Gasoline

Oil prices have quietly crossed an important threshold — and drivers across the United States are beginning to feel it. On Friday, the West Texas Intermediate light crude surged above $90 per barrel for the first time since October 2023. The move is now feeding directly into rising gasoline prices...

U.S. Energy Secretary Jennifer Granholm announced Tuesday that the Biden administration has ordered the release of approximately 1 million barrels of gasoline from the nation’s reserves to lower pump prices in the Northeastern United States. The release will occur in 100,000-barrel increments...

The global gasoline demand growth is projected to halve by 2024 due to the surge in electric vehicles (EVs) in China and the United States. This shift is anticipated to put a squeeze on second-half refinery margins. What Happened: Analytics firm Wood Mackenzie (WoodMac) forecasts that demand will...

In the wake of the harshest inflation wave in recent years, falling gasoline prices in the U.S. are giving rise to hopes of an inflation slowdown. This comes at a crucial time as President Joe Biden is working to assure voters of his economic acumen. What Happened: As reported...

U.S. motorists’ hopes that the price of gasoline will fall below $3 a gallon in time for the Christmas holidays could be realized in the next few days if benchmark oil prices keep falling on commodity markets. Patrick De Haan, oil market analyst and Twitter’s @GasBuddyGuy, said Friday...

The International Energy Agency (IEA) has announced that global oil demand will reach its peak of 105.7 million barrels per day (mb/d) in 2028, during an existing decline initiated by the advance of electric vehicles (EVs). "The shift to a clean energy economy is picking up pace, with a peak in...

President Joe Biden will soon call on energy companies to pass through lower costs to consumers "right away" as higher gas prices continue to be an overhang on his administration ahead of the mid-term elections. “The profit that energy refining companies are now...

U.S. Treasury Secretary Janet Yellen said on Sunday Americans could witness a rise in gas prices in the winter when the European Union significantly trims Russian oil purchases, reported CNN. Yellen’s statement comes at a time oil prices have cooled significantly from...

In a letter to top oil executives this week, President Joe Biden criticized oil companies as gas prices hover around the $5 mark in the U.S.  What Happened: “At a time of war, refinery profit margins well above normal being passed directly onto American families are not...

According to the latest AAA report, the average retail price for regular gasoline has hit $5 per gallon on Saturday for the first time.  Reports suggest that by the end of the week, prices reached $5 or more in nearly 20 states, with the highest prices on the West Coast. In California,...

Retail gas prices are at a record high in anticipation of increased demand as the summer driving season gets underway. Pain At The Pump: Nationwide, the average price of regular gasoline was at $4.601 a gallon, according to data from the American Automobile Association (AAA). This is much...

WTI Crude prices surged over $115 again on Friday after briefly spiking up to $116.51 on Thursday. The rising prices have been exacerbated by Russia’s invasion of Ukraine and the fear the U.S. may ban Russian oil from its shores, although the price of crude has been rising steadily since Dec...

To view more FreightWaves infographics, click here. Image Sourced from Pixabay

Learn more at SONAR.FreightWaves.com Image by Rudy and Peter Skitterians from Pixabay

https://s29755.pcdn.co/wp-content/uploads/2021/06/HowMuchGasoline-US_6-15-21_bc_thumbnail-600x317.jpg 600w, https://s29755.pcdn.co/wp-content/uploads/2021/06/HowMuchGasoline-US_6-15-21_bc_thumbnail-768x406.jpg 768w, https://s29755.pcdn.co/wp-content/uploads/2021/06/HowMuchGasoline-US_6-15-...