President Biden will also open the door to additional oil reserve releases this winter in an effort to bring prices down.
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Posted inBusiness, Nation & World, News
Biden vows ‘consequences’ for Saudis after OPEC+ cuts output
It remains to be seen how far President Biden is willing to go in showing his displeasure with Saudi Arabia, a vital but complicated ally in the Middle East.
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OPEC+ makes big cut to oil production to increase prices
The Saudi oil minister rejects the implication that OPEC was assisting Russia, saying the discussion was in a nonpolitical ‘silo’ where the focus was prudent management of oil markets.
Posted inBusiness, Nation & World, News
White House takes closer look at controversial gasoline export ban option
An export ban would mark the most radical step yet by the Biden administration to tackle gasoline prices.
Posted inBusiness, Nation & World, News
U.S. consumers gaining confidence as gas prices keep falling
The back-to-back monthly increases follow three straight monthly declines as American households were hammered by rising prices, particularly at the gas pump.
Posted inBusiness, Local & State, News
Maine’s average gas price falls below $4 a gallon for first time since March
The price has dropped by more than a dollar per gallon since peaking in mid-June.
Posted inBusiness, Local & State
Maine’s gas prices fall, but remain higher than national average
There is no clear reason why Maine’s average price is about 40 cents higher than the national average of $3.99, but several industry experts said the Northeast generally has higher gas prices than the rest of the nation.
Posted inBusiness, Nation & World, News
Oil companies see unprecedented profits as consumer prices soared
On Friday, Exxon Mobil booked an unprecedented $17.85 billion profit for the second quarter and Chevron made a record $11.62 billion.
Posted inBusiness, Local & State, News
At summer’s peak, tourism has been a mixed bag so far in Maine
Visitors are still coming, but higher gas and other prices have some reining in their spending.
Posted inBusiness, Nation & World, News
U.S. gasoline prices fall to 2-month low with pump pain easing
The nationwide average was at $4.495 a gallon, according to data released on Tuesday by the American Automobile Association.