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<ul class="summary-list"><li>Russian inflation will likely rise after the nation hiked its gas prices, British Intelligence said.</li><li>Russia raised domestic gas prices 11% at the start of July.</li></ul>Russian inflation will worsen after a sudden spike in gas prices, according to a new report from the UK intelligence.Consumer prices in Russia are set to rise even higher after the government implemented prices hikes on gas for its citizens this month, the British Ministry of Defence said in a <a target="_blank" href="https://x.com/DefenceHQ/status/1812769823211896886">note</a> this week. Domestic gas prices in Russia spiked 11% at the start of July, likely to make up for industry losses stemming from Western sanctions, the note said."This hike is almost certainly intended to increase revenue from Russia's domestic market, in response to the loss of natural gas exports in Europe," the Ministry said.Gas prices, which are state-controlled in Russia, have already shot up 34% since Moscow began its invasion of Ukraine in 2022. Prices are on track to rise another 8.2% in 2025, which will "almost certainly add to inflationary pressures," the report said.The increases come as Russia has lost a huge segment of its natural gas business as the European Union has weaned itself off of Russian fossil fuels since 2022. Russia has also cut off natural gas supplies to key European countries, like <a target="_blank" href="https://www.businessinsider.com/russia-cut-natural-gas-to-germany-shell-refused-ruble-payment-2022-6">Germany and the Netherlands</a>, due to suppliers refusing to pay for gas in rubles.The restrictions have taken a huge bite out of Russia's gas sales, which make up one of the Kremlin's largest sources of revenue. Gazprom, Russia's state-run gas producer, said it lost 629 billion rubles, or <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-energy-flows-gazprom-sanctions-ukraine-war-putin-2024-5">around $6.8 billion in 2023</a> — its first recorded loss in over 20 years.Sanctions have also hit Russia's oil revenue, another key source of income for the Kremlin. Moscow's total <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-energy-revenue-crude-oil-prices-gas-exports-sanctions-ukraine-2024-1">oil and gas sales plummeted 24% in 2023</a>, a sign higher energy prices haven't completely made up for the loss in market share.Higher prices have posed a burden on Russians, who have been grappling with elevated inflation since the start of the war in Ukraine. Consumer prices rose 8.6% year-per-year in June, Russia's economic ministry reported, well above the Bank of Russia's 4% price target.British intelligence added that inflation in Russia is "highly likely" to remain above target through the rest of 2024.Analysts expect inflation to clock in at over 6% by the end of the year, which could cause central bank to lift interest rates to 18% in July, <a target="_blank" class="" href="https://www.reuters.com/markets/rates-bonds/russia-seen-hiking-rates-by-200-bps-18-july-inflation-quickens-2024-07-02/">according to Reuters</a>.

Russian inflation will soar even higher as sanctions spark another surge in gas prices, British intelligence says

