Gas Prices – The News Desk

Gas prices are on the rise again. Here’s where experts say they are going next.

11Apr

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Money

Gas prices are on the rise again. Here’s where experts say they are going next.

Budget-conscious motorists may want to fill up sooner rather than later, as prices at the pump are likely headed higher in the near term. The approach of the peak driving season and the annual switch by refineries to more costly summer gasolines has driven up the national average for unleaded to $3.63, according to AAA.Prices have been edging higher, with motorists on average paying six cents more per gallon than a week ago and 23 cents more this time last month. Still, the cost of filling up is in line with where motorists and their wallets stood a year ago, when a gallon of unleaded came to $3.61, AAA data shows. The cost of gas proved to be a large factor in the surprise jump in inflation last month — a trend that is likely to persist in April, exp...

Chuck Schumer Doesn’t Know How Gas Prices Work

24Nov

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World

Chuck Schumer Doesn’t Know How Gas Prices Work

Senate Majority Leader Chuck Schumer and 22 Democratic senators recently wrote to Federal Trade Commission Chairman Lina Khan calling for an investigation into the proposed mergers between Exxon Mobil and Pioneer Natural Resources and Chevron and Hess. The letter argues that these mergers will enable “anticompetitive coordination in the industry” and raise U.S. gasoline prices. The letter, however, is based on dubious economic and legal logic and spurious historical analysis. It’s a mischaracterization of how the oil-and-gas industry operates. A fair assessment of the proposed mergers and the fossil-fuel market doesn’t reveal a firm legal and economic basis to initiate antitrust enforcement proceedings against these deals. If the senators really want a competitive energy market that suppl...

It’s the cheapest Thanksgiving Day for drivers since 2020. Here’s where gas prices could go next.

23Nov

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Money

It’s the cheapest Thanksgiving Day for drivers since 2020. Here’s where gas prices could go next.

Drivers find lower gas prices at the pump this Thanksgiving Drivers find lower gas prices at the pump this Thanksgiving 00:50 Drivers taking on the Thanksgiving travel rush this year have one thing to be thankful for: Lower gas prices. Nationally, the average price of gas hit $3.27 a gallon on Thursday, according to data from auto club AAA. Meanwhile, data at GasBuddy, a fuel tracking service, showed the national average at $3.24 a gallon, marking the cheapest Thanksgiving Day for driv...

Gas prices are plunging below $3 a gallon in some states. Here’s what experts predict for the holidays.

9Nov

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Money

Gas prices are plunging below $3 a gallon in some states. Here’s what experts predict for the holidays.

Gas prices are getting lower Gas prices are getting lower 00:43 Gas prices are plunging in many parts of the nation, just ahead of the holiday travel season.Nationally, the average gas price declined to $3.44 last week, marking a 37-cent drop from a month ago, according to auto club AAA. Prices have plunged almost 10% in part because of flat demand for gasoline combined with a decline in the per-barrel cost of oil, the group added. Gas prices are now below $3 a gallon in eight states, ...

Chevron Buys Hess As Oil Companies Use Big Profits To Buy Rivals

23Oct

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Business

Chevron Buys Hess As Oil Companies Use Big Profits To Buy Rivals

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.Crude prices are up 9% this year and have been hovering around $90 per barrel for about two months.Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota.Chevron is paying for Hess with stock. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. Including debt, Chevron valued the deal at $60 billion.Chevron said the deal will help to incre...

Surging Oil Prices As Israel Prepares To Invade Gaza

13Oct

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Business

Surging Oil Prices As Israel Prepares To Invade Gaza

Oil prices are rising again as Israel prepares to invade Gaza as soon as Saturday and the United States tightens sanctions on major crude-producing countries, sparking market fears over a drop in supply as demand increases. On Friday morning, the price per barrel of West-Texas Intermediate, the benchmark for contracts to deliver oil produced in the U.S., climbed more than $3 to $86.10. Brent crude, the leading European benchmark, made a similar jump to $89.10. Murban crude, the measure for futures contracts of oil loaded at a major port in the United Arab Emirates, leapt to $91.10. Each represented a nearly 4% increase from the previous day. Oil prices surged at the start of the week after the Hamas militants who rule over the 2 million Palestinians living in Gaza launched a surprise atta...

Oil prices are rising amid the Israel-Hamas war. Here’s what it means for U.S. drivers.

10Oct

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Money

Oil prices are rising amid the Israel-Hamas war. Here’s what it means for U.S. drivers.

Global oil prices are rising following the eruption of violence between Israel and Hamas, sparking fears the turmoil could spread across the Middle East and threaten the world's oil supply. Both U.S. and global oil futures traded roughly 4% higher at around $86 a barrel on Monday after Hamas militants attacked a number of Israeli towns over the weekend during a major Jewish holiday. Although crude traded slightly lower early Tuesday, the fighting has raised concerns that oil could cross the $100 per barrel threshold, compared with its current level of about $86, according to S&P Global.While Israel is a small player in oil production, with just two oil refineries with a capacity of just under 300,000 barrels per day, the conflict risks involving other Middle East nations that are majo...

6Sep

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Business

Why Gas Prices Are Going Up Again

Gasoline prices in the United States are at the highest level seen at this time of year in over a decade ― and could soon climb even higher. After a summer of increases that plateaued only briefly over the past two weeks, prices may soon lurch upward again in response to cuts to the global supply or if more disastrous storms lash the U.S. Gulf Coast. The price at the pump typically tracks the cost per barrel of crude oil, which is the main ingredient in fuel for automobiles. On Tuesday, the price of Brent crude ― the benchmark for oil refined in Western Europe ― surged past $90 per barrel for the first time this year. The spike came shortly after the world’s top two oil exporters, Saudi Arabia and Russia, announced plans to cut back on supply. The price of West Texas Intermediate ― the be...

4Aug

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Money

3 reasons gas prices are climbing again

Drivers once again are feeling a pinch when fueling their vehicles, with the average price for a gallon of regular gasoline in the U.S. jumping to $3.82 a gallon, up nearly 30 cents from a month ago. Even though prices are climbing everywhere, the steepest increases are in Midwestern states, which have seen their average gas price rise between 18 cents and 25 cents, according to AAA. The nation's most expensive gas is in California and Washington state, where prices average $5.00 a gallon. The cheapest gas in the nation is in Mississippi, where the average price is $3.32 a gallon. To be clear, gas prices today are nowhere near as high as they were in June 2022, when they reached a record high of $4.62 a gallon. Back then, gas prices across the nation were inching toward $5.00, cramping Am...