Tag Archives: gas prices

The Washington Post reports: You won’t hear President Biden talking about it much, but a key record has been broken during his watch: The United States is producing more oil than any country ever has. The flow of huge amounts of crude from American producers is playing a big role in keeping prices down at the pump, diminishing the geopolitical …

CNN Business reports: Gas prices will fall in 2024 for the second year in a row, according to GasBuddy projections shared exclusively with CNN. GasBuddy, which had a forecast for 2023 that proved to be eerily accurate, expects US gas prices will average $3.38 a gallon in the key election year of 2024. That would represent a significant improvement from …

Reuters reports: The White House on Tuesday expressed outrage on Tuesday at Exxon Mobil Corp’s record net profit in 2022 of $56 billion, a historical high not just for the company but for the entire Western oil industry. Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to …

Reuters reports: The West’s top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns …

The New York Times reports: Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago. Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, …

Bloomberg News reports: US retail gasoline prices fell below $4.50 a gallon for the first time since mid-May, starting to ease pressure at the pump for millions of Americans. The nationwide average was at $4.495 a gallon, according to data released on Tuesday by the American Automobile Association. Prices have fallen more than 10% since hitting a record last month …

CNBC reports: Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of …

The New York Times reports: President Biden plans to call on Congress on Wednesday to temporarily suspend the federal gas tax, an effort to dampen the soaring fuel prices that have stoked frustration across the United States. During a speech on Wednesday afternoon, Mr. Biden will ask Congress to lift the federal taxes — about 18 cents per gallon of …

NPR reports: President Joe Biden said Monday that he’s considering a federal holiday on the gasoline tax, possibly saving Americans as much as 18.4 cents a gallon. “Yes, I’m considering it,” Biden told reporters. “I hope to have a decision based on the data — I’m looking for by the end of the week.” Gas prices nationwide are averaging just …

CNBC reports: President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers. “At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable,” the president said in a letter to oil companies including Exxon …

CNN reports: President Joe Biden is announcing an unprecedented release of oil from US reserves and taking steps to punish oil companies for not increasing production from unused leases on federal land, the White House says. The steps are an attempt to reduce gas prices while also putting an onus on oil companies to increase supply. The dramatic step confronts …

Reuters reports: Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed. Despite sliding demand for crude due to the coronavirus, Riyadh made plans …

Axios reports: In a statement to Iranian news agency Shana on Thursday, Iran’s OPEC minister, Hossein Kazempour Ardebili, addressed President Trump, who has been demanding on Twitter that OPEC lower oil prices, directly, hoping to set the record straight: “Mr. President … OPEC has not defined oil prices for the past 30 years. Your tweets have driven the prices up …

CNN Money reports: Get ready for sticker shock at the gas station if you’re one of the estimated 41.5 million Americans hitting the roads this Memorial Day weekend. Gone are the days of $2-a-gallon gasoline. A spike in crude oil prices has lifted the national average price of gas by 31% over the past year, according to AAA. The rebound …

Leading economic indicator? New York’s Fox affiliate reports: With the summer travel season fast approaching, gas prices are on the rise but some people are getting sticker shock in Manhattan. Regular gas has hit $5 a gallon at at least one station. A Mobil station on 11th Ave. in Hell’s Kitchen has raised its prices to $4.999 a gallon. Across …

Politico reports: President Donald Trump signaled support for a 25-cent-per-gallon gas tax increase to help pay for infrastructure at a meeting with lawmakers on Wednesday, a source in the room told POLITICO. Trump’s support, though not confirmed by the White House, represents a stark departure from recent administrations and congressional leaders that have tip-toed around the issue because raising the …

As a YouTube commenter wryly notes, Obama is totally responsible for rising gas prices because he went back in time and made sure that the world of the future would be dependent on a finite resource largely owned by foreign countries. Seriously ladies and germs, where’s all that oil we’re stealing from Iraq?