<ul class="summary-list"><li>Hurricane Helene has caused price-gouging complaints to surge in southeastern states.</li><li>Price gouging involves hiking prices excessively on essential goods, often during emergencies.</li></ul>As <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-destroyed-safe-haven-maples-coffee-shop-north-carolina-2024-10">Hurricane Helene wreaked havoc</a> across southeastern US states, complaints of price gouging have surged.<a target="_blank" class="" href="https://www.businessinsider.com/grocery-costs-inflation-kamala-harris-ban-price-gouging-election-trump-2024-8#:~:text=Price%20gouging%2C%20in%20which%20companies,high%20grocery%20prices%2C%20as%20well.">Price gouging</a> is when businesses <a target="_blank" class="" href="https://www.businessinsider.com/inflation-dynamic-pricing-surge-cost-fatigue-2024-7">hike prices on goods or services</a> to excessive levels, often during emergencies, like a natural disaster, taking advantage of high demand and limited supply.Business Insider contacted the states worst hit by <a target="_blank" class="" href="https://www.businessinsider.com/before-after-satellite-photos-hurricane-helene-destruction-florida-2024-10">the hurricane</a> — North Carolina, South Carolina, Georgia, Florida, Tennessee, and Virginia — and found that several of them were either inundated with complaints of price gouging or had to issue warnings against it.In South Carolina, which had about 36 storm-related deaths, the Attorney General's office told BI it had documented at least 142 price-gouging complaints since the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-electric-vehicles-evs-owners-fire-risk-safety-tips-2024-10">start of Hurricane Helene.</a>"Of these, most of the complaints are about hotels, gasoline, gas cans, generators, ice, and eggs," said Robert Kittle, communications director for South Carolina Attorney General Alan Wilson, in an email.He added that more complaints were expected, noting that they still had 246 voicemails and emails to review.However, Kittle said not all of the complaints would warrant further investigation or meet the legal definition of price gouging under the state's law.Wilson, the AG, announced on Thursday that the state's price-gouging law was in effect.<a target="_blank" class="" href="https://www.scag.gov/about-the-office/news/attorney-general-alan-wilson-announces-state-s-price-gouging-law-in-effect-because-of-hurricane-helene/">The announcement</a> said that while the state could expect normal price fluctuations, which are legal, it also anticipated "businesses and individuals looking to unfairly take advantage of the situation," which would violate the law.Kittle said that most of the complaints were coming from upstate South Carolina.In neighboring <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-hits-asheville-beer-microbreweries-north-carolina-floods-2024-9">North Carolina</a>, which experienced the highest death toll of about 56, there were also dozens of price-gouging complaints.A spokesperson for the North Carolina Attorney General's Office said the state's Department of Justice had received 64 complaints alleging price gouging in western North Carolina.Most complaints were about hotel rates as well as grocery and fuel prices, which they said the AG's office was investigating.In <a target="_blank" class="" href="https://ncdoj.gov/attorney-general-josh-stein-provides-update-on-price-gouging-after-hurricane-helene/">a statement</a> provided to BI, North Carolina Attorney General Josh Stein said: "North Carolina has an anti-price gouging law to make sure that no bad actors try to take advantage of people's desperation.""My team and I aggressively enforce that law and won't let them," he added.Stein noted that more complaints might emerge as residents in western North Carolina, <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-damage-port-strike-could-hurt-us-economy-2024-9">heavily impacted by Hurricane Helene,</a> could be facing difficulties connecting to phones or the internet.Florida, which had about 14 storm-related deaths, also received multiple complaints, though the state did not specify how many.Kylie Mason, communications director for Attorney General Ashley Moody, told BI they had received complaints "mostly about fuel and water."On Monday, Moody <a target="_blank" class="" href="https://www.myfloridalegal.com/newsrelease/consumer-alert-attorney-general-moody-warns-floridians-affected-hurricane-helene-about">issued a warning</a> urging Floridians to be "vigilant" for price gouging.The warning urged anybody suspicious of price gouging on storm-essential items to report it, noting that violators are subject to civil penalties of $1,000 per violation.The attorneys general of Tennessee, which had about eight deaths connected to Hurricane Helene, and Georgia, with about 25, did not immediately respond to BI's request for data. But both states have issued warnings on price gouging.Georgia's Attorney General's Consumer Protection Division <a target="_blank" class="" href="https://consumer.georgia.gov/business-services/emergency-price-controls">warned </a>that "although competition and demand drive prices in our free-market economy," Georgia law prohibits businesses from "taking advantage of the situation" during a state of emergency.It said price increases are only allowed if they reflect legitimate cost increases in stock, transportation, or the retailer's typical markup from the 10 days before the emergency.Similarly, Tennessee Attorney General Jonathan Skrmetti condemned price gouging <a target="_blank" class="" href="https://www.tn.gov/attorneygeneral/news/2024/10/1/pr24-70.html">in a statement on Tuesday</a>, urging victims to contact the Tennessee Division of Consumer Affairs."Price gouging and scamming vulnerable people after disasters is not only repulsive, it's illegal," he said.In Virginia, which had about two storm-related deaths, there were no complaints of price gouging at the time of reporting."While it is still early, we do not have any reports yet," said Shaun Kenney, director of communications for Virginia Attorney General Jason Miyares, in an email Tuesday.Kenney added: "The Virginia Attorney General's Office is doing everything we can to inform the public and make them aware of both their rights and the pathways available to move forward on any complaints or concerns."The issue of price gouging has become a political hot topic in the presidential election cycle, with Vice President <a target="_blank" class="" href="https://www.businessinsider.com/how-to-lower-grocery-prices-inflation-harris-price-gouging-proposal-2024-8">Kamala Harris pledging to stop it</a> in the food and grocery industries if she is elected president.Harris said she plans to pursue the <a target="_blank" class="" href="https://www.businessinsider.com/grocery-costs-inflation-kamala-harris-ban-price-gouging-election-trump-2024-8">first federal ban on price gouging</a> in response to <a target="_blank" class="" href="https://www.businessinsider.com/why-prices-inflation-soaring-corporate-greed-profits-margins-wages-jobs-2023-4">painful inflation</a> in recent years — a plan that has received <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-price-gouging-ceiling-policy-inflation-krugman-oleary-ramsey-2024-8">mixed reviews from economists.</a>

Price-gouging complaints about the cost of fuel, water, and hotels are surging in states hit by Hurricane Helene    

<ul class="summary-list"><li>US gas prices have dropped for 60 consecutive days, per Bloomberg.</li><li>It's the longest streak of declines in more than a year, according to the report.</li></ul>US gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year. The average gallon of gas in the US costs $3.25, about 30 cents less than the same time last year, according to <a href="https://www.bloomberg.com/news/articles/2023-11-27/gasoline-prices-drop-for-60-days-in-win-for-us-holiday-spending" target="_blank" rel="noopener">Bloomberg</a>. In 14 states, one gallon costs drivers less than $3.That means Americans are saving some cash at the pump just as the critical holiday-shopping season kicks off. The streak of declines is also a welcome sign for the Biden Administration, which has tried to push the inflation-fighting might of "Bidenomics" in a bid for re-election in 2024. Gas prices have broadly tracked the price of crude oil, which have tumbled over recent weeks as OPEC+ grapples with <a href="https://markets.businessinsider.com/news/commodities/oil-prices-today-crude-opec-saudi-arabia-russia-economy-energy-2023-11?_gl=1*1la43c3*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwMTExMTkwNC4xNDMwLjEuMTcwMTExMjM4OS41My4wLjA.">Saudi Arabia's production cuts</a> and disagreements within the energy cartel over output.The group was meant to convene over the weekend, but pushed back its meeting to November 30.Meanwhile, the Federal Reserve's aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices. On Monday, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> dipped 0.8% to $74.92 a barrel, while <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, moved lower 0.7% to $80.03 a barrel.

