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Tag: Gas Prices

  • Midwest region gas prices slightly rose from last week: See how much here

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    Regional gas prices slightly rose for the second consecutive week and reached an average of $3.09 per gallon of regular fuel on Monday, up from last week’s price of $3.08 per gallon, according to the U.S. Energy Information Administration.

    The average fuel price in the Midwest region rose about 4 cents since last month. According to the EIA, gas prices across the region in the last year have been as low as $2.81 on Dec. 9, 2024, and as high as $3.17 on Sep. 2, 2024.

    A year ago, the average gas price in the Midwest region was 3% higher at $3.17 per gallon.

    >> INTERACTIVE: See how your area’s gas prices have changed over the years at data.thedailyreporter.com.

    The average gas price in the United States last week was $3.18, making prices in the Midwest region about 2.8% lower than the nation’s average. The average national gas price is last week’s average of $3.15 per gallon.

    The U.S. Energy Information Administration’s tally of prices in the Midwest states includes Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee and Wisconsin.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.

    This article originally appeared on Coldwater Daily Reporter: Midwest region gas prices slightly rose from last week: See how much here

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  • Tracking gas and grocery store prices across the Twin Cities

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    A walk down a grocery aisle can be a bit unpredictable these days after years of rising prices.

    Molly Doyle of Mendota Heights, Minnesota has three hungry boys. She said back in January, “The biggest thing, I’d say eggs, it’s probably triple the amount it used to be 4 years ago .”  

    She’s not the only one. For months, WCCO has been hearing many Minnesotans complain about rising prices.

    Since January, WCCO has been monitoring and averaging prices at Aldi in Apple Valley, Minnesota, Cub Foods in North Minneapolis and Target in Fridley, Minnesota. We tracked four items and in general have found, bread is down slightly, milk is up slightly, eggs are down and chicken is about the same.  

    In January, the total average of the four items without tax, was $19.20. In May, it went down to $17.97. As of August, the average is down to $15.66. 

    As for produce, the prices are down too.

    “If you are looking to avoid tariffs or some of the price hikes you are seeing,” said Jill Holter, marketing director of Wedge Community Coops. “Buy local produce wherever you can, its peak, its fresh, all comes within 100 miles of our store so farmers markets and coops are gonna be your best bet.”  

    When it comes to getting to the market, the average for regular back in January was $2.95. In May, it went up to $3.17. The average for gas slightly went back down, and now stands at $3.09.

    CBS News tracking national price trends for many top grocery items

    CBS News has been keeping tabs on the change in prices of household expenses nationwide. Their price tracker is based on data released by the U.S. Bureau of Labor Statistics for food, household goods and services. They are utilizing Zillow for rent and home-purchase prices.

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  • Colorado gas prices rose from last week: See how much here

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    State gas prices rose for the second consecutive week and reached an average of $3.01 per gallon of regular fuel on Monday, up from last week’s price of $2.96 per gallon, according to the U.S. Energy Information Administration.

    The average fuel price in state rose about 4 cents since last month. According to the EIA, gas prices across the state in the last year have been as low as $2.73 on Dec. 9, 2024, and as high as $3.45 on Sep. 30, 2024.

    A year ago, the average gas price in Colorado was 11% higher at $3.38 per gallon.

    >> INTERACTIVE: See how your area’s gas prices have changed over the years at data.usatoday.com.

    The average gas price in the United States last week was $3.12, making prices in the state about 3.6% lower than the nation’s average. The average national gas price is essentially unchanged from last week’s average of $3.12 per gallon.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.

    This article originally appeared on The Pueblo Chieftain: Colorado gas prices rose from last week: See how much here

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  • Midwest region gas prices essentially unchanged from last week: See how much here

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    Regional gas prices are essentially unchanged for the second consecutive week at an average of $2.99 per gallon of regular fuel on Monday, approximately the same as last week’s price, according to the U.S. Energy Information Administration.

    The average fuel price in the Midwest region is about the same price as a month earlier. According to the EIA, gas prices across the region in the last year have been as low as $2.81 on Dec. 9, 2024, and as high as $3.32 on Aug. 19, 2024.

    A year ago, the average gas price in the Midwest region was 10% higher at $3.32 per gallon.

    >> INTERACTIVE: See how your area’s gas prices have changed over the years at data.lenconnect.com.

    The average gas price in the United States last week was $3.12, making prices in the Midwest region about 4.2% lower than the nation’s average. The average national gas price is essentially unchanged from last week’s average of $3.12 per gallon.

    The U.S. Energy Information Administration’s tally of prices in the Midwest states includes Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee and Wisconsin.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.

    This article originally appeared on The Daily Telegram: Midwest region gas prices essentially unchanged from last week: See how much here

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  • Ohio gas prices rose from last week: See how much here

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    State gas prices rose last week and reached an average of $3.08 per gallon of regular fuel on Monday, up from last week’s price of $2.92 per gallon, according to the U.S. Energy Information Administration.

    The average fuel price in state rose about 19 cents since last month. According to the EIA, gas prices across the state in the last year have been as low as $2.75 on March 3, 2025, and as high as $3.37 on Aug. 19, 2024.

    A year ago, the average gas price in Ohio was 9% higher at $3.37 per gallon.

    >> INTERACTIVE: See how your area’s gas prices have changed over the years at data.thenews-messenger.com.

    The average gas price in the United States last week was $3.12, making prices in the state about 1.4% lower than the nation’s average. The average national gas price is essentially unchanged from last week’s average of $3.12 per gallon.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.

    This article originally appeared on Fremont News-Messenger: Ohio gas prices rose from last week: See how much here

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  • Midwest region gas prices essentially unchanged from last week: See how much here

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    Regional gas prices are essentially unchanged for the second consecutive week at an average of $2.99 per gallon of regular fuel on Monday, approximately the same as last week’s price, according to the U.S. Energy Information Administration.

    The average fuel price in the Midwest region is about the same price as a month earlier. According to the EIA, gas prices across the region in the last year have been as low as $2.81 on Dec. 9, 2024, and as high as $3.32 on Aug. 19, 2024.

    A year ago, the average gas price in the Midwest region was 10% higher at $3.32 per gallon.

    >> INTERACTIVE: See how your area’s gas prices have changed over the years at data.thetimesherald.com.

    The average gas price in the United States last week was $3.12, making prices in the Midwest region about 4.2% lower than the nation’s average. The average national gas price is essentially unchanged from the previous week’s average of $3.12 per gallon.

