Consumers Finally Seeing Lower Gasoline Prices

Frank Holmes | |

The bad news is that we are likely in a recession.

Colonial Pipeline Ramps Up Gasoline Deliveries

Reuters | |

Colonial Pipeline ramped up deliveries to fuel-starved markets up and down the East Coast on Friday following a nearly week-long outage caused by hackers, as Washington sought to reassure motorists that supplies would return to normal soon.

The strike on the nation's largest fuel pipeline was most disruptive cyberattack on record, triggering days of widespread panic buying that led filling stations across the U.S. Southeast to run out of gasoline, and pushing pump prices to their highest in years.

Oil Trading Near $70 Per Barrel on Production Cuts and Hopes of Demand Recovery

Reuters | |

Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

Benchmark Brent rose 3 cents, or 0.04%, to $69.66 a barrel by 1058 GMT while U.S. West Texas Intermediate crude was at $66.03 a barrel, up 1 cent, or 0.02%. Both recovered from losses earlier in the session during Asian trade.

Gasoline Prices Hit Nine-Month High as Refiners Make Further Production Cuts

Reuters | |

U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.

Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19 was declared a global pandemic. Supplies fell to the lowest in a month at 236.6 million barrels, according to U.S. government data released on Wednesday.

Consumer Prices Jump 0.6% in July, Matching June's Rise

AP News | |

U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.

The Labor Department reported Wednesday that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1% over the past year.

Gasoline prices rose 5.3% from June to July but are down 20.3% in the past 12 months as the coronaviru...

Consumer Prices Show Steepest Fall Since 2008 Financial Crisis

AP News | |

WASHINGTON (AP) — The economic paralysis caused by the coronavirus led in April to the steepest month-to-month fall in U.S. consumer prices since the 2008 financial crisis — a 0.8% drop that was driven by a plunge in gasoline prices.And excluding the normally volatile categories of food and energy, so-called core prices tumbled 0.4% last month, the Labor Department said Tuesday in its monthly report on consumer inflation. That was the sharpest such drop on records dating ...

What Do Negative Oil Prices Mean for the Energy Market and for Consumers?

AP News | |

The world is awash in oil, there’s little demand for it and we’re running out of places to put it. That in a nutshell explains Monday’s strange and unprecedented action in the market for crude oil futures contracts, where traders essentially offered to pay someone else to deal with the oil they were due to have delivered next month. The price of U.S. benchmark crude that would be delivered in May was selling f...

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