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    A steady drop in gas prices is bringing some much-needed relief to commuters in Connecticut and across the nation.  As of Monday, Dec. 12, the statewide average for a gallon of gas was $3.36, which is 17 cents lower than the week before. The average is also 17 cents lower than what the statewide average price for a gallon of gas was in December 2021, according to AAA Northeast spokesperson Fran Mayko.  The drop in price is also being seen nationwide, as the US average price of $3.26 on Monday, Dec. 7 was 14 cents lower than the week before, and 7 cents lower than December 2021, Mayko said.  The decline in prices is a result of numerous factors, according to AAA. "Lower demand, partially because of bad weather nationally, and declining crude oil prices are pushing state averages lower. Last week we also saw a drop in the price of crude, the driving force of prices at the pump," Mayko said.  Crude oil prices are dropping because of worries that global demand could stagnate or decline as 2023 begins, according...
    SACRAMENTO —  A new class of state lawmakers will be sworn in Monday and thrust into the middle of Gov. Gavin Newsom’s political fight with oil companies, testing the clout of an industry that spends heavily to influence the Legislature and potentially affecting gas prices for Californians. Newsom has accused the oil industry of intentionally “price gouging” consumers at the pump as retribution for the state’s policies to phase out dependence on fossil fuels in an effort to curb climate change. The petroleum industry argues the consequences of those policies and the state’s dependence on a small number of oil refineries drives up gasoline costs. In response to gas price spikes this year, the governor pledged to back bills to place new monetary penalties on excessive oil company profits in a special legislative session. The stakes are particularly high for lawmakers. The Legislature opens the special session Monday, the same day lawmakers are sworn into office after oil companies and their trade union allies spent millions of dollars to help elect Republicans and moderate Democrats to the statehouse....
    EU energy ministers fail to agree on a cap for natural gas prices. New emergency meeting due in mid-December.Kenzo Tribouillard | Afp | Getty Images BRUSSELS — European energy ministers failed to reach a compromise over a cap on natural gas prices after "heated," "ugly" and "tough" discussions. The 27 EU leaders agreed in late October to give their political support to a limit on natural gas prices after months and months of discussions on how to best tackle the current energy crisis. The European Commission, the executive arm of the EU, and the bloc's energy ministers were then tasked to solve their more specific, and practical, differences on the measure. However, the divergences are so acute in Brussels this week that energy ministers have not managed to find a compromise and instead have convened a new emergency meeting for mid-December. "The tension was touchable," one EU official, who followed the discussions but preferred to remain anonymous due to the sensitive nature of the talks, told CNBC via telephone. The same official said the conversations were "very tough" because...
    The White House's National Economic Council Director Brian Deese said Thursday that the Biden administration is weighing options to extend drops in domestic gas prices, even in light of the recently announced daily production cuts by OPEC+. Deese told reporters traveling with President Joe Biden to New York that while "American consumers are paying significantly less for gas at the pump today than they were a month ago," domestic gas prices "can and should come down more." OPEC+ CUTS OIL PRODUCTION BY 2 BILLION BARRELS PER DAY IN BLOW TO BIDEN "The wholesale price, the price that the gas station companies are paying for that gas, notwithstanding the fact that oil prices have come up with it, is still historically low compared to the retail price that they're charging at the pump," he continued. "So that's one place where there is more opportunity." Outside of pressuring domestic companies to pass savings on to consumers, Deese notably did not confirm what specific policies Biden is weighing in light of the OPEC+ cuts, which the group announced Wednesday amount to 2 million...
    The European Union will launch a "deep and comprehensive reform" of the electricity market, European Commission President Ursula von der Leyen said Wednesday. In her annual State of the Union speech, delivered at the European Parliament building in the French city of Strasbourg, von der Leyen said the market was designed on the principle of merit order, and not fit for purpose.related investing newsForget oil — coal is the hottest commodity in town. Here are 2 stocks to play it, according to the prosZavier Onga day ago"Consumers should reap the benefits of low-cost renewables," she said, "So we have to decouple the dominance of the price of gas on the price of electricity." Von der Leyen also said there had been a shift from pipeline gas to increased use of liquefied natural gas, but the benchmark used in the gas market, TTF, had not adapted. She said the commission would work on developing a more representative benchmark for trading that reflects this change, and also ease liquidity pressures on energy suppliers by amending rules on collaterals and taking measures to...
    Circle K is taking 40 cents off of the price of gas nationwide Thursday afternoon in preparation for Labor Day weekend. The discount will begin at 4 p.m. and end at 7 p.m. at its stations, which are found in many parts of the United States. There is no limit to the amount customers can buy. The average price for a gallon of unleaded fuel across the U.S. on Thursday is $3.82, according to AAA. All of the least expensive markets for gas, including Arkansas at $3.41, Mississippi at $3.43, Georgia at $3.43, Texas at $3.44, Tennessee at $3.44, Louisiana at $3.46, South Carolina at $3.46, Missouri at $3.47, Alabama at $3.47, and Kansas at $3.48, have Circle K locations offering discounts. NONPROFIT GROUP PARTNERS WITH FLORIDA GAS STATION TO LOWER PRICE TO $2.38 A motorist pulls up to the pumps for gasoline at a Circle K station on April 22, 2022, in south Denver. (AP Photo/David Zalubowski) AAA conducted a survey in August that found 32% plan to travel this weekend, with 82%...
