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A top Republican said on Friday that President Joe Biden is raising gas prices on purpose. Sen. Lindsey Graham (R-S.C.) made the remarks when he was asked on Fox Business’s “Wall Street with Maria Bartiromo” to respond to Biden’s recent comments where he said raising gas prices is part of “an incredible transition.” “I think that’s the main takeaway from his statement, that he is telling the American people they’re doing this to you on purpose, that the transition period is being imposed by policies coming from the Biden administration,” he said. “This is a conscious effort by the Biden...

Anyone dare to speculate on why the spread between diesel fuel (ULSD D2) is roughly 25% more that regular unleaded?I'm driving a TDI Jetta (Diesel) and getting somewhere between 37 ~ 44 mpg. There was a time when diesel was much less that RUG. Then I decide to go diesel and the price secenaro flips. Go figure.

One of America's most influential businessmen, legendary oilman T. Boone Pickens, says the nation's wealth is being plundered by oil exporters and the U.S. faces a potential financial disaster if our energy policy is not reformed. Pickens, who correctly predicted that oil would top $100 a barrel, also says he expects oil prices to drop sharply in the near term. Appearing on CNBC's "Squawk Box" Thursday morning, Pickens pointed out that the U.S. is currently sending half a trillion dollars out of the country each year to buy oil, in some cases from people who "are our enemies." Said Pickens,...

LONDON - Oil hit a record $74 a barrel Wednesday on fears Iran's intensifying dispute with the West may hit oil supplies and after U.S. gasoline stocks dropped. London's Brent crude settled $1.22 higher at $73.73 a barrel after peaking at a record $74. U.S. gasoline stocks slumped more than 5 million barrels last week, government data released Wednesday showed. It was a larger fall than analysts polled by Reuters expected, and supplies are now nearly 5 percent below last year's level. "The EIA (inventory) data are bullish in light of expectations," said Kyle Cooper, analyst at IAF Advisors in...

<p>It isn't an anniversary to celebrate, but Chicago passed the one-year mark of gasoline above $2 per gallon. And, thanks in part to our federal government, another year at this level is a real possibility.</p> <p>According to the Department of Energy, Feb. 28, 2005 was the last time gasoline averaged $1.99 per gallon in Chicago. By early March, it hit $2 and has stayed well above that level since.</p>

Many motorists these days are complaining about the cost of gasoline, but what people consider a fair price varies greatly, depending on where they live. Americans angrily grit their teeth as they pump $3-per-gallon gas. They think $2 is about right. In Britain, $3 sounds fanciful - people there pay about $6.40 a gallon and think $5 would be fair. AP-Ipsos polling in the United States and eight of its allies turned up wide disparities in people's thoughts on the cost of filling up. Spaniards would like to see gasoline for just over $3 a gallon. People in France,...

NEW YORK: Oil prices fell Tuesday for the third straight session amid signs of weakening demand and the prospect President George W. Bush's administration will tap the nation's heating oil emergency reserve. U.S. oil consumption has weakened significantly in recent weeks amid high pump prices produced in the wake of Hurricane Katrina in late August, with many drivers switching to mass transit among taking other measures. "The demand losses that have happened vastly exceed the seasonal decline," said Kyle Cooper, an analyst with Citigroup in Houston. At the New York Mercantile Exchange, crude for November ended $1.57 lower at $63.90...

SINGAPORE (AFX) - Oil prices were higher in early afternoon trade here on fresh concerns that US refineries, battered by Hurricanes Rita and Katrina, will not be able to meet demand in the near term, dealers said. At 12:50 pm (0450 GMT), New York's main contract, light sweet crude for delivery in November was up five cents at 65.87 usd a barrel after closing at 65.82 usd in the United States yesterday. During the morning session here the contract touched a high of 66.17 usd. Concerns are mounting that US refineries, already struggling to quench the thirst of the world's...

In the aftermath of Hurricane Katrina, gas prices have soared at many locations. In Katrina's path of ruins, prices have risen almost a dollar overnight! Recently in Atalnta, one gas station was asking 5.36 for a gallon of regular unleaded! Premium was selling for more than 6 dollars a gallon!!! They did this, because GAS SHIPMENTS WERE DELAYED and a lot of people wanted gas. Had they sold a gallon for 2.70, they would have run out almost immediately. But because they raised the price, everyone who desperately needs gas will be able to buy a little. However, people...

Storm disruptions to output in the Gulf of Mexico and nine weeks of falling gasoline supplies joined forces to pull regular unleaded gas prices to a fresh record -- and they're still nowhere near their peak, analysts said Wednesday. There's a "surfeit of worry over gasoline supplies to much of the U.S. and gasoline prices have acted accordingly," said John Kilduff, an analyst at Fimat USA. A truck moves through the parking lot of a Sunoco gas station in South Bend, Ind., Wednesday, August 31st, 2005, where the advertised price for gasoline was $3.50 to $3.70 a gallon depending upon...

Crude-oil futures rose Wednesday after U.S. petroleum data showed drivers' strong demand for fuel cut into gasoline supplies, although crude stocks rose. Crude oil inventories grew by 300,000 barrels last week to 321.1 million barrels, or 11 percent above year-ago levels, according to U.S. Department of Energy data released Wednesday. But the nation's supply of gasoline fell by 5 million barrels, putting inventories at 198.1 million barrels, or 12 percent below last year. Analysts had been expecting a rise in both crude and gasoline stocks. The Department of Energy said that over the past four weeks, motor gasoline demand...

Oil prices rose by more than $2 a barrel on Friday in a shortened trading session ahead of the three-day holiday weekend in the United States. Traders shrugged off a rise in OPEC's official production ceiling - a move they called symbolic - and they played down the significance of a decision Thursday by the oil cartel to suspend talks on an additional ceiling hike. The president of the Organization of Petroleum Exporting Countries said Thursday the group would raise its output target if prices rose to $60 a barrel. After Friday's rally, that level is not too far...