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☆ Good news: The worst could be over for gas prices this spring
▼ + stars: | 2024-04-30 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

US gas prices have stopped rising and even briefly dipped in recent days. Now, there is growing hope that gas prices are at or near a peak for the spring – or perhaps even for the year. ‘Could have been much worse’Of course, none of this is to say gas prices are cheap. A spike in gas prices would be the last thing President Joe Biden needs as he struggles to convince voters of his economic message before November. Why gas prices have cooledThere are multiple reasons why gas prices have stopped rising for the moment.

Persons: Patrick De Haan, “ I’m, ” De Haan, Tom Kloza, ”, Andy Lipow, “, De Haan, Joe Biden, Lipow, ” Lipow, Kloza Organizations: New, New York CNN, OPEC, AAA, CNN, “, Oil Price Information Service, Lipow Oil Associates, Drivers, Federal Reserve, Biden, US Strategic Petroleum Reserve, Coast, Colorado State University Locations: New York, Israel, Iran, Covid, California, De Haan ., Washington, Syria, West Texas, New Mexico, Saudi Arabia, Russia

☆ Don’t look now but gas prices are rising fast
▼ + stars: | 2024-02-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Gas prices always rise as winter winds down because demand increases and gas stations must switch over to more expensive summer fuel. No matter the cause, rising gas prices are bad news for consumers already frustrated by the cost of living. And they undercut the election year message of a White House that previously pointed to cheap gas prices as evidence that Bidenomics is working. First, oil prices — the main driver of retail gas prices — tend to increase during this time of the year. For instance, without the usual backstop, last summer’s historic heatwave that knocked some refineries offline unexpectedly lifted gas prices across the country.

Persons: New York CNN —, ”, Patrick De Haan, doesn’t, De Haan, That’s, Andy Lipow, It’s, BP’s Whiting, Whiting, Lipow, ” Lipow Organizations: New, New York CNN, AAA, ’, Lipow Oil Associates, ”, BP, heatwave Locations: New York, Washington, Southern California, Indiana, Midwest, Ohio, Illinois, Colorado , Utah, Arizona, New Mexico, Colorado, That’s, Israel, Iran, Saudi Arabia

Fluctuations since the attack pushed oil prices as high as $96. Until something like that happens, “the oil market is going to be like everyone else, monitoring the events in the Middle East,” Lipow said. One reason 1970s-style gas lines are unlikely: U.S. oil production is at an all-time high. Weekly domestic oil production has doubled from the first week in October 2012 to now. Lawmakers from both parties have urged Biden to block Iranian oil sales, seeking to dry up one of the regime’s key sources of funding.

Persons: ” Fatih Birol, ”, Andrew Lipow, ” Lipow, Mike Sommers, Sommers, “ America’s, “, Joe Biden's, Israel, Biden, Sofia Guidi Di Sante, Wyoming Sen, John Barrasso, “ Joe, Barrasso, ____ McHugh, Choe Organizations: WASHINGTON, International Energy Agency, ”, Associated Press, Brent, Lipow Oil Associates, U.S . Energy Information Administration, Energy Department, American Petroleum Institute, Hudson Institute, Commerzbank, Oil, Rystad Energy, Republican, Senate Energy, Natural Resources Committee, Democratic, Keystone XL, Strategic Petroleum Reserve, The Energy Department, The Treasury Department, Treasury Locations: East, Israel, Saudi Arabia, Russia, China, Paris, Gaza, Iran, Houston, Hormuz, U.S, Europe, Washington, OPEC, Lebanon, Venezuela, The U.S, Wyoming, America, Frankfurt, Germany, New York

☆ In a bad omen for inflation, US oil prices top $90 a barrel for the first time this year
▼ + stars: | 2023-09-14 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —US oil prices climbed above $90 a barrel on Thursday for the first time in 10 months, threatening to push gasoline prices even higher and heat up inflation across the economy. High oil prices have already created an unusual situation where gasoline is getting more expensive even after the summer driving season has ended. The latest oil market rally has been driven by concerns about supply. The recent jump in energy prices is undoing some of the progress made by central banks in the fight against inflation. A pair of inflation reports released this week showed prices rose by more than expected in August, in large part because of rising gas prices.

Persons: ”, Andy Lipow, Lipow, Brent Organizations: New, New York CNN, AAA, Lipow Oil Associates, Energy Locations: New York, Saudi Arabia, Russia, Libya, Europe, Texas , New Mexico, United States, Colorado , North Dakota, California

☆ Gas prices just saw their biggest one-day increase in a year
▼ + stars: | 2023-07-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The monthslong calm in gas prices is over. However, gas prices are much lower today than they were last summer, when they spiked above $5 a gallon. David Paul Morris/Bloomberg/Getty ImagesAs recently as July 4, gas prices had experienced a nearly unprecedented year-over-year decline. The unwelcome shift higher in pump prices follows a jump in oil prices, which have climbed to three-month highs as part of a broader rally in commodities. Cooling inflation, driven in part by easing gas prices, has raised hopes that the United States can avoid a recession.

Persons: ”, Andy Lipow, David Paul Morris, Lipow, ” Lipow Organizations: New, New York CNN, AAA, CNN, Lipow Oil Associates, Bloomberg, Getty, Federal Reserve, OPEC Locations: New York, Ukraine, United States, Russia, Saudi Arabia, OPEC, Europe

☆ Biden can’t do much to bring down gas prices. But a recession can
▼ + stars: | 2022-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —There is one surefire cure for high gas prices. “There is now a perceived huge downward risk tied to recession,” said Tom Kloza, chief energy analyst for OPIS, which tracks gas prices for AAA. And it’s not just US economic worries that’s putting downward pressure on gas prices. It doesn’t take a severe economic downturn to take a bite out of gas prices. The nine-month recession of 2001 ended with prices down 37% at the end of that year from their peak.

☆ Gas prices are heading down, with or without Biden’s help
▼ + stars: | 2022-10-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN Business —It’s not at all clear if President Joe Biden’s latest announcement that he’s releasing oil from the nation’s emergency stockpile will help bring gas prices down. The national average stood at $3.85 a gallon Wednesday, down 2 cents from Tuesday and 7 cents in the last week. But a number of West Coast refineries that had been offline have returned to operations, and that has sparked a plunge in gas prices west of the Rocky Mountains, driving down the national average. “As it started selling off [Tuesday], it triggered some liquidation [of oil futures].” Oil and gas prices both rebounded modestly in Wednesday trading. Correction: A previous version of this article misidentified the day of the week the national gas price average stood at $3.85 a gallon and the prior day.

☆ Fury at Saudi Arabia revives calls for US to throw the book at OPEC
▼ + stars: | 2022-10-07 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

New York CNN Business —OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response. And as Democratic Congressman Ro Khanna told CNN earlier this week, in some ways the United States is less dependent on Saudi Arabia and other OPEC nations than in the past. US oil production has skyrocketed over the past 15 years, driving down foreign oil imports. Last year, US crude oil imports from OPEC nations stood at just 798,000 barrels per day. OPEC nations are among the only countries with the firepower to fill any gap created by the potential loss of Russian supply.

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