    by Caleb Lombardo   President Joe Biden and his administration recently passed legislation that prioritizes clean and renewable energy instead of fossil fuels and older forms of energy. Liz Peek, an opinion contributor at TheHill.com, said the country’s record-setting natural gas prices can be traced to the Biden administration’s push for alternative energy and efficiency and what many conservatives call a “war on American energy.” Gasoline prices have seen some relief recently, but that has not changed the fact that American consumers are seeing their cost of living continue to rise. Natural gas prices are putting pressure on consumers now. The demand for heat is sure to increase with cooler months coming, driving the price even higher. “Now, we are at that time of year when attention shifts from gasoline to natural gas,” Peek said in an opinion piece. “Demand for natural gas will climb as we approach the winter months; prices, already at 14-year highs, will climb too.” The residential price of natural gas in Georgia increased by 133.7% from January 2021 to May 2022, according to data from...
    (CBS DETROIT) – A local non-profit is giving away $20,000 of free gas on Monday afternoon. This gas giveaway comes as gas prices continue to fall in the Metro Detroit area. READ MORE: Harper Woods Man Charged In Fatal Shooting On Klinger StreetThe Prophetic World Group, a local non-profit, raised $20,000 to provide gas for as many people as they can. The giveaway will take place at 2 p.m. at the Shell Gas Station located at 13500 W. Eight Mile Road in Oak Park. READ MORE: 5 Arrested After Entering Store In Flint With RiflesEach car will get $4o worth of gas, and the giveaway will continue until the entire $20,000 has been used. This giveaway and the decrease in gas prices are both good news for residents in Metro Detroit. According to AAA, Metro Detroit’s average price for regular gas currently sits at $4.65 per gallon, which is 63 cents less than last month. However, it is $1.36 more than the price at this time last year. MORE NEWS: Plane Crash In Western Michigan Kills Pilot, Sole Passenger© 2022...
    Prices at the pump continue to fall, dropping to the lowest point in the last month, as of Monday, according to the American Automobile Assn. The U.S. average price for a regular-grade gallon is $4.67, down 12 cents over the last week and 34 cents from a month ago, according to AAA. Despite an expected increase in demand for gas from July 4 travel, industry experts say that falling oil prices continue to drive down fuel prices. “Less expensive oil usually means less expensive gas,” Andrew Gross, AAA spokesperson, said in a statement. California California cities ban new gas stations in battle to combat climate change Bay Area cities have started banning the construction of new gas stations to combat climate change. Some lawmakers hope Los Angeles could join the movement soon. But the national average price for gas is still $1.53 more than last July, AAA data show. Gas prices in California, though, remain the highest in the nation, with the average price at $6.088 — though also trending down since earlier this...
    WASHINGTON — Relief at the gas pump coupled with this past week’s news that businesses continue to hire at a blistering clip have tempered many economists’ fears that America is heading into a downturn. But White House officials fear a new round of European penalties aimed at curbing the flow of Russian oil could send energy prices soaring anew, plunging the United States and other economies into a severe contraction. To prevent that outcome, U.S. officials have latched on to a plan aimed at depressing global oil prices — one that would complement European sanctions and allow critical flows of Russian crude onto global markets to continue, but at a steeply discounted price. While President Joe Biden pushed Europe to cut off Russian oil as punishment for the country’s invasion of Ukraine, some forecasters, along with top economic aides to the president, now fear that such policies could result in huge quantities of Russian oil suddenly taken off the global market. Analysts have calculated that such a depletion in supply could translate to Americans paying $7 a gallon for gasoline....
    President Biden has “failed you,” Rep. Jim Jordan (R-OH) said on Wednesday following news of the Biden administration shipping American oil to foreign countries. Jordan listed the “average gas prices in Ohio: Regular – $4.79 Midgrade – $5.10 Premium – $5.45 Diesel -$5.99.” “President Biden has failed you, your family, and your business,” he continued. Average gas prices in Ohio: Regular – $4.79Midgrade – $5.10Premium – $5.45Diesel -$5.99 President Biden has failed you, your family, and your business. — Rep. Jim Jordan (@Jim_Jordan) July 6, 2022 As of Wednesday, the average price for regular gas stood at $4.779 after reaching an all-time record high of $5.016 on June 14, 2022. Several states are experiencing prices well above $5.00 per gallon, including Washington, Oregon, Idaho, Nevada, Utah, Arizona, Hawaii, Alaska, Illinois, and California, the last of which still has an average price of well over $6.00 per gallon. The average price of diesel currently sits at $5.716 after reaching a record high of $5.816 June 19, 2022. A customer pumps gas at a gas station on May 18, 2022, in Petaluma, California....
    Traveling around the Bay Area is getting more expensive on Friday with a shower of new price hikes covering California’s gas tax, the Golden Gate Bridge, and BART. For many drivers and public transit users, getting hit with new fee hikes could not come at a worse time. Gas prices remain well above $6 and inflation is driving up the cost of supermarket runs. But July 1 brings the start of the fiscal year for most government agencies and with it comes a series of price increases. Here is how much you will pay: • Gas tax: The state-wide gas excise tax is increasing by 5.6% or roughly 3 cents per gallon. Drivers will now pay an estimated 53.9 cents per gallon up from 51.1 cents. A fill-up on a 14-gallon vehicle will cost about 40 cents more in state taxes. California’s gas tax is the second highest in the country only behind Pennsylvania. • Golden Gate Bridge: Crossing the 85-year-old bridge is shooting up 35 cents to $9.40 for drivers without a FasTrak account and a standard vehicle. Commuters...
