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The Latest Breaking News from Gas Prices

High gas prices prompt California lawmakers to consider penalties on oil profits

SACRAMENTO, Calif. — A new class of California lawmakers will be sworn in Monday and thrust into the middle of Gov. Gavin Newsom's political fight with oil companies, testing the clout of an industry that spends heavily to influence the Legislature and potentially affecting gas prices for Californians.

Los Angeles Times

An early Christmas gift: lower gas prices

The average price in the city for regular unleaded was $4.23 as of Friday, according to AAA Gas Prices

Chicago Sun-Times

Government to cap wholesale gas prices as part of market intervention to lower power prices

Anthony Albanese and his cabinet are set to endorse a multi-pronged strategy to curb sky-high power prices, as pressure mounts on the government to urgently intervene in the market.

ABC News

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Peruvian truckers, farmers block roads in protests over fuel, fertilizer

Peruvian farmers and truck drivers staged at least 14 roadblocks on Thursday as part of ongoing protests over high gas prices and fertilizer shortages, hitting the trade and tourism sectors in the South American nation.

Reuters

European Union energy ministers fail to agree to cap gas prices

European Union ministers met in Brussels on Thursday to debate measures intended to ease the energy crisis but were unable to agree a gas price cap proposed by the bloc's governing commission.

Radio France Internationale

Rishi Sunak news – live: PM backs Raab amid new bullying allegations

Senior lawyer Adam Tolley KC was appointed by Rishi Sunak to look into formal complaints of bullying by Raab

The Independent UK

Can Valero Energy Help Energize Your Portfolio This Fall?

Although oil and gas prices have fallen significantly from their highs, crude oil prices are expected to rise further because of the potential supply crunch. This could benefit oil and gas major Valero Energy (VLO). Moreover, the stock is trading above its 50-day and 200-day moving averages, indicating an uptrend.…

StockNews.com

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Gas prices falling ahead of Thanksgiving holiday. Here’s how much lower they could get

Easing the financial strain of higher turkey costs, gas prices are falling across the country as the Thanksgiving Day holiday approaches.

Tribune News Service

Oman’s Producer Price Index Posts Increase of 37%

Oman's producer price index for the third quarter of 2022 posted an increase of 36.6 percent, compared to the corresponding period in 2021, according to the quarterly survey by the National Center for Statistics and Information (NCSI). The Oman News Agency (ONA) reported on Sunday that oil and gas prices…

Asharq Al-Awsat

Frommer’s 15 best places to travel in 2023

Cue the wanderlust! Frommer’s travel editors have gone big with their annual Best Places to Go list, which includes destinations around the world. After two years of domestic travel recommendations — while grappling with understaffed airports, flight delays and high gas prices — they’re declaring themselves (cautiously) optimistic about this…

Tribune News Service

Is air travel getting more expensive?

Recent increases in flight costs reflect broad inflation and higher gas prices.

USAFacts

Orica chief says gas prices are not sustainable

The head of chemical manufacturer Orica says the current record gas prices are not sustainable.

Newcastle Herald

Energy transitions: why countries respond differently to the same problem

Russia’s invasion of Ukraine upended global energy markets. Sanctions on Russian exports and the suspension of gas deliveries to several European countries sent oil and gas prices skywards.

The Conversation

How to keep your heating bills down at home this winter as gas prices rise

The average annual energy bill for UK households now sits at £2,500

The Independent UK

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Kiplinger

Kiplinger Energy Outlook: Gas Prices Finally Set to Recede

After soaring during the conflict in the Middle East, gasoline prices are about to head lower on signs of a peace deal coming together.

Tribune News Service

Card balances continued to grow at moderate pace in September, Fed reports

Credit card debt grew moderately in September, as gas prices continued to decline. While inflation remained an issue impacting consumers, rising 8.2 percent over the year for September, gas prices were down 4.9 percent from August. This follows August’s month-over-month 10.6 percent downslide in gas prices.

The Independent UK

How to keep your heating bills down at home this winter as gas prices rise

The average annual energy bill for UK households now sits at £2,500

Birmingham Post

Poinsettia farmer overcomes energy crisis to grow a million plants for Christmas

Comes as Dutch growers cut back on production this year due to rising gas prices

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The Guardian - UK

Stronger profits at British Gas owner fuel £250m share buyback

Higher electricity and gas prices offset weaker performance in Centrica’s household services

The New Daily

Treasury calls for action on sky-high prices, as blowback comes from gas companies

Gas exporters have signalled their intent to make sure any government regulation on gas prices is watered down.

Los Angeles Times

Commentary: We can’t afford to shutter California’s aging oil refineries yet

After a summer with some historic gasoline price increases, California continues to experience the highest gas prices in the country by a considerable margin.

ABC News

Federal Treasury secretary Stephen Kennedy recommends government intervene in energy market to drop power prices

The federal government's chief economic advisor endorses market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.

ABC News

Solar boom set to accelerate as electricity and gas prices soar and payback times shorten

Australians households and businesses are expected to speed up the transition to renewables as energy prices soar and payback periods for solar and batteries shorten.

ABC News

The federal government already has a windfall tax on gas profits. But while gas prices soar, is the tax doing its job?

Australia is one of the world's largest LNG exporters, and those companies selling gas to the world are in a prime position to capitalise. So how much are Australian taxpayers making from the sale of Australian gas?

Chicago Tribune

Last winter’s heating costs were bad. This year could be worse, with Chicago-area gas bills expected to spike another 30%

It may cost hundreds of dollars more to stay warm this winter in Chicago and the suburbs, with rising natural gas prices and ongoing ratepayer-funded repair work projected to raise bills by as much as 30% over last year.

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