Gas Prices | featured news

A GOP bid to expand and hasten offshore oil drilling in the face of $4-a-gallon gasoline prices suffered an overwhelming defeat in the Senate on Wednesday, four days after President Barack Obama directed his administration to ramp up U.S. oil production....

The Senate blocked a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government's ability to borrow.

Many hotels and condo complexes in Ocean City, Md., are giving away gas cards of up to $50.

Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.

Consumers paid more for gas and food in April, pushing inflation to its highest level in two and a half years. But so far this month, inflationary pressures have begun to ease.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.

The average gas price in the United States has hit the $4 mark, just 11 cents shy of the all-time high, according to a survey published Sunday.

Oil prices plummeted by almost 9 percent on Thursday as traders worried that American drivers were beginning to balk at the price of gasoline.

Big chains report an 8.9% increase from a year earlier, led by discounters and apparel stores. A later Easter is considered only partly responsible for the big jump.

General Motors' U.S. sales of cars and truck jumped 27 percent in April as the economy continued to improve and $4 a gallon gasoline pushed buyers into more efficient vehicles.