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NEWS ABOUT: gas prices

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Quick Iraq Exit Would Trigger New 9/11: Bush

It would 'embolden' US enemies, prez says

(Newser) - A withdrawal from Iraq next year would be a disaster that would likely trigger another 9/11, President Bush warns in an interview with Politico. "It would shake everybody's nerves. It would embolden the very same people we're trying to defeat" and "would eventually lead to another attack on... More »

Old-School Pumps Can't Register New Gas Prices

Mechanical dials can't register prices over $4

(Newser) - With gas at nearly $4 a gallon, thousands of American gas station owners foresee trouble—because their old-time pumps can't price gas at higher than $3.99. "In small towns, where you don't have the volume, there's no way you can afford to pay for the replacements for these... More »

More Is Less: High Gas Equals Quicker Drives in LA

Commuters, traffic reporters say famously congested freeways a bit less so

(Newser) - Sure, gas prices are unreasonable and the economy is hurting, but, the Los Angeles Times reports, at least now the infamous traffic isn't so bad. Hard data shows that traffic may be thinning out along LA’s freeways; accidents and commute times are also falling. Talking with local drivers, the... More »

High Gas Prices Fuel Transit Boom

Mass transit winning converts across the country as gas price soars

(Newser) - The soaring price of gas is driving people across America out of their cars and onto mass transit, the New York Times reports. Buses and trains are up 5% or more in cities like Boston and New York, where mass transit is already a popular alternative, but the biggest leap... More »

OPEC May Boost Oil Output to Ease Prices

Cartel may meet early and backpedal on current policy

(Newser) - As crude hit $125 a barrel today, one OPEC member said the cartel may boost oil production to relieve prices, the New York Times reports. The move would conflict with OPEC's public stand that speculators, not oil supplies, have been keeping prices high. “We would consider among other options... More »

Oil Lobby Pumps Cash Into Image Campaign

Industry fights back as rising gas prices damage its rep

(Newser) - As gas prices skyrocket—and oil company profits soar along with them—the chief US oil lobby has launched a massive campaign to improve its public image, the Washington Post reports. The American Petroleum Institute is spending millions on newspaper ads, a traveling museum, and tours for bloggers, to counter... More »

Oil Breaks $125 a Barrel

And heads for $126 as weakening dollar opens investors' wallets

(Newser) - Oil climbed over $125 a barrel today, just ahead of the US driving season and propelled by investors jumping at a weaker dollar, the AP reports. Light, sweet crude for June rose to $125.98 on the New York Mercantile Exchange today, later dropping to $124.86 in Europe. More »

Motorists Brake for Fuel Prices

Drivers try to get savings any way they can, even if it means slowing down

(Newser) - It’s common knowledge that driving a little slower makes more efficient use of gas. And with fuel prices sky-high, some drivers are actually throttling back in hopes of feeling less pain at the pump, the AP reports. Vacation drivers and truckers alike are heeding experts’ advice that cars are... More »

'Super-Spike' Could Drive Oil to $200

Experts say $150 or more isn't out of the question as world demand grows.

(Newser) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the... More »

Disney Bucks Economy, Sees Net Rise 22% in Q2

Recession, gas prices can't stop entertainment giant's gains

(Newser) - Even rising gas prices couldn’t dent Disney’s second-quarter earnings. The company’s theme park earnings climbed 33%, helping push its overall net up 22% from a year ago, reports the Wall Street Journal. Disney also recorded a 61% jump in earnings from its movie arm and a 14%... More »

Barack Bounces Back From Pastor Flap

Most approve of his handling of controversy

(Newser) - Barack Obama appears to be recovering—mostly—from the furor over his former pastor's incendiary remarks, according to the latest CBS News/New York Times poll. His lead over Hillary Clinton has increased from 8 points to 12 points—50% to 38%—among Democratic primary voters, who also approve of how... More »

House Scuttles Gas Tax Holiday Proposal

Dems warn proposal will be DOA in the House

(Newser) - The gas tax holiday backed by Hillary Clinton and John McCain will be DOA in the House, lawmakers have warned, reports the Hill. The measure has been left off House energy proposals that could be tacked onto the Iraq spending bill because "there’s no reason to believe that... More »

Economists Slam Clinton, McCain Gas-Tax Cut

Oil companies would be winners in plan that fails 'Economics 101'

(Newser) - Economists and a leading House Democrat are blasting the gas-tax cut proposed by both John McCain and Hillary Clinton, the Washington Post reports. Economists say most of the savings would flow right to the oil companies' bottom line, rather than into voters’ pockets. That's because the tax vacation would raise... More »

Bush Blames Congress for Economic Sloth

Urges housing, energy action, chides Dems' 'political statements'

(Newser) - President Bush conceded that “it’s a very slow economy” one day ahead of possibly ugly GDP numbers, the New York Times reports, and said Congress is dragging its feet on gas prices, the mortgage crisis, farm subsidies and student loans. The Democratic-controlled legislature should be “sending me... More »

Truckers Protest Fuel Prices

List of demands includes end to oil-company subsidies

(Newser) - Truckers led a convoy of vehicles around the National Mall today in Washington to protest high fuel prices, the AP reports. Drivers from the group Truckers and Citizens United converged on DC for an afternoon rally to try to influence Congress to end oil-company subsidies, supplement supply with oil from... More »

Restaurants, Retailers Gulp as Consumers Tighten Belts

Penny pinchers shifting to generics, eating in

(Newser) - The rising price of staples like milk and gas, coupled with layoffs and flat-lining wages, is creating a nation of penny-pinching consumers, the New York Times reports. Industry is taking notice as buyers substitute generic brands for top-of-the-line products and skip eating out at restaurants. More »

$7 Gas? Analyst Sees It by 2012

Limited supply, ever-increasing demand will nearly double current prices

(Newser) - Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch. More »

Delta, Northwest Execs: Merger Would Ease Gas Burden

Dems skeptical, see 'cascade' of deals

(Newser) - The CEOs of Delta and Northwest took their case for a merger to Capitol Hill today, where they argued that they would be better equipped to deal with surging gas prices as a single company. Both businesses had big first-quarter losses, and the executives told lawmakers they’d be better... More »

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

(Newser) - Treasury is putting its rebate money where its mouth is—ahead of schedule, Reuters reports, with the first wave of checks going out Monday. “We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Henry Paulson tells Reuters. The Treasury secretary... More »

$4 Gas Driving San Franciscans From Cars

Sky-high milestone boosts mass transit numbers

(Newser) - The Bay Area is used to being on the cutting edge, but becoming the first to pay $4 for a gallon of gas is a milestone San Francisco could do without, the Chronicle reports. Prices are expected to nudge past the mark next week—but many Bay Area residents have... More »

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