Leaving aside the still-high price of diesel, a backlog in new trucks and a difficulty in finding younger drivers could mean an already-stressed industry will remain that way for months, and possibly even years.
The report comes as the Biden administration prepares in the coming months to unveil new safety-related rules to curb methane emissions from pipeline systems that transport gas from production to local distribution.
The national median gas price set a record last week, topping $5 per gallon, according to the American Automobile Association, though it has since dropped below that mark.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.
June 20, 2022 05:23 PM
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By Josh Wingrove and Jenny Leonard / Bloomberg News
The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
States including Florida, Georgia and Maryland have enacted state gas tax holidays, and while Minnesota has not yet taken action to reduce prices, some leaders and candidates have floated similar ideas.
Tourism-dependent Sri Lanka, where India and China jostle for influence, is facing a dire shortage of foreign exchange, fuel and medicines, and economic activity has slowed to a crawl.
May 20, 2022 09:31 AM
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By Devjyot Ghoshal and Uditha Jayasinghe / Reuters
The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.
The United States is considering yet another massive release — of up to 180 million barrels from the Strategic Petroleum Reserve over months — to stave off consumer energy inflation, according to sources.
