fuel prices News Updates

European natural gas futures hit a three-year high and oil futures are moving closer to $100 a barrel as renewed fighting threatens to once again throttle energy supplies from the Persian Gulf. 

Elevated fuel prices have helped whittle away at truck capacity, which in turn has contributed to much-needed freight rate increases.

Congress returns to Capitol Hill on June 1 after the Memorial Day recess to re-engage in midterm election politics driven by partisan affordability messages.

Consumer prices rose 3.3% in March from a year earlier, the Labor Department said April 10. On a monthly basis, prices rose 0.9% in March from February.

Owners of diesel-powered vehicles have seen even steeper fuel price increases since the war started on Feb. 28.

Import prices increased 1.3% from the prior month, Labor Department data showed March 25, boosted in part by higher prices for petroleum and natural gas.

Those fossil fuel savings are expected to increase every year for the rest of the decade as more drivers turn to battery-powered vehicles.

The president on March 18 authorized foreign-flagged vessels to transport a range of commodities between U.S. ports for the next 60 days.

The Trump administration plans to release 172 million barrels from the U.S. emergency oil reserve as part of the coordinated effort by nations around the world to ease surging crude and fuel prices.

House Speaker Mike Johnson sought to calm concerns about rising fuel costs, saying the recent jump in prices will recede as the conflict with Iran stabilizes.