Latest news with #gas prices
CBS News
3 days ago
- Automotive
- CBS News
Gas prices in Michigan up 8 cents this week, AAA reports
Gas prices in Michigan are up 8 cents this week, with motorists paying an average $3.23 per gallon for regular unleaded gasoline, AAA-The Auto Club reported. This price is 7 cents less than this time last month, and 56 cents less than this time last year. For a 15-gallon tank of gas, that adds up to about $48. The most expensive gas price averages reported this week were in Grand Rapids ($3.30), Ann Arbor ($3.27) and Jackson ($3.25). The least expensive gas price averages reported this week were in Marquette ($3.02), Traverse City ($3.16) and Metro Detroit ($3.21).
CBS News
5 days ago
- Automotive
- CBS News
Trump and Newsom have made competing claims about California gas prices. We checked the facts.
Californians are bracing for higher gas prices following an increase to the gas excise tax and regulatory changes to the state's fuel standards that went into effect on July 1. In response, Gov. Gavin Newsom's office published a series of fact checks on its website, aimed at countering what the governor has called a "concerted misinformation campaign" about the state's fuel costs. The effort comes as President Trump continues to blame California's environmental regulations and taxes for what he has described as the state's exorbitant gas prices. CBS News examined claims from the governor and president about the state's gas prices. Mr. Trump cited incorrect figures, and while Newsom's "fact checks" mostly hold up, some omit key context or rely on outdated data. Here's a breakdown of the findings. During a recent White House breakfast, Mr. Trump said, "Gas has gone to the lowest level in decades and you're seeing $1.99, $1.98. And I saw $1.95 at certain states," but in California, "You're at $6, $7, they just add taxes." Both claims are false. GasBuddy, a company that tracks gas prices nationwide, told CBS News that no state has averaged between $1.95 to $1.99 per gallon at any point this year. Auto club AAA also confirmed that no state average has fallen below $2. As for California, GasBuddy and AAA said the average price per gallon has not reached between $6 and $7 at any point this year. While individual gas stations may charge more, statewide averages have remained below that range. California's average gas price last topped $6 in October 2023, according to GasBuddy and AAA data. The state's all-time high was $6.43 on June 16, 2022, GasBuddy data shows. A White House spokesperson told CBS News that Mr. Trump's "energy agenda has restored gas prices to historic lows across the country," and argued that California and other blue states are seeing higher prices due to "radical climate policies and high taxes." On the governor's website, Newsom pushes back on a University of Pennsylvania prediction that gas prices would rise by 65 cents or more "in the near term." He argues that two policy changes that took effect in July –- an annual inflation adjustment and updates to the state's fuel standard — would likely increase prices by only a few cents per gallon. The governor is correct that the state's gas excise tax rose by 1.6 cents per gallon due to the inflation adjustment. While suppliers pay the tax, the cost is often passed on to consumers. However, Newsom cites an expert's outdated 5- to 8-cent-per-gallon figure when estimating the impact of changes to the state's Low Carbon Fuel Standard. That expert, Colin Murphy of the Low Carbon Fuel Policy Research Initiative at University of California, Davis, told CBS News he now estimates the impact to be around 8 to 9 cents per gallon. Still, Murphy said, an increase as large as 65 cents would require a "jaw-droppingly implausible combination of unlikely events." Newsom disputes disputes a prediction from one energy specialist that gas prices could spike to $8.43 per gallon in 2026 due to the closure of two key oil refineries in California. He said the projection, which he called "unscientific," comes from a May report by USC professor Michael Mische, whom Newsom says has ties to the oil industry and the government of Saudi Arabia. Mische noted in a statement to CBS News that his models would produce lower estimates today based on current information and other refinements to his calculations. He disputed the governor's claim that he had a conflict of interest, stating that his work for the Saudi Arabian government focused on its transition away from petroleum. Newsom cites experts from Stanford University's Institute for Economic Policy Research to support his claim that refinery closures would create negligible increases on gas prices. The analysis focused on the closure of a single refinery and found that while it would likely have little effect on gas prices, at the upper range of their estimate it could potentially raise prices by up to 15 cents per gallon. However, Reuters reported that California officials are now attempting to find a buyer for a refinery owned by Valero in Benicia, near San Francisco, to prevent its closure. The decision highlights concerns about the potential impact it could have on the fuel supply and prices. A July report from the U.S. Energy Information Administration, a semi-independent agency under the Department of Energy, projects a 17% loss in California's refining capacity with the closures of Valero's and Phillips 66's refineries in Benicia and Los Angeles, respectively. The agency said this supply loss won't be easily offset given the state's limited connectivity to other refinery hubs around the country. Although new state policies may help to limit price volatility, the EIA projects a "small increase" in West Coast retail gas prices next year due to the closures.
