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The Latest Breaking News from Gas Prices

Card balances continued to grow at moderate pace in September, Fed reports

Credit card debt grew moderately in September, as gas prices continued to decline. While inflation remained an issue impacting consumers, rising 8.2 percent over the year for September, gas prices were down 4.9 percent from August. This follows August’s month-over-month 10.6 percent downslide in gas prices.

Tribune News Service

How to keep your heating bills down at home this winter as gas prices rise

The average annual energy bill for UK households now sits at £2,500

The Independent UK

Poinsettia farmer overcomes energy crisis to grow a million plants for Christmas

Comes as Dutch growers cut back on production this year due to rising gas prices

Birmingham Post

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Stronger profits at British Gas owner fuel £250m share buyback

Higher electricity and gas prices offset weaker performance in Centrica’s household services

The Guardian - UK

Treasury calls for action on sky-high prices, as blowback comes from gas companies

Gas exporters have signalled their intent to make sure any government regulation on gas prices is watered down.

The New Daily

Commentary: We can’t afford to shutter California’s aging oil refineries yet

After a summer with some historic gasoline price increases, California continues to experience the highest gas prices in the country by a considerable margin.

Los Angeles Times

Federal Treasury secretary Stephen Kennedy recommends government intervene in energy market to drop power prices

The federal government's chief economic advisor endorses market intervention to cap or reduce coal and gas prices, warning unusually high company profits are coming at the expense of poorer Australians.

ABC News

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Solar boom set to accelerate as electricity and gas prices soar and payback times shorten

Australians households and businesses are expected to speed up the transition to renewables as energy prices soar and payback periods for solar and batteries shorten.

ABC News

The federal government already has a windfall tax on gas profits. But while gas prices soar, is the tax doing its job?

Australia is one of the world's largest LNG exporters, and those companies selling gas to the world are in a prime position to capitalise. So how much are Australian taxpayers making from the sale of Australian gas?

ABC News

Last winter’s heating costs were bad. This year could be worse, with Chicago-area gas bills expected to spike another 30%

It may cost hundreds of dollars more to stay warm this winter in Chicago and the suburbs, with rising natural gas prices and ongoing ratepayer-funded repair work projected to raise bills by as much as 30% over last year.

Chicago Tribune

ACCC pushes for tougher gas regulations

The government and the consumer watchdog are assessing several options to rein in soaring gas prices, including a mandatory code for gas retailers.

AAP

Why the focus on energy prices? Inflation is more likely to be driven by surging housing, transport and food costs

Increases in electricity and gas prices are less to blame for the cost-of-living squeeze than many other components. Here’s why

The Guardian - AU

BP profits soar in 3Q as pressure increases for windfall tax

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine

The Independent UK

Thousands of Irish households face €200 increase in electricity prices next month

Energy provider Prepay Power has announced their unit rate of electricity will be rising by 9.9% from December 1

Dublin Live

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Asharq Al-Awsat

IMF: Diversified Gulf Economy Improves Financial Balance

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF). The IMF said in its latest report that higher oil and gas…

Manchester Evening News

BP profits almost tripled to £7.1bn amid high oil and gas prices

Soaring oil and gas prices have contributed to the profits

The Independent UK

AP source: Biden to float windfall tax on energy producers

President Joe Biden plans to raise the possibility of imposing a ‘windfall tax’ on oil companies, as his administration aims to combat high gas prices just days before the midterm elections

Irish Mirror

Gas prices soared by 37% in first half of 2022, EU figures reveal

Latest figures also show the rate of increase in energy costs in Ireland has been moderate compared to many EU member states

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Evening Standard

Wholesale gas prices add to falls on Halloween, easing cost of living scare

Wholesale natural gas prices fell by over a third during October, helped by the mild autumn weather

The Independent UK

How to keep your heating bills down at home this winter as gas prices rise

The average annual energy bill for UK households now sits at £2,500

AAP

Treasurer taking gas price cap 'seriously'

Jim Chalmers says he's taking calls to implement a cap on gas prices seriously as power costs continue to climb for households and small-business owners.

Reuters

Germany set to attach conditions to gas price 'brake', sources say

The German government is likely to insist companies that benefit from a planned "brake" on gas prices meet conditions, such as staying in the country or preserving 90% of the jobs they provide for a year, sources familiar with matter told Reuters.

Zenger

The War In Ukraine Could Bring Higher Winter Heating Bills In The US

When it comes to natural gas prices, the U.S. is in a much better position than the European Union.

WEKU

How Biden changed his tune on inflation as prices soared and the midterms loomed

At first, the White House said inflation would be a temporary issue. But it quickly became the top economic priority — and major source of midterm political pain — for President Biden.

The Guardian - UK

ExxonMobil’s record-breaking $20bn profit nearly matches Apple’s

Oil company’s third-quarter result smashes Wall Street forecasts – as does Chevron’s £11.2bn

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