    The U.S. Energy Information Administration’s tally of prices in the Midwest states includes Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee and Wisconsin.

    The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us.

    This article originally appeared on Port Huron Times Herald: Midwest region gas prices essentially unchanged from last week: See how much here

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  • CARB executive doesn’t think upcoming vote will increase gas costs for Californians

    CARB executive doesn’t think upcoming vote will increase gas costs for Californians

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    The California Air Resources Board continues to be unclear about how its upcoming vote on updates to the state’s clean air rules will impact prices at the gas pump. Days after telling reporters that the board can’t analyze the potential cost increases, the air board’s executive Steven Cliff said Wednesday that he didn’t “think” they would increase gas costs. “I don’t expect them to,” Cliff said. “There will be additional impacts to costs to refiners.”Cliff said this in response to a reporter’s question at the air board’s news conference announcing a clean air effort with the airline industry. That announcement was overshadowed by CARB’s upcoming vote on its Low Carbon Fuel Standards on Nov. 8 and the lack of transparency surrounding the vote. As Cliff noted, there will be new costs for the oil and gas industry. CARB has acknowledged in previous analyses that those costs will be passed onto consumers. Last year the board projected gas prices could rise up to 47 cents per gallon by 2025. The board walked the number back after claiming it planned to make changes to the proposal. Since then, the air board been resistant to analyze the costs. Cliff told reporters on Friday that the board was incapable of doing so. The Kleinman Center for Energy Policy has estimated the updated standards could mean an extra 65 cents per gallon in 2025. The air board’s vote comes three days after the election and as recent polling shows the cost of living and the economy is the top concern for voters across the state and nation. California has 25.6 million gas powered light-duty vehicles registered in the state, which is more than 17 times to number of registered electric vehicles. Air Board Chairwoman Liane Randolph would not directly respond when KCRA 3 pressed her if it is CARB’s goal to make gas so expensive that it pushes Californians into EVs. “Those steps result in an increased variety fuels available and overall lower the carbon emitted throughout our transportation sector,” she said in part about the updated standards proposal. “All of those efforts, all of that variety in fuels will help reduce costs to help move people around the state of California.” Hours after the press conference and after KCRA 3 posted about the exchange on X, air board spokesperson Lys Mendez said, “No, full stop,” in response to the question about pushing Californians into EVs. Within the last couple of weeks, after lawmakers passed a new law allowing state regulators to set new storage and maintenance rules for refiners, Phillps 66 announced it would shudder its LA-based refiner.”California is increasing its regulatory pressure on the industry,” Valero’s chief executive reportedly said. “Considering everything, all options are on the table.”On Wednesday afternoon, Republican California Assemblymen James Gallagher and Joe Patterson sent a letter to Gov. Gavin Newsom, urging him to reconsider the fuels storage proposal and direct CARB to halt its vote in order to analyze the immediate costs to gas consumers. “California’s web of regulations and mandates has created an environment where oil refineries cannot survive. That will inevitably result in higher energy prices for California consumers as gasoline is purchased from overseas to make up the difference,” they wrote. “We’re protecting Californians from price hikes at the pump and cleaning our air,” Gov. Newsom’s spokesman Alex Stack told KCRA 3 in a statement Wednesday night. “These Republicans are trying to take us backwards because it would be good for Big Oil and their profits. By helping protect against price spikes and cutting pollution, these policies will save Californians billions every year in lower fuel costs and better health outcomes.” See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

    The California Air Resources Board continues to be unclear about how its upcoming vote on updates to the state’s clean air rules will impact prices at the gas pump.

    Days after telling reporters that the board can’t analyze the potential cost increases, the air board’s executive Steven Cliff said Wednesday that he didn’t “think” they would increase gas costs.

    “I don’t expect them to,” Cliff said. “There will be additional impacts to costs to refiners.”

    Cliff said this in response to a reporter’s question at the air board’s news conference announcing a clean air effort with the airline industry. That announcement was overshadowed by CARB’s upcoming vote on its Low Carbon Fuel Standards on Nov. 8 and the lack of transparency surrounding the vote.

    As Cliff noted, there will be new costs for the oil and gas industry. CARB has acknowledged in previous analyses that those costs will be passed onto consumers. Last year the board projected gas prices could rise up to 47 cents per gallon by 2025. The board walked the number back after claiming it planned to make changes to the proposal. Since then, the air board been resistant to analyze the costs. Cliff told reporters on Friday that the board was incapable of doing so.

    The Kleinman Center for Energy Policy has estimated the updated standards could mean an extra 65 cents per gallon in 2025. The air board’s vote comes three days after the election and as recent polling shows the cost of living and the economy is the top concern for voters across the state and nation.

    California has 25.6 million gas powered light-duty vehicles registered in the state, which is more than 17 times to number of registered electric vehicles.

    Air Board Chairwoman Liane Randolph would not directly respond when KCRA 3 pressed her if it is CARB’s goal to make gas so expensive that it pushes Californians into EVs.

    “Those steps result in an increased variety fuels available and overall lower the carbon emitted throughout our transportation sector,” she said in part about the updated standards proposal. “All of those efforts, all of that variety in fuels will help reduce costs to help move people around the state of California.”

    Hours after the press conference and after KCRA 3 posted about the exchange on X, air board spokesperson Lys Mendez said, “No, full stop,” in response to the question about pushing Californians into EVs.

    Within the last couple of weeks, after lawmakers passed a new law allowing state regulators to set new storage and maintenance rules for refiners, Phillps 66 announced it would shudder its LA-based refiner.

    “California is increasing its regulatory pressure on the industry,” Valero’s chief executive reportedly said. “Considering everything, all options are on the table.”

    On Wednesday afternoon, Republican California Assemblymen James Gallagher and Joe Patterson sent a letter to Gov. Gavin Newsom, urging him to reconsider the fuels storage proposal and direct CARB to halt its vote in order to analyze the immediate costs to gas consumers.

    “California’s web of regulations and mandates has created an environment where oil refineries cannot survive. That will inevitably result in higher energy prices for California consumers as gasoline is purchased from overseas to make up the difference,” they wrote.

    “We’re protecting Californians from price hikes at the pump and cleaning our air,” Gov. Newsom’s spokesman Alex Stack told KCRA 3 in a statement Wednesday night. “These Republicans are trying to take us backwards because it would be good for Big Oil and their profits. By helping protect against price spikes and cutting pollution, these policies will save Californians billions every year in lower fuel costs and better health outcomes.”

