Suspending the federal gasoline tax could save drivers up to 18.4 cents per gallon. But it would drain the fund meant to cover roadbuilding and repairs — a fund that's already in trouble.
Gasoline costs should start to fall soon, although a full recovery to pre-war prices is expected to take months. That's assuming that peace holds and traffic flows resume through the Strait of Hormuz.
Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.
Electric vehicles are caught up in the culture wars. Data from Ipsos shows the percentage of Americans who believe EVs are better for the environment than gas cars has dropped 5 points since 2022.
Florida officials reported "potentially widespread" diesel contamination in gasoline in the Tampa area Saturday, raising alarm that car engines and power generators could break as the storm nears.
Gasoline has become more expensive given that oil prices have surged as the world recovers from the pandemic. Russia's invasion of Ukraine has also made things worse. Here are four things to know.
Consumers are watching their pennies at the gas station and grocery store as consumer prices surged 8.6% in May, pushing the annual inflation rate to its highest in over 40 years.
The Biden administration is encouraging U.S. oil companies to increase their production to help curb record-high gasoline prices. Turns out, however, that boosting output is easier said than done.
Annual inflation climbed to a new four-decade high in February, with consumer prices up 7.9% from a year ago. The increase does not reflect most of the recent jump in gasoline prices.
The national average for a gallon of regular gasoline is now 4.17 according to AAA. That surpasses the previous record set in the summer of 2008, when not accounting for inflation.
