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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Indiana’s average pump price hit $4.62 for a gallon of regular as of Thursday, up from $3.93 a month ago, according to AAA.
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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.
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
The administration is increasingly looking for ways to spare Americans from higher prices at the pump, which soared last year and surged even further after Russia invaded Ukraine in February.
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.
There is little evidence that gasoline prices, which hit a record national average of $5 a gallon on Saturday, will drop anytime soon.
The incessant run-up in prices has motorists testing the limits of their fuel gauges: AAA fielded 50,787 out-of-gas calls in April, a 32% jump from the same month last year.
After spiking in March, gas prices cooled some in April but have been on a steady climb this month, setting records and leaving wallet-pressed drivers with the sense that there is no end in sight.
To drive, or not to drive? This Memorial Day weekend, with surging gas prices that are redefining pain at the pump, that is the question for many Americans as a new COVID-19 surge also spreads across the country.