    Americans are making significant changes to their lifestyles, a new survey has found, as they struggle to keep their heads above water amid sharply rising living costs. The Labor Department on June 10 said that the consumer-price index increased 8.6 percent in May from the same month a year ago - marking its fastest pace since December 1981. The U.S. central bank this month raised its policy rate by three-quarters of a percentage point, its biggest hike since 1994. The Fed has increased its benchmark overnight interest rate by 150 basis points since March. On Tuesday, a New Jersey-based financial institution, Provident Bank, published the results of a survey of 600 adults. They found that more than 70 percent of respondents said they were changing their travel habits - a reflection of the 48.7 percent increase in the cost of gasoline, year on year, and a 37.8 percent rise in the price of air fares. The bank said the decisions were being made due to 'immense financial pressure'.  Passengers are seen on Wednesday at Atlanta's airport. The cost of flights...
    ABUJA, Nigeria (AP) — Nigeria is grappling with widespread fuel shortages that are forcing motorists to spend hours in lines to buy gas and causing prices to surge for transportation and basic commodities. Russia’s war in Ukraine has caused prices to import fuel go up by more than 100% but retailers complain they can only charge the price set by the government, causing them to operate at a loss. The government’s promises that the shortages will soon end have not improved the situation. Fuel retailers are pleading with the government to deregulate the market to allow them set their own prices. But the Nigerian government this week insisted that the pump price must remain the same. “The war in Ukraine has caused an increase in the diesel price (but) you have not allowed them (retailers) to increase the price … to recover that cost. So where are they going to get the extra money?” asked Clement Isong, CEO of the Major Oil Marketers Association of Nigeria. Nigeria’s current gas shortage — the third in 2022 — is because gas...
    GASOLINE prices have been on the rise in 2022, causing a financial strain on most Americans. Not only do Americans get taxed at the pump by states, but there is also a federal tax on the fossil fuel. 2Gas prices have soared in 2022Credit: Getty What is the US federal tax on gasoline? In June 2022, President Joe Biden revealed that he was "considering" the possibility of a federal holiday from gas taxes. The discussion comes amid soaring gas prices, as the average price per gallon sits at $4.98. The gas tax holiday would ultimately suspend the federal gas tax, which sits at 18.3 cents for regular and 24.3 cents for diesel, according to Spectrum News. Read More on The US SunMONEY SAVING MEASURES What to know about Joe Biden's proposed Federal Gas Tax holidaySAY WATT Why are gas prices so high? Treasury Secretary Janet Yellen said on This Week with George Stephanopoulos that the Biden administration is open to considering money-saving moves to help this financial situation. "Gas prices have risen a great deal, and it's clearly burdening households,"...
    NASHVILLE, Tennessee – In an exclusive interview with The Tennessee Star, Tennessee U.S. Senator Marsha Blackburn blasted the Biden administration, saying in regard to inflation, rising gas prices, and border emergencies that “they are doing this intentionally.” Blackburn spoke with The Star backstage at the Faith and Freedom Coalition’s Road to Majority Conference. “When you talk to Tennesseans, they look at the steps this administration has taken – whether it’s on inflation or energy or whether it is the open border – what they are beginning to figure out is that they are doing this intentionally,” she said. The senator explained in detail why she believes that the Biden administration is being intentional in creating crisis after crisis. “An open border is this administration’s border plan. The rising price of gas is their intention because they shut down Keystone. They took Alaska offline. They stopped fracking. They’re not drilling offshore,” Blackburn detailed. “All of these things add to the fact that we are no longer a net exporter of energy and energy-independent. We’re importing at least 670,000 barrels of oil...
    Democratic lawmakers in the State Assembly announced a probe into California’s oil and gas market on Monday, saying profiteering in the industry is partially behind the state’s record high gas prices that are now hovering around $6.40 a gallon. The oil industry has a “foot on our necks and a hand in our pockets,” Assembly Speaker Anthony Rendon said during a news conference announcing a committee to investigate the industry’s pricing practices. “These are companies that are obviously ripping off California consumers and we need to ask tough questions about them and their business practices,” he said. But details on when the committee will first meet or if it plans to compel witnesses and documents remain sparse. “The select committee was just formed over the weekend,” said Joel Price, spokesperson for Assemblymember Jacqui Irwin of Thousand Oaks who will chair the committee. “So they haven’t met yet. They haven’t established what their work is going to be.” The committee, which is expected to meet in the coming weeks, comes as California gas prices have shot up 37% since the start...