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

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  • California Air Resources Board bucks calls for transparency ahead of vote impacting gas prices

    California Air Resources Board bucks calls for transparency ahead of vote impacting gas prices

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    The California Air Resources Board appears to be resisting calls to be more transparent ahead of a key vote next month that’s expected to raise gas prices. The board, which is an unelected group overseen by Gov. Newsom’s administration, is set to vote Nov. 8 on updates to the state’s Low Carbon Fuel Standards program. The update will include changes that will financially impact the oil and gas industry that the board has acknowledged will translate into increased costs for customers at the pump. The board has been inconsistent about what exactly those costs might be, and as of Friday was unwilling to give an estimate. In an effort to understand what gas prices will soon look like for California drivers, KCRA 3 repeatedly asked CARB for an interview over the course of the last seven days. “To the degree they should provide more, I’m for more transparency, absolutely,” Gov. Newsom said Monday when KCRA 3 told him CARB had ignored requests for information last Friday on the upcoming vote. After the exchange with Gov. Newsom, KCRA 3 on Tuesday morning reached out to CARB again for a response to the request. On Tuesday night, CARB spokesperson Lys Mendez did not acknowledge the interview request but said in part in a written statement, “There is no historical relationship between LCFS credit prices and what consumers pay at the pump.” Mendez ignored the continued requests for an interview on Wednesday and Thursday, and essentially repeated the prepared statement in emails on Friday. CARB has been unable to keep its story straight about what the LCFS update will mean for California drivers. Last year, the board estimated in an initial report that it could cost up to 47 cents more per gallon starting in 2025. The board has since walked back the number, telling lawmakers in a hearing on Sept. 18 that it was a “snapshot” in time. “The most salient data we have is from the refiners themselves and it’s not even close to 47 cents, it’s much lower than that,” CARB’s executive deputy officer Rajinder Sahota told lawmakers at the hearing. “I think if I remember correct, it’s 8 to 10 cents.” This week, Republican state lawmakers echoed the call for transparency in a letter sent to CARB, urging the board to delay its vote and to be upfront with the public about costs to consumers. CARB has yet to respond to the letter, officials confirmed Friday. “Can we have a breather? Can we know how this is going to impact working Californians?” State Sen. Rosilicie Ochoa-Bogh told KCRA 3 in an interview. “I thought their analysis on the 47 cents was realistic,” Catherine Reheis-Boyd, the president of the Western States Petroleum Association, told KCRA 3 in an interview. “To, at this point in time, not have that same positioning on being transparent on these numbers is surprising.”During the state legislature’s special session on gas prices and fuel supply, lawmakers from both parties scolded CARB for not responding to a request from Republicans for information on the LCFS program they had sent in May. “Republican or Democrat, when a legislator sends a letter to any regulatory agency, they should respond,” Assemblyman Joe Patterson, R-Rocklin, said in the hearing last month. “I do think it’s unacceptable, I think anybody should have the courtesy,” said Assemblyman Mike Gipson, D-Los Angeles. Aside from the LCFS issue, state lawmakers from both parties have also expressed frustration with the board’s lack of transparency on an alternative blend of gasoline referred to as E-15, which contains 15% ethanol. Lawmakers have noted that E-15 could help California with its gasoline supply and prices issue. Every state in the country uses it, except California. “Nobody is saying E-15 is a silver bullet,” said Assemblyman Heath Flora, R-Ripon in a hearing on the issue on Sept. 19. “To hold up a type of fuel that in 49 other states is accepted, and in California we try to be too cute? That’s unacceptable to me.” CARB started working on a report about the alternative fuel in 2019 and finished a draft in 2022 but has yet to release its findings to the public. Lawmakers in the Assembly passed bipartisan legislation to nudge CARB to release the report, but the Senate blocked the effort. “Those timelines seem wholly incompatible with the sense of urgency many of us and many of our constituents feel,” said Assemblymember Cottie Petrie-Norris, D-Irvine, in response to CARB’s E-15 report. “The California Air Resources Board was created by the Legislature and its appointees and the Board’s budget are approved by the Senate. We take this responsibility very seriously,” said State Senate Pro Tem Mike McGuire in a statement on CARB and transparency broadly. “At the end of the day, if CARB takes actions against the public’s interest, we will move on a course correction. We will always push for continued transparency and the protection of California consumers.” McGeorge School of Law professor Chris Micheli noted when state lawmakers return for the legislative session in 2025, they face a key vote to renew California’s environmental program known as Cap-and-Trade. The program is meant to lower greenhouse gas emissions by major businesses or entities that emit carbon. Several Democratic legislative sources told KCRA 3 ahead of that vote that the lack of transparency from CARB on a handful of issues makes it difficult for lawmakers to determine how to move forward with protecting the environment and the state’s economy. “We could potentially see the legislature negotiate with the governor to not only changes to the Cap-and-Trade program, but to CARB’s authority, either limiting it or expanding it,” said Micheli. The board has a meeting scheduled in Sacramento on Oct. 24 at 9 a.m. on business unrelated to the LCFS update. It is taking public comment, according to the agenda. See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

    The California Air Resources Board appears to be resisting calls to be more transparent ahead of a key vote next month that’s expected to raise gas prices.

    The board, which is an unelected group overseen by Gov. Newsom’s administration, is set to vote Nov. 8 on updates to the state’s Low Carbon Fuel Standards program. The update will include changes that will financially impact the oil and gas industry that the board has acknowledged will translate into increased costs for customers at the pump. The board has been inconsistent about what exactly those costs might be, and as of Friday was unwilling to give an estimate.

    In an effort to understand what gas prices will soon look like for California drivers, KCRA 3 repeatedly asked CARB for an interview over the course of the last seven days.

    “To the degree they should provide more, I’m for more transparency, absolutely,” Gov. Newsom said Monday when KCRA 3 told him CARB had ignored requests for information last Friday on the upcoming vote.

    After the exchange with Gov. Newsom, KCRA 3 on Tuesday morning reached out to CARB again for a response to the request. On Tuesday night, CARB spokesperson Lys Mendez did not acknowledge the interview request but said in part in a written statement, “There is no historical relationship between LCFS credit prices and what consumers pay at the pump.”

    Mendez ignored the continued requests for an interview on Wednesday and Thursday, and essentially repeated the prepared statement in emails on Friday.

