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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

☆ Oil price surge is the No. 1 threat to the US economy, Moody’s economist warns
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.

Persons: “, ”, Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, “, Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds, “

Gas prices have fallen or remained steady since Sep. 19 — marking about a 70-day trajectory of decline, Andrew Gross, spokesperson for motor club AAA, said Tuesday. As of Tuesday, the national average for gas prices stood just below $3.25, according to AAA. Experts point to a recent decline in oil prices and a seasonal dip in demand, as well as easing inflation. Political Cartoons View All 1270 ImagesWHY ARE GAS PRICES FALLING? While the downward trend in gas prices is expected to continue at least into the New Year, anything's possible.

Persons: — It's, Andrew Gross, Patrick De Haan, Gross, ” Gross, De Haan, There's, ” De Haan, — Organizations: AAA, West Texas Locations: U.S, Russia, Ukraine, Saudi Arabia, OPEC, Israel, Texas, Mississippi, Georgia, California, Hawaii, Washington

DALLAS (AP) — Despite inflation and memories of past holiday travel meltdowns, millions of people are expected to hit airports and highways in record numbers over the Thanksgiving break. Sunday will draw the largest crowds with an estimated 2.9 million passengers, which would narrowly eclipse a record set on June 30. Scott Keyes, founder of the travel site Going, is cautiously optimistic that holiday air travel won’t be the same mess. From June through August — when thunderstorms can snarl air traffic — the rate of cancellations fell 18% compared to 2022. The airlines, in turn, have heaped blame on the Federal Aviation Administration, which they say can’t keep up with the growing air traffic.

Persons: Pete Buttigieg, Nature, ”, Patrick De Haan, ” De Haan, haven't, Scott Keyes, ” Keyes Organizations: DALLAS, Transportation Security Administration, AAA, . Transportation, Southwest, U.S . Department of Transportation, Federal Aviation Administration, Transportation, FAA, Airlines Locations: East Coast, snowplows, New York, Miami, Jacksonville , Florida, Delta

☆ Thanksgiving gas prices set to be the cheapest since 2020
▼ + stars: | 2023-11-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Just in time for the Thanksgiving holiday travel rush, gas prices are tumbling fast. This exceeds the typical seasonal drop in gas prices during the fall and leaves the national average at a 10-month low. If prices stay near current levels, this would be the cheapest gas price on Thanksgiving Day since 2020 when Covid-19 caused many Americans to stay off the roads altogether. GasBuddy projects the national average will slide to $3.25 a gallon or lower by Thanksgiving Day, marking the lowest priced Thanksgiving Day for fuel prices in three years. By comparison, gas prices stood at $3.57 a gallon on last year’s holiday following a year of notoriously high prices.

Persons: didn’t, GasBuddy, ”, Patrick De Haan, De Haan, ” De Haan Organizations: New, New York CNN, AAA, Labor, RBC Capital Markets, RBC, Federal Reserve, Drivers Locations: New York, Covid, China, Saudi Arabia, Israel

“So many more people have credit cards now.”Wise says the main thing to watch for is how strapped consumers are in their overall financial condition. There are signs the consumer may still have a little left in the tank. And speaking of tanks, gas prices have been coming down, a move that will free up a little more money for consumers to spend. And this occurred while consumers repeatedly tell surveys they are feeling gloomy and pessimistic about the state of the economy. The pace of increase in consumer prices has fallen from around 9% annually in the summer of 2022 to under 4% now.

Persons: ”, Donghoon Lee, “, TransUnion, TrasnUnion, Charlie Wise, ” Wise, we’ve, ” Patrick De Haan, De Haan, Lisa Sturtevant, Goldman Sachs, Jan Hatzius, Joseph Brusuelas, Tuan Nyugen Organizations: Federal Reserve Bank of New York, New York Fed, TransUnion, “, MLS, Federal, ” Goldman, Adobe Locations: U.S, California

Global oil prices backed off the $90 a barrel mark early Wednesday as traders digested the news that Saudi Arabia and Russia would extend their summer production cuts until December. The move is likely to keep U.S. gas prices higher for longer. Many nations joined in putting sanctions on Russian oil when President Vladimir Putin invaded Ukraine in February 2022. But large oil consumers such as China and India continue to buy Russian oil. Rising oil prices will also be a concern for the Federal Reserve as its campaign to tame inflation is finally bearing fruit.

Persons: ” Patrick De Haan, Hurricane Idalia, De Haan, Vladimir Putin Organizations: Labor, Gas, Hurricane, Federal Reserve Locations: Saudi Arabia, Russia, “, ”, China, Ukraine, India, Germany

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

☆ Gas is almost $1 cheaper than a year ago
▼ + stars: | 2023-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

But gas prices are miles away from last summer’s nightmare. At this point last year, gas prices were racing toward $5 a gallon, angering Americans, alarming central bankers and threatening the entire economy. Gas is not cheapTo be sure, gas prices are not nearly as cheap as back in 2020 when the national average crashed below $2 a gallon. Looking ahead, gas prices will probably remain far away from last summer’s peak. “If we return to economic prosperity, we’re going to return to the same gas price explosion as last year.”

☆ Premarket stocks: Here's why you should always wait for the earnings call
▼ + stars: | 2023-01-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. These slowdowns have been partially factored into stock prices, he said, “but not necessarily in full.”The upside: Market reaction appears to go both ways. Gas prices are surging this month. Gas prices are rocketing higher. Why are gas prices jumping?

☆ Gas prices have surged 40 cents in a month
▼ + stars: | 2023-01-27 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

But something unusual is happening this year: Gas prices are rocketing higher. Although that’s a far cry from the record of $5.02 a gallon last June, gas prices have increased by 12 cents in the past week and 40 cents in the past month. AAA says some states have experienced much bigger gains over the past month, including Colorado (95 cents), Georgia (68 cents), Delaware (63 cents), Florida (60 cents) and Ohio (59 cents). That helps explain why gas prices in Colorado have surged by nearly $1 a gallon over the past month. Oil prices bounce off lowsBeyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward.

☆ $4 gas could return as soon as May, GasBuddy projects
▼ + stars: | 2022-12-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —Gas prices will probably be significantly cheaper overall next year. Yet the national average could still climb back above the $4-a-gallon threshold as soon as May, according to GasBuddy projections shared exclusively with CNN. Why gas prices are droppingIn December 2021, before Russia amassed troops at Ukraine’s border, GasBuddy projected the national average for gas would be $3.41 a gallon in 2022. The national average is now about 20 cents below the same period of a year ago, according to AAA. Gas prices are not expected to return to $5 this summer – although GasBuddy isn’t ruling that out.

☆ Gas prices tumble to 15-month low
▼ + stars: | 2022-12-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —The plunge in gasoline prices hit another milestone on Friday, with the national average sinking to the lowest level since September 2021. Nineteen states currently have an average gas price of less than $3 a gallon, including Minnesota, Ohio and Colorado. In a sign that gas prices could continue to slide, US oil prices dropped another 3% to $73.58 a barrel Friday morning. He noted that by GasBuddy’s metrics, the median gas price tumbled to $2.99 as of Friday morning. The slide in gas prices has been driven by a variety of forces — not all of them positive.

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