Gas Prices

The U.S. government has awarded Chevron Corp. an expanded license to import oil from Venezuela following talks between the socialist Maduro regime and opposition leaders.

Gas prices are sitting around $3.60 per gallon, the highest ever recorded price for Thanksgiving since AAA starting tracking this data for over two decades.

Sheetz is reducing the price of gas to $1.99 a gallon ahead of Thanksgiving from Nov. 21-28 at 368 stores that offer the Unleaded 88.

The White House failed to mention key details about inflation and gas prices on a document it issued listing President Biden's top accomplishments.

The price cap on Russian oil is set to begin in early December. Will replace a plan to completely ban the financing and insurance of Russian oil shipments

The Texas gas price average fell below $3 for the first time since mid-January, according to AAA Texas gas price data.

Another factor driving discussion around raising output: Two big OPEC members, Iraq and the United Arab Emirates, want to pump more oil, OPEC delegates said.

A top energy industry group issued a report for House Republicans to use as a roadmap for energy policy when they take control of the House next year.

Diesel used in trucks, in homes, and to fuel powerplants has skyrocketed in price as the Jones Act, the pandemic, and Russia's War in Ukraine all disrupt supply.

Consumers are growing more pessimistic as inflation expectations tracked by the Federal Reserve Bank of New York increased across all horizons, while unemployment expectations deteriorated.

President Biden touted his administration's policies and approach to lifting the economy. He said Americans are 'seeing results' and that he would continue to combat inflation.

Republican Govs. Ron DeSantis of Florida and Brian Kemp of Georgia both won re-election, receiving major support among voters concerned about inflation.

Phillips' investor-return plan comes at a time President Biden has demanded that energy companies invest their profit into boosting production before considering shareholder returns.

Gas prices will remain elevated despite the results of the midterm elections due to a variety of factors including OPEC+ production cuts and Russian's invasion of Ukraine, experts say.

Organizations representing the oil industry and workers ripped President Biden after he vowed to block new fossil fuel drilling, saying he should focus on policy, not politics.

President Joe Biden's tweet about the "most common" gas prices was slapped with a fact check Sunday to provide some more clarification.

A family-owned small business in central Virginia tells FOX Business inflation has been detrimental to their livelihood and has forced them to raise the price on their goods.

Largest U.S. refiner Marathon Petroleum Corp aims to operate its system at 93% of combined oil processing capacity, a cooler pace as it completes maintenance work at some plants.

Oil industry groups are reacting to President Joe Biden on Monday threatening a potential windfall profit tax or other repercussions against oil companies.

Former Treasury Secretary Larry Summers on Tuesday questioned a potential windfall tax on oil company profits, arguing it would discourage investment.