Gas | featured news

Oil prices plummeted by almost 9 percent on Thursday as traders worried that American drivers were beginning to balk at the price of gasoline.

So now President Barack Obama has decided to go after the oil speculators. He wants to “root out any cases of fraud or manipulation.” He’s directed the Justice Department to set up a task force. Yessir, he’s determined to get to the bottom of this.

Americans earned and spent more in March, but much of the extra money went toward more expensive gasoline.

Chevron says first-quarter earnings rose 36 percent. The company received higher prices for the oil it produced, and also made more money from refining oil.

Exxon Mobil and Royal Dutch Shell Plc reported big jumps in first quarter earnings and beat forecasts, thanks to high oil prices and healthy refining margins.

With gas prices climbing and little relief in sight, President Barack Obama is scrambling to get ahead of the latest potential obstacle to his re-election bid, even as Republicans are making plans to exploit the issue....

The average price for a gallon of gas is again approaching $4. But this time, drivers can cope by using their smartphones.

The price of gas is going up so fast that even government reports can't keep up with it. A few days after the federal Energy Information Administration said in its weekly report that the average price of regular gas in the U.S. is $3.19 per gallon -- marking the highest average February price since the government started keeping track in 1990 -- the AAA fuel gauge report on Thursday put the national average at $3.22. The price rose three cents per gallon in a day.

Wholesale prices rose sharply in January due to higher costs for gas, pharmaceuticals and other goods. Excluding the volatile food and energy categories, wholesale prices rose by the most since October 2008.

The average price of a gallon of gasoline in the United States rose slightly in the last two weeks and will likely hold steady for some time, according to an industry analyst.