    REHOBOTH BEACH, Del. -- President Joe Biden said Monday that he's considering a federal holiday on the gasoline tax, possibly saving U.S. consumers as much as 18.4 cents a gallon."Yes, I'm considering it," Biden told reporters after taking a walk along the beach near his vacation home in Delaware. "I hope to have a decision based on the data - I'm looking for by the end of the week."The administration is increasingly looking for ways to spare the public from higher prices at the pump, which began to climb last year and surged after Russia invaded Ukraine in February. Gas prices nationwide are averaging just under $5 a gallon, according to AAA.Biden said members of his team were to meet this week with CEOs of the major oil companies to discuss rising oil prices. Biden lashed out at oil companies, saying they are making excessive profits when people are feeling the crunch of skyrocketing costs at the pump and inflation. But Biden said he would not be meeting the oil executives himself."I want an explanation for why they aren't refining...
    RANCHO CORDOVA (CBS13) — A GoFundMe page for the Rancho Cordova gas station manager fired earlier this month for accidentally selling 69-cent gas has raised more than $24,000, much of which will allegedly go toward repaying his former boss. According to the GoFundMe page, more than 1,000 people contributed to help John Szczecina, donating a total of $24,087 as of Monday morning. The page’s initial goal was $20,000. READ MORE: Officers Responding To Vallejo Crash Fatally Shoot Person Allegedly Carrying KnifeThe organizer of the page says that least some of the money will be returned to the owners of the Shell gas station, which allegedly lost around $20,000 when Szczecina accidently sold premium gas at 69 cents a gallon on June 9. He had meant to price it at 6.99 a gallon, but misplaced the decimal. Drivers quickly noticed the deal and lined up at the station. The price wasn’t fixed for hours, costing the station owners thousands of dollars during a time when gas prices are at record highs. READ MORE: Sacramento County Board Of...
    A man who was trying to steal gas from a parked up box truck accidentally set himself ablaze in the process as fuel prices continue to soar.  The shocking incident was all caught on surveillance camera footage as the man could be seen attempting to siphon fuel from the tank of a vehicle next to which he had parked his own white pickup in Salt Lake City. Authorities believe the man was using a drill in order to access the gas tank during which a spark ignited the flammable liquid.  Static electricity, or sparks caused by the friction from the drill bit against the gas tank are most likely to blame for the spontaneous combustion of the gas.  The truck was parked outside Summit Fire and Protection and had already had its catalytic converter stolen when this second thief came to steal the gas in broad daylight. 'Some people try to take the easy way out of everything,' said Branch Manager Travis Mills, who believes current $5-a-gallon gas prices were behind the theft.  'The guy tried to siphon gas out...
    Large oil companies took in over $22 billion in profits in the first quarter of 2022 as gas prices have soared. President Joe Biden sent a letter on Tuesday to executives at seven of the largest oil refining companies in the country, calling on them to increase production capacity as Americans face high fuel costs and the companies reap massive profits. The letter reads in part: Vladimir Putin's war of aggression, and the bipartisan and global effort to counter it, has disrupted the global supply of oil and driven up the global price. But the sharp rise in gasoline prices is not driven only by rising oil prices, but by an unprecedented disconnect between the price of oil and the price of gas. ... That difference -- of more than 15% at the pump -- is the result of the historically high profit margins for refining oil into gasoline, diesel and other refined products. Since the beginning of the year, refiners' margins for refining gasoline and diesel have tripled, and are currently at their highest levels ever recorded.   [...]...
    Mario Tama/Getty Images Mediaite has obtained letters sent by President Joe Biden to the heads of seven oil companies, in which he decries “historically high profit margins” and demands answers. Gas prices have been a major driver of the record inflation that has marred an economy that has been recovering from the coronavirus pandemic at a record pace, and has significantly hampered political prospects for the president’s party. On Wednesday morning, the White House sent letters to the heads of seven oil companies — Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP, and Shell — demanding answers and assistance. In the letter, President Biden points out that while Russia’s war against Ukraine has contributed to the rise in gasoline prices, the increase has been out of proportion. “(T)he sharp rise in gasoline prices is not driven only by rising oil prices, but by an unprecedented disconnect between the price of oil and the price of gas,” President Biden wrote. “The last time the price of crude oil was about $120 per barrel, in March, the price of...
    The average nationwide price of a gallon of regular unleaded gasoline in the United States on January 6, 2021 was $2.27; as of June 14, 2022, it is $5.02 per gallon — more than double what it was on the day of the Capitol riot in Washington, D.C. Gasoline prices are displayed at a gas station on June 11, 2022 in San Mateo County, California. (Photo by Liu Guanguan/China News Service via Getty Images) The price of gas has come into focus as Congress, and the media, devote prime time television and hours of commentary to the riot, which has already been covered for nearly a year and-a-half through congressional investigations, an impeachment trial, and federal prosecutions of hundreds of people, some of whom were merely present at the riot and did nothing else. The House Select Committee to Investigate the January 6th Attack on the United States Capitol held its first public hearing last week, after interviewing over 1,000 witnesses behind closed doors, many under threat of prosecution for contempt. Protesters gather on the U.S. Capitol Building on January...
    The United States national gas price average has climbed by more than $2.60 since former President Donald Trump’s last full day in office, as the national average reached yet another record high on Tuesday. According to a January 19, 2021, news release from AAA, U.S. gas prices were $2.38 on Trump’s last full day in office. While it noted a slight uptick overall, AAA found that gas was “still cheaper year-over-year by 17 cents.” Now, roughly a year and a half later, U.S. gas prices have skyrocketed, hitting a new high of $5.016 for regular gas. Mid-grade is now $5.396, premium is $5.693, and diesel hit a record high of $5.775 on Tuesday as well.  Overall, these figures represent a nearly 10 cent increase in the last week, 56 cent increase in the last month, and $1.936 rise in the last year. Gas prices have increased $2.626 since Trump’s last full day in office. At that time, states such as Mississippi, Missouri, and Louisiana were seeing some of the lowest gas prices in the nation — $2.08, $2.10, and $2.10,...
