Friday, September 30

Tag: Gas Prices

High gas prices sting millions who rely on driving for work
Business

High gas prices sting millions who rely on driving for work

High gas prices have Wallace Reid looking for a new career.Reid, who drives for Uber and Lyft in New York, fills up his Lexus at least three times a week. He pays around $95 each time, about double what he was paying last year. To make up for the increase, he's driving more often, but he's also applying for other jobs that wouldn't require a car."It's more hours, more stress," he said. "New York City is not an easy city to work and it's affecting our lives." Reid isn't alone. Millions of Americans who rely on their cars for work are changing their habits, signing up for carpools or even ditching their cars for bicycles as gas prices recently hit $5 per gallon for the first time ever. This week, it's averaging $4.95 per gallon nationwide, up from ...
Biden administration cancels Alaska oil and gas lease sale
Politics

Biden administration cancels Alaska oil and gas lease sale

The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.In a statement shared first with CBS News, the Department of the Interior cited a "lack of industry interest in leasing in the area" for the decision to "not move forward" with the Cook Inlet lease sale. The department also halted two leases under consideration for the Gulf of Mexico region because of "conflicting court rulings that impacted work on these proposed lease sales."The Interior Department's Bureau of Ocean Energy Management has previously c...
Americans are spending $100 more per month on gas than they were a year ago, expert says
Business

Americans are spending $100 more per month on gas than they were a year ago, expert says

The typical American is spending $100 more a month on gasoline now than they were a year ago, according to an expert at Moody's. Moody's Chief Economist Mark Zandi told CBS News that the rising prices along with inflation has long-term effects and is forcing families to save less for education, retirement or to buy a home.  "I do think the pandemic will fade, and I think the worst of the fallout of the Russian invasion of Ukraine on our economy is behind us. But it's not going to get back to what anybody would consider to be normal, very quickly," he said. Gas prices shot up 17 cents in a week. AAA reports that the national average cost of gasoline as of Tuesday is $4.37.  BURBANK, CALIFORNIA - APRIL 27: Gas prices are displayed at a 76 station on April 27, 2022 in ...
Biden administration cancels Alaska oil and gas lease sale
Politics

Biden administration cancels Alaska oil and gas lease sale

The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.In a statement shared first with CBS News, the Department of the Interior cited a "lack of industry interest in leasing in the area" for the decision to "not move forward" with the Cook Inlet lease sale. The department also halted two leases under consideration for the Gulf of Mexico region because of "conflicting court rulings that impacted work on these proposed lease sales."Federal law requires the Department of the Interior to stick to a five-year ...
Biden administration launches plans to replenish Strategic Petroleum Reserve
Politics

Biden administration launches plans to replenish Strategic Petroleum Reserve

The Biden administration is initiating plans to replenish the Strategic Petroleum Reserve, the U.S. emergency oil supply that the country is currently tapping into at historic rates to boost the oil supply on the market and mitigate prices at the pump.The Department of Energy announced Thursday it's beginning a buyback process with a call for bids to repurchase 60 million barrels of oil, or one-third of the 180 million emergency barrels released as Russian President Vladimir Putin wages war on Ukraine. Gas prices were already high before Putin's war, which sent prices at the pump hurtling upward even more. The call for bids from companies will take place in fall 2022, and is intended to bolster the nation's reserves for future years. President Biden announced earlier this year the ...
Higher gas prices a factor for those considering a hybrid or electric car – CBS News poll
Science

Higher gas prices a factor for those considering a hybrid or electric car – CBS News poll

About a third of U.S. adults would consider an electric car (slightly more would think about a hybrid) if they were in the market for a vehicle, citing higher gas prices as one big reason why, along with the belief that these vehicles are cleaner for the environment. Another quarter say they might consider buying an electric car. But overall, higher gas prices have not prompted more people to consider an electric car than a gas-powered one. Even among those who cite gas prices as a reason they feel the national economy is in bad shape, more would prefer to buy a gas-powered car than a hybrid or electric car. There may be some practical reasons people have for not considering an electric car. In past CB...