Soaring gas prices lead to biggest monthly inflation spike in four years
The big question for consumers and the economy is whether the surge in oil and gas prices will create a sustained, broader inflation shock.
Gas Prices
Braun announces 30-day break on Indiana sales tax for gasoline
The current average cost for a gallon of gas in Indiana according to AAA is $4.14, of which about 17 cents is attributable to the sales tax.
Trump administration allows for Russian oil sales as energy prices soar
The move is an effort to calm markets and stem the economic fallout from the war on Iran, which has sent crude prices spiraling upward.
Braun doubles down on efforts to address ‘imbalanced relationship’ between utilities, ratepayers
Gov. Mike Braun also discussed whether the state will suspend its gas tax as oil prices soar in the wake of U.S. military action in Iran.
Republicans and Democrats pitch competing plans to tackle affordability
Lawmakers in both parties view simmering fury over the cost of living as the top issue in next year’s midterm elections and are pitching a growing profusion of proposals to tackle the notoriously difficult problem of affordability.
Pump prices could rise after US, EU hit Russian oil companies with new sanctions and oil spikes
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.
Vast majority of adults stressed about grocery costs, poll finds
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.
Emergency fuel waiver issued for Indiana, 3 other states to alleviate soaring gas prices
The EPA is issuing the emergency waiver to help alleviate gasoline shortages in four Midwest states after the shutdown of a refinery in Illinois.
With gas prices climbing, Biden administration to tap reserves
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.
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 hit their highest level this year as heat hampers refineries
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.
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.
U.S. gas prices plunge toward $3 a gallon as demand drops worldwide
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.
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.