Energy, Gas | featured news

U.S. gas prices have edged up 6 cents over the past two weeks, but don't fret that a steady climb is on the horizon, the publisher of a new survey said Sunday.

The United States could create more than one million jobs by 2030 by expanding offshore drilling, limiting federal regulation of shale gas development and quickly approving a Canadian oil sands pipeline, according to a study commissioned by a major oil industry trade group.

With its gas business in decline, Russia on Tuesday begin filling a new pipeline that goes directly under the Baltic Sea to Germany, bypassing Ukraine, Belarus and Poland.

Consumer prices fell slightly more than expected in June to post their biggest drop in a year on weak gasoline costs, government data showed on Friday, pointing to a cooling in commodity-driven inflation pressures.

BHP Billiton boosts its presence in the booming shale gas market as it agrees a $12bn deal to buy Petrohawk Energy.

Retailer rolls back by 10 cents a gallon for users of its branded credit cards and gift cards.

The average price of a gallon of regular gasoline in California drops 4 cents to $3.90. Nationally, the average declines 6.1 cents to $3.652, up 91 cents from a year earlier. Pump prices fell again during the last week in California and nationwide, the Energy Department said Monday, but an analyst warned that the decline may level out substantially above last summer's averages.

With gasoline prices hovering at $4 a gallon nationally, many Americans are making tough choices: scaling back summer vacations, driving less or ditching the car altogether. Some seniors are choosing a tank of gas over their prescriptions....

Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.

The average gas price in the United States has hit the $4 mark, just 11 cents shy of the all-time high, according to a survey published Sunday.