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NEWS ABOUT: gas prices

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Gas Fuels US Retail Sales, Up 0.2% in March

Inflation may also be factor as spending remains flat otherwise

(Newser) - US retail purchases rose in March by 0.2%, pushed up by higher prices at the gasoline pump, Bloomberg reports. Purchases excluding gasoline were unchanged, and consumer spending is still on its way down, causing investors to think that the Federal Reserve might again look to cut interest rates—despite... More »

American Airlines Cleared to Fly Again

All but 3 jets are flying today and schedule will resume tomorrow

(Newser) - Federal officials cleared American Airlines today to resume flying all but three of its grounded MD-80 jets, the AP reports. American wanted to run a full schedule today, but "we still need to get the planes positioned for their next flights," a company spokesman said. The full fleet... More »

March Retail Sales Fall Flat

Easter partly to blame as chains fall short of expectations

(Newser) - Retailers’ same-store sales were flat in March, due in part to an early Easter, the Wall Street Journal reports. The Thomson Financial Same Store Sales Index, projected to sink 0.1%, fell 1.1%, excluding Wal-Mart. Shoppers weren’t ready to buy for spring on the heels of winter, store... More »

Thousands Stuck as Asian Budget Airline Folds

Hong Kong airline becomes 4th carrier to go bust this month

(Newser) - Thousands of passengers have been stranded in Hong Kong, London, and Vancouver with the collapse of Asian budget airline Oasis, the New York Times reports. In a sign that the industry's woes are spreading rapidly, the Hong Kong-based airline joins three US budget carriers to have gone under this month... More »

Pickup Sales Plummet to 10-Year Low

Trucks can't pull their weight as gas prices rev up, housing stalls

(Newser) - US pickup truck sales tumbled in March, hitting their lowest level in nearly a decade. The Big Three all reported double-digit percentage drops in sales this month—the Dodge Ram was down 26%—and large pickups represented barely more than 10% of the auto market. High gas prices added fuel... More »

Cheap Flights, Passenger Perks Lost in Transit

Soaring fuel prices mean airline fees, shakeups here to stay

(Newser) - The days of discounts and perks on major US airlines have disappeared from the horizon, possibly forever, Marketwatch writes. The stratospheric fuel prices that caused three airlines to shut down last week alone are forcing airlines to boost their bottom lines any way they can. Capacity is being cut back... More »

Skybus Airlines Goes Bust

Low-cost Ohio carrier with $10 fares is airline industry's third casualty in a week

(Newser) - Anybody who wondered how Skybus could make money with its famous $10 airfares can stop: they didn't. The Ohio-based airline has become the latest US carrier to go bankrupt in the face of soaring fuel costs and a sluggish economy, the Columbus Dispatch reports. It made its last flight yesterday... More »

Northwest Hikes Fares, Cuts Flights

Big carriers scurry to boost bottom line as small airlines go bust

(Newser) - Northwest Airlines is jacking up fares and fees and scaling back domestic operations, the Wall Street Journal reports. The airline, trying to deal with soaring fuel costs and a slowing economy without instituting pay cuts, also plans to freeze hiring. Northwest will keep adding international flights, but will add fuel... More »

March Auto Sales Hit the Skids

GM, Chrysler Down 19%, Toyota, Ford Dip 10%

(Newser) - US auto sales plummeted last month, with GM and Chrysler's March sales diving 19%, and Ford and Toyota's down 10%, the Wall Street Journal reports. Rising gas prices, the credit crisis and fear of the future are blamed for the troubling trend. Detroit is bracing for even more bad news... More »

Congress Grills Oil Execs Over Skyrocketing Prices

Honchos place some blame at legislators' feet

(Newser) - Top oil executives faced a panel of angry lawmakers on Capitol Hill today, as Congress fumed over the disparity between the companies’ hefty profits and soaring prices, the Washington Post reports. Said one rep, “I believe the laws of supply and demand when it comes to oil and gas... More »

Aloha Airlines Shuts Down

Fierce competition and rising fuel costs push carrier over the edge

(Newser) - Unable to find a buyer and running out of cash, Hawaii’s ubiquitous Aloha Airlines is shutting down operations after today, idling 1,900 workers and ending more than six decades of island-hopping and transpacific flights, the Honolulu Advertiser reports. The airline filed for bankruptcy March 20 because of rising... More »

Record 28 Million Americans to Get Food Stamps

Slip into poverty a grim economic indicator

(Newser) - In an economic indicator that paints a grim future for swaths of the US population, an all-time record 28 million Americans are expected to be close enough to poverty to receive $36 billion in food stamps in the coming fiscal year, reports the New York Times. There is a surge... More »

Rising Cost of Essentials Slams Poor Families

Prices of "core" items are rising twice as fast as wages

(Newser) - The rising price of essentials and sluggish growth in wages mean that inflation is hitting low- to middle-income families hardest, the Washington Post reports. Americans are paying 9.2% more for staples—groceries, gas, health care, etc.— than they did in 2006, nearly twice the pace of the growth... More »

Wowie! Maui Gas Hits $4

Hawaii is especially hard hit by rising oil prices

(Newser) - The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the... More »

Consumer Prices Flat in Feb.

Lack of increase means Fed has an open door to a big rate cute next week

(Newser) - Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal. This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate... More »

Retail Sales Sank in February

Surprise drop, after January rise, stokes slowdown fears

(Newser) - Stoking fears of recession, US retail sales fell in February by .6%, the Wall Street Journal reports, despite economists' predictions of a 0.1% increase. Sales had been up a revised 0.4% in January. Factors cited in the decline include rising gas prices, falling home values, the credit crunch,... More »

$4 Gas Expected This Spring

Energy Department predicts gas prices to peak soon

(Newser) - Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and... More »

Dollar Hit as Emerging Economies Fight Inflation

$108 oil pushes gas prices higher

(Newser) - A weak US dollar continued to fuel surging commodity prices today, keeping oil near $108 a barrel and moving a gallon of gas to $3.225, with analysts predicting near $4 prices by spring, the Wall Street Journal reports. Stress on the greenback is coming from not only major but... More »

Shops Shut as Wind Goes Out of Sales

Store closings rise along with gas prices, foreclosures

(Newser) - Soaring gas prices and a still-boiling housing crisis are taking their toll on America's smaller retailers, with store bankruptcies and vacancy rates rising steadily as customers avoid impulse-buys that once fueled the industry's rapid expansion, reports AP. Vacancies hover between 7% and 8%, up from 5% just six months ago—... More »

Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

(Newser) - Gas prices rocketed 64 cents in the last year to a national average of $3.20 per gallon of regular, CNN reports.  A survey of prices at 5,000 gas stations found the highest price, $3.58, in San Francisco and the lowest, $2.99, in Cheyenne, Wyoming. The... More »

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