    CARB has been unable to keep its story straight about what the LCFS update will mean for California drivers. Last year, the board estimated in an initial report that it could cost up to 47 cents more per gallon starting in 2025. The board has since walked back the number, telling lawmakers in a hearing on Sept. 18 that it was a “snapshot” in time.

    “The most salient data we have is from the refiners themselves and it’s not even close to 47 cents, it’s much lower than that,” CARB’s executive deputy officer Rajinder Sahota told lawmakers at the hearing. “I think if I remember correct, it’s 8 to 10 cents.”

    This week, Republican state lawmakers echoed the call for transparency in a letter sent to CARB, urging the board to delay its vote and to be upfront with the public about costs to consumers. CARB has yet to respond to the letter, officials confirmed Friday.

    “Can we have a breather? Can we know how this is going to impact working Californians?” State Sen. Rosilicie Ochoa-Bogh told KCRA 3 in an interview.

    “I thought their analysis on the 47 cents was realistic,” Catherine Reheis-Boyd, the president of the Western States Petroleum Association, told KCRA 3 in an interview. “To, at this point in time, not have that same positioning on being transparent on these numbers is surprising.”

    During the state legislature’s special session on gas prices and fuel supply, lawmakers from both parties scolded CARB for not responding to a request from Republicans for information on the LCFS program they had sent in May.

    “Republican or Democrat, when a legislator sends a letter to any regulatory agency, they should respond,” Assemblyman Joe Patterson, R-Rocklin, said in the hearing last month.

    “I do think it’s unacceptable, I think anybody should have the courtesy,” said Assemblyman Mike Gipson, D-Los Angeles.

    Aside from the LCFS issue, state lawmakers from both parties have also expressed frustration with the board’s lack of transparency on an alternative blend of gasoline referred to as E-15, which contains 15% ethanol. Lawmakers have noted that E-15 could help California with its gasoline supply and prices issue. Every state in the country uses it, except California.

    “Nobody is saying E-15 is a silver bullet,” said Assemblyman Heath Flora, R-Ripon in a hearing on the issue on Sept. 19. “To hold up a type of fuel that in 49 other states is accepted, and in California we try to be too cute? That’s unacceptable to me.”

    CARB started working on a report about the alternative fuel in 2019 and finished a draft in 2022 but has yet to release its findings to the public. Lawmakers in the Assembly passed bipartisan legislation to nudge CARB to release the report, but the Senate blocked the effort.

    “Those timelines seem wholly incompatible with the sense of urgency many of us and many of our constituents feel,” said Assemblymember Cottie Petrie-Norris, D-Irvine, in response to CARB’s E-15 report.

    “The California Air Resources Board was created by the Legislature and its appointees and the Board’s budget are approved by the Senate. We take this responsibility very seriously,” said State Senate Pro Tem Mike McGuire in a statement on CARB and transparency broadly. “At the end of the day, if CARB takes actions against the public’s interest, we will move on a course correction. We will always push for continued transparency and the protection of California consumers.”

    McGeorge School of Law professor Chris Micheli noted when state lawmakers return for the legislative session in 2025, they face a key vote to renew California’s environmental program known as Cap-and-Trade. The program is meant to lower greenhouse gas emissions by major businesses or entities that emit carbon. Several Democratic legislative sources told KCRA 3 ahead of that vote that the lack of transparency from CARB on a handful of issues makes it difficult for lawmakers to determine how to move forward with protecting the environment and the state’s economy.

    “We could potentially see the legislature negotiate with the governor to not only changes to the Cap-and-Trade program, but to CARB’s authority, either limiting it or expanding it,” said Micheli.

    The board has a meeting scheduled in Sacramento on Oct. 24 at 9 a.m. on business unrelated to the LCFS update. It is taking public comment, according to the agenda.

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

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  • Days after Newsom signs bill aimed at ‘big oil,’ Phillips 66 says it plans to stop operating refinery

    Days after Newsom signs bill aimed at ‘big oil,’ Phillips 66 says it plans to stop operating refinery

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    Phillips 66 on Wednesday announced it plans to cease operations at its Los Angeles-based refinery near the end of 2025.”With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” said Mark Lashier, the chairman and CEO of Phillips 66.The announcement comes days after Gov. Gavin Newsom signed legislation that kickstarts a process for the California Energy Commission to set new rules around backup fuel supply and maintenance for oil refiners. Newsom’s administration pushed the new law in an attempt to prevent gas price spikes, noting prices surge at the pump when refineries undergo maintenance or an outage and are low on supply. The announcement also comes weeks before the California Air Resources Board votes on updates to the state’s Low Carbon Fuel Standards that will have impacts on the oil and gas industry. After this story first published, a spokesman for Phillips 66 told KCRA 3 the decision was not politically motivated nor was it in response to the governor’s recent bill signing. “Phillips 66 is not exiting California, as we want to continue to be a trusted and deliberate partner of the state,” said Al Ortiz with Phillips 66. “This announcement is based on consideration of multiple factors, including future options for the site as part of Phillips 66’s ongoing review of its portfolio of assets. Phillips 66 still owns and operates midstream assets and the Rodeo Renewable Energy Complex, which produces renewable diesel that consumers can find at our branded retail stations across the state. We look forward to finding new ways to serve California markets.” Phillips 66 indicated in its initial announcement that it supports the state’s efforts to expand fuel supply capability. The company promised to work with California to maintain current levels and potentially increase supplies to meet the needs of consumers in the state. The refinery currently employs 600 workers and 300 contractors. The refinery accounts for 8% of California’s crude oil capacity, according to state data. In a statement, a spokesperson for the Western States Petroleum Association said, “Today, we were made aware of the Phillips 66 announcement to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. We understand that Phillips 66 is not leaving the state and remains committed to meeting California’s commercial and consumer fuel demands.” “We recognize the challenges faced by companies like Phillips 66, which are trying to operate in one of the most highly regulated energy environments in the world. These refinery closures are a direct result of policies that make it increasingly difficult to maintain and expand critical infrastructure,” said Alessandra Magnasco with the California Fuels and Convenience Alliance. “While we understand the need for sustainable progress, we urge policymakers to consider the immediate impacts on consumers, workers, and the stability of California’s fuel supply.” While the future use of the refinery is not yet determined, the number of oil refiners in California has dwindled over the last few decades as the state has worked to cut its reliance on oil and gas to reduce the impacts of climate change. “These sites offer an opportunity to create a transformational project that can support the environment, generate economic development, create jobs and improve the region’s critical infrastructure,” Lashier said.The Phillips 66 refinery in the Los Angeles area is one of California’s nine major oil refiners. Before Wednesday’s announcement, lawmakers from both parties had expressed fears of the impacts of another one shutting down. A Chevron executive told KCRA 3 last week that the governor and California legislature are driving the industry out of state and threatened to no longer invest in California if regulations continue to mount. “It’s going all according to @GavinNewsom’s plan who said in 2021 he does not see a future for oil in CA. This means lost high-paying, union jobs & more expensive gasoline,” said Assemblyman Joe Patterson, R-Rocklin, in a post on X. When reached for comment, Gov. Newsom’s office referred KCRA 3 to the California Energy Commission.The commission’s Vice Chair Siva Gunda said in a statement: “Phillips 66 has been a valuable partner in California’s transition toward a clean energy future. The company has committed to minimizing impacts on Californians while they continue to meet fuel demands, maintain reliable supplies, and ensure they take necessary steps to fulfill both commercial and customer needs. Their plan to replace the production lost from the refinery closure is an example of the type of creative solutions that are needed as we transition away from fossil fuels. We remain dedicated to collaborating with industry leaders to secure an affordable and reliable fuel supply for all consumers as we move forward.”See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

