Energy, Gas | featured news

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.

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.

Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar.

Consumer prices rose last month as the cost of gas increased by the largest amount since June 2009. But outside of energy costs, there was little sign of widespread inflation.

Oil from the worst spill in U.S. history could soon end up at gas stations, construction sites and even grocery stores .