Energy, Gas Prices | featured news

The price of oil suffered its biggest one-day decline in nearly six months Friday, falling below $100 per barrel for the first time since February. A drop in gasoline prices can't be far behind.

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.

Two pro-Obama groups slam Mitt Romney as a tool of the oil industry in a TV ad that plays up high gas prices.

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.

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.

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.