AAA: Gas prices remain stable in region
According to an AAA news release, regional supplies of gasoline rose by 3.5 million barrels last week as cold, wintry weather kept gasoline demand down, which isn't unusual for this time of year. Supplies now stand at 700,000 barrels above the five-year average and 2.2 million barrels higher than the comparable week last year.
The price of crude oil, which accounts for more than half the cost to produce gasoline, fell last week by about 3% after President Donald Trump's 10% tariff on Canadian oil imports was delayed by 30 days.
"While supply and demand help keep prices in check in the snowy Northeast, early signs of spring are popping up in petroleum markets," the release stated. Just weeks remain before U.S. refiners begin to transition to production of summer-blended fuel, which is more expensive to produce than the gasoline provided to motorists in the winter. The higher costs are beginning to appear in futures markets, with prices for March delivery of gasoline climbing last week by about 2.5%, according to the release.
The average gas price in New York is up a penny from last week ($3.16), averaging $3.17 per gallon. The price is four cents higher than a month ago ($3.13) and 10 cents lower than a year ago ($3.27). New York's average gas price is four cents higher than the national average.
'Petroleum markets are in the midst of the winter doldrums as Americans drive less than any other time of year,' said Patti Artessa, director of public affairs outreach for AAA Northeast. 'Production has held steady all winter, which is keeping supplies up and prices down, for now.'
AAA Northeast's Feb. 10 survey of fuel prices found the current national average up four cents from last week ($3.09), averaging $3.13 gallon. The national average price is seven cents higher than a month ago ($3.06) and five cents lower than this time last year ($3.18).
Mississippi and Texas have the lowest prices in the nation at $2.67 and $2.70 respectively. California and Hawaii hold the highest prices in the nation this week at $4.62 and $4.54, respectively. New York holds the 13th place on the list of highest gas prices in the nation, according to the release.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
22 minutes ago
- CNBC
Trump snapped up more than $100 million in bonds while in office
U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office, investing in debt issued by local authorities, gas districts and major American corporations. Across 33 pages of filings to the U.S. Office of Government Ethics (OGE), dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday. According to CNBC calculations, the purchases had a total value of at least $100 million, assuming the lower value end listed for each disclosed transaction. By law, the U.S. president, vice president and other select officials must periodically declare "reportable transactions" to the OGE. The precise value of these dealings does not have to be reported. The extensive lists filed earlier this month show that, over the course of this year, Trump has bought bonds sold by various entities, including local U.S. governments, as well as gas districts, water supply districts, hospital authorities and school boards. Trump also bought debt issued by an array of big-name companies. The documents point to purchases of between $500,000 and $1,000,000 worth of bonds issued by T-Mobile U.S., United Health and Home Depot each in early February. Later that month, he procured debt issued by Facebook and Instagram parent Meta, worth between $250,000 and $500,000. The White House did not immediately respond to a CNBC request for comment. Companies, governments and other groups issue bonds to raise capital to carry out projects, fuel growth, refinance existing debt or to bolster financial stability. Investors who purchase the bonds receive interest payments — either fixed or variable — over an agreed period, along with the return of the full loan amount at the end of that period. Some of the companies whose debt is now owned by Trump have been directly impacted by his policies or business dealings. The White House leader has a net worth of $5.5 billion, according to Forbes. In 2020 — the last year of his first presidential term — Trump was worth $2.1 billion, according to the magazine. Forbes has labeled the years between his two terms "the most lucrative post-presidency in American history" thanks to a series of ventures marketed to his supporters. Trump's political rivals have previously accused him of various conflicts of interest during his tenure as president. Under federal law, the president and vice president are exempt from some regulation relating to conflicts of interest among federal officials — but according to non-profit watchdog CREW, every modern president prior to Trump has opted to divest their business interests before taking office.
