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With fuel prices soaring, sales of products designed to boost gas mileage are also rising — even though the government says they're not worth the money.
The price of crude oil hit yet another record on the last day of a tumultuous first half, spurting past $143 a barrel before ending lower on demand fears and a resilient dollar. Crude has shot up nearly 50 percent since the start of the year, in large part on the dollar's troubles, and analysts expect that trend to remain intact as the second half of 2008 begins.
Oil prices rose Monday on disappointment over Saudi Arabia's modest production increase and concerns that output from Nigeria will decline. Retail gas prices, meanwhile, inched lower overnight, but appear unlikely to change much as long as oil prices stay in a trading range.
The U.S. Energy Department and the International Energy Agency both lowered their global oil consumption forecasts for this year because of surging prices, but said demand continues to accelerate in developing nations.
Crude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Retail gas prices rose to a record $4.08 a gallon.
Retail gas prices rose further above a national average of $4 Monday, and are likely to keep rising as distributors and retailers hike prices in response to last week's unprecedented oil price rally.
Steve Kehler spends most of his time working on cars or managing paperwork at the auto repair shop and gas station he runs in this Philadelphia suburb.
Oil prices retreated Monday from last week's record close near $126 a barrel as the dollar strengthened against the euro and yen.
Drivers have long known that slowing down on the highway means getting more miles to the gallon. Now airlines are trying it, too — adding a few minutes to flights to save millions on fuel.
Consumers struggling with high gas prices, rising food costs and falling home values have something new to worry about: Sharply rising electricity rates due to a surge in coal prices over the past year.
Retail gas prices fell more than a cent over the weekend, offering further evidence that prices may have peaked for the year. However, oil futures soared once again Monday, nearing $120 a barrel as supply threats emerged overseas and the dollar weakened against the euro.
Frontier Airlines, the latest airline to file for bankruptcy, was pushed over the brink by a problem that could spread to other carriers: credit card troubles.
Retail gas prices could climb as high as $4 a gallon this summer, but prices at such lofty levels will make many Americans think twice about hitting the road this summer, the Energy Department said Tuesday.
Gas prices may be sitting near record levels, but the owner of your local gas station quite likely is struggling.
Oil prices retreated Friday after jumping as high as a record $111 a barrel in the previous session as investors fled the declining dollar in search of a haven in commodities.
Oil prices topped $109 a barrel for the first time Tuesday as investors sought refuge from the anemic dollar.
Oil prices were steady Friday after jumping to a trading record near $106 a barrel in the previous session as the dollar's slide to new lows prompted investors to pump more money into commodities.
Oil futures retreated from a new overnight record above $103 as the dollar gained strength and Turkish forces withdrew from northern Iraq.
Oil prices dropped Friday after a U.S. government report showed domestic crude inventories rose last week.
Oil prices retreated Wednesday in Asia after closing above $100 a barrel for the first time overnight as investors seized on a refinery explosion and the possibility that OPEC may cut its output.
Oil futures ended essentially flat Friday, giving up much larger earlier gains as traders sold to book profits from crude's recent 10 percent price rally.
Oil prices fell Wednesday as traders overlooked Venezuela's halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand.
Oil prices were slightly lower Friday but showed little reaction to news that OPEC would maintain current output levels, as worries of a possible U.S. recession weighed on crude futures.
Get ready for another surge in gasoline prices.
Super Bowl Sunday may be the biggest day of the year for football fans, but it's also a big day for people who sell big screen TVs, recliners and pizza.
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