Legislation designed to enhance market transparency and direct the Federal Trade Commission to prevent fraud or manipulation linked to inflating gasoline prices was approved by a Senate panel.
Surging gasoline and food costs are weighing on the Biden administration as it prepares to set mandates for the use of renewable fuels.
When industry pays more for diesel, it passes along the higher cost to customers and the financial pain ripples through the economy, driving inflation and squeezing everyday consumers. The only way out may be a painful one.
Gasoline prices in the U.S. have hit fresh peaks for the past 10 days, the longest run of consecutive records just as travel is expected to approach levels seen before the pandemic, according to auto club AAA.May 19, 2022
Gasoline pump prices have risen above $4 a gallon in all states in the U.S. for the first time ever as the last holdouts — Kansas, Oklahoma and Georgia — saw prices rise overnight, according to auto club AAA.May 17, 2022
The national average price of diesel dipped after a two-week surge, dropping 1 cent to $5.613 a gallon, the Energy Information Administration reported May 16.
Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even if the world’s biggest exporters pumped more crude.
From record gasoline prices to higher airfares to fears of diesel rationing ahead, America’s runaway energy market is disquieting both U.S. travelers and the wider economy. But the chief driver isn’t high crude prices or even the rebound in demand: It’s simply too few refineries turning oil into usable fuels.May 13, 2022