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.
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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.
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.
Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
High gasoline prices crimping drivers’ spending at the pump
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.
Biden tells oil refiners to produce more gas, take fewer profits
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.
Several factors converging to push gasoline prices higher
There is little evidence that gasoline prices, which hit a record national average of $5 a gallon on Saturday, will drop anytime soon.
Empty wallets, empty tanks: Surging gas prices leave more drivers stranded
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.
Gasoline hits new U.S. high after European Union cracks down on Russia
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.
More Memorial Day travel expected despite high gas prices
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.
Indiana governor eyes ‘inflationary relief,’ not gas tax cut
Indiana Gov. Eric Holcomb said Wednesday he was preparing a plan to potentially tap into the growing state budget surplus to help residents with the national inflation jump.
House passes bill to crack down on gasoline ‘price gouging’
The focus on price gouging comes as gas prices hit an national average of $4.59 per gallon Thursday—49 cents a gallon higher than a month ago and $1.55 higher than a year ago, according to AAA.
Indiana’s total gas tax to remain at 56 cents a gallon in June
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.
Indiana Republicans show no signs of moving for gas-tax cut
Motorists in Indiana are now paying about 56 cents per gallon in state taxes on gasoline—the highest-ever level shown in state records—and the tax is set to increase next month based on rising fuel prices.
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.
Biden cancels offshore oil lease sales in Gulf Coast, Alaska
The Biden administration says it is canceling three oil and gas lease sales, removing millions of acres from possible drilling as U.S. gas prices reach record highs.