Tag: gasoline

European Union Announces Ban on Gas Cars in the Middle of Energy Crisis

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The European Union (EU) announced Thursday that it will be outlawing the sale of gasoline and diesel-powered vehicles by 2035 even though EU countries are already struggling to fight soaring electricity costs.

EU member states and the European Commission agreed to force all new cars and vans registered in the EU to be electric by 2035, according to an EU press release. Europe is currently embroiled in an energy crisis and is preparing for blackouts as electricity prices remain more than seven times higher than they were in 2020, according to The Wall Street Journal.

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As Ohio Gas Prices Surge, Vance Criticizes Ryan and Biden for Energy Policies

Bradley Vasoli

Ohio Republican Senate candidate J.D. Vance criticized the energy and fiscal policies of his Democratic opponent and of the White House on Wednesday, blaming them for the steep gasoline prices Buckeyes now endure.

The average price of a regular gallon of gas in Ohio exceeded $5.00 on Wednesday. That’s a 118.91-percent increase over the $2.32-per-gallon average cost state motorists faced when President Joe Biden took office. In Vance’s estimation, “no one else” bears responsibility for this other than Biden and his “extreme allies in Congress like Tim Ryan (D-13).”

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Average U.S. Gas Price Surges to $4.85 a Gallon

The Center Square

In what has become a seemingly every day occurrence, gas prices rose to a new record high Sunday as the national average approaches $5 a gallon.

Nine states already have surpassed the $5 threshold, and several others are just pennies away.

According to AAA, the average cost of a gallon of regular gasoline reached $4.85 Sunday, up an additional three cents from Saturday and 24 cents from last week.

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U.S. Will Soon See Average Gas Prices Above $6 a Gallon, Energy Analyst Says

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The average price of gasoline nationwide could reach $6 per gallon this summer, far above historic levels and near California’s current prices, an analyst at JPMorgan said Tuesday.

“U.S. gasoline prices to break above $6,” Natasha Kaneva, JPMorgan’s head of global oil and commodities research, wrote in a note to investors titled “Cruel Summer,” according to Bloomberg. “Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories. But this year, since mid-April, U.S. gasoline inventories have fallen counter seasonally.”

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Consumer Prices Rise 8.5 Percent, the Highest in 40 Years

The Center Square

Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.

The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.

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Commentary: Gas-Price Change, Not ‘Climate Change,’ Is What Matters to Americans

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There are few more easily observable measures of the cost of everyday living than the price of gasoline at the pump. As has been widely reported, gas prices in the United States recently hit a seven-year high. The striking thing, however, is not just how high gas prices have gotten, but how fast and far they have risen.

Based on statistics from the U.S. Energy Information Administration—the statistical arm of the Department of Energy—weekly average retail prices for regular unleaded gasoline in the United States increased 94 percent in less than two years. Average gas prices rose from $1.77 per gallon during the week ending April 27, 2020, to $3.44 per gallon during the week ending February 7, 2022—nearly doubling in the process.

That was the largest percentage increase in gas prices within a two-year window since October of 2005, more than 16 years ago. In the election of 2006, Republicans—then the party in power—lost 30 House and six Senate seats, thereby losing control of both chambers, before losing the presidency two years later.

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Energy Commodity Prices Increased by 59 Percent in 2021, Energy Information Agency Reports

The Center Square

The prices of energy, crude and gasoline all increased in 2021 from 2020, the U.S. Energy Information Agency reports. Prices increased because of higher demand and a range of other factors.

By the end of 2021, commodities on the energy index traded 59% higher than they did on the first trading day last year on the S&P Goldman Sachs Commodity Index (GSCI), the EIA reports.

GSCI is a commodity index that tracks the performance of global commodities markets. It’s a weighted average that’s updated every year. In 2021, the energy index comprised 54% of the GSCI, with the two crude oil benchmarks, the West Texas Intermediate (WTI) and Brent, accounting for approximately 70% of the energy index. WTI crude oil accounts for the largest share of the overall GSCI of more than 21%.

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Tennessee Gas Prices Surge, Hitting Highest Average Since 2014

Kaitlin Housler

The non-profit organization American Automobile Association (AAA) reported on Monday that Tennessee reached average gas prices above $3.00 per gallon. AAA data shows gas prices jumped 12 cents over the last week, leading to an average of $3.01 per gallon in the Volunteer State.

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EPA Chief Scott Pruitt Revises CAFE Standards

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By Printus LeBlanc   On April 2, 2018, Environmental Protection Agency (EPA) Administrator Scott Pruitt EPA’s Administrator, Scott Pruitt, announced the completion of the Midterm Evaluation (MTE) process for greenhouse gas emission standards. Pruitt concluded the current standards for vehicles in 2022-2025 were unrealistic and needed to be revised. Of course,…

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