NBC News
22 minutes ago
- NBC News
Trump bought more than $100 million in bonds since January, filings show
President Donald Trump has purchased at least $103 million worth of corporate and municipal bonds since taking office in January, according to new filings from the Office of Government Ethics. The documents, released late Tuesday night, show that Trump began the bond-buying spree one day after being sworn in on Jan. 20 and include debt sold by companies, local governments and entities that could be directly impacted by his sweeping agenda. All said, Trump made about 690 purchases from Jan. 21 through Aug. 1. The active trading by a president of the United States is unprecedented and puts Trump in a direct position to benefit — or lose out — if any of the entities that own the bonds he's purchased succeed or fail. It's also another example of Trump pursuing business endeavors and transactions to increase his wealth while serving in office. On Jan. 21, Trump purchased a bond belonging to the New York Triborough Bridge and Tunnel Authority. A week later, Trump purchased another handful of bonds over consecutive days. Those bonds belong to various municipal hospital facilities, airports, regional development funds and school districts from Florida to Alaska. The filings do not provide exact purchase amounts, but instead show a broad dollar range for each transaction. The filings did not show any sales by Trump. Trump's buying continued at a steady clip for months, including bonds from megabanks Morgan Stanley, Wells Fargo and Citigroup worth at least $100,000 each. Trump's direct ownership of bonds from three of the nation's banking giants also comes as he considers an eventual replacement of Federal Reserve Chair Jerome Powell, and weeks after he nominated one of his top aides, Stephen Miran, to a seat on the Fed's board. The Fed can directly affect a bank's profit by lowering or raising interest rates, along with myriad regulatory actions. As a Fed governor, Miran would have a direct say in many of those actions. The president's purchases also included at least $500,000 of bonds each from chipmaker Qualcomm, mobile provider T-Mobile USA, Home Depot and UnitedHealth Group, the nation's largest private health insurance company. The filings also show that Trump purchased at least $250,001 of Meta's bonds. CEO Mark Zuckerberg attended the president's inauguration and made a $1 million donation to that event. Likewise, Trump's ownership in hundreds of municipal bonds puts him in line to benefit when those municipal entities pay back the debt and comes at a time when the administration has been tightly controlling the distribution of funds from the federal government to local and regional governments. Trump's net worth currently sits around $5.5 billion, according to the Forbes Billionaires List, up a staggering $3.2 billion since 2024. Typically a president divests their financial assets before or shortly after entering office, but Trump has rejected that precedent and retained most of his empire since his first term in office.
Newsweek
22 minutes ago
- Newsweek
Trump's Tariffs Shock India, With New Delhi Weighing Its Options
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A decades-long partnership between the United States and India has come under sudden strain, as President Donald Trump's new wave of tariffs on Indian exports left officials in New Delhi caught off guard and scrambling for answers. Trump's decision to impose a 25 percent duty on Indian goods earlier this month—with plans to double it to 50 percent next week over India's continued purchases of Russian oil—landed with little warning and no clear path forward. It marked a stunning public rupture between two countries that have for years portrayed themselves as close strategic partners in the Indo-Pacific and beyond. "This is the worst downturn since 2013 or 2014," Shajak Sengupta, a senior research associate at Columbia University's Center on Global Energy Policy, told Newsweek. "What makes it more serious is how public and high-level the criticism has been. This didn't come through backchannels—it came straight from the president." Sengupta cited multiple tensions behind the rift beyond Russian oil, including India's rejection of Trump's claims to have mediated a cease-fire with Pakistan, stalled trade talks on agriculture, and a broader desire to pressure Moscow. US President Donald Trump and Indian Prime Minister Narendra Modi hold a joint press conference in the East Room of the White House in Washington, DC, on February 13, 2025. US President Donald Trump and Indian Prime Minister Narendra Modi hold a joint press conference in the East Room of the White House in Washington, DC, on February 13, 2025. Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images "But when all of those issues get bundled into tariffs, with no signaling beforehand, that's when it becomes a structural problem," he said. Modi's Bet on Trump Falters Just months before the tariff shock, Indian Prime Minister Narendra Modi stood shoulder to shoulder with President Trump in Washington, declaring a new phase in the U.S.