Gas Prices

Why gas prices are dipping below $4 per for first time in months

The national average price of gasoline fell below $4 per gallon this week for the first time in five months, providing marginal relief for cash-strapped American motorists. The average price per gallon was $3.99 on Tuesday at locations tracked by fuel analysis platform GasBuddy. The firm said falling oil prices are most responsible for the …

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Saudis thumb nose at Biden’s request to boost oil output

President Biden’s trip to Saudi Arabia was deemed a failure by analysts after oil-producing states announced Wednesday that they would boost output by just 100,000 barrels a day starting next month — a drop in the bucket compared to America’s vast energy needs. The Saudi-led Organization of Petroleum Exporting Countries and its allies announced the …

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Key inflation gauge jumps 6.8% in June as prices continue to surge

An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest annual increase in four decades. Friday’s government figures underscore the persistence of the inflation that is eroding Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up …

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Yellen says economy shows no signs of recession

Treasury Secretary Janet Yellen said Sunday that growing consumer spending, industrial output, credit quality and other economic indicators don’t suggest the economy is in a recession, although she acknowledged that “way too high” inflation is straining the system. “This is not an economy that is in recession,” Yellen told moderator Chuck Todd on NBC’s “Meet …

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Oil Prices Unmoved By Small Crude, Gasoline Build

The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels. The build comes as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending July 15, to 480.1 million barrels. US crude inventories have …

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Biden’s Energy Coordinator Expects Gas Prices To Dip Toward $4 Per Gallon

A key Biden administration energy adviser said Sunday he expects US gas prices to continue falling toward $4 per gallon. “It’s not $5 anymore,” Amos Hochstein, a special presidential coordinator for international energy affairs, told CBS’ “Face the Nation.” “It’s now $4.55. And I expect it to come down more towards $4. And we already …

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Falling gas prices could ‘stall out’ due to certain factors, analyst warns

GasBuddy head of petroleum analysis Patrick De Haan explained what factors could cause falling gas prices to “stall out,” warning that “we are not out of woods yet just.” De Haan made the argument on FOX Business’ “Mornings with Maria,” Monday, as the national average for a gallon of gas slipped slightly to $4.52 from …

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Oil spikes as Biden fails to win Saudi pledge to boost output

The price of oil surged to more than $100 a barrel on Monday after President Joe Biden left Saudi Arabia over the weekend without winning a commitment from the kingdom to boost output. Brent crude, the international benchmark, rose by nearly 2.5% to around $103.50 in the early morning hours of Monday while West Texas …

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Gas prices on the way down locally, nationally :: WRAL.com

By Michelle Mackonochie, WRAL anchor/reporter Gas prices continue to fall around the country, as well as here in North Carolina. Sunday’s average? 4.19 a gallons. Lower than last week and they keep falling! Gas prices around the country continue to trend downward. And everyone’s noticing. According to AAA, gas prices have been falling steadily for …

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