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.
Gas Prices
Saudi Arabia slashing oil supply, could drive up gas prices
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.
Indiana gas tax set to rise again this summer
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.
Oil producers’ cuts could boost gasoline prices, help Russia
Less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the United States and Europe.
Saudis, other oil giants announce surprise production cuts
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.
Biden paints oil firms as war profiteers, talks windfall tax
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.
White House set to tap oil reserve again amid high fuel prices
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.
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.
OPEC+ makes big oil cut to boost prices; pump costs may rise
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.
Consumers more confident in August as gas prices dip
Following three straight monthly declines, U.S. consumer confidence rebounded in August as inflation moderated and gas prices fell.
Indiana refinery fire expected to have little impact on gas prices
Patrick De Haan, head petroleum analyst at GasBuddy, which tracks gas prices nationally, called the Whiting facility closure a “temporary setback.”
Indiana gasoline taxes dropping 5 cents a gallon next month
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.
Indiana gas tax rising slightly in August despite price drop
A total of 62.4 cents per gallon in state taxes will be charged during August, the Indiana Department of Revenue announced Monday.
Higher gas prices hurt pockets, make tiny dent in emissions
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.
From stocks to crypto, a punishing six months for investors
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.
Biden administration holding its first onshore oil sales
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.
UPDATE: Biden calls for 3-month suspension of gasoline, diesel taxes
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.
Oil refineries are making a fortune, but that’s not stopping them from closing
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
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.
Biden says he’s considering gasoline tax holiday
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.