US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year

<ul><li>One of the biggest risks to the stock market and economy is a gasoline price shock, according to Carson Group's Sonu Varghese.</li><li>Gas prices are already up 23% year to date, and a further rise could reaccelerate inflation.</li><li>Low US inventories of refined oil products could lead to elevated price volatility during hurricane season.</li></ul>A potential gas price shock represents one of the biggest risks to the stock market and economy, according to Carson Group global macro strategist Sonu Varghese.He highlighted in <a href="https://www.carsongroup.com/insights/blog/thinking-about-risks-to-the-outlook/" target="_blank" rel="noopener">a Tuesday note</a> that gasoline prices have already risen substantially so far this year, <a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-inflation-smile-mohamed-el-erian-2023-8">with the average retail price up 23% to $3.80 per gallon.</a>While that's still well below the June 10, 2022 peak of $5.00 per gallon, further increases in gas prices could curtail consumer spending and reaccelerate the pace of inflation.Prices at the gas pump are primarily driven by the price of crude oil, which makes up about 50% of the cost equation, according to the Energy Information Administration. But gas pump prices are also driven by the price differences between crude oil and refined products, known as "crack spreads."Crack spreads make up about 25% of the cost of a gallon of gas, while taxes, distribution, and marketing make up the remaining 25%.What worries Varghese is the fact that crack spreads have surged over the past few months, similar to what they did in 2022 when gas prices hit records. "Crack spreads usually rise when there's not much inventory of refined product, i.e. low stocks of gasoline, diesel, and even jet fuel. This is due to various reasons, including refinery closures and lack of investment in capacity," he explained.With US petroleum inventories below 2015-2019 averages, that could leave the gasoline market vulnerable to a supply shock that would ultimately drive prices higher.<div type="image" title="Gas inventories" height="732" width="609" msid="103185416" hostid="261"></div>"This is what happened when Russia invaded Ukraine. We got another reminder of this last week, when a storage tank caught fire at an oil refinery in Louisiana, the third largest in the US," Varghese said. His big worry is <a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-inflation-smile-mohamed-el-erian-2023-8">that surging gas prices can have a negative knock-on effect</a> on the broader economy. That's because higher gas prices at the pump weigh heavily on consumer sentiment and can lead to curtailed spending.Meanwhile, higher prices can drive a reacceleration of inflation as gas is a key input into many industries, including food delivery costs. Airplane fares are also highly sensitive to the price of fuel.A reacceleration in inflation would likely lead the Federal Reserve to maintain its tight monetary policy stance and hike interest rates further. Rising gas prices "immediately becomes a problem for two reasons in particular: It may force the Fed to react and raise rates again, and quickly, [and] it reduces households' real income," Varghese said. "We saw both play out last year. The economy was resilient enough to get through it, but I'd rather not see the economy battle through that again."While he remains bullish on the outlook for the stock market and economy, he does worry that another gasoline price shock could serve as a big headwind for investors and consumers.

A spike in gas prices is one of the biggest risks to the stock market and economy

<ul class="summary-list"><li>US gas prices just surged to their highest level since October 2022, fanning fears of a rebound in inflation. </li><li>The national average for a gallon of gas traded at $3.86 after jumping towards $4 earlier on Monday. </li></ul>US gas prices hit a 10-month high Monday, rising toward $4 a gallon, threatening to put upward pressure on inflation. The national average for a gallon of gas traded at $3.86 after jumping to $3.96 earlier on Monday, <a href="https://ycharts.com/indicators/us_gas_price" target="_blank" rel="noopener">according to AAA</a>. The surge in fuel costs comes as global oil prices climb, largely spurred by supply cuts by key producers including <a href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-price-outlook-cristiano-ronaldo-newcastle-liv-golf-2023-7?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets" rel="">Saudi Arabia</a> and Russia. Both benchmark Brent crude and the West Texas Intermediate are currently trading north of $80 a barrel.Rising fuel prices are likely to put upward pressure on US inflation through August, according to market expert Charlie Bilello."Gas Prices in the US rise to their highest levels of the year @ $3.96/gallon. What was a big tailwind for CPI in May/June (negative YoY commodity prices) was less of a tailwind in July and much less thus far in August. US inflation rate will likely increase again in August," the chief market strategist at Creative Planning <a href="https://twitter.com/charliebilello/status/1691238345102282753" target="_blank" rel="noopener">said in a post on X</a>. <a href="https://www.businessinsider.com/us-inflation-economy-cpi-july-data-2023-8" target="_blank" rel="noopener">Inflation ticked up in July</a> after a year of declines, rising to an annual pace of 3.2% from 3% in June. That's despite the Federal Reserve's aggressive interest rate hiking campaign since early 2022. The central bank has elevated benchmark borrowing costs from near-zero levels to upward of 5% in a bid to cool inflation. While the policy efforts have significantly tamed price pressures, the central bank has hinted more rate hikes could be on the horizon in a bid to bring down inflation to its 2% target. Top economist Mohamed El-Erian recently weighed in on the threat of rising gas prices, saying it's fueled worry about an inflation <a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-inflation-smile-mohamed-el-erian-2023-8" target="_blank" rel="noopener">"smile"</a> in the US, "that is, the current fall in headline inflation giving way to a stabilization and then a move back up in the fourth quarter of the year."

