Gas Prices | featured news

Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said.

Crude-oil prices fell nearly 2% on fresh speculation that developed countries will release strategic stockpiles in an effort to combat high crude prices.

How much are Americans freaked out by the prospect of paying $4 a gallon at the pump? A whole lot ... and not at all. Like a lot of carless New Yorkers, I am generally confused by bursts of populist outrage over high gas prices. But I have always assumed that the anger is genuine — that hard-working Americans, who already spend a lot on gas, are thrown into turmoil when they have to spend even more. After all, 63 percent of Americans insist that these price increases have caused them some financial hardship.

U.S. gas prices jumped more than 11 cents per gallon over the past two weeks, but may be peaking as the price of crude oil holds steady, according to the latest Lundberg Survey.

For all the domestic political talk about high gas prices, President Obama says one major factor can be traced overseas: Iran.

Families canceling vacations. Fishermen watching their profits burn up along with their boats' gasoline. Drivers buying only a few gallons of gas at a time because they can't afford to fill the tank. From all corners of the country, Americans are irritated these days by record-high fuel prices that have soared above $4 a gallon in some states and could top $5 by summer. And the cost is becoming a political issue just as the presidential campaign kicks into high gear.

Wooing a nation of increasingly angry motorists, President Barack Obama and his Republican rivals are all plunging into gas-pump politics, seeking the upper hand as energy becomes a driving issue in the election campaign....

Thanks to the circular firing squad nature of the 2012 Republican presidential primaries, it had begun to look as if President Obama would coast to re-election in November. But then came along high gas prices. The recent dramatic increase in gas prices could become the issue that slows the economy, stalls the recovery and sinks the president's chances at a second term.

It's the political cure-all for high gas prices: Drill here, drill now. But more U.S. drilling has not changed how deeply the gas pump drills into your wallet, math and history show....

The global economy has stepped back from the brink of danger and signs of stabilization are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said on Sunday.