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Gas prices

Why gas prices loom so large in the way we think about the economy

by Andy Uhler
Apr 14, 2022
They helped push up retail sales in March, but they're already coming back down.
The biggest increases in spending last month were on food and beverages, and, of course, at gas stations, according to Commerce Department Data.
Chip Somodevilla/Getty Images
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Can oil companies use their extra money to ease pain at the pump? It's complicated.

by Andy Uhler
Apr 12, 2022
It'll take more than political policy to lower prices.
Prices for gas at an Exxon gas station on Capitol Hill are seen in Washington, DC. The cost of gasoline continues to rise across the globe and in the United States due to the Russian invasion of Ukraine and continued inflation associated with the global pandemic.
Photo by Win McNamee/Getty Images
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Inflation fuels drive to suspend state gasoline taxes

by Mitchell Hartman
Mar 28, 2022
Levies average 37 cents a gallon nationwide. Three states have made the move and more may join them, but it might not provide enough relief.
Gas prices have leaped since a year ago, and some states have suspended taxes on the product to compensate.
Saul Loeb/AFP via Getty Images
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High gasoline prices take toll on gig economy drivers

by Meghan McCarty Carino
Mar 23, 2022
A survey found more than half of drivers have either reduced their hours or quit in response to rising fuel costs.
Rising gas prices are cutting into the earnings of gig economy drivers.
Ben Stansall/AFP Getty Images
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Oil prices soared, then dropped. But gasoline is still expensive. Why?

by Lily Jamali
Mar 15, 2022
A barrel of crude topped $130 last week and now sells for less than $100. Gas prices follow oil quickly on the way up, slowly on the way down.
Though the cost of a barrel of oil has dipped back below $100, consumers aren't feeling much relief at the gas pump yet.
Jim Watson/AFP via Getty Images
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High gas prices haven't prompted a spike in EV sales. Besides, there's still an EV shortage.

by Andy Uhler
Mar 15, 2022
Analysts expect drivers to switch sooner or later. But pump prices alone won't drive them to.
While automakers are investing in alternative-fuel vehicles, they’re likely betting that the demand shift to electric vehicles will be more gradual.
Daniel Leal/AFP via Getty Images
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Why are California's gas prices so high?

by Samantha Fields
Mar 15, 2022
There are several reasons. For one, the state is highly dependent on foreign crude oil.
California has always been among the priciest places for a gallon of gas in the U.S. Among the reasons are the state's higher taxes and environmental standards.
Frederic J. Brown/AFP via Getty Images
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Frackers face labor, equipment and materials shortages as they try to capitalize on high oil prices

by Andy Uhler
Mar 11, 2022
The people and equipment they need are already hard at work.
Fracking for oil is a two-stage process. First, you drill the well. Then you complete it by injecting sand and water to force the oil out. Above, fracking equipment at a well in Culberson County, Texas.
Paul Ratje/AFP via Getty Images
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Public transit could get a boost from high gas prices

by Savannah Maher
Mar 10, 2022
Bus and train ridership has dipped since the start of the pandemic. High fuel prices, spurred in part by the war in Ukraine, may change that.
With gasoline prices reaching record highs, many people are on board with public transportation.
Spencer Platt/Getty Images
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Small businesses are feeling the pinch of rising prices at the gas pump

by Justin Ho
Mar 10, 2022
And they're passing the cost on to their customers.
Small business are experiencing the ripple effects of higher fuel costs.
Justin Sullivan/Getty Images
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