Gas prices

Climbing food and energy prices could threaten the progress that Latin American economies have made in recent years as well as the stability of the region, say Central American leaders.

Cancún, Mexico, 16 April 2008 – Central American leaders at the World Economic Forum on Latin America warned that the impact of climbing food and oil prices could undo recent gains that their economies have made.

A mother and daughter grind mandioca in Amazon region of Brazil: Photo by Julio Pantoja / World Bank (CC)    » read more »

April 16, 2008 -- If winter is the “Most Wonderful Time of the Year” as the popular song implies, it may not be too much of a surprise that gasoline consumers find the spring and summer anything but wonderful, when it comes to prices. This year’s upcoming spring and summer are expected to see retail gasoline prices rise even further from current high levels.

Seasonal increases in gasoline demand    » read more »

Where Have All the Drivers Gone?

Does it seem like there are fewer cars on the highway this year? The recent trend in motor gasoline consumption would appear to indicate so. Gasoline consumption has been declining for at least six months. Households may be thinking twice about jumping in the family car as a slowing economy and rising prices are stressing pocketbooks from Maine to Hawaii.    » read more »

Winter Fuels Wrap-Up

April 2, 2008 - Despite what may have appeared as a harsh winter in some regions, actual temperatures across the Nation remained close to normal over most of the 2007-08 winter heating season. The variation in temperatures over portions of the key heating regions in the Midwest and East Coast, with some periods of mild weather and others of more severe weather, contributed to moderate overall heating fuels demand last winter.

Gas pump nozzle: Photo by Brian Herbst (CC)

In contrast, past winters have shown that prolonged periods of extremely cold temperatures often caused significant supply disruptions.    » read more »

Lincoln, Neb. - Nebraska Governor Dave Heineman today signed two legislative bills necessary to help maintain a balanced budget in the remaining year of the biennium.

While signing LB 959, the 2008 budget bill, the Governor included one line-item reduction, which was to eliminate the gas tax increase. The veto of the gas tax increase represents a $14.5 million savings for the state.

“I want to applaud the hard work and leadership of Senator Heidemann, members of the Appropriations Committee, and the Legislature as a whole for delivering a budget bill package that represents a responsible revision to our state budget,” Gov. Heineman said. “I particularly want to thank state senators for helping maintain a strong cash reserve and continuing to exercise restraint in spending.    » read more »

Washington, D.C.—Oil prices have skyrocketed despite the fact that world oil demand grew just 1 percent in 2007, according to the latest Vital Sign Update from the Worldwatch Institute. Contrary to published reports, the new era of $100-plus oil is not caused by soaring demand for the energy source, but by inadequate global supply.

Oil prices nearly doubled during 2007, from just above $50 a barrel in January to nearly $100 at year's end. Meanwhile, world crude oil production actually fell from 73.8 million barrels per day in 2005 to 73.2 million barrels per day in the first 10 months of 2007.    » read more »

March 26, 2008 -- Washington – Despite declining gasoline consumption, high inventory levels and increased production of ethanol, America’s gasoline consumers continue to face escalating prices at the pump, according to a new report released today by the Consumer Federation of America (CFA).

“For half a decade the major oil companies have exercised their market power,” said Dr. Mark Cooper, research director of CFA and author of the report. “In response to record high prices, consumers are cutting their consumption and lower priced alternatives, like ethanol are expanding supplies. But these market responses are being counteracted by high crude prices driven up by speculators and reduced oil company refinery runs."    » read more »

Bait and Switch

Many drivers in the U.S. who chose diesel-fueled vehicles over gasoline-fueled ones may have done so for the expected savings from higher fuel economy and historically lower prices per gallon, especially during the summer driving season. However, diesel is currently selling at about a 70-cent premium to gasoline at the retail pump, and that has consumers scratching their heads.    » read more »

Heating Fuels Prices At Record Levels

With crude oil prices over $100 per barrel and cold weather in many parts of the country driving up demand, heating fuel prices have been setting new record highs. With residential prices from the beginning of winter to mid-March averaging $3.28 per gallon for heating oil and $2.46 per gallon for propane, and this week’s average heating oil price above $3.85, prices for the winter as a whole are likely to set a new nominal record.    » read more »

Three Hendricks County Gas Stations are making Refunds following an Excessive Pricing Inquiry by Attorney General Steve Carter

March 19, 2008 -- (INDIANAPOLIS, IN) – Three Hendricks County gas stations are responding to Indiana Attorney General Steve Carter’s inquiries about excessive pricing last Friday. The attorney general’s office received complaints about a Speedway and two Marathon stations near Danville selling regular, unleaded gasoline at more than $4/gallon before dropping prices later in the day.

“These prices stuck out like a sore thumb and were clearly excessive in the marketplace,” Carter said. “Our inquiry into the matter has resulted in an outcome favorable to customers.”    » read more »

March 18, 2008 - “When ticket prices need to increase to pay for oil, airlines do it, and when ticket prices need to be raised to repair pilot contracts, airlines must do it then, too,” said ALPA's president, Capt. John Prater, to hundreds of the leading U.S. financial analysts on Tuesday. Prater addressed the 2008 JPMorgan Aviation and Transportation Conference held in New York City.    » read more »

With Americans Facing Record High Gas Prices, Feingold Joins Effort Calling on President to Stop Stocking Oil Reserve

March 18, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold is calling on President Bush to stop filling the Strategic Petroleum Reserve (SPR) while American consumers face record high gas prices.    » read more »

March 14, 2008 -- Connecticut Governor M. Jodi Rell today announced she has written the leadership of Congress, asking them to consider the spike in energy prices as a crisis worthy of the same treatment legislators gave to the recent economic stimulus package.

“The people of Connecticut and other states are suffering,” Governor Rell said. “The U.S. dollar is trading at all-time lows against major currencies. Crude oil is trading at record highs, closing last night at over $110 a barrel after reaching the $111-a-barrel mark during the day.    » read more »

$4 per gallon?

When the weather forecast calls for a partly sunny day, will it be sunny where you are? Or, if the weather forecast calls for a “chance of scattered showers,” does that mean it will be raining at the park when you’re planning to have a picnic? While it may be interesting to know what the overall weather might be, what we’re really interested in is what the weather will be for us at some important time of the day.    » read more »

3/10/2008 -- "Today's record setting oil prices underscore the stakes in this election. The soaring cost of oil is dragging down our economy and driving up prices on everything from gas at the pump to food on families' tables. Gas is approaching $4 a gallon in some parts of the country and the average American family is spending $2,000 more a year on their energy costs than they were in 2000.    » read more »