Gas prices nearing $4 a gallon rekindle fears of inflation rebound

<ul class="summary-list"><li>The average price for a gallon of gas in the US is $3.88 and climbing.</li><li>Prices typically fall after summer, but supply cuts in Russia and Saudi Arabia are causing a crunch.</li></ul>Don't look now, but gas prices are soaring again, and they may keep rising. The good news is that there appears to be some relief coming.<a target="_blank" href="https://gasprices.aaa.com/">AAA reported this week</a> that the average price for a gallon of gas in the US was $3.88. However, drivers in 11 states are paying more than $4 a gallon on average, including parts of California, where costs can be above $6.That's bad for several reasons, including <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-gas-prices-surge-toward-4-a-gallon-inflation-2023-8?_gl=1*4blx2r*_ga*NDI4MzQyNzc5LjE2NjYwMzAzOTY.*_ga_E21CV80ZCZ*MTY5NTMwNDAxNy4yMDIuMS4xNjk1MzA1Mzc3LjYwLjAuMA">the potential for a surge in inflation</a>. Mohamed el-Erian, the chief economic advisor at Allianz, recently said on X, formerly Twitter, that surging gas prices were one of the reasons some <a target="_blank" href="https://twitter.com/elerianm/status/1688241836660559872">worried about an inflation "smile,"</a> where it falls, levels off for a bit, and then starts moving back up.But what may be top of mind for many Americans in the short term is spending more at the pump, which means they have less money to spend elsewhere. And what the US economy doesn't need right now is Americans tightening their budgets after their <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-helped-us-economy-2023-9">summer of fun</a>.<h2>An atypical spike in prices</h2>The increase in gas prices is unusual, as <a target="_blank" href="https://www.eia.gov/energyexplained/gasoline/price-fluctuations.php#:~:text=Historically%2C%20retail%20gasoline%20prices%20tend,and%20formulations%20also%20change%20seasonally.">we typically see some relief after the summer surge as demand wanes</a>. But the average price is $0.20 more per gallon than at the same point last year ($3.68 a gallon), and it's $0.30 higher than on Memorial Day ($3.58 a gallon).<div type="image" title="clearwater beach" height="1500" width="2000" msid="103908916" hostid="261" sizebytes="124472"></div>Meanwhile, any dip in demand caused by the seasonal change has been offset by Saudi Arabia's and Russia's cuts in production. Prices have also been influenced by <a target="_blank" href="https://www.cnn.com/2023/09/12/economy/oil-prices-libya-flooding/index.html">the tragic flooding in Libya</a>. <a target="_blank" href="https://www.cnn.com/2023/09/12/economy/oil-prices-libya-flooding/index.html">Several ports in the OPEC nation are temporarily unavailable</a>, disrupting its export of oil, which was at 1 million barrels a day before the disaster.The cuts by Russia and Saudi Arabia <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-price-spike-inflation-saudi-arabia-russia-supply-production-opec-2023-9?utm_medium=ingest&amp;utm_source=markets">have been extended through December</a>. Libya's oil minister, Mohamed Oun, supported the move, <a target="_blank" href="https://www.reuters.com/business/energy/saudi-arabia-will-extend-voluntary-cut-1-million-bpd-august-spa-2023-07-03/">telling Reuters</a> it would have a "positive impact on market balance between global producers, consumers, and on global economy."So while oil is $90 a barrel for the first time this year, there's now fear that the price will keep rising and <a target="_blank" href="https://www.cnbc.com/2023/09/15/oil-to-hit-100-analysts-expect-a-return-to-triple-digits-before-2024.html">reach $100 before the end of the year</a>."These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Jorge León, a senior vice president at the research firm Rystad Energy, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-price-spike-inflation-saudi-arabia-russia-supply-production-opec-2023-9?utm_medium=ingest&amp;utm_source=markets">wrote in a note seen by Insider</a>.Not helping matters is that <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-prices-strategic-petroleum-reserve-joe-biden-inflation-fed-rates-2023-9?_gl=1*s41h44*_ga*NDI4MzQyNzc5LjE2NjYwMzAzOTY.*_ga_E21CV80ZCZ*MTY5NTMwNDAxNy4yMDIuMS4xNjk1MzA1Mzc3LjYwLjAuMA">the US Strategic Petroleum Reserve is near a 40-year low</a>. The Biden administration unloaded 180 million barrels last year to help counter the price surge following the Russian invasion of Ukraine. With fewer barrels in reserve, there's now less oil that the US can release into the economy and help increase supply and thus lower prices.<div type="image" title="Strategic Petroleum Reserve" height="647" width="970" msid="103908918" hostid="261" sizebytes="17904"></div>Now <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-prices-strategic-petroleum-reserve-joe-biden-inflation-fed-rates-2023-9?_gl=1*s41h44*_ga*NDI4MzQyNzc5LjE2NjYwMzAzOTY.*_ga_E21CV80ZCZ*MTY5NTMwNDAxNy4yMDIuMS4xNjk1MzA1Mzc3LjYwLjAuMA">the US wants to refill the Strategic Petroleum Reserve</a>, but the government is facing another round of price hikes at the pump and a lot less in its reserve to help. If the US fills the reserve too quickly, it will have a big impact on lowering the available oil supply and <a target="_blank" href="https://www.foxnews.com/politics/how-strategic-petroleum-reserve-impacts-oil-gas-prices-special-report-spotlight-energy-matters">prices will likely go up again</a>.<h2>But there are reasons to believe this pain at the pump is temporary</h2>Chevron CEO Mike Wirth is among those who think <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-100-barrel-the-economy-can-handle-it-2023-9">we're heading toward $100 a barrel</a>, but he's confident that the economy is healthy enough to withstand it. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown."It will have some effect on the economy, but we've had relatively higher oil prices here now for most of this year and certainly all of last year, and the recession that everyone's been talking about hasn't arrived," <a target="_blank" href="https://www.bloomberg.com/news/videos/2023-09-18/chevron-ceo-sees-oil-at-100-video">Wirth told Bloomberg</a>. "So I think the underlying drivers of the economy in the US and, frankly, globally remain pretty healthy, so I think it's a drag on the economy but one that thus far I think the economy has been able to tolerate."<div type="image" title="Taylor Swift fans and the Eras tour in Denver on July 14." height="1333" width="2000" msid="103908921" hostid="261" sizebytes="436582"></div>David Kelly, the chief global strategist for J.P. Morgan Asset Management, said that supply and demand were both moving in the right direction to bring prices back down in the near future."We're currently producing more crude oil than either Russia or Saudi Arabia." <a target="_blank" href="https://www.cnn.com/2023/09/18/investing/premarket-stocks-trading/index.html">Kelly said on CNN's "Before the Bell</a>." "This is going to be a record year for US liquid-fuel production, and next year is going to be even stronger. The global economy is growing slowly, and that's going to limit demand growth for fossil-fuel energy. And frankly, the green-energy transition is also limiting the growth in demand."Meanwhile, Citigroup analysts said prices could still go up in the short term but <a target="_blank" href="https://finance.yahoo.com/news/oil-at-90-a-barrel-looks-unsustainable-says-citi-analyst-184400054.html">called $90 "unsustainable"</a> because of increases in supply outside the OPEC nations outpacing any growth in demand. They're predicting prices to come down to $84 a barrel before the end of the year and even to the low $70s in 2024.In recent years, with oil prices closer to $70 a barrel, <a target="_blank" href="https://www.macrotrends.net/2501/crude-oil-vs-gasoline-prices-chart">gas prices have typically been close to $3 a gallon</a>.Like Kelly, Citi's global head of commodity research Ed Morse and his team wrote to investors, <a target="_blank" href="https://finance.yahoo.com/news/oil-at-90-a-barrel-looks-unsustainable-says-citi-analyst-184400054.html">via CNN</a>, that US production continued to grow and add to the oil supply. In addition, Brazil, Canada, Venezuela, and Guyana have also upped their production, which should bring a sense of relief to drivers in early 2024.

