Tag Archives: gas

The effects of inflation and high gas prices are hitting hourly workers hard, a new survey finds. Eighty-one percent of these workers report that higher gas costs have cut into their ability to pay for other things. Seventy-seven percent say that financial stress is impacting their health — and 22% report turning to payday loans this year to bridge the gaps. These are “some really stark results” said Emerson Sprick, policy analyst at the Bipartisan Center, who helped oversee the survey, Source link

Germany is one step closer to having to ration its gas usage as supply from Russia starts to dry up, and the country’s top economic affairs official is warning that it could lead to an even larger economic spillover effect. As of Thursday, Germany has entered the second alert level of its emergency gas plan, according to Robert Habeck, Germany’s minister for economic affairs and climate action. At this level, “security of supply is currently ensured, but the situation is tense,”… Source link

(Bloomberg) — Most Read from Bloomberg The German government will step up efforts to bolster gas storage levels after Russia reduced flows in a move Economy Minister Robert Habeck said was intended to unsettle energy markets. The government will make available additional credit lines by state-owned lender KfW to guarantee gas injections at storage sites. It also plans incentives for the industry to reduce consumption and is preparing to fire up more coal plants to keep the use of gas at a… Source link

As gas prices top $5.00 a gallon nationwide and economists ponder when demand destruction will really kick in, many wonder whether the electric vehicle (EV) industry is benefitting. Data shows that new EV purchases jumped in Q1, and many industry watchers speculate high gas prices are driving this behavior. But a new study from Autolist — an online car shopping platform— shows gas prices actually are not driving more EV consumer sentiment. “This was a little bit of a surprise for us,”… Source link

The manager of a Shell gas stop in California was fired this week after he accidentally trimmed more than $6 from his station’s premium fuel prices for three hours. Prices for premium gas at a Shell stop in Rancho Cordova, Calif., last Thursday were as low as 69 cents a gallon, after manager John Szczecina mistakenly adjusted the price from its original rate of $6.99. The last time gas sold for that little was in 1978. Szczecina’s story quickly went viral, as word spread and drivers… Source link

Everybody’s frustrated. If somebody could do something about it, it would be done. But oil and gasoline prices are on a tear that for the time being seems unstoppable. U.S. gasoline prices have hit $5 per gallon for the first time ever, and Moody’s Analytics thinks they could hit $5.50 within a couple of weeks. There’s no mystery why. A confluence of forces, led by Russia’s invasion of Ukraine, has crimped oil supply and bumped up demand. There’s more that could go wrong, adding a… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Monday, June 13, 2022 Today’s newsletter is by Brian Sozzi, an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Many times in my career in financial markets, I’ve been able to spot trainwrecks before they happen. The trade-off for devoting every waking second to studying markets, the human beings… Source link

A man in Phoenix is losing hundreds of dollars each day after shaving nearly 50 cents off per gallon at his gas station to help customers weather skyrocketing fuel prices. Jaswiendre Singh, who runs the business at the corner of Osborn Road and 20th Street, showed Arizona’s Family on Wednesday that he buys gas from a supplier for $5.66 per gallon but sells it for just $5.19 per gallon. Singh started offering discounts as early as March, decreasing the gas station’s purchase price by 10… Source link

Energy prices saw the biggest one year jump since 2005 last month amid a hotter than expected inflation print. The energy index rose 3.9% last month according to the Bureau of Labor Statistics’ Consumer Price Index (CPI) published Friday after a 2.7% decline in April. Gasoline, fuel oil and natural gas prices all increased in May. Gasoline prices rose 4.1% month-over-month, fuel oil spiked 16.9% from the prior month, and natural gas also rose 8% during the same span. The energy index rose 34.6%… Source link

Another week, another record high for gas prices. And there seems to be no immediate relief in sight. The average price for regular unleaded gas surged by a quarter in the past week to a record $4.86 on Monday, AAA said. That’s up 59 cents more than a month ago, and $1.81 more than a year ago. “After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon,” said Patrick De Haan, head of petroleum analysis at GasBuddy…. Source link