-India strategic relationship. "We're going to open up India like never before," Trump said during a joint press appearance at the White House, where he announced a target of expanding bilateral trade to $500 billion by 2030. Modi, in turn, called the U.S. "India's most trusted partner" and said he expected the "big deal" to be finalized "within months." "In the language of America, it's 'Make India Great Again' — MIGA," Modi said as Trump smiled along. "When America and India work together, this MAGA plus MIGA becomes a 'mega partnership for prosperity." Their February meeting was cast as a breakthrough moment: both leaders praised each other's vision, committed to deepening defense and economic cooperation, and previewed a bilateral trade agreement that was, by all public accounts, nearing completion. WASHINGTON, DC - FEBRUARY 13: U.S. President Donald Trump and Indian Prime Minister Narendra Modi meet in the Oval Office at the White House on February 13, 2025 in Washington, DC. WASHINGTON, DC - FEBRUARY 13: U.S. President Donald Trump and Indian Prime Minister Narendra Modi meet in the Oval Office at the White House on February 13, 2025 in Washington, optimism has since collapsed under the weight of Trump's August tariff orders, with the South Asian giant facing a penalty higher than that imposed on China, long cast as America's chief economic rival. "It's a lesson in the limits of chemistry," said Chietigj Bajpaee, senior research fellow for South Asia in the Asia-Pacific Programme at Chatham House. That breakdown in personal diplomacy has quickly translated into real economic costs. The new tariffs, now among the steepest levied by the U.S. on any trading partner, strike directly at sectors central to India's export economy such as textiles and leather goods, which together accounted for $18.3 billion of exports to the U.S. in 2024. "With Trump, everything is leverage," Bajpaee said. "What seemed like alignment in February turned out to be a setup for pressure in August." Trade Fallout Spills Into Strategy What began as a trade dispute has quickly widened into a broader geopolitical reckoning. Indian officials are said to be furious at what they view as scapegoating by Washington. "It is extremely unfortunate that the U.S. should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," the Indian Ministry of External Affairs said in a statement. "We reiterate that these actions are unfair, unjustified and unreasonable." The fallout comes at a time of renewed alignment among BRICS nations—Brazil, Russia, India, China, and South Africa—all of whom are facing pressure from Washington on various fronts. Modi is expected to meet Russian President Vladimir Putin later this year, following a planned BRICS summit in China that Modi will attend. Indian Prime Minister Narendra Modi, left, Russian President Vladimir Putin, center, and Chinese President Xi Jinping, right, at a BRICS summit, on October 23, 2024, in Kazan, Russia. Russia hopes to revive a three-way bloc... Indian Prime Minister Narendra Modi, left, Russian President Vladimir Putin, center, and Chinese President Xi Jinping, right, at a BRICS summit, on October 23, 2024, in Kazan, Russia. Russia hopes to revive a three-way bloc with India and China."This has renewed the convergence of interests between India, Russia and China," Bajpaee said. "But India still seeks to project a benign worldview—non-Western, but not anti-Western. And the long-term rationale for working with the U.S. hasn't changed." Inside the White House, however, officials have sharpened their tone. "India portrays itself as being one of our closest friends in the world, but they don't accept our products. They impose massive tariffs on us," said Stephen Miller, deputy chief of staff, in a Fox News interview. "They're taking advantage of us on trade and underwriting Putin's war effort." Stephen Miller: "India portrays itself as being one of our closest friends in the world; but they don't accept our products, they impose massive tariffs on us, we also know they engage in a lot of cheating on immigration policy." — captive dreamer (@avaricum777) August 4, 2025 Treasury Secretary Scott Bessent added fuel to that fire on CNBC Tuesday, accusing New Delhi of "profiteering" from the war by purchasing Russian oil at a steep discount, refining it, and selling it back on the open market while pocketing the profit. "This opportunistic arbitrage is unacceptable," the former hedge-fund manager said. The strategic cost of the rift could be significant. "India shares America's view that China poses the world's most significant strategic threat," Richard Rossow, a senior adviser at the Center for Strategic and International Studies, told Newsweek. "A strong trade agreement would accelerate this growing partnership and bolster military cooperation—both bilaterally and through forums like the Quad," an informal diplomatic working group made up of Australia, India, Japan, and the United States and designed to counter China's influence in the Indo-Pacific. Alyssa Ayres, a former senior State Department official and now a professor at George Washington University, told Newsweek the downturn signals a shift in the president's focus during his second term. "In Trump's first term, he emphasized India's market access issues, but also worked to deepen the broader relationship," she said. "Now it looks like trade concerns are crowding everything else out." What Comes Next? Despite the tensions, both sides have reason to tread carefully. India remains the United States' ninth‑largest trading partner, while the U.