Gas prices look like they'll get better — but not before getting worse first

<ul class="summary-list"><li><keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">Inflation</keyword> is still running at four-decade highs, but the potential solutions all have major drawbacks.</li><li>Higher interest rates are the <keyword id="11894209" type="UNKNOWN" weightage="60" keywordseo="fed" source="Orion">Fed</keyword>'s top tool for cooling inflation, but they could spark a <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword>.</li></ul>Pick your poison. Inflation sits at the highest levels in more than four decades, and every feasible solution for fighting it comes with serious drawbacks.Faster-than-usual price growth first emerged in early 2021 as a side effect of the country's reopening. The reversal of nationwide lockdown measures unleashed a nearly immediate surge of pent-up demand. Businesses, meanwhile, were slow to catch up. Historic spending crashed into limited supply, and firms quickly got to raising prices.The following year has seen inflation shift from a sector-specific phenomenon to an economy-wide pain. Prices <a href="https://www.businessinsider.com/inflation-report-cpi-may-gas-prices-federal-reserve-rate-hikes-2022-6">rose 8.6% in the year through May</a>, reflecting the fastest price growth since 1981. Skyrocketing food and gasoline prices lead the way, but there are few pockets of the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> that aren't experiencing elevated inflation.Yet as high prices threaten to pull the country into a new economic crisis, viable solutions are few and far between. Practically every fix for the inflation problem is either too slow, too risky, or too divisive.The inflation problem has to be addressed, but the answer won't please everybody.<h2>Expect some pain from the Fed's efforts</h2>No matter what's powering dangerously high inflation, it's up to the <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> to rein it in, and the central bank has already made some big moves to slow the price surge. The Federal Open Market Committee <a href="https://www.businessinsider.com/fed-rate-hike-june-fomc-decision-interest-rates-inflation-surging-2022-6">raised interest rates by 0.75 percentage point</a> on June 15, backing the largest rate cut since 1994 just days after new data showed inflation ramping up again in May. Fed Chair Jerome Powell hinted similarly large hikes could follow at the committee's July meeting.The aggressive hiking cycle stands a decent chance of cooling inflation. Higher rates raise borrowing costs on everything from mortgages to credit card debt, in turn weakening spending and helping close the supply-demand imbalance fueling inflation.Yet it comes with a fair share of drawbacks.For one, higher rates take some steam out of the broader recovery. Many bearish economists — <a href="https://www.businessinsider.com/recession-inevitable-inflation-rate-hikes-fed-bill-dudley-2022-6">including a former president of the New York Fed</a> — fear the <keyword id="12923231" type="UNKNOWN" weightage="60" keywordseo="rate-hikes" source="Orion">rate hikes</keyword> will slow growth to a halt and lead businesses to lay off workers en masse. While labor demand currently sits at historic levels, rising rates could quickly choke off spending and throw the economy into a recession.Even if the Fed can avoid a self-inflicted downturn, higher rates could leave countless Americans with hefty financial burdens. Mortgage rates <a href="https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-friday-june-24-2022-6">are already nearly double</a> what they were at the start of the year, leaving new homebuyers with much larger monthly payments. Credit card rates, meanwhile, <a href="https://www.businessinsider.com/credit-card-debt-accounts-climbing-interest-rates-making-accounts-expensive-2022-5">are closing in on record highs</a>. After months of record-high spending, the uptick could pose a bigger risk to those running behind on paying their balances.Rate hikes are the Fed's top tool for fighting inflation, and they have a strong record at actually cooling price growth. But with inflation running extremely high, the effort will come at a cost."The process of getting inflation down to 2% will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it and inflation were to get entrenched," Powell told <a href="https://www.marketplace.org/shows/marketplace/full-interview-federal-reserve-chair-jerome-powell/popout/">Marketplace</a> in May.<h2>Untangling supply chains will take some time</h2>Shoring up supply could tackle the inflation problem as well, but several obstacles stand in the way. Recent COVID-19 outbreaks in China threw the country's manufacturing hubs back into partial shutdowns, roiling supply chains all over again just as it looked like the situation was starting to heal. The decades-long shift toward a globalized economy yielded cheap labor and lower prices across a range of goods, but untangling the current mess <a href="https://www.businessinsider.com/russia-ukraine-war-globalization-america-manufacturing-comeback-economic-outlook-2022-3">is likely to be a slow and turbulent process</a>.There are several logistics problems at home, too. <a href="https://www.businessinsider.com/how-to-solve-supply-chain-crisis-truck-driver-labor-shortage-2021-11">Truck driver shortages</a>, <a href="https://www.businessinsider.com/supply-chain-shipping-containers-east-coast-backlog-west-coast-2022-4">port backlogs</a>, and overfilled warehouses hobbled the domestic <keyword id="11894138" type="UNKNOWN" weightage="60" keywordseo="supply-chain" source="Orion">supply chain</keyword> throughout 2021, and many of the issues haven't been fully solved. The Biden administration touted its $1 trillion infrastructure bill as a solution, but such investment takes years to show results. Without any further and more timely action from Congress, it's up to the private sector to work out the supply-chain kinks.<h2>There's no good option for lowering <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword></h2>Much of the inflation problem boils down to gas prices. Costs at the pump are up nearly 50% from year-ago levels, and the national average price for a gallon of gasoline now hovers just below $5. As with broad inflation, there's just too much demand for gas and too little supply to go around. And there aren't any appealing options for finding more gas to sell.The surge in energy prices accelerated when Russia invaded Ukraine in late February, raising concerns of new supply snags in the natural gas and oil markets. The rally intensified in March when the US, UK, and European Union <a href="https://www.businessinsider.com/gas-price-outlook-forecast-biden-russia-crude-oil-ban-sanctions-2022-3">slapped Russia's energy sector with severe energy embargoes</a>. The measures aimed to cripple one of the Kremlin's biggest sources of revenue, but it left the West paying sharply higher energy prices. The US and its allies could reverse those sanctions to provide some quick relief, but doing so would mark a stunning hit to Ukraine and capitulation to Putin.The US could also turn to Saudi Arabia as an emergency source of oil, but that option has its own hurdles. President Joe Biden is slated to visit the kingdom in July and meet Saudi Crown Prince Mohammad Bin Salman, and some expect the president to ask for increased oil production.Yet Biden promised to reprimand Saudi Arabia for its reported role in the 2018 killing of journalist Jamal Khashoggi, and many Democratic allies in Congress aren't comfortable with the visit. Meeting with MBS is a "bad idea," Sen. Tim Kaine of Virginia told <a href="https://www.businessinsider.com/bidens-gas-prices-inflation-exxon-big-oil-profits-saudi-arabia-2022-6">Insider's Joseph Zeballos-Roig</a> earlier in June."I see very little evidence that the Saudis are going to lower gas prices," Sen. Ron Wyden of Oregon said. "I see a lot of evidence of their horrendous human rights violations." Left with few other forms of relief, the Biden administration on Wednesday urged Congress to approve <a href="https://www.businessinsider.com/biden-federal-gas-tax-congress-democrats-republicans-2022-6">a three-month pause to the federal gas tax</a>. The option would temporarily levy the 18 cent tax per gallon of gas and 24 cent tax on every gallon of diesel, but it resembles more of a band-aid than a meaningful solution. The stark imbalance between gas supply and demand could continue to lift prices even after the approval of a tax holiday.There are also doubts on both sides of the aisle that the savings would reach consumers. House Speaker Nancy Pelosi withheld her support for such a measure back in March, raising concerns that oil companies would take the lion's share of the relief. With Republicans uniformly against such a holiday, even the most temporary aid to soaring gas prices is unlikely to win Congressional backing."Whatever you thought of the merits of a gas tax holiday in February it is a worse idea now," Jason Furman, a top economist in the Obama administration, <a href="https://twitter.com/jasonfurman/status/1539282109638090755">wrote on Twitter.</a>

