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Gas prices

U.S. oil reserve tumbles to lowest level in 4 decades

by Samantha Fields
Sep 22, 2022
Biden authorized the release of crude from the Strategic Petroleum Reserve to boost supply and ease gas prices after Russia invaded Ukraine.
An oil refinery in Wilmington, California. The Strategic Petroleum Reserve now holds around 427 million barrels, down from nearly 600 million at the beginning of the year.
Allison Dinner/Getty Images
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The price of gasoline is down, but just about everything else is still getting more expensive

by Justin Ho
Sep 13, 2022
Fresh consumer price index data pretty much guarantees a big interest rate hike when the Federal Reserve meets next week.
The cost of gasoline fell by more than 10.5% in August, according to the Department of Labor's consumer price index. But just about everything else was more expensive.
Scott Olson/Getty Images
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High inflation looks different, hits harder, in rural America

by Savannah Peters
Sep 2, 2022
Rising costs and slower-growing incomes cut small town households’ discretionary income by 38% in the last year, pressuring a way of life.
Recent inflation is eating into rural households’ savings and disposable incomes faster than those of urbanites, according to research from Iowa State University.
Mario Tama/Getty Images
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In rural areas, the high cost of diesel is driving up the cost of doing business

by Hugh Cook
Aug 30, 2022
Rural Americans often travel longer distances or use diesel-based equipment, so they are disproportionately affected by fuel prices.
People living in rural areas are feeling the squeeze of higher diesel prices because they often drive longer distances and use diesel-reliant equipment.
Andrew Caballero-Reynolds/AFP via Getty Images
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Gas prices are down, but consumer sentiment is up only slightly. Why?

by Mitchell Hartman
Aug 15, 2022
Fears about a possible recession, as well as still-high prices for food and rent, are making people more cautious in their spending.
A bus driver fills up at a gas station in Brooklyn on August 11, 2022 in New York City. While fuel prices are still historically high, they have fallen below four dollars a gallon in some regions of the country, bringing inflation relief to millions of Americans who depend on their cars for work and other activities.
Spencer Platt/Getty Images
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How where you live impacts how much you pay at the pump

by Andy Uhler
Aug 11, 2022
Differences in state gas taxes are one factor, but proximity to a refinery and lifestyle play a role too.
Gas prices at the pump vary from state to state. Why is that?
Justin Sullivan/Getty Images
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Gas prices keep falling, but Americans still feel inflation's bite

by Lily Jamali
Aug 10, 2022
Lower prices at the pump are offering some relief from other areas of inflation, like rent and food. But gas prices are a volatile indicator.
Because gas prices are so volatile, they can be misleading when you’re tracking inflation, says Severin Borenstein of UC Berkeley’s Haas School of Business.
Brandon Bell/Getty Images
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Workers are picking up extra jobs just to pay for daily necessities

by Kimberly Adams and Anais Amin
Aug 8, 2022
More people in the United States are working two full-time jobs than ever before, says Lauren Kaori Gurley of The Washington Post.
Olivier Douliery/AFP via Getty Images
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U.S. oil refiners are doing well, even though gasoline prices are down

by Andy Uhler
Aug 2, 2022
Why? It's called the crack spread.
"Increases in the crack spread that we've seen recently has been just supply and demand,” explained MIT professor Christopher Knittel.
George Frey/Getty Images
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Why aren't oil companies drilling on their 9,000 land leases?

by Andy Uhler
Aug 1, 2022
Shortages of labor and materials are making it hard to drill and maintain wells.
Shortages of steel pipe, sand and workers are cutting into potential oil production. Above, drilling rigs sit unused in Odessa, Texas.
Joe Raedle/Getty Images
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