for Gasoline prices
Consumers will spend more than $400 billion on motor fuel by the end of September on an annualized basis, up 36 percent from two years ago.
American consumers plan to change their driving habits throughout the summer due to increased gasoline prices.
Iran and the status of international sanctions on the country’s oil exports are one of the clearest indicators of the intrinsic links between U.S. oil dependence and foreign policy.
Retail gasoline prices are forecast this year to reach their highest summer average since 2014, potentially wiping out household gains from last year’s tax cut.
The Saudis continue shifting its goals for where oil prices should be. The Kingdom is now signaling that it wants to increase prices to $80-$100 per barrel in order to enhance the valuation for its planned initial public offering.
Factors other than ridesharing carry more weight behind the surge in VMT. Lower pump prices, economic growth, and rising household income are underpinning increased travel.
Like a scene out of the movie Zoolander, fights have occurred at gasoline stations in hurricane-affected areas.
Outages from Hurricane Harvey and the subsequent price volatility provide a reminder that despite the enormous changes on the U.S. supply side over the past decade, the country is still dealing with energy security vulnerabilities.
Under the border-adjustment tax, U.S. oil would be exempted from taxes if it is exported abroad, making it much more competitive. The tax, however, will have difficulty passing in Congress since it would also likely raise pump prices.
Although gasoline prices remain low and total auto sales are down, consumers have significantly increased their purchases of electric vehicles this year.