Did corporate greed fuel inflation? It’s not biggest guilt

WASHINGTON (AP) — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits. Responding to that sentiment, the Democratic-led House of Representatives last month passed on a party-line vote — most Democrats … Read more

How much for gas? Around the world, pain is felt at the pump

COLOGNE, Germany (AP) — At a gas station near the Cologne, Germany, airport, Bernd Mueller watches the digits quickly climb on the pump: 22 euros ($23), 23 euros, 24 euros. The numbers showing how much gasoline he’s getting rise, too. But much more slowly. Painfully slowly. “I’m getting rid of my car this October, November,” … Read more

Russia again cuts natural gas exports to European countries

PRAGUE (AP) — Russia reduced natural gas to Europe again Friday, including cutting flows by half to Italy and Slovakia and completely to France, as countries have worked to ease their dependence on Russian supplies amid the war in Ukraine. It marks the third day of significant reductions to the fuel that powers industry and … Read more

Biden tells oil refiners: Produce more gas, fewer profits

President Joe Biden on Wednesday called on US oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “The crunch that families are facing deserves immediate action,” Biden wrote in the draft of … Read more

Explosion at Texas terminal injects uncertainty into global energy market

Last week’s explosion at Texas natural gas terminal Freeport LNG has injected further chaos into international energy markets as the US has stepped up to replace Russian gas exports to Europe. Experts said Friday that while the facility is offline, it will likely keep about 1.33 billion cubic feet (bcf) of liquefied natural gas (LNG) … Read more

Wall Street slips into a bear market; here’s what that means

NEW YORK (AP) — Wall Street opened the week with heavy losses that put the S&P 500 benchmark at a level considered to be a so-called bear market. Rising interest rateshigh inflationthe war in Ukraine and a slowdown in China’s economy have led investors to reconsider what they’re willing to pay for a wide range … Read more

India, China growing markets for shunned Russian oil

NEW DELHI (AP) — India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the US not to increase their purchases, as the European Union and other allies cut off energy imports from Russia in line with sanctions over its war on Ukraine. Such sales … Read more

Several factors are converging to push gas prices higher

DALLAS (AP) — There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon. Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years. Everyone seems to have a favorite villain for the high cost of … Read more

Stocks sink as Wall Street eyes downside of solid jobs data

NEW YORK (AP) — US stocks fell broadly Friday and pulled major indexes into the red for the week as Wall Street focused on the downside of the still-strong US jobs market. The report showed employers hired more workers last month than economists expected. While that’s a good sign for the economy amid worries about … Read more

Prepare for sticker shock if you are traveling this summer

DALLAS (AP) — Airlines and tourist destinations are expecting monster crowds this summer as travel restrictions ease and pandemic fatigue overcomes lingering fear of contracting COVID-19 during travel. Many forecasters believe the number of travelers will match or even exceed levels in the good-old, pre-pandemic days. However, airlines have thousands fewer employees than they did … Read more