gas prices
In attempt to curb gas prices, Biden will release oil from emergency reserve
President Biden authorized the release of 15 million barrels of oil from the nation’s reserves Wednesday, part of an effort to lower gas prices as polling shows concerns over inflation are likely to hurt Democrats in congressional elections next month. The release from the Strategic Petroleum Reserve, a four-site complex of deep underground storage caverns […]
Strong economy, declining gas prices have escaped notice, White House says
After making a fight against inflation its “top priority,” the Biden administration says aspects of the economy are robust, even if headlines haven’t reflected that. Senior administration officials promoted Biden’s economic record on a call with local reporters Wednesday on positive economic indicators — mainly low unemployment and falling gas prices — ahead of a […]
U.S. inflation hits a 40-year high in June, but Biden points to decreasing gas prices
WASHINGTON — U.S. inflation reached a 40-year high for June as prices for gas, food and rent increased, according to the latest Consumer Price Index from the Bureau of Labor Statistics on Wednesday. Consumer prices for all items increased 9.1% for the 12 months ending in June compared to last year, the biggest year-to-year increase since the […]
Biden pitches a summer gas tax holiday as price hovers around $5 a gallon
WASHINGTON — President Joe Biden on Wednesday called on Congress and state legislatures to provide a temporary reprieve from gas taxes — but members of his own party and Republicans appeared opposed, making it look unlikely on the federal level. In addition, many state legislatures are out of session for the year and aren’t expected […]
EPA issues waiver for sales of 15 percent ethanol blend during summer driving season
WASHINGTON — The EPA issued a fuel waiver Friday afternoon to allow for a heightened ethanol gasoline blend to be sold at service stations this summer, an attempt by the Biden administration to lower soaring fuel prices. In a letter to Minnesota Gov. Tim Walz, EPA administrator Michael S. Regan wrote that the waiver will allow gas stations to sell […]
Democratic leaders in Congress want more power for regulators over high gasoline prices
WASHINGTON — Democratic leaders in Congress critical of soaring gasoline prices say they will push legislation to allow the U.S. Federal Trade Commission and state attorneys general to go after oil companies that engage in price gouging in times of crisis. “Big oil has profited in this (and) has exploited the market,” House Speaker Nancy […]
U.S. House panel grills oil executives on soaring gas prices
Democrats blamed the oil industry, Republicans blamed President Joe Biden and oil executives blamed global market forces at a U.S. House hearing Wednesday on how to reverse a dramatic increase in gas prices. Over nearly six hours, members of the House Energy and Commerce Subcommittee on Oversight and Investigations and executives from six oil companies […]
Biden OKs release of 1 million barrels of oil a day from reserve, calls for supply boost
President Joe Biden called Thursday for U.S. energy companies to do their part in lowering gasoline prices by boosting supplies of oil, saying the industry should plow record profits back into increased production. Biden also said he would release 1 million barrels of oil from the Strategic Petroleum Reserve daily for the next six months […]
Partisan policies didn’t raise gas prices, and partisan sniping won’t lower them
In 2020 the price of oil crashed, even falling to less than zero one day. Traders actually had to pay buyers to get them to take oil contracts off their hands. Oil companies would prefer not to sell oil unless they can make money off it. Oil companies are just funny that way. So U.S. […]
U.S. Senate Republicans attack Biden on energy costs, regulations after new inflation report
Nebraska’s Deb Fischer and fellow U.S. Senate Republicans slammed President Joe Biden on Thursday for the sharp rise in consumer prices, calling for policy shifts to increase U.S. energy supply, roll back regulations and curb spending. The Bureau of Labor Statistics said Thursday the consumer price index rose nearly 8% in February over the same month in […]
How Russia’s invasion of Ukraine impacts Ohio’s gas prices
The following article was originally published on News5Cleveland.com and is published in the Ohio Capital Journal under a content-sharing agreement. Unlike other OCJ articles, it is not available for free republication by other news outlets as it is owned by WEWS in Cleveland. Ohioans have seen it at the pumps, but they’ve definitely felt it […]
Biden OKs release of 30 million barrels of oil from Strategic Petroleum Reserve
President Joe Biden authorized on Tuesday the release of 30 million barrels of oil from the Strategic Petroleum Reserve, part of an international boost to the global oil supply that has been disrupted by Russia’s invasion of Ukraine. The reserve is a complex of four sites with deep underground storage caverns in salt domes along the […]