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Chevron profit rises 4 percent, even as production falls

Chevron Corp, the second-largest U.S. oil company, reported a slightly higher-than-expected quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.

U.S. oil production is up, so why are gas prices so high?

America's soaring pump prices seem to defy the laws of supply and demand, except for one fact: It's increasingly not just about us.

After 4-month surge, gas prices start falling

The worst is over, for now. Gasoline prices are starting to fall. After a four-month surge pushed gasoline to nearly $4 per gallon in early April, drivers, politicians and economists worried that gasoline prices might soar past all-time highs, denting wallets, angering voters and dragging down an economy that is struggling to grow.

Another Election Year, Another Attempt to End Oil Speculation

Tue, 04/17/2012 - 5:23pm — Sin-Mao Yang

It might have started a couple months earlier, but this is eerily similar to the summer of 2008 when gas prices were at record highs, which is around $4 per gallon. Back then, congress proposed a bill to regulate oil speculation, but nothing came of it. It was shelved when people fought back by driving less and using alternative methods of transportation, lowering gas prices to the point where it no longer became an issue.

Obama to pitch $52M plan to regulate oil markets

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.

Inflation outpaces earnings, threatens spending

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.

Gas prices, now averaging $3.92 a gallon, may have peaked

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

Higher gas prices cause less public anger this time

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.

CNBC: Why we have nothing to fear from $4 gas

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

Can a Simple Thing like Rising Gas Prices Derail Both The Economy and Barack Obama's Re-Election

Thu, 03/29/2012 - 2:04pm — Sin-Mao Yang

It’s hard to think that increasing gas prices alone can derail the economy and Barack Obama’s re-election along with it, but the media certainly makes it seem possible with their headlines.

I remember during the summer of 2008 - in the heat of the presidential election - we encountered the same issue. Democrats tried to blame higher gas prices on then president George W. Bush. There were talk of opening up our oil reserves, more drilling, and regulating speculators.

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