Us Gas Prices

US inflation rises in August as fuel, food, air travel costs increases

Inflation moved higher last month as the price of gas, groceries, hotel rooms and airfare rose, along with the cost of clothes and used cars. Consumer prices rose 2.9 per cent in August from a year earlier, the Labour Department said Tuesday, up from 2.7 per cent the previous month and the biggest increase since January. Excluding the volatile food and energy categories, core prices rose 3.1 per cent, the same as in July. Both figures are above the Federal Reserve's 2 per cent target. The reading is the last data the Fed will receive before its key meeting next week, when policymakers are widely expected to cut their short-term rate to about 4.1 per cent from 4.3 per cent. Still, the figures underscore the challenges the Fed is facing as it experiences relentless pressure from President Donald Trump to cut rates. Even as inflation has ticked higher, recent government reports have also shown that hiring has slowed sharply in recent months and was lower than previously estimated last

Asian countries look to buy more US oil, gas to offset trade imbalance

Many Asian countries run large trade surpluses with the United States and are also major energy importers

Oil holds near one-month high as markets weigh new trade war risks

PVM analyst Tamas Varga said oil had ignored falling equity markets on Wednesday and had firmed on the back of US tariffs against Venezuela and lower US crude and fuel inventories

Natural Gas futures down 51% in 5 months on MCX; Should you bottom-fish?

The MCX Natural Gas futures have declined over 6 per cent so far in March, and tumbled up to 82 per cent from the peak in August 2022.

Oil down 1% as weak US gasoline demand offsets big draw in crude stocks

Prices bounced off session lows as investors noted a much larger-than-expected draw in U.S. crude stocks

Ahead of elections, Biden announces steps to reduce gas prices in US

Ahead of the crucial mid-term polls, US President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the US. When the price of gas goes up, other expenses get cut. That's why I have been doing everything in my power to reduce gas prices since Putin's invasion of Ukraine caused these prices to spike and rattled international oil markets, he said in a speech. Biden said the Department of Energy will release another 15 million barrels from the Strategic Petroleum Reserve, extending the previously announced release, through the month of December. He said independent analysts have confirmed that drawdowns from the reserves so far have played a big role in bringing down oil prices. So, we're going to continue to responsibly use that national asset, he said. Right now, the Strategic Petroleum Reserve is

Biden tells oil refiners to produce more gas, criticises profiteering

Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis, wrote Biden to oil refiners

US gasoline average price tops $5 per gallon in historic first, shows data

AAA data showed that the US gasoline prices crossed $5 per gallon for the first time in history, sending mixed reactions across the globe

At $5 a gallon, nationwide average of gas prices hit record high in US

The nationwide average price for a gallon of gasoline has topped $5 for the first time ever

Exxon made more money than god, says Biden, criticises high gasoline prices

President Joe Biden accused Exxon Mobil Corp. and other oil companies of exploiting high gasoline prices after a report showed inflation soaring to a new 40-year record

Gas and food prices likely kept US inflation painfully high in May

The costs of gas, food and other necessities likely shot up in May, giving Americans no respite from the worst outbreak of inflation in four decades

Oil jumps to 13-week high on rising US gasoline demand, supply concerns

NEW YORK (Reuters) -Oil prices rose about 2% to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China's oil demand will rise and on supply concerns in several countries.

US national average fuel price hits new record high at $4.619 per gallon

The US national average price for a gallon of regular fuel hit a fresh record high of $4.619, according to the American Automobile Association

Surging prices of natural gas squeeze US industrial sector: Report

US natural gas futures have doubled this year, far more than the increases in retail gasoline and diesel that have made Americans angry at the US energy industry and the government

Joe Biden cancels offshore oil lease sales in Gulf of Mexico, Alaska

The lease cancellations come as gas prices have surged to a record $4.40 a gallon amid the war in Ukraine and other disruptions that have pushed prices $1.40 a gallon higher than a year ago

Biden admin weighs largest ever draw from emergency oil reserve: Report

The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), reports Reuters

US President Biden planning to tap oil reserve to control gas prices

President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, in a bid to control energy prices that have spiked

Average US gas price drops 6 cents over 2 weeks to $4.37 a gallon

The average US price of a gallon of regular-grade gasoline dropped 6 cents over the past two weeks to $4.37 per gallon.

Pipeline outage causes US gasoline supply crunch, panic buying

Gas stations from Florida to Virginia began running dry and prices at the pump rose, as the shutdown of the biggest US fuel pipeline by hackers extended into a fifth day and sparked panic buying

Oil prices slip after surprise hefty build in US gasoline stocks

NEW YORK (Reuters) - Oil prices eased on Wednesday after U.S. gasoline inventories unexpectedly swelled, fanning fears that new coronavirus outbreaks will weaken the global recovery in fuel demand.