    Joe Biden is starting to more seriously consider a federal gas tax holiday as prices at the pump continue to soar with no sign of slowing and the administration is still blaming the surge on the conflict in Eastern Europe. While the move would require congressional action, a public push by Biden in favor of the tax holiday could help spark movement – and sources told The Hill the president is getting closer to doing so. 'It's definitely an option on the table,' one Democrat close to the White House said. Some states, including Maryland, Georgia and New York, have already moved to suspend their gas tax. Some suggest that Biden calling on the other states to do the same would also be an effective move from the White House to help ease pressure on Americans' pocketbooks. Biden's economic team has discussed a gas tax holiday and is expected to meet for more talks on the matter later this week. A new report indicates the administration is starting to more seriously consider a federal gas tax holiday as some states...
    One Minnesota gas station owner is empathizing with his customers as the national average price for a gallon of gasoline officially reached $5 a gallon for the first time in history. Chuck Graff, the owner of Murphy's Service Center in St. Anthony, put up a sign below his prices reading: 'We hate our gas prices too.' 'It's just kind of our way of letting the customer know that we feel their pain,' Graff told CBS Minnesota. And drivers say they appreciate the sentiment as they spend between $50 to $125 to fill up their tanks. 'If you don't have humor about it, you're just going to sit there and cry,' Kyle Mohs said of the skyrocketing prices. Daud Nooh also said: 'It's nice that they're having a little fun with it. I mean, life has its challenges always, so it's good to just put a little humor in life.' Nooh said he has stopped driving his larger vehicle, and is instead tooling his sedan around town, as he had spent nearly $100 to fill up the large vehicle, and is...
    New York (CNN Business)Soaring gas prices have done little to slow US drivers' purchases at the pump. But they could start to spend less on other goods and services, which would be a strong headwind for an increasingly shaky US economy, experts say.In the week ending this past Saturday, there was a 5% decline in the amount of gas pumped at US gas stations compared to the same week a year ago, according to OPIS, which tracks gasoline prices and consumption data. That modest decrease happened as the national average price rose from $3.04 a gallon on May 29, 2021 to $4.60 a gallon on May 28 this year, according to the OPIS data released by AAA.Typically when the price of a good goes up, the consumption of it goes down, a process known as "demand destruction." But gasoline is what economists call an "inelastic" purchase, which means its consumption is not greatly affected by its price. Consumption of gasoline shows no significant signs of slowing even in the states with the highest average prices, such as California, where the...
    Sunak previously described the idea of a windfall tax on oil and gas majors as "superficially appealing" but a decision that would ultimately deter investment.Jonathan Brady - Pa Images | Pa Images | Getty Images LONDON — U.K. Finance Minister Rishi Sunak has imposed a windfall tax on oil and gas majors as the government scrambles to alleviate the country's worsening cost-of-living crisis. The measures come a day after a deeply embarrassing investigation into lockdown parties at Downing Street and amid sustained pressure on the ruling Conservative government to do more as soaring inflation pushes up the price of everything from food to fuel. Sunak said soaring inflation is causing "acute distress," with the economic situation becoming more serious over the course of this year. U.K. inflation jumped to 9% last month as food and energy prices spiraled, reaching its highest annual rate in 40 years. The Bank of England expects inflation to rise above 10% later this year. The decision to impose a windfall tax on energy companies marks yet another U-turn for Prime Minister Boris Johnson's government. Sunak...
    Members of the Senate Commerce Committee deadlocked Wednesday on advancing legislation to combat gas price gouging, with members voting 14-14 on the Transportation Fuel Market Transparency Act. The Senate bill is similar to H.R. 7688, the Democratic anti-price gouging bill that cleared the House last week. Much like that bill, the Senate legislation also seeks to create greater transparency around gas prices and would give the Federal Trade Commission additional authority to monitor and crack down on allegations of price gouging by energy companies. Democrats have rallied around the anti-gouging legislation in response to record gas prices, which have dragged them down in the polls and which Republicans have blamed on their energy policies. The bill would also require the U.S. Energy Information Administration to publish more information about markets to help ensure fair competition and transparency. Senate Commerce Committee Chairwoman Maria Cantwell (D-WA) said of the legislation: "Congress has given the Federal Energy Regulatory Commission [oversight] of the commodities future trading commission and the ability to police bad actors, so that they can be caught and...
    On Monday’s broadcast of MSNBC’s “Rachel Maddow Show,” Sen. Maggie Hassan (D-NH) said there will be “real concern about how out of touch the Republicans are” on abortion, “which raises the issues for voters, if they won’t listen to you on this, are they going to listen to you on anything, on the need to lower the cost of prescription drugs and stand up to big pharma, or lower the price of gas by standing up to big oil?” Hassan stated, “Well, you know, the right of people to make their own personal decisions, their right to bodily autonomy is foundational to everything else. And as we talk about the ways we come together to address the challenges we need to address, including lowering people’s prices, helping people afford things like prescription drugs or child care, they need to know that they have representation in Washington that is actually listening to them. And what we see in my race and what I think we’re seeing around the country on this issue, is candidates for Senate who are wildly out of...
