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.
Gas Prices
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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.
Drivers bemoan high gasoline prices with no relief in sight
President Joe Biden released oil from the Strategic Petroleum Reserve in November and March, hoping to reduce prices. That helped temporarily, but prices shot back up and have stayed stubbornly high.
Average U.S. gasoline price jumps to near-record
The average price at the pump is $1.36 per gallon higher than it was one year ago.
Top Democrats push for federal crackdown on high gas prices
Citing growing worries about high gasoline prices, Democratic leaders announced an effort Thursday to give the Federal Trade Commission increased authority to crack down on companies that engage in price gouging.
New vehicles must average 40 miles per gallon in 2026, up from 24 mpg
The new requirements increase gas mileage by 8% per year for model years 2024 and 2025 and 10% in the 2026 model year.
Average U.S. gasoline price rises 22% in two weeks, to record $4.43 per gallon
The average price of gasoline at the pump is $1.54 higher per gallon than it was a year ago.
Uber charging customers new fuel fee for rides, delivery
The surcharge will be in effect for at least 60 days, after which Uber said it will assess the situation.
Record gas prices are pushing up everyday costs, dampening economic recovery
Economists say the one-two punch of rising prices and the intensifying geopolitical crisis could put the brakes on the rapid rebound and raise the risks of recession.