four Midwest states after the shutdown of a refinery in Illinois.
The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.
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.
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
The annual increase was set to expire in 2024, but it was extended until 2027 with a little-discussed provision included in the state budget bill.
Less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the United States and Europe.
The cuts total up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
The president suggested he will look to Congress to levy tax penalties on oil companies if they don’t begin to invest some profits in lowering costs for American consumers. The president issued the warning just days before the Nov. 8 midterm elections.
Gasoline prices, one of the most visible signs of inflation, are a political headache for President Biden, who in recent weeks has repeatedly warned oil companies against raising costs.
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.
Following three straight monthly declines, U.S. consumer confidence rebounded in August as inflation moderated and gas prices fell.
Patrick De Haan, head petroleum analyst at GasBuddy, which tracks gas prices nationally, called the Whiting facility closure a “temporary setback.”
A total of 57 cents per gallon in state taxes will be charged during September under rate changes released Wednesday by the Indiana Department of Revenue.
A total of 62.4 cents per gallon in state taxes will be charged during August, the Indiana Department of Revenue announced Monday.
High gasoline prices are a “double-edged sword” for the president because they hurt him politically even though they lead to fewer trips to the gas pump and lower emissions.
The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20% after starting the year at an all-time high. It’s the worst start to a year since 1970, when Apple and Microsoft had yet to be founded.
President Joe Biden suspended new leasing just a week after taking office in January 2021. A federal judge in Louisiana ordered the sales to resume.
President Joe Biden’s push faces uphill odds in Congress, where many lawmakers, including some in his own party, have expressed reservations. Even many economists view the idea of a gas tax holiday with skepticism.