    Gov. Gavin Newsom and state legislators have been spinning their wheels for months on gas price relief. They should get the vehicle moving or abandon it. Maybe head in a different direction. Rather than trying to ease motorists’ pain at the gas pump — or mailing out checks to help consumers endure inflation — the governor and lawmakers should spend the state’s gargantuan tax surplus primarily on much-needed infrastructure projects. Address current public works needs while investing in the state’s future. There’s a long list of worthy candidates: Water facilities as we cope with drought. Wildfire prevention and fighting. Dwellings for homeless people. Road repairs. Passenger rail service — real rail, not the fantasy bullet train. More charging stations for electric vehicles. Upgrading the electricity grid to carry renewable energy. University student housing. Senate Democrats late last week did propose spending an extra $30 billion-plus on various infrastructure projects over the next few years, particularly targeting water, wildfires, climate, homelessness, affordable housing and education. Good for them. They also proposed a lot more social spending — including for early child...
    The average price of gasoline across South Central Ohio is nine cents higher this week at $3.936 per gallon, according to AAA East Central’s Gas Price Report. This week’s average prices: South Central Ohio Average: $3.936 Average price during the week of April 25, 2022 $3.840 Average price during the week of May 3, 2021 $2.789 The average price of unleaded self-serve gasoline in various areas: $4.096 Athens $3.853 Chillicothe $4.072 Columbiana $4.051 East Liverpool $3.999 Gallipolis $3.858 Hillsboro $3.995 Ironton $3.890 Jackson $3.830 Logan $3.900 Marietta $3.894 Portsmouth $3.870 Steubenville $3.899 Washington Court House $3.891 Waverly Pump prices rose again this past week due primarily to the continued high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine is the main factor influencing crude prices. The cost of a barrel of crude continues to hover around $100. With the oil price accounting for about 60% of pump prices, the national average for a gallon of regular is now $4.19, an increase of seven cents since Monday, April 25 and $1.29 more...
    MIAMI (CBSMiami) — Florida gas prices are on the rise again. The average price rose to $4.18 per gallon on Sunday. The state average is 8 cents more than a week ago and $1.40 per gallon more than this time last year. “Florida drivers are finding the most expensive prices at the pump in four weeks,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Global supply concerns are keeping upward pressure on oil prices, as many countries look to limit the import of Russian oil. READ MORE: Investment Firms Buy Southland Mall, Plan To Modernize It, Build High Quality HousingThe global crude oil market remains an important issue for motorists, as oil prices account for more than 50% of what drivers pay at the pump. Oil prices have ping ponged dramatically since Russia invaded Ukraine and that volatility is likely to continue through the summer travel season.” READ MORE: Hurricane Season 2022: Time To Stock Of SuppliesThe U.S. price for a barrel of oil advanced 3% last week.  Friday’s closing settlement of $104.69 per barrel is $2.62 per barrel more than the week...
    SACRAMENTO —  Gov. Gavin Newsom and state legislators have been spinning their wheels for months on gas price relief. They should get the vehicle moving or abandon it. Maybe head in a different direction. Rather than trying to ease motorists’ pain at the gas pump — or mailing out checks to help consumers endure inflation — the governor and lawmakers should spend the state’s gargantuan tax surplus primarily on much-needed infrastructure projects. Address current public works needs while investing in the state’s future. There’s a long list of worthy candidates: Water facilities as we cope with drought. Wildfire prevention and fighting. Dwellings for homeless people. Road repairs. Passenger rail service — real rail, not the fantasy bullet train. More charging stations for electric vehicles. Upgrading the electricity grid to carry renewable energy. University student housing. Senate Democrats late last week did propose spending an extra $30 billion-plus on various infrastructure projects over the next few years, particularly targeting water, wildfires, climate, homelessness, affordable housing and education. Good for them. They also proposed a lot more social spending — including for early...
    Sen. Elizabeth Warren has lots of plans for how Democrats can use the next 200 days before the election to fight for people. Congressional leadership is ready to take her up on one of them. Warren has advocated for legislation giving the Federal Trade Commission authority to investigate price gouging. Put the bill on the floor, she says, and “dare the Republicans to vote against it. A clean, simple bill.” “Let’s put it to the Republicans. Do they care about price gouging from the perspective of helping the consumers? Or from the perspective of letting the big corporations continue to get away with it?” Democratic leadership indicated Thursday that they’re all for it. “There’s no excuse for big oil companies to profiteer, to price gouge or exploit families,” House Speaker Nancy Pelosi said Thursday. “Congress must do more to beef up the FTC’s ability to crack down on potential gas price manipulation and price gouging,” added Senate Majority Leader Chuck Schumer. “Republicans will face a dilemma: Which side are they on?” Schumer said. “On the consumer and lowering gas prices? Or on...
