Reuters Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of the reason is a lack of adequate
CNBC President Joe Biden said Monday that he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower the cost at the pump ahead of the July 4 holiday. White House officials say the July 4 weekend, when tens of millions of Americans are expected to hit the road, is a
World Oil (Bloomberg) — The 30-minute fire at LyondellBasell Industries NV’s Houston refinery Tuesday underscored just how quickly U.S. gasoline production can fall at a time when the country is experiencing record-high prices at the pump. The blaze took out a big coker vital in fuel production and forced the 270,000 barrel-a-day oil processor to cut crude rates for what
CNBC U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices, sources familiar with the matter told Reuters. The planned talks come as President Joe Biden, under pressure over high gasoline prices, has demanded that oil refining companies explain why they are
CNBC The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time due to increased demand from the economy reopening from the pandemic and depleted oil supplies stemming in part from the war in Ukraine. Prices look set to continue rising into the summer months, analysts said. According to AAA, the average national price reached
Yahoo Finance NEW YORK – Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment
CNBC Oil prices reversed early gains and moved lower Monday, despite U.S. fuel demand, tight supply and a lack of progress towards a European ban on Russian oil, as Shanghai prepares to reopen after a two-month coronavirus lockdown that fuelled economic growth fears. Brent crude futures were down 0.4% at $112.09 per barrel U.S. West Texas Intermediate (WTI) crude slid 90 cents, or
CNBC Retail diesel and gasoline prices climbed to another record high Thursday, as rampant inflation sends costs across the economy surging. The national average for a regular gallon of gasoline hit $4.418 on Thursday, according to AAA. The price is not adjusted for inflation. Prices had previously hit all-time highs on Tuesday and Wednesday. Consumers are now paying 32 cents per
Nasdaq Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season. The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.
World Oil (Bloomberg) — More than 100 people died in an explosion at an illegal oil refinery in southeastern Nigeria over the weekend, demonstrating the dangers associated with an illicit industry that thrives in the crude-producing region. The blast at a site in the Abaezi forest during the night of April 22-23 killed at least 110 people, said Ifeanyi Nnaji,
Nasdaq U.S. oil refiners expect strong first-quarter earnings as margins to sell gasoline and diesel strengthened due to a steep dropoff in refining capacity and crude oil supplies tightened because of Russia’s war with Ukraine. Refining capacity worldwide has dropped during the coronavirus pandemic, with several less profitable oil refineries closing in the last two years. However, worldwide fuel demand
Reuters Refiners are planning to spend the summer increasing jet fuel and diesel production instead of gasoline, traders and analysts said, favoring what have historically been the least profitable parts of the barrel instead of the most profitable. That is unusual and exemplifies the topsy-turvy nature of the global oil markets. Refining crude oil into diesel or jet fuel is
