gas prices

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Gas Prices May Cross $3 on Their Way Down

Analysts say oil will be in no hurry to go back up—barring hurricanes, heat, and international complications

(Newser) - Gas prices are dropping, and industry analysts—while warning of a big caveat—say they're on track to keep falling, possibly bringing the national average for a gallon of regular to $3 a gallon for the first time in three years. The average price at the pump has plunged...

Why Gas Prices Are Falling
Why Gas Prices Are Falling
Jun 11, 2024 1:29 PM CDT

Why Gas Prices Are Falling

Experts say supply is strong, demand is lackluster

(Newser) - Gas prices are once again on the decline across the US, bringing some relief to drivers now paying a little less to fill up their tanks. The national average for gas prices on Monday stood around $3.44, according to the AAA. That's down about 9 cents from a...

Report: Americans Can Look Forward to Lower Gas Prices

GasBuddy predicts an average price of $3.38 per gallon in 2024

(Newser) - Gas prices are dependent on a number of hard-to-predict factors, including hurricanes in the Gulf of Mexico and political developments in the Middle East and elsewhere, but analysts at GasBuddy made an "eerily accurate" forecast in 2023, and they're predicting prices will fall again in 2024, CNN reports....

Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

Gas Prices Drive Latest Inflation Increase

Labor Dept.'s new report is a mixed bag, with signs of continued cooling in consumer prices

(Newser) - A spike in gas prices pushed up inflation in August, yet most other costs rose at a more modest pace, evidence that consumer price increases overall are still cooling. In a set of conflicting data on Wednesday, the Labor Department said the consumer price index rose 3.7% in August...

California Was Just Booted as State With Most Expensive Gas

The price per gallon in Washington now averages nearly $4.95

(Newser) - There's a new "winner" in the contest of who has the highest gas prices in America, displacing California for the dubious honor: Washington state, where the average price per gallon of regular gas as of AAA's Thursday morning report was just a tad under $4.95. That'...

This Move by Saudi Arabia Could Mean Higher Gas Prices
Saudis Looking to
Jack Gas Prices
Jun 5, 2023 2:20 AM CDT

Saudis Looking to Jack Gas Prices

Amid slumping prices, Riyadh will slash oil supply

(Newser) - Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher, the AP reports. The Saudi cut...

Surprise OPEC Move May Complicate Fed's Strategy

Decision to limit output expected to raise gas prices, along with fears about inflation

(Newser) - Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year, per the AP . The move by members of the so-called OPEC+ group of oil exporting...

Drivers May Receive a Holiday Bonus on Gas Prices

GasBuddy says they may fall to $2.99 by the holiday

(Newser) - In June, the average cost of a gallon of gas in the US hit $5 for the first time ever. By Christmas, one industry watcher is predicting a milestone in the opposite direction—gas under $3 a gallon. GasBuddy says a price of $2.99 is possible before the new...

Biden Making Another Move to Keep Gas Prices From Skyrocketing

President will announce he's authorizing the release of 15M more barrels, sources say

(Newser) - President Biden is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve and will announce the move Wednesday, sources say. The release, expected sometime in December, will complete the White House's planned release of 180 million barrels, which was announced earlier this year and is...

Gas Is on the Path to Less Than $3 per Gallon

Though experts warn that's not a guarantee

(Newser) - For 62 days straight, the average national price for a gallon of gas has fallen, reaching $3.96 on Monday. That's around a 21% drop—$1.06 per gallon—since the $5.02-a-gallon high reached on June 14, reports CNN Business . In nearly 30 states, a gallon now costs...

Gas Prices Dip Below $4
Gas Prices Dip Below $4
Aug 11, 2022 4:11 AM CDT

Gas Prices Dip Below $4

Nationwide average is lowest in more than 5 months

(Newser) - Gasoline prices have dipped to just under the $4 mark for the first time in more than five months—good news for consumers who are struggling with high prices for many other essentials. The American Automobile Association says the national average for a gallon of reguar was $3.99 on...

Here's Why Gas Prices Will Probably Never Come Down

Refinery capacity is the key, and it's not going up anytime soon, writes Politico's Ben Lefebvre

(Newser) - Nothing can make or break a president’s political fortunes like the price of gasoline. As Ben Lefebvre reports for Politico, President Biden is trying to ease the pain by tapping the Strategic Petroleum Reserves, easing rules on ethanol sales, and proposing a temporary gas tax cut. Such bandages might...

Gas Prices Likely to Keep Falling
Gas Prices Likely
to Keep Falling
Aug 3, 2022 1:16 PM CDT

Gas Prices Likely to Keep Falling

Expert predicts national average price to drop below $4 a gallon within a couple weeks

(Newser) - The average cost of a gallon of regular unleaded gasoline fell for the 50th straight day Wednesday, dropping three cents to $4.16. That's a 17% decline from the record high of $5.02 on June 14, according to the Oil Price Information Service. Prices remain above $5 per...

Gas Tax Holiday Would Foil Biden's Own Goals
Gas Tax Holiday
'Isn't Going to Happen'
OPINION
Jun 22, 2022 3:11 PM CDT

Gas Tax Holiday 'Isn't Going to Happen'

'And it wouldn't help a ton even if it did'

(Newser) - President Biden formally asked Congress for a three-month national gas tax holiday as expected Wednesday, though Politico 's Anthony Adragna doesn't expect there to be any change at the pumps. "This oft-repeated idea simply isn't going to happen—and wouldn't help a ton even if...

Biden Definitely Wants to Put Federal Gas Tax on Pause

President to ask Congress to agree to move that would temporarily lower prices

(Newser) - Updated: President Biden has reportedly moved from "considering it" to something a lot firmer when it comes to a temporary pause on the federal gas tax. Senior White House officials tells CNN and NBC News that Biden will in a Wednesday speech call on Congress to suspend the federal...

Gas Station Manager Who Set Price at 69 Cents Fired

Mistake cost the gas station $16K

(Newser) - Update: The manager who accidentally rolled gas prices way back at a Northern California gas station has been fired. "I just took responsibility for it and I said ‘yeah it’s my fault, and I’m to blame,'" John Szczecina tells CBS Sacramento of the misplaced...

Soaring Gas Prices Are a Huge Problem for Biden

Administration admits relief could be months away

(Newser) - The average gas price in the US hit an eye-watering $5 a gallon Saturday, and analysts say the record-breaking price is a massive problem for President Biden and his admnistration ahead of the midterm elections—especially since relief could be a long time away. Recent polls show that an overwhelming...

Average Price for Gas in US Hits $5 a Gallon
Gas Prices Hit
a Nationwide First
Jun 11, 2022 5:30 AM CDT

Gas Prices Hit a Nationwide First

Average cost per gallon in the US is now $5, according to AAA

(Newser) - The nationwide average price for a gallon of gasoline has topped $5 for the first time ever. Auto club AAA said the average price on Saturday was $5.00. Motorists in some parts of the country, especially California, are paying far above that. The national average price has jumped 19...

Pain at the Pump Sees a New Jump
Pain at the Pump
Sees a New Jump
Jun 6, 2022 10:20 AM CDT

Pain at the Pump Sees a New Jump

Gas prices have spiked 25 cents in just one week

(Newser) - At least 10 states now claim an average gas price of more than $5 per gallon, and some of them can trace this dubious honor back to a surge over the past few days. According to AAA, the country's average increased to $4.87 a gallon on Monday, which...

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