    Some financial relief is coming to Hudson Valley motorists as elected officials in one county announce a cap on gasoline sales tax in the region. Rockland County Executive Ed Day and County Legislature Chairman Jay Hood Jr. announced that local sales tax on gasoline will be capped at $2 per gallon amid the record spike in prices at the pump. According to officials, the change means sales tax will only be applied to the first $2 of a gasoline purchase, as opposed to the full gas price. The gasoline tax cap will begin on Wednesday, June 1, and be in effect through Feb. 28, 2023. Further, they noted that the 2022 New York State Budget provides a suspension of the state excise and sales tax, providing a combined 16 cents per gallon savings to motorists beginning in June and lasting through the end of the year. “Between the record inflation, rising gas prices, and the pandemic, our families need help now and Rockland County leadership worked expeditiously to deliver it,” Day stated. “The role of government is to create an...
    RELIEF may be in sight as lawmakers in New Jersey push for gasoline rebates worth up to $500 on 2021 tax bills. If you've already filed your taxes and live in that state, you would not be left out if the measure passes. Credits would be retroactively applied. 1New Jersey's gas rebate proposal could mean up to $500 back on your 2021 income tax return even if you've already filedCredit: Getty The Republican sponsored bill would mean a $500 rebate to joint tax filers making up to $250,000 annually, with a $250 award and $125,000 cap for single filers.  They would be applied on last years income tax filings and for those who have already filed ahead of the April 18th deadline, the credits would be applied retroactively for New Jersey residents. According to AAA the current price for a gallon of regular unleaded gasoline stands at $4.05, just slightly shy of the national average of $4.07. As inflation continues to soar, up 8.5% in March compared to the same time last year, soaring gas prices have been a big...
    BALTIMORE (CNN/WJZ) — America’s inflation problem didn’t abate in March. Prices kept creeping up, hitting a fresh 40-year high, data from the Bureau of Labor Statistics showed Tuesday.  The Consumer Price Index rose 8.5% for the year ended in March, not adjusted for seasonal swings. READ MORE: Maryland State Police Recover Body From Near Interstate 95That increase outpaced February’s elevated reading of 7.9% and marked a level not seen since December 1981 when the CPI stood at 8.9%.  Tuesday’s March data was also slightly higher than the 8.4% economists had predicted.  Most of the March increase was driven by a jump in gasoline and food prices, which rose as the Ukraine conflict threw global commodities markets for a loop, as well as an upswing in housing costs.  “There’s a lot of uncertainty in the world right now and it’s hitting people in the areas where they spend the most frequently and with the most necessity which are mainly fuel and food,” Associate Professor of Accounting at Loyola University Maryland JP Krahel said. Last month alone, gas prices in the United...
    Blaming President Joe Biden for record inflation puts one in “lock step” with Russian President Vladimir Putin, an economic advisor to the administration declared. Jesse Lee, senior advisor for communications to the National Economic Council, tweeted on Tuesday that Sen. Rick Scott (R-FL) is parroting Putin talking points by blaming the actual U.S. president for inflation negatively hitting numerous products for Americans, like groceries and gas. “Putin and @SenRickScott fully in lockstep in blaming Biden for Putin’s Price Hike. So surprising,” Lee tweeted. Along with his tweet, Lee included a report about Putin saying record high prices in the U.S. will put “pressure” on U.S. politicians. He also added Scott reacting to the latest report that inflation soaring to 8.5 percent in March, marking a 40-year high. “The @WhiteHouse REALLY doesn’t like it when you point out that @JoeBiden’s disastrous policies are causing skyrocketing inflation,” Scott tweeted in response to Lee. “Putin’s Price Hike” is how the administration has framed inflation issues recently, though critics have pushed back, arguing that inflation was a problem before Putin shocked the world by...
    Ask nearly anyone who drives a gasoline-powered vehicle, and they’ll grumble about the sky-high prices at the pump. Driven largely by world oil prices, gasoline in the United States and other countries has spiked in recent months. It may be little consolation for people paying $80 or more now for a fill-up, but with vehicles getting higher mileage than in decades past, cars are traveling farther today on a tank, lowering the cost-per-mile-traveled. Still, the economic hardship for many people is real. And the issue is likely to factor into November elections. Daniel Sperling is director of the Institute of Transportation Studies at UC Davis. A professor of civil and environmental engineering, and a member of the California Air Resources Board, he has studied transportation trends for decades, authoring or co-authoring more than 250 technical papers and more than 13 books on transportation and fuels. This conversation has been condensed and edited for clarity and length. Q: Nationally, gas prices have gone up about $1.50 a gallon over the past year and about $2 a gallon in California. Why? A:...
    By The Associated Press ROME — Italian Premier Mario Draghi says the EU could consider a price cap on Russian gas as a way to limit Europe’s financing of the war in Ukraine without imposing a boycott altogether. But he acknowledged opposition to the proposal. Draghi made the comments Thursday after meeting with Dutch Prime Minister Mark Rutte, who has expressed reservations about the proposed price cap mechanism. Draghi said he had made “a fundamental step” forward in nudging Rutte to not rule out the proposal entirely. “If we’re not able to do a block as has been discussed, the alternative could be imposing a price cap on gas using the power of the market that Europe has as the biggest purchaser of gas,” Draghi said. Rutte concurred he was not excluding the proposal outright and was willing to look at all options. But he insisted that the benefits must outweigh the drawbacks. ___ KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR: — Ukraine girds for renewed Russian offensive on eastern front — Ukraine appeals to NATO for more weapons — Russia...