    Phillips 66 on Wednesday announced it plans to cease operations at its Los Angeles-based refinery near the end of 2025.

    “With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” said Mark Lashier, the chairman and CEO of Phillips 66.

    The announcement comes days after Gov. Gavin Newsom signed legislation that kickstarts a process for the California Energy Commission to set new rules around backup fuel supply and maintenance for oil refiners. Newsom’s administration pushed the new law in an attempt to prevent gas price spikes, noting prices surge at the pump when refineries undergo maintenance or an outage and are low on supply. The announcement also comes weeks before the California Air Resources Board votes on updates to the state’s Low Carbon Fuel Standards that will have impacts on the oil and gas industry.

    After this story first published, a spokesman for Phillips 66 told KCRA 3 the decision was not politically motivated nor was it in response to the governor’s recent bill signing.

    “Phillips 66 is not exiting California, as we want to continue to be a trusted and deliberate partner of the state,” said Al Ortiz with Phillips 66. “This announcement is based on consideration of multiple factors, including future options for the site as part of Phillips 66’s ongoing review of its portfolio of assets. Phillips 66 still owns and operates midstream assets and the Rodeo Renewable Energy Complex, which produces renewable diesel that consumers can find at our branded retail stations across the state. We look forward to finding new ways to serve California markets.”

    Phillips 66 indicated in its initial announcement that it supports the state’s efforts to expand fuel supply capability. The company promised to work with California to maintain current levels and potentially increase supplies to meet the needs of consumers in the state.

    The refinery currently employs 600 workers and 300 contractors. The refinery accounts for 8% of California’s crude oil capacity, according to state data.

    In a statement, a spokesperson for the Western States Petroleum Association said, “Today, we were made aware of the Phillips 66 announcement to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. We understand that Phillips 66 is not leaving the state and remains committed to meeting California’s commercial and consumer fuel demands.”

    “We recognize the challenges faced by companies like Phillips 66, which are trying to operate in one of the most highly regulated energy environments in the world. These refinery closures are a direct result of policies that make it increasingly difficult to maintain and expand critical infrastructure,” said Alessandra Magnasco with the California Fuels and Convenience Alliance. “While we understand the need for sustainable progress, we urge policymakers to consider the immediate impacts on consumers, workers, and the stability of California’s fuel supply.”

    While the future use of the refinery is not yet determined, the number of oil refiners in California has dwindled over the last few decades as the state has worked to cut its reliance on oil and gas to reduce the impacts of climate change.

    “These sites offer an opportunity to create a transformational project that can support the environment, generate economic development, create jobs and improve the region’s critical infrastructure,” Lashier said.

    The Phillips 66 refinery in the Los Angeles area is one of California’s nine major oil refiners. Before Wednesday’s announcement, lawmakers from both parties had expressed fears of the impacts of another one shutting down. A Chevron executive told KCRA 3 last week that the governor and California legislature are driving the industry out of state and threatened to no longer invest in California if regulations continue to mount.

    “It’s going all according to @GavinNewsom‘s plan who said in 2021 he does not see a future for oil in CA. This means lost high-paying, union jobs & more expensive gasoline,” said Assemblyman Joe Patterson, R-Rocklin, in a post on X.

    When reached for comment, Gov. Newsom’s office referred KCRA 3 to the California Energy Commission.

    The commission’s Vice Chair Siva Gunda said in a statement: “Phillips 66 has been a valuable partner in California’s transition toward a clean energy future. The company has committed to minimizing impacts on Californians while they continue to meet fuel demands, maintain reliable supplies, and ensure they take necessary steps to fulfill both commercial and customer needs. Their plan to replace the production lost from the refinery closure is an example of the type of creative solutions that are needed as we transition away from fossil fuels. We remain dedicated to collaborating with industry leaders to secure an affordable and reliable fuel supply for all consumers as we move forward.”

    See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter

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  • Canada’s annual inflation fell to 1.6% in September – MoneySense

    Canada’s annual inflation fell to 1.6% in September – MoneySense

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    The agency said Tuesday its consumer price index for September was up 1.6% from a year ago compared with a year-over-year increase of 2% in August.

    It was the slowest annual pace for inflation since February 2021 when it was 1.1%.

    Gasoline prices in September fell 10.7% compared with a year earlier. Excluding gasoline, the annual pace of inflation was 2.2% in September.

    Meanwhile, rent prices increased at a slower pace in the month but remained elevated as they rose 8.2% compared with a year ago following a year-over-year gain of 8.9% in August.

    Grocery prices increased 2.4%, rising faster than overall inflation

    Statistics Canada said prices for food purchased from stores rose faster than overall inflation as they increased 2.4% in September, the same rate as in August. Prices for fresh or frozen beef gained 9.2%, while edible fats and oils rose 7.8% and eggs increased 5%.

    Prices for food purchased from restaurants rose 3.5% compared with 3.4% in August.

    The inflation report is the last major piece of economic data before the Bank of Canada’s interest rate decision on Oct. 23.

    The central bank, which has a target of 2% for inflation, has cut its key interest rate three times so far this year to bring it to 4.25%.

