Energy, Gas Prices | featured news

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....

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.

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.