Gas Prices

A new government report shows inflation cooled a bit in November. But prices are still climbing and the Federal Reserve is preparing to raise interest rates again.

The Department of Energy has another 400 million barrels in its strategic reserves, which the White House said it can pull from in the future if necessary.

Falling gasoline prices put a dent in the July inflation rate, which fell to 8.5% from 9.1% in June. But other costs such as housing continue to climb, putting a strain on many family budgets.

Inflation hit a new, four-decade high of 9.1% last month, fueled in part by record high gasoline prices. Gas prices have since fallen, but overall inflation is still elevated.

Inflation in the U.S. is the highest it’s been in four decades. The high prices are tough on everyone, but business owners who rely on travel and fuel-operated vehicles for their livelihood are particularly feeling the squeeze.

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.