Oil, Gas | featured news

It picked a bad time to sell a refinery in the developed world, but Chevron lightens up to focus on Asia and gas.

The average retail price for gasoline dipped below $2.50 a gallon for the first time in two months Monday as swelling oil supplies and slumping demand overshadowed even a fire at a major U.S. refinery.

The national average price of gasoline fell about 10 cents a gallon during the past two weeks to $2.56.

Russian-built floating reactors could be used to power the operations needed to extract fossil fuels like oil and gas in the Arctic, according to nuclear experts.

After rising nearly every day for the past two months and climbing 67 percent so far this year, it looks like gasoline prices may be ready to take a break.

On Tuesday he stopped at a Conoco station, fueled up and paid for $90 dollars worth of gas. At least he thought he paid for $90 of gas until he got a phone call. "A pre-authorization at an automated gas station dispenser was approved at $81,400,836,908," the automated recording said. "I broke it down and its like $550 Million a gallon.."

Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them.