gas price news News Updates

Commercial gasoline supplies declined to 41 million barrels — the lowest on record — after falling by 1.2 million barrels last week.

“When fuel prices rise, the issue of running costs becomes super concrete for customers,” said Xavier Chardon, head of Citroën. “Getting an EV no longer is a technology choice, it becomes an economic one.”

An anonymous White House official said the discussion touched on regulatory changes, faster permitting and additional investments. 

The Conference Board said Aug. 25 that its consumer confidence index dipped to 89.4 in August from 90.2 in July. That was the lowest level in seven months.

Consumer prices rose 3.4% in July from a year ago, down from 3.5% in June, and up 0.1% from June.

President Trump scolded ExxonMobil and Chevron for their soaring profits, as oil prices surged amid the war in Iran he launched in February alongside Israel. 

Fuels have spiked faster than crude since the U.S.-Iran war caused the oil market’s biggest supply disruption. The “real bottleneck” is in refining, Morgan Stanley said in a note. 

Average pump prices stood at $3.98 a gallon as of July 16, according to data from the American Automobile Association — up nearly 20 cents in just 10 days. 

PepsiCo said consumers pulled back in the second quarter as gas prices rose, slowing its efforts to revitalize its North American snack business.

A group of California consumers claimed in a lawsuit that gas station owners including Walmart and BP are using AI to illegally manipulate pump prices in the state.