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The Latest Breaking News from Gas Prices

'Outrageous': Gas prices reach new record high in California, US

WOODSIDE, California — Gas prices in the Bay Area and California broke records again Wednesday, with some stations hitting $7 a gallon for mid- and premium-grade, exacerbating concerns about inflation and the region’s exceptionally high cost of living.

Tribune News Service

US pump prices hit record as OPEC+ producers gather

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to send to the world economy as U.S. gas prices hit another record high

The Independent UK

Demand at food banks is way up again. But inflation makes it harder to meet the need

High food and gas prices are squeezing working families, sending some to food pantries for the first time. But providers are struggling with high costs, fewer donations and supply chain woes.

WEKU

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Australia faces a 'perfect storm' on gas supply, as minister warns problem will not be solved quickly

Surging gas prices and supply shortfalls have put Australia on the edge of a "serious and challenging situation" that will not be quickly solved, the new Energy Minister warns.

ABC News

Biden likely to visit Saudi Arabia as US gasoline prices spiral, sources say

WASHINGTON — President Joe Biden is likely to visit Saudi Arabia later this month as part of an international trip for NATO and Group of Seven meetings, according to people familiar with the matter, with record high U.S. gas prices weighing on his party’s political prospects.

Tribune News Service

Failure of coal leaves us stuck with gas as a very expensive transition fuel

Unreliable coal-fired power means a greater reliance on gas, even though it’s ridiculously expensive. The economic consequences could be significant.

Crikey

As gas prices soar, Biden leans toward visiting Saudi Arabia

President Joe Biden is leaning towards making a visit to Saudi Arabia — a trip that would likely bring him face-to-face with the Saudi crown prince he once shunned as a killer

The Independent UK

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Federal government's 'gas trigger' to keep supplies onshore may not be pulled just to put a lid on high prices

As gas prices rocket upwards, the federal government is fielding questions on whether it would use its "gas trigger" powers to force gas exporters to keep supplies onshore. But high prices alone may not be enough to pull the trigger.

ABC News

Newly installed federal government faces a tough test on gas prices

Long suffering energy consumers who have seen power prices spike now face rising gas prices from July 1, as shortages cause wholesale prices to spike.

The New Daily

Why energy bills are increasing

Squeeze on wholesale gas prices around the world driving up household bills

The Independent UK

'Rocketed away': no easy answers on power price spikes, treasurer warns

Treasurer Jim Chalmers says the spike in gas prices has multiple causes and no easy solutions.

Newcastle Herald

Oil Leaps As EU Agrees Russian Crude Ban; U.S. Gas Prices Hit Fresh Record High

An EU ban covering around 90% of Russian crude exports has oil prices on the march Tuesday, with U.S. gasoline prices quoted at a fresh all-time high.

The Street

Axios midterms dashboard: What matters '22

All politics is local.

Axios

Why energy bills are increasing

Squeeze on wholesale gas prices around the world driving up household bills

The Independent UK

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The Guardian - UK

Could a cartel of large energy consumers cut oil and gas prices?

Italy’s PM Mario Draghi suggests big consumers club together to limit how much is paid and raises idea of EU gas price cap

The Independent UK

Why energy bills are increasing

Squeeze on wholesale gas prices around the world driving up household bills

Benzinga

How Gas Prices Are Tracking As Memorial Day Weekend Kick-Starts

Retail gas prices are at a record high in anticipation of increased demand as the summer driving season gets underway. Pain At The Pump: Nationwide, the average price of regular gasoline was at $4.601 a gallon, according to data from the American Automobile Association (AAA). This is much higher than the…

Benzinga

Analysts Slash Price Target On American Eagle Outfitters Post Q1 Results

Analysts slashed the price target of American Eagle Outfitters Inc (NYSE:AEO) following the company's Q1 results. BMO Capital analyst Daniel Stroller lowered the price target to $15 (14% upside) from $23 and kept a Market Perform rating on the shares. Stoller noted that macro-economic problems like inflation and soaring gas prices had amplified the issues in…

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Benzinga

Why Big Lots Shares Are Plunging Today

Big Lots Inc (NYSE:BIG) reported a first-quarter FY22 revenue decline of 15.4% year-over-year to $1.37 billion, missing the consensus of $1.46 billion. Comparable sales decreased 17% versus an 11.3% increase last year. Ecommerce accounted for 7% of total sales in the quarter. The gross margin for the quarter decreased 350 basis points Y/Y…

Benzinga

Google Maps Contract Workers Lock Horns With Management Over Returning To Office Policy

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Maps contract workers are amid a standoff with their vendor Cognizant Technology Solutions Corp (NASDAQ:CTSH) on resuming back office, Bloomberg reports. The workers who are paid an hourly rate of $16 - $28 and do not enjoy the same perks as direct employees are also subject to the company's…

The Street

Big Lots Stock Crumbles After Surprise Q1 Loss As Inflation, Gas Price Surge Bites Spending

"We believe the slowdown was caused by the spending pressure our consumers felt from higher gas prices and broader inflation," said CEO Bruce Thorn.

Al Jazeera

Despite pain at the pump, Americans are hitting the road

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes?

The Independent UK

More Memorial Day travel expected, despite high gas prices

Pandemic-weary U.S. residents are confronting high gas prices as they decide whether to travel this Memorial Day weekend

Benzinga

As American Natural Gas Prices Start To Converge With Europe's, A Hedged Bet On Them Going Even Higher.

Zoltan Poszar's Predicted Commodities Disruptions

Birmingham Post

All about the windfall tax on gas and oil producers and how it will work

The new Energy Profits Levy will go towards supporting people struggling with the increased cost of living.

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