Energy, Gas | featured news

A surprise surge in gasoline prices is taking some of the fun out of summer. The national average for a gallon of gas at the pump has climbed to $3.67, a rise of 34 cents since July 1. An increase in crude oil prices and problems with refineries and pipelines in the West Coast and Midwest, including a fire in California, are mostly to blame.

The phenomenon is called rockets and feathers, and, industry analysts say, it's been going on for a long time. Gasoline retail prices rise four times faster than they fall after the wholesale price changes, according to a 2010 Federal Trade Commission (FTC) study.

After dipping to $3.33 a gallon, the nation's average gas price climbed 17 cents over 26 consecutive days in July.

Exxon Mobil Corp, the world's largest publicly traded oil company, posted lower-than-expected quarterly earnings on Thursday as its oil and gas output sagged and its chemicals business struggled.

Consumers have caught a break from the slowing economy as gasoline prices extended their steep three-month decline, but the cost of filling the tank may soon head back up, a widely followed survey said on Sunday.

Average retail gasoline prices continue to fall in California, but the national average for a gallon of regular fuel rose for the first time in several weeks, according to the AAA Fuel Gauge Report.

King Coal is meeting its match: natural gas. Power plants fired by natural gas have set a new record by producing as much electricity in the United States as those run by coal, long the nation's dominant power producer.

Japanese Prime Minister Yoshihiko Noda said on Saturday that the government is considering buying islands in potentially gas rich territory claimed by both Japan and China, in a move likely to anger Beijing.

The average price of a gallon of gasoline in the U.S. has dropped 15 cents over the past two weeks.

Chesapeake Energy plans to sell midstream assets in three transactions totaling more than $4 billion in cash, as the natural-gas company struggles against mounting debt.