The average price of gas in California is $4.682 on Monday. That’s up from $4.466 a month ago.
Oil futures end on a mixed note Tuesday, with U.S. prices edging lower but global benchmark crude posting a gain after back-to-back session declines.
Biden's feud with Russia and Saudi Arabia is heating up as some OPEC countries consider choking off oil production to keep prices high at the pump.
As people prepare to embark on slightly more expensive trips to grandma's for Thanksgiving, President Joe Biden criticized oil and gas companies for high prices at the pump in a speech at the White House.
The 50 million barrels Mr Biden is releasing from the US strategic petroleum reserve could hit markets as early as December
China, India, Japan, South Korea and the United Kingdom are also tapping their emergency stocks. The goal is to try to bring down oil prices, which have been causing consumers pain at the pump.
The current fuel rates per gallon statewide are hovering above $3.00.
Oil futures, which have been in retreat over the last four weeks, turn higher after the U.S. and other countries announced a coordinated release of crude from their strategic reserves.
President Biden on Wednesday asked the head of the Federal Trade Commission to investigate whether oil companies are illegally increasing prices at the pump, as he scrambles to assuage voters' anger over soaring consumer prices. "The Federal Trade Commission has authority to consider whether illegal conduct is costing families at
President Biden admitted that his move to release 50 million barrels of oil from the Strategic Petroleum Reserve “will not solve the problems of high gas prices overnight.”
'Build Back Better' Methane Fee Means Higher Costs For Heating Oil, Natural Gas
Oil futures rise on Tuesday, but analysts say upside is limited ahead of a potential release of crude from the U.S. Strategic Petroleum Reserve.