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The Latest Breaking News from Gas Prices

Inflation eased again in January – but there's a cautionary sign

Annual inflation cooled in January for the seventh month in a row. But price increases accelerated between December and January, fueled by rising shelter, food and gasoline prices.

WEKU

Officials mull new power tariff rate

Energy officials may keep the power tariff, which determines electricity bills, unchanged or trim the rate at its next adjustment as gas prices have become less aggressive.

Bangkok Post

European Union increases growth forecast as eurozone dodges recession

Europe's economy will grow more than previously forecast this year as it avoids a winter recession, with inflation expected to ease and gas prices continue to fall.

Radio France Internationale

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Govt to freeze or lower power tariff as gas prices ease

Energy officials may keep the power tariff, which determines electricity bills, unchanged or trim the rate at its next adjustment as gas prices have eased in recent weeks.

Bangkok Post

Soaring California natural gas prices could bring higher electricity bills this summer

In the wake of skyrocketing gas rates, a utility company executive suggested that hikes in natural gas costs could lead to higher electricity bills this summer.

Los Angeles Times

Why energy companies are making so much profit despite UK windfall taxes

Russia’s invasion of Ukraine last year caused oil and gas prices to surge, triggering a cost of living crisis in many countries, including the UK.

The Conversation

France's TotalEnergies announces record profits of €18bn, higher payout for shareholders

The French fossil fuel exploitation multinational, TotalEnergies, said on Wednesday that high oil and gas prices had bolstered its net profit to a record 18 billion euros in 2022. The company has announced higher dividend payments for shareholders.

Radio France Internationale

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BP profits reach £23 billion after spike in oil and gas prices

Oil and gas giant comes in for criticism as it lowers the ambition of its climate change pledges

Insider UK

FTSE 100 Live: BP profits surge to £23 billion, house prices stable

BP today racked up an annual profit of $27.6 billion (£23 billion), more than double the previous year’s haul after a surge in oil and gas prices.

Evening Standard

BP scales back climate goals as profits more than double to £23bn

Energy company faces calls for toughened windfall tax as it reaps rewards from high gas prices

The Guardian - UK

Newsom wants the feds to investigate California's high natural gas prices

Gov. Gavin Newsom on Monday jumped into the debate over the spike in natural gas prices affecting millions of California utility customers, calling on federal regulators to look at whether gouging or market manipulation is at work.

Tribune News Service

Energy bills to rise by 20% from April despite wholesale gas prices tumbling by 70%

Struggling households will see average bills rise from £2,500 to £3,000 a year in the spring after the Tories decided to cut subsidy levels under the Energy Price Guarantee

Daily Mirror

Pain at the pump: Gas in Nevada least affordable in US

LAS VEGAS — Gas prices have been a hot topic over the past year with the volatile crude oil market largely tied to the ongoing Russian invasion of Ukraine and inflation.

Tribune News Service

Editorial: Big Oil reaps record profits while the planet burns. California should curb its greed

Chevron, Shell, Exxon Mobil and other oil companies made more money than ever in 2022, showing just how massive a windfall they reaped as surging gas prices made it a struggle for drivers to afford filling up.

Los Angeles Times

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Boston Herald

Auto review: Honda HR-V continues the commuter tradition

In 2023, with gas prices elevated and interest rates still rising, the cost to drive continues to go up and up. It's a good thing, then, that Honda's mindset has not changed. It continues to produce affordable vehicles that last a long time and meet or exceed commuters' expectations, all…

AAP

Energy relief plan won't be 'one size fits all': PM

Prime Minister Anthony Albanese says energy relief isn't a "one size fits all" plan, as the nation braces for skyrocketing electricity and gas prices.

ABC News

Shell profit doubles to record $56 billion in 2022 as war drives up energy costs

Global energy giant Shell has said that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia's invasion of Ukraine.

Evening Standard

Shell under the spotlight in the City after record-breaking profit

Questions on future strategy follow huge capital return plan powered by high gas prices amid calls for windfall tax hikes

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The Independent UK

Shell profit doubles to record as war drives up energy costs

Global energy giant Shell says annual profits doubled to a record high last year as oil and gas prices soared after Russia’s invasion of Ukraine

The Guardian - UK

Calls for bigger windfall tax after Shell makes ‘obscene’ $40bn profit

Calls for larger windfall tax after surge in gas prices fuels ‘outrageous’ doubling of profits at Anglo-Dutch group

The New Daily

Watch: Gas bill hike, NT alcohol restrictions, George Pell protests

Watch: Controversial Cardinal Pell lies in state at St Mary's Cathedral. AGL and Origin raising gas prices. A report on the impact of alcohol restrictions

France 24

IMF says global growth 'surprisingly resilient' in updated forecast

The International Monetary Fund's new projections for 2023 show GDP for the world economy growing by 3.2 percent, compared to a 1.9 percent expansion last year. The improved forecast is aided by China's scrapping of its zero-Covid policy and the fall in gas prices. Also on the programme, we report…

The Independent UK

House GOP seeks new restrictions on use of US oil stockpile

For the second time this month, House Republicans are seeking to restrict presidential use of the nation’s emergency oil stockpile — a proposal that has already drawn a White House veto threat

Reuters

South Korea to double energy vouchers amid soaring bills, cold wave

South Korea plans to double energy vouchers and a discount of gas prices for underprivileged families to cope with spiralling heating bills amid a prolonged cold wave, officials said on Thursday.

Bangkok Post

SCG Ceramics to increase prices amid energy burden

SCG Ceramics Plc, a subsidiary of SCG Cement-Building Materials Co, plans to increase its product prices again this year after months of rising electricity and gas prices.

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