Yahoo
24-07-2025
- Automotive
- Yahoo
New York gas prices stay steady for second straight week
State gas prices are essentially unchanged for the second consecutive week at an average of $3.08 per gallon of regular fuel on Monday, approximately the same as last week's price, according to the U.S. Energy Information Administration. The average fuel price in state declined about 6 cents since last month. According to the EIA, gas prices across the state in the last year have been as low as $3.00 on March 17, 2025, and as high as $3.52 on July 8, 2024. A year ago, the average gas price in New York was 13% higher at $3.52 per gallon. >> INTERACTIVE: See how your area's gas prices have changed over the years at . The average gas price in the United States last week was $3.12, making prices in the state about 1.4% lower than the nation's average. The average national gas price is essentially unchanged from last week's average of $3.13 per gallon. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Poughkeepsie Journal: New York gas prices stay steady for second straight week Solve the daily Crossword
Yahoo
23-07-2025
- Automotive
- Yahoo
New York gas prices essentially unchanged from last week: See how much you're paying
State gas prices are essentially unchanged for the second consecutive week at an average of $3.08 per gallon of regular fuel on Monday, approximately the same as last week's price, according to the U.S. Energy Information Administration. The average fuel price in state declined about 6 cents since last month. According to the EIA, gas prices across the state in the last year have been as low as $3.00 on March 17, 2025, and as high as $3.52 on July 8, 2024. A year ago, the average gas price in New York was 13% higher at $3.52 per gallon. >> INTERACTIVE: See how your area's gas prices have changed over the years at . The average gas price in the United States last week was $3.12, making prices in the state about 1.4% lower than the nation's average. The average national gas price is essentially unchanged from last week's average of $3.13 per gallon. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the U.S. Energy Information Administration. Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Elmira Star-Gazette: New York gas prices essentially unchanged from last week Solve the daily Crossword
CNN
23-07-2025
- Business
- CNN
Fact check: Five false claims Trump made about inflation last night
President Donald Trump is not only continuing to lie about inflation. He's now falsely claiming that Democrats are lying when they accurately point out that prices are up. In a speech Tuesday night to Republican members of Congress, Trump delivered a series of inaccurate assertions on the subject of prices. He wrongly claimed that gas was selling Tuesday for below $2 a gallon 'in five different states' (it was actually zero states); that prices are 'all down' (consumer prices are up under Trump); that Democrats are lying when they say prices are up (these Democrats are correct); that grocery prices 'are down' (they are up under Trump); and that core inflation is 'below 2%' (it's 2.9%, per the Consumer Price Index). Here is a fact check. False. Of the tens of thousands of gas stations nationwide tracked by the company GasBuddy, there was not a single station offering gas for $1.99 per gallon or less on Tuesday, said Patrick De Haan, the company's head of petroleum analysis. (Some drivers get special discounts.) And no state had an average Tuesday gas price lower than Mississippi's $2.71 per gallon, according to data published by AAA. Trump has regularly claimed this year that two, three, or five states have sub-$2 gas, but CNN has never found any of these claims to be true. False. Grocery prices are up during this Trump presidency. Grocery prices in June were about 0.6% higher than they were in January, the month Trump was inaugurated, and about 2.4% higher than they were in June 2024, according to the latest Consumer Price Index data. Grocery prices did fall this April, as egg prices dropped sharply after a spike caused by an avian flu outbreak, but grocery prices then increased again in May and June. False. Regardless of anyone's opinion of Federal Reserve Chair Jerome Powell and interest rate policy, US prices are not 'all down'; in reality, prices have continued to increase during Trump's second presidency. As of June, overall consumer prices were about 2.7% higher than they were in June 2024, about 0.3% higher than they were in May 2025, and about 1.5% higher than they were in January 2025. Given this overall increase in prices since January, it's obvious that prices have gone up in various individual categories — so the president's suggestion that not a single price has increased is clearly untrue. It's important to note that it's normal for prices to rise over time; the Federal Reserve generally aims for 2% inflation over the long run. Trump could fairly say that inflation remains nowhere near the levels of 2022, when it briefly topped 9%, and that his new tariffs have not immediately caused a massive inflation spike. But Trump made a signature campaign pledge to immediately bring prices down, not to keep prices increasing at a moderate pace. Contrary to his claim on Tuesday, that promised decline hasn't happened. Nonsense. It's correct, not a lie, to say overall prices, grocery prices and food prices in general are up during this presidency. And though oil prices are down in world markets, the gasoline prices paid by US drivers have increased slightly since Trump returned to the White House. (They certainly aren't 'through the roof,' but Trump didn't identify the Democrats who supposedly claimed they are.) The national average price for a gallon of regular gas on Tuesday was about $3.14 per gallon, according to AAA data. That's up from about $3.12 per gallon on Trump's second inauguration day in January – though, as GasBuddy's De Haan noted to CNN, the national average is now lower than it was at this point on the calendar in every year since pandemic-era 2021. False. Core inflation is not below 2%. This measure, which excludes volatile food and energy prices, showed prices up about 2.9% in June compared with June 2024, according to the most recent Consumer Price Index data. Other oft-cited measures of core inflation are also above 2%. The most recent data from the Personal Consumption Expenditures price index showed core inflation up about 2.7% in May compared with May 2024, while the most recent data from the Producer Price Index showed core inflation up about 2.6% in June compared with June 2024. The accuracy of Trump's claim that core inflation is 'way down' depends on where you start the clock. The 2.9% Consumer Price Index core inflation rate in June 2025 was up from March, April and May (it was about 2.8% each of those months), but it was down from about 3.3% in January.