There is no good solution to the kind of inflation we're seeing right now

The government has hiked the windfall profit tax on the export of diesel to ₹1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as <keyword id="64243" type="General" weightage="80" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) has been reduced to Rs 3,500 per tonne from Rs 4,400 per tonne, the order dated March 20 said. The government raised the tax on export of diesel to Re 1 per litre from Rs 0.50, and the same on overseas shipments of ATF remains at nil. The new tax rates come into effect from March 21, the order said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied. The export tax on petrol was scrapped in the very first review and that on ATF was done away with at the last review on March 4. <keyword id="6487" type="General" weightage="80" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed <keyword id="6594278" type="General" weightage="80" keywordseo="nayara-energy" source="Orion">Nayara Energy</keyword> are primary exporters of fuel in the country. The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel. The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments. These margins are primarily a difference between the international oil price realised and the cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-deepens-tech-gloom-as-503-firms-lay-off-1-5-lakh-employees-this-year/articleshow/98855180.cms">Amazon deepens tech gloom as 503 firms lay off 1.5 lakh employees this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/three-out-of-four-premium-smartphones-sold-in-2022-were-an-iphone/articleshow/98855033.cms">Three out of four premium smartphones sold in 2022 were an iPhone</a>

Windfall tax on diesel export hiked to ₹1 per litre

<ul class="summary-list"><li>Toymaker <keyword id="13847022" type="UNKNOWN" weightage="60" keywordseo="hasbro" source="Orion">Hasbro</keyword>, home of Transformers, Play-Doh, and Power Rangers, reported <a href="https://investor.hasbro.com/events/event-details/hasbro-second-quarter-2022-earnings-conference-call">strong quarterly</a> sales.</li><li><a href="https://markets.businessinsider.com/news/stocks/mattel-earnings-soar-500percent-but-toymakers-stock-still-slides-11558519">Mattel reported a jump in second-quarter sales,</a> signaling willingness to buy Barbie and Hot Wheels.</li><li>Deloitte suggests parental pandemic fatigue may be responsible for indulgences.</li></ul>Even with the cost of games and toys going up, players gonna play, play, play, play, play.In the face of higher raw material costs and supply-chain disruption, toymaker <a href="https://markets.businessinsider.com/news/stocks/mattel-earnings-soar-500percent-but-toymakers-stock-still-slides-11558519">Mattel reported a 20% jump in second-quarter sales</a> on Tuesday, signaling consumers' willingness to splurge on Barbie, Hot Wheels, and Mega Construction sets despite economic turmoil.Likewise, last week Hasbro, the maker of My Little Pony and games like "Magic: The Gathering," reported <a href="https://investor.hasbro.com/events/event-details/hasbro-second-quarter-2022-earnings-conference-call">strong second-quarter</a> sales, even though the company raised prices.Consumers' appetite for toys and gaming remains sturdy despite the <a href="https://money.usnews.com/investing/news/articles/2022-04-19/hasbro-beats-quarterly-revenue-estimates">price hikes</a>, Hasbro said on an <a href="https://investor.hasbro.com/static-files/a2fe160e-20ed-4c8a-bee9-509ec09ce40b">earnings call last week</a>. With a <a href="https://corporate.hasbro.com/en-us#:~:text=Our%20unparalleled%20portfolio%20of%20approximately,well%20as%20premier%20partner%20brands.">toy portfolio</a> that includes classic names like Transformers, Play-Doh, and Power Rangers, Hasbro's <keyword id="6357061" type="UNKNOWN" weightage="60" keywordseo="earnings" source="Orion">earnings</keyword> show some consumers were not dissuaded by higher costs. "We have very resilient segments across toys, games, and entertainment. These tend to be small luxuries that consumers value pretty highly." Chris Cocks, CEO of Hasbro, said on the call. "We continue to see consumers being very resilient with a deep well of savings and a large amount of passion for pursuing what they love," Cocks said.Experts say pandemic fatigue may be responsible for parents' indulgences. <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/back-to-school-survey.html">Deloitte</a> suggests the pandemic caused many to "reassess priorities, and sustainability and their child's mental health are top of mind." The trend shows no sign of slowing as parents gear up to send their kids back to the classroom. <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/back-to-school-survey.html">Deloitte's 2022 back-to-school survey</a> results indicate <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/back-to-school-survey.html#key-finding-1">parents could spend up to 8% more this year than last year</a> — roughly $661 per student — on technology tools and traditional supplies. Hasbro expects <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> will continue through the holiday season, an assessment that's in line with many economists' forecasts. However, if past economic downturns indicate future performance, Cocks