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    The Canadian Press

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  • Examining top issues for voters in Arizona, a key battleground state in 2024

    Examining top issues for voters in Arizona, a key battleground state in 2024

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    Examining top issues for voters in Arizona, a key battleground state in 2024 – CBS News


    Watch CBS News



    Arizona is one of the seven battleground states that will help determine the result of the 2024 presidential election. The state’s Senate race could also determine the balance of power in Congress and a ballot measure will decide the state’s abortion laws. Arizona Republic national political reporter Ron Hansen joins CBS News to discuss Arizonans’ top issues.

    Be the first to know

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  • Fact-checking Kamala Harris on U.S. energy production

    Fact-checking Kamala Harris on U.S. energy production

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    Republican candidates often criticize Democrats for throttling the U.S. energy sector or blame them for high gasoline prices. But just days before she became the presumptive Democratic presidential nominee, Vice President Kamala Harris, stole a page from the Republican playbook and boasted about U.S. energy production during Joe Biden’s presidency.

    In July 18 remarks in Fayetteville, North Carolina, Harris said, “Today, America has record energy production and we are energy independent.”

    Harris is right about record energy production, but she’s only partly right about energy independence. By some definitions, the U.S. is energy independent, but by an important one, it’s not.

    Does the U.S. have record energy production today?

    This part of Harris’s statement is accurate.

    Overall U.S. energy production — which includes everything from heating oil to gasoline to sources used to generate electricity such as coal, natural gas and renewables — hit 102.82 quadrillion British thermal units in 2023, more than 4% higher than the 2022 level, which was the previous record.

    This reflects recent growth in U.S. energy production, which has flourished under both of the last two presidents, Donald Trump and Joe Biden. Experts credit the growth in shale oil and shale gas production, increases in renewable energies such as solar and wind and improvements in the energy efficiency of buildings and vehicles.

    Some definitions of energy independence have been met

    As for the other part of Harris’ statement, some definitions of “energy independence” have been met — but not all.

    One definition that was met under both Trump and Biden is the U.S. exporting more energy than it imports. 

    The Energy Information Administration, a federal office that tracks energy statistics, found that in 2019 — when Trump was president — the United States became a net exporter of overall energy for the first time since 1952. 

    That has continued ever since, with the gap widening to a record level in 2023, the most recent full year with available statistics. 

    Another, narrower, measure of energy independence is whether the U.S. is a net exporter of petroleum specifically. In 2020, the U.S. became a net exporter of petroleum for the first time since at least 1949. That has continued through 2022, the last year with available data.

    A third form of energy independence occurs when domestic energy production exceeds domestic consumption. This has been so from 2019 to 2023.

    When we asked the Harris campaign to support its claim, it pointed to these metrics, and to a March 2024 report by the financial services company J.P.Morgan that used these statistics to support its conclusion that “the U.S. has achieved U.S. energy independence for the first time in 40 years.” 

    Other signs of energy independence have not been met

    There is one important metric keeping the U.S. from complete energy independence. The data for crude oil — which is used to manufacture gasoline, which for many consumers is top of mind — has not followed the same pattern as energy overall.

    Crude oil imports outpaced exports in each of the four years Trump was president, and during Biden’s first three years in office. Crude oil and petroleum are different; the U.S. is a net exporter of petroleum, a finished product, but a net importer of crude oil, a raw product used to make petroleum and petroleum products.

    There’s a reason for the imbalance in crude oil imports and exports, experts say. Although the U.S. theoretically produces enough crude oil to satisfy its consumption, the U.S. cannot refine all of the crude oil it produces. 

    Crude is graded by its weight and its “sweetness,” a measure of the oil’s sulfur content. Most U.S.-produced oil is “light” and “sweet,” and although some U.S. refineries can process it, many cannot. 

    These refineries are built to process heavier, less sweet crude (also called heavy, sour crude) from the Middle East and other overseas suppliers. That’s a holdover from past decades, when the U.S. was primarily importing its crude.

    This mismatch keeps the U.S. from simply using its own crude production to serve all of its domestic needs. Changing the mix of refineries to accommodate U.S.-produced crude oil would be expensive and take years to complete.

    This means the U.S. is exporting a lot of its domestically produced crude on the international market. To make up for this, the U.S. still must import a substantial amount of oil for domestic use.

    Mark Finley, a fellow in energy and global oil at Rice University’s Center for Energy Studies, said a more accurate term for the U.S. position right now is “net self-sufficiency.”

    “To be self-sufficient means you produce everything you need,” Finley said. “On a net basis, that is true for the U.S. in recent years. But to be independent means that what happens around the world doesn’t matter to you. That is absolutely false.”

    For instance, much of New England relies on foreign imports of oil and natural gas because the region lacks pipeline capacity and because of laws that regulate domestic shipping, said Hugh Daigle, an associate professor of petroleum and geosystems engineering at the University of Texas at Austin.

    So, even in a period of greater energy independence for the U.S., its supply is still sensitive to international events, experts said. Harris’ claim glosses over this reality. 

    “While the U.S. produces more energy than it consumes, it remains closely connected to — and dependent on — global developments,” Finley said.

    The last time we looked at a claim about energy independence in 2023, we rated it Half True. However, in that fact-check, of former Vice President Mike Pence, we did not also address the claim Harris mentioned about record-high energy production, which she was correct about.

    Our ruling

    Harris said, “Today, America has record energy production and we are energy independent.”

    Harris is correct about overall energy production being at a record high, and she is correct that the U.S. is energy independent by some definitions — being a net energy exporter, a net petroleum exporter and producing more energy than it consumes.

    However, the U.S. is not a net exporter of crude oil, which is the source of gasoline. 

    Many U.S. refineries cannot process the type of crude oil produced in the U.S., so serving the domestic market requires importing a different type of oil from overseas. This keeps the U.S. and its economy beholden to overseas developments.

    We rate the statement Mostly True.

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  • CBS News price tracker shows how much food, utility and housing costs are rising

    CBS News price tracker shows how much food, utility and housing costs are rising

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    Voters feeling frustrated with inflation


    Voters feeling frustrated with inflation and overall economy

    02:11

    As consumers cope with lingering inflation, CBS News is tracking the change in prices of everyday household expenses — from food at the grocery store to utilities and even rent — across the country.

    Drawing from a wide range of government and private data, the tracking charts below show how the cost of goods and services have changed since from before the pandemic to the most recent information available. That’s last month for most items.

    The price tracker is based on data released by the U.S. Bureau of Labor Statistics for food, household goods and services and Zillow for rent and home-purchase prices. Every chart notes, and links to, the source of the original data.