    Wednesday on CNBC’s “Squawk Box,” Rep. Jan Schakowsky (D-IL) blamed oil companies for record-high gas prices across the United States. Schakowsky argued that “Americans are suffering right now at the pump” due to oil companies raising their prices during the war in Ukraine. She also asserted the companies could be producing more oil than they currently are. “[T]he oil companies made a decision rather in this crisis right now to raise the cost, to gouge the consumers, in some ways to, just to do what we say, and the name of the hearing today is ‘Gouged at the Gas Pump: Big Oil and America’s Pain at the Pump,'” Schakowsky outlined. “They had an option to do that, to increase their ability right now not to have to frack, not to have to drill more, but to simply at their ability right now to raise the amount of gas that they put out.” “You know, the oil companies have the capacity right now without having more leases, without doing more drilling to raise the amount of oil that they are producing right...
    Phillip responded by calling Nichols' observation "fascinating," and she brought attention to polling that proves Biden's messaging has failed. "Take a look at this Quinnipiac poll. Americans just don’t buy that this is related to the war in Ukraine, and most of it, frankly, is not: 41% say it’s Biden’s policies, just 24% say the war in Ukraine, 24% also say the oil and gas companies are raising prices," Phillip explained "But the White House is trying to do both — blame Putin, blame the oil and gas companies — but Americans just don’t agree," she observed. Abby Phillip on rising gas prices youtu.be The fact that Americans blame Biden for economic problems is electorally disastrous for Democrats. Polling overwhelmingly shows that Americans believe the country is headed in the wrong direction, and thus they are looking to Republicans, as indicated by generic ballot polling for the 2022 midterm elections, for solutions. In fact, NBC News anchor Chuck Todd predicted last week that Democrats will face a "shellacking" in the upcoming elections because of voter sentiment...
    A protester holds a 'Save Us From The Energy Crisis' placard during a rally in London. British households face soaring energy bills from April 1 as the country's energy price cap rises by 54%.Vuk Valcic | Sopa Images | Lightrocket | Getty Images The number of English households in fuel poverty will double to 5 million from April 1, new research warned on Friday as Brits braced for their energy bills to increase by hundreds of pounds. The Resolution Foundation said that as a result of higher prices coming into force on Friday, 2.5 million households in England would be plunged into "fuel stress." Energy bills in Britain are set to surge from Friday, after Ofgem, the country's energy regulator, announced in February that it would increase its price cap by a record-breaking 54% from April 1. Ofgem's price cap limits how much households in the U.K. can be charged for energy utilities, and is reviewed twice a year.VIDEO3:2503:25Diversification of energy supply is 'absolutely critical,' says Cheniere EnergyCapital ConnectionBefore Friday, the price cap meant the average household's annual energy bill...
    Several states are implementing tax cuts for gasoline prices to help ease the pain at the pump Connecticut, Maryland, and Georgia have already implemented temporary tax cuts. 2Some states have already cut gas taxes, and numerous more are thinking about following suitCredit: Source-Getty Images Ohio, West Virginia, New York, and New Jersey are considering doing likewise. What we know will happen in some states Connecticut has a 25-cent-per-gallon tax on gasoline at the moment, but on April 1, 2022, that will be stopped until the end of June. Georgia has seen gas prices drop by about 30 cents a gallon since March 16, 2022, when it was $4.26, on March 30 it is $3.93. Maryland signed a similar bill and saw an even more significant drop. On March 16, gas was averaging $4.23 a gallon. Now, it is $3.81, as per AAA. Potential tax cuts or rebates The Ohio Senate has introduced a bill that would cut the state tax on gasoline and diesel to 28 cents a gallon for the next five years, down from the...
    National gas prices reached record highs in March as inflation, increased demand for gasoline, constricted supply, and the war between Russian and Ukraine combined to push prices skyward. The national average price for a gallon of gas was $4.24 on Wednesday, according to the American Automobile Association. Gas is about six cents cheaper this week over last, as analysts predicted it would be after the price of crude oil declined last week. But experts say that as the weather improves in the spring and summer, gas prices could rise again because more Americans will be traveling. In the meantime, prices are still high in various parts of the country. In Los Angeles, California, for instance, gas surged to an average of $6.00 for a regular gallon. While Democrats blame Russian President Vladimir Putin's war in Ukraine for the high prices, oil and gas industry representatives say President Joe Biden's policies are contributing too. "Which is it? You can’t blame Putin and us at the same time. The bottom line is we are not price makers, we are...
    Los Angeles has achieved the dubious distinction of becoming the first US city to pass $6 per gallon for gas on average, as soaring fuel costs continue to hammer West Coast drivers. On Tuesday, the average for a gallon of regular gas in Los Angeles hit a record $6.011, even as the national average continued to decline slightly from the all-time high earlier this month, according to the AAA Gas Price Index.  Even as drivers elsewhere see moderate relief at the pump, California has continued to be hammered by rising gas prices, with the Golden State setting a new record-high average of $5.866 on Tuesday. Nationwide, the average price of gas stood at $4.242, down slightly from the record high of $4.331 set on March 11. Gas prices are displayed at a gas station in Los Angeles County earlier this week. LA is now the first city in the nation to top $6 a gallon average prices for regular gas State average gas prices are seen across the US as of Tuesday Experts at GasBuddy said that Tuesday's prices...
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