said he's confident that the company will continue to fare well."The games business tends to be very resilient," Cocks said. "'Magic: The Gathering' has grown 12 out of the last 13 years, and that growth vector started back in 2008, during the last financial crisis." Consumers' willingness to plunk down more money for toys and card games like "Magic: The Gathering" — or, in some cases, get their parents to do so — comes as inflation sits at its highest level in 40 years. Costs for essentials like gas, groceries, and rent have soared amid surging demand and supply-line bottlenecks following the pandemic-induced shutdowns that battered large portions of the economy. Despite absorbing higher production costs and commodity volatility, sales at Hasbro have remained stable with the second-quarter expansion of tabletop and online versions of "Magic: The Gathering." Hasbro's "Wizard's of the Coast" and digital gaming division, which includes the "Dungeons &amp; Dragons" franchise, saw a 17% jump in operating profit. "Dungeons &amp; Dragons" appears to be <a href="https://collider.com/stranger-things-season-4-dungeons-and-dragons-dnd-storytelling-explained/">enjoying renewed interest</a> in recent years after being prominently featured on the popular Netflix series "Stranger Things."

Despite higher grocery and gas bills, parents are still spending big on toys and games

<ul class="summary-list"><li><keyword id="128640" type="UNKNOWN" weightage="60" keywordseo="nancy-pelosi" source="Orion">Nancy Pelosi</keyword> announced a bill that would crack down on "exploitative" <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword>.</li><li>The bill is headed for a House vote, but is unlikely to garner the necessary Republican support.</li></ul>Congress will vote next week on a <a href="https://www.congress.gov/117/bills/hr7688/BILLS-117hr7688ih.pdf">bill</a> that would prohibit "excessive" gas prices.The legislation would enable President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> to issue an emergency energy declaration making it illegal to increase gas and home energy prices in an "exploitative" manner. The bill, titled the Consumer Fuel Price Gouging Act, would give the Federal Trade Commission the authority to crack down on oil companies with over $500 million in annual consumer fuel sales.In a press conference <a href="https://www.speaker.gov/newsroom/51222-3">announcing</a> the legislation on Thursday, House Speaker Nancy Pelosi said "price gouging needs to stop." "While families are struggling to pay higher prices at the pump, oil and gas companies are recording record profits," Pelosi said. "This is a major exploitation of the consumer, because this is a product the consumer must have," she added.The bill is unlikely to receive the Republican support needed to turn it into a law. Following Pelosi's announcement, some Republican lawmakers took to Twitter to criticize the proposed legislation, including Rep. Kelly Armstrong (R-North Dakota) who said claims of price gouging among Democrats is "ridiculous."The legislation is just the latest attempt by Democrats to address <a href="https://markets.businessinsider.com/commodities/natural-gas-price">surging fuel prices</a>. Democratic leaders have also considered <a href="https://www.washingtonpost.com/politics/2022/03/10/trailer-democrats-want-oil-industry-drill-more-what-does-that-mean-climate-campaigners/">creating initiatives</a> to incentivize US oil companies to ramp up production.Pelosi said Russia's invasion of Ukraine is largely to blame for elevated gas prices. Costs have continued to soar in recent weeks as a result of sanctions placed on Russian oil."The Putin tax-cut hike at the pump is a part of this," she said.The bill was first <a href="https://porter.house.gov/news/documentsingle.aspx?DocumentID=462">put forward</a> by Reps. Katie Porter (D-California) and Kim Schrier (D-Washington) last week. They railed against the oil companies that they say have profited from record gas prices."What's infuriating is that this is happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit," Schrier said. "This must stop." Several major oil companies have recorded record profits in 2022. In May, Shell, one of the largest oil companies in the world, <a href="https://www.nytimes.com/2022/05/05/business/shell-earnings-record-profit.html?partner=slack&amp;smid=sl-share">reported</a> a record-breaking $9.1 billion in quarterly profit. The same week, BP <a href="https://www.nytimes.com/2022/05/03/business/bp-profits-russia.html">reported</a> its highest profit in 10 years.<keyword id="12098766" type="UNKNOWN" weightage="60" keywordseo="fuel-prices" source="Orion">Fuel prices</keyword> have continued to smash records. Earlier this week, gas prices hit a new record high as the average price nationwide climbed to $4.42, <a href="https://gasprices.aaa.com/">per AAA.</a>Gas is not the only commodity with prices on the rise. Though new data from the Consumer Price Index released Wednesday <a href="https://www.businessinsider.com/inflation-cpi-april-gas-food-energy-price-growth-russia-ukraine-2022-5">showed</a> <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> slowed for the first time in eight months in April, the gauge found inflation has climbed a whopping 8.3% in 2022 through last month.

