Gas Prices | featured news

President Obama on Tuesday urged Congress to help strengthen federal supervision of international oil markets, amid pressure from U.S. voters to take action on rising gasoline prices. The president wants Congress to increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

WASHINGTON (Reuters) - Consumer prices rose modestly in March amid signs a spike in gasoline costs was ebbing, but inflation still outpaced workers' earnings and threatened to undermine consumer spending.

This year's surge in gas prices appears over, falling short of the record highs some had feared heading into peak summer driving season.

Several factors are behind the relative complacency now compared with the price surge of 2008, analysts say. Gas prices have soared about 15% in the last six months, hitting $3.94 a gallon on average nationwide, and $4.29 in California.

For the majority of the country, $4 gas isn’t going to doom us or our economy. Here’s why.

President Obama's re-election team is already waging a campaign against Mitt Romney, including an ad linking him to big oil companies.

President Barack Obama is convening a summit with leaders from Mexico and Canada on Monday that aims to boost a fragile recovery and grapple with thorny energy issues against a backdrop of painfully high gas prices....

Consumer confidence rebounded to its highest level in more than a year in March as optimism about jobs and income overcame higher prices at the gasoline pump, said a survey released on Friday.

An attempt to roll back oil company tax breaks was blocked in the Senate, despite a Rose Garden push by President Obama, who said the big five oil companies are doing “just fine” as consumers struggle with painfully high gas prices at the pump.