Gas Prices

Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.

Consumers are watching their pennies at the gas station and grocery store as consumer prices surged 8.6% in May, pushing the annual inflation rate to its highest in over 40 years.

The annual inflation rate eased somewhat in April, but not enough to meaningfully reduce the burden on lower-income Americans.

The decision comes as prices have spiked since the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.

The threat of war between Russia and Ukraine is driving prices sharply higher, but there's more at play than just geopolitical tensions.

Energy Department officials, state governors and local gas station attendants across the Southeast are pleading with motorists to stop hoarding gas as Colonial Pipeline works to restore operations.

Last week, a streak of over 100 days of dropping gas prices came to an end. But just momentarily. Prices have continued to plummet to a national average…