A bill that would set gas price limits and prevent 'exploitative' cost hikes is headed for a House vote

<ul class="summary-list"><li>Russia's taxes on its oil and gas industry will hamper long-term growth, a G7 analysis found.</li><li>The tax mechanism was changed in April to help the government regain lost revenue.</li></ul>Russia's energy producers, already battered by Western sanctions, may become further impeded from long-term growth as the Kremlin tries to squeeze more tax revenue from the sector.That's according to an analysis by a member of the G7-led coalition that was seen by the <a href="https://www.ft.com/content/f4b89276-efcf-4731-9ed3-7afea3be4c27" target="_blank" rel="noopener">Financial Times</a>."It is definitely destructive to their industry," an official told the FT, adding that the tax changes will "undercut the future production capacity of the Russian oil and gas industry by taking away revenues that could otherwise be used to invest in equipment, exploration and existing fields."The price of Russian crude has suffered since the G7 and European Union imposed a cap of <a href="https://www.insider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2">$60 per barrel</a> in December. That coincided with the EU's ban on seaborne Russian oil imports.The Kremlin's tax receipts took a hit. So in order to cover government funding shortfalls, President Vladimir Putin changed the way oil and gas firms are taxed in April.Instead of basing the tax rate on the price of Urals, which is a grade of Russian crude that commands lower prices, levies are now based on the Brent crude international benchmark, minus a fixed discount.This would allow Russia to gain around $8 billion in revenue, making up for losses caused by Western sanctions that have helped keep Russian crude prices low. Nearly half of Russia's budget depends on oil and gas revenue, which fell by 45% in the first quarter.The G7 views the tax change as an acknowledgement from the Kremlin that it will have to continue selling its oil at a discount for some time.Meanwhile, Russia continues to export oil at <a href="https://finance.yahoo.com/news/russia-may-cheating-own-pledge-213312836.html" target="_blank" rel="noopener">higher-than-expected levels</a>, as China and India snap up barrels at discounts. Their purchases are helping Russian <a href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">crude exports return to pre-war volumes</a>.

Russia's tax hike on the oil and gas industry will be destructive to a key piece of its economy

<ul class="summary-list"><li>US gas prices are on the rise again, stoking concerns that it could fuel inflation. </li><li>The average gallon of gas traded at $3.89, its highest level since October 2022. </li></ul>US gas prices are on the rise again, threatening to worsen an inflation problem the Federal Reserve has worked hard to fight over the past year. The average gallon of gas traded at $3.89, its highest level since October 2022, <a href="https://gasprices.aaa.com/increases-at-the-pump-slow-and-more-relief-could-be-on-the-way/" target="_blank" rel="noopener">per AAA</a>. The surge in gas prices comes amid rising oil prices, largely spurred by supply cuts by key producers including <a href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-price-outlook-cristiano-ronaldo-newcastle-liv-golf-2023-7?utm_medium=ingest&amp;utm_source=markets" rel="">Saudi Arabia</a> and Russia. Both benchmark Brent crude and West Texas Intermediate are currently trading upwards of $80 a barrel.Top economist and Allianz adviser Mohamed El-Erian said, in a <a href="https://twitter.com/elerianm/status/1688241836660559872" target="_blank" rel="noopener">post on on X,</a> that people were worrying about an inflation "smile" in the US, "that is, the current fall in headline inflation giving way to a stabilization and then a move back up in the fourth quarter of the year.""Other factors fueling this worry include the still-high core inflation rate and, related to that, the possibility that the process of goods dis-inflation may end before service sector inflation is well under control," he added.Mark Zandi, chief economist of Moody's Analytics, said the spike in oil prices were a <a href="https://twitter.com/Markzandi/status/1688188339600433153" target="_blank" rel="noopener">threat to his optimism </a>about US inflation.Inflation has fallen from the 40-year highs it hit in mid-2022, rising at 3% through June. That followed the Fed's aggressive interest-rate hikes since early last year.The US central bank has raised benchmark borrowing costs by 500 basis points in its fastest rate-hiking cycle in history, with traders expecting more rises this year as it seeks to cool consumer price pressures to its 2% target.

You Searched For "hike in gas prices" and got 12 results

Russian inflation will soar even higher as sanctions spark another surge in gas prices, British intelligence says

Jennifer Sor

Price-gouging complaints about the cost of fuel, water, and hotels are surging in states hit by Hurricane Helene

Joshua Nelken-Zitser,Grace El…

US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year

Phil Rosen

A spike in gas prices is one of the biggest risks to the stock market and economy

Matthew Fox

Gas prices nearing $4 a gallon rekindle fears of inflation rebound

Zahra Tayeb

Gas prices look like they'll get better — but not before getting worse first

Cork Gaines

There is no good solution to the kind of inflation we're seeing right now

Ben Winck

Windfall tax on diesel export hiked to ₹1 per litre

PTI

Despite higher grocery and gas bills, parents are still spending big on toys and games

Ebony Flake

A bill that would set gas price limits and prevent 'exploitative' cost hikes is headed for a House vote

Grace Kay

Russia's tax hike on the oil and gas industry will be destructive to a key piece of its economy

Filip De Mott

US gas prices are surging to their highest level since October 2022 – and economists are warning of an inflation 'smile'

Zahra Tayeb

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