gas prices

(Newser) - Gas prices are soaring, but OPEC says that there's nothing it can do. Historically, the cartel has made big efforts to increase production when prices spike, but not his time, the Wall Street Journal reports. Members of OPEC say that there's plenty of crude being pumped; instead, the price increases...

(Newser) - Four-dollar gas? Blame biofuels, the oil industry says. Construction of new refinery capacity is on hold thanks to government regulations that will soon require oil companies to produce biofuels such as ethanol. Uncertain standards for biofuels, which may render new refineries useless, have led oil companies to rethink expansion plans—...

(Newser) - Gas hit a record high of $3.18 yesterday, soaring past the previous all-time high, the inflation-adjusted 1981 price of $3.15 per gallon. A spate of fires and power outages have crippled the nation's refineries, sending prices soaring even as crude oil costs drop. That's turning consumers away from...