    In the case of recurring household costs, rents and home sales, the 2024 data cited is current through last month and it is compared to the same month in prior years dating back to 2019.

    The real estate data in the tracker is gathered by Zillow, which deeply studies home sales prices, rents and other housing costs using a combination of the listings on its own sites, public records and economic trends.

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  • How to stay on budget this summer, wherever your vacation plans take you – MoneySense

    How to stay on budget this summer, wherever your vacation plans take you – MoneySense

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    Summer is peak travel season for Canadians, with July the most popular time for a getaway, according to a recent Deloitte poll.

    But if budget worries are casting a cloud over your vacation fantasies, experts say it’s possible to ease that anxiety. Whether you’re adventuring close to home or taking a once-in-a-lifetime trip, here are some tips to ensure summer fun doesn’t break the bank.

    How to save on a staycation

    Staycations allow you to eliminate some of the biggest expenses associated with travel, such as airfare and hotel stays. But unless you plan to spend the entire time reading on the deck, you’ll want a budget that allows for fun outings.

    Paul Seipp, BMO’s regional president for the prairies central region, encourages exploring local attractions and experiences, keeping a special lookout for ones that don’t cost anything. Festivals, fireworks, outdoor events and parades can be a great way to make a staycation feel special.

    When you do hit up a pricier local attraction, be conscious of discount days and special offers. Many museums, for example, offer cheap entry on a certain day of the week or after a certain time of day.

    “One of the worst things that can happen is that September hangover when the summer bills come in, so (even for a staycation), stay on track by setting up a separate vacation account or having some savings put aside,” said Seipp.

    While picnics or packing your own lunch are always budget-friendly options, Seipp said staycationers who want to dine at restaurants should consider happy hours, “kids eat free” days, and other strategic ways to save money.

    How to save on a camping trip

    Camping can be significantly cheaper than staying in a hotel if you already own the gear, but if you don’t, sleeping outdoors can be pricey. Experts recommend checking second-hand shops, Facebook Marketplace, and even garage sales for lightly used camping equipment. 

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    The Canadian Press

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  • Analyst: Gas prices should plateau or decrease through the rest of the year – WTOP News

    Analyst: Gas prices should plateau or decrease through the rest of the year – WTOP News

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    Gas prices are currently down compared to the same time last year, and experts predict they will likely continue to plateau through the rest of the year.

    Gas prices are currently down compared to the same time last year, and experts predict they will likely continue to plateau through the rest of the year.

    The current national average for a gallon of regular gas is about $3.40, according to AAA.

    Last year around this time, the average was nearly $3.60 a gallon.

    David Holt, president of the Consumer Energy Alliance, a national trade association that focuses on gas prices and energy policy, said the national gas inventory is relatively high.

    “Through the rest of the summer, prices could trickle down just a little bit,” Holt said. “Once you get into fall and winter, you could continue to see gasoline prices go down a little bit more.”

    In the District, according to AAA, the current average for a gallon of regular gas is $3.60, compared to $3.70 a year ago.

    Virginia has an average of $3.30 a gallon, which is exactly where it was at this time last year. Maryland’s average sits at $3.50 a gallon, which is up slightly compared to the state’s average of $3.45 a year ago.

    “Folks aren’t driving as much as we expected them to drive, so that reduced demand this summer means we’ve seen prices come down a little bit,” Holt said.

    Holt put much of the blame on inflation.

    “The cumulative impact of inflation is adding up, and we are seeing some changed habits that maybe we didn’t expect we’d see,” Holt said. “I think that when you look at inflation and the impact it’s having on the average family, it’s removing some disposable income they otherwise would have.”

    Despite that, people have been taking more vacations in record numbers this year.

    Airlines nationwide expect to carry a record number of passengers this summer. Their trade group estimates that 271 million travelers will fly between June 1 and Aug. 31, breaking the record of 255 million set last summer.

    A record was recently broken ahead of Memorial Day weekend for the overall number of airline travelers.

    More than 2.9 million travelers were screened at airports on the Friday before the Memorial Day weekend, surpassing a previous record set last year on the Sunday after Thanksgiving, according to the Transportation Security Administration (TSA).

    The Associated Press contributed to this report.

    Get breaking news and daily headlines delivered to your email inbox by signing up here.

    © 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

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    Nick Iannelli

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  • It will take years for the oil and gas market to recover from the ‘mother of all shocks,’ Harvard economist says

    It will take years for the oil and gas market to recover from the ‘mother of all shocks,’ Harvard economist says

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    Shutterstock

    • Oil and gas prices have been affected by the “mother of all shocks,” a Harvard economist says.

    • Energy prices have seen wild swings since the pandemic, and the impact is still being felt.

    • “When there is an energy shock, it can take a huge price change to clear the market,” Kenneth Rogoff said.

    Oil and gas prices are stuck on a roller coaster caused by the “mother of all shocks,” as the supply-demand imbalance from the pandemic is still roiling energy markets, says Kenneth Rogoff, a top economist.

    The Harvard professor and former International Monetary Fund chief economist pointed to the wild ride that oil and gas prices have taken over the past few years, with energy prices plunging in the wake of the pandemic and skyrocketing when Russia began its full-scale invasion of Ukraine.

    Brent crude plunged as low as $14 a barrel in 2020 before soaring to a peak of $133 a barrel in June 2022. Similar swings were seen in US gas prices, which plunged to a low of $1.77 a gallon in 2020 before peaking around $5 a gallon in 2022, according to the Energy Information Administration.

    Energy prices have eased in recent months, with Brent trading around $80 a barrel and gas prices cooling to around $3 a gallon. That’s largely due to fears of a coming recession in the US and the potential impact on demand.

    But over the long term, oil and gas prices are expected to trend higher — and prices are set to continue to see big bouts of volatility as the unprecedented shock from the pandemic continues to roll through the market.

    “When there is an energy shock, it can take a huge price change to clear the market. And the pandemic was the mother of all shocks, bringing about the biggest sustained shift in demand since World War II,” Rogoff said.

    The world’s total oil demand was estimated to have risen 2.3 million barrels a day last year, according to the International Energy Agency. By 2050, demand could skyrocket as high as 42%, per an EIA estimate.

    More energy giants are investing to ramp up their crude-oil production, with the US seeing more than $100 billion of oil mega-mergers in 2023. But it could take years for those investments to fix the industry’s chronic undersupply problem, some experts have warned — which means prices are probably climbing higher for the time being.

    “In the longer term, energy prices look set to rise unless investment picks up sharply, which seems unlikely given current policy guidance. Supply and demand shocks will most likely continue to roil the energy market and the global economy,” Rogoff said.

    Higher crude demand has been a boon for US oil producers, with production reaching an all-time high in 2023 as firms raced to fill the world’s expanding appetite for crude oil. The US is estimated by the EIA to churn out an average of 13.2 million barrels a day in 2024 and 13.4 million a day in 2025, eyeing new records for at least the next two years.

    This story was originally published in January 2024.

    Read the original article on Business Insider

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  • Canada’s inflation rate falls to 2.7% in April, driving up odds of June rate cut – MoneySense

    Canada’s inflation rate falls to 2.7% in April, driving up odds of June rate cut – MoneySense

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    Bank of Canada governor Tiff Macklem has suggested the federal budget presented last month wouldn’t have much of an effect on inflation.

    Since last summer, the governing Liberals have been pummelled by Conservatives in public opinion polls over cost-of-living issues

    Rapidly rising grocery prices have been a top concern, in particular.

    And while food prices are significantly higher than they were a few years ago, the data shows grocery prices grew at a modest pace in April, rising 1.4% from a year ago.

    Meanwhile, higher gasoline prices moderated the deceleration in inflation last month, with pump prices rising 6.1% year-over-year.

    Excluding gasoline, prices were up 2.5% from a year ago.

    “I think what’s really the most encouraging is that we saw continued softness in some of the core measures that the Bank of Canada is looking at when it’s looking to judge when and how quickly to cut interest rates,” Grantham said in an interview.

    The Bank of Canada’s core measures of inflation, which strip out volatile prices, slowed last month and are all now below 3%.

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    The Canadian Press

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  • Why is gas so expensive in Canada? – MoneySense

    Why is gas so expensive in Canada? – MoneySense

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    How expensive is gas in Canada?

    According to CAA’s daily gas price tracker, Canadians paid an average of $1.68 per litre on May 2, 2024. That’s six cents more than the lowest average price in the previous 30 days, and 12.3 cents more than one year ago. 

    What national averages don’t show, though, are the unpredictable price spikes experienced in some locales. Case in point? On April 18, 2024, Toronto drivers woke up to find gas prices had climbed from $1.65 to $1.79 per litre overnight.

    That 14-cent-per-litre increase meant that Ford F-150 owners would spend up to $19 more filling their tanks, Dodge Durango drivers would pay an extra $13 and Toyota Highlander drivers would pay $9 more per fill-up. It would cost an extra $8 to fill a family car like the Hyundai Sonata or Chevrolet Malibu, and $7 for smaller cars like the Honda Civic. Use a fleet of heavy trucks for your business? That Silverado 2500 or Ram 2500 HD will cost you $20 to $35 more to fill.

    These are big jumps, but gas prices are still well below what they were at the height of the pandemic. In the summer of 2022, the national average price reached an eye-watering $2.11 per litre, says price-tracking website GasBuddy.com.

    According to the Canadian Fuels Association, Vancouver had Canada’s highest average gas prices in 2023, followed by St. John’s, Charlottetown, Montreal and Halifax. 

    If you’re frustrated by wildly fluctuating gas prices, you’re not alone. Below, I’ll give you easy fuel-saving tips that could trim your gas bills by 15% or more. But first, let’s take a look at what affects gas prices in Canada. 

    Compare personalized quotes from Canada’s top car insurance providers.All in under 5 minutes with ratehub.ca. Let’s get started.*You will be leaving MoneySense. Just close the tab to return.

    Why do gas prices go up and down?

    The price you pay for a litre of gas at the pumps includes many costs and taxes that vary between countries, provinces and even regions—but that’s only part of the story. To understand what affects gas prices, it helps to understand how crude oil is processed, and why it’s in such high demand.

    Understanding crude oil

    Crude oil is a highly valuable substance, found deep underground. It’s made of ancient dead stuff—animals and plants that lived millions of years ago. The value of crude oil lies in its ingredients, which we use to make things like plastic, synthetic rubber, detergents, heating oil, jet fuel, engine oil, asphalt and, of course, the gasoline powering our cars.

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    Justin Pritchard

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  • Gas prices are on the rise again. Here’s where experts say they are going next.

    Gas prices are on the rise again. Here’s where experts say they are going next.

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    Budget-conscious motorists may want to fill up sooner rather than later, as prices at the pump are likely headed higher in the near term. 

    The approach of the peak driving season and the annual switch by refineries to more costly summer gasolines has driven up the national average for unleaded to $3.63, according to AAA.

    Prices have been edging higher, with motorists on average paying six cents more per gallon than a week ago and 23 cents more this time last month. Still, the cost of filling up is in line with where motorists and their wallets stood a year ago, when a gallon of unleaded came to $3.61, AAA data shows.  

    The cost of gas proved to be a large factor in the surprise jump in inflation last month — a trend that is likely to persist in April, experts told CBS MoneyWatch. Paying to keep vehicles running and a roof over one’s head accounted for more than half the March rise in the consumer price index, which rose 3.5% last month from a year ago. Gas prices increased 1.7% from February to March, the government data released on Wednesday showed.

    Why are gas prices rising?

    Underlying the higher costs of gas are routine factors including refinery maintenance, the switch to summer gasoline and rising demand. Added to the mix are geopolitical factors, including the Russian-Ukraine war and Israel’s war against Hamas in the Gaza Strip, which has spurred the price of oil to six-month highs.

    U.S. intelligence that Iran is preparing to retaliate for the Israeli attack early last week on an Iranian consulate in Syria is among the developments keeping the global commodities market on edge. 


    Fears growing of Iranian attack on Israel; IDF strike kills sons of Hamas leader

    05:27

    Defense Secretary Lloyd Austin has urged Ukraine against further attacks on Russian oil refineries, citing the risk to global energy markets, the Biden administration official told Congress on Wednesday.

    “The West Coast is likely to see gas prices continue to jump, and in a week or so, will be joined by the mid-Atlantic and Northeast states as they wrap up the transition to summer gasoline,” GasBuddy noted Monday in a blog post.

    Gas prices are averaging $5.41 a gallon in California and topped four bucks a gallon in half a dozen states, including Alaska, Hawaii, Illinois, Nevada, Oregon and Washington, according to AAA. The least expensive gas can be found in Arkansas, Colorado, Mississippi, where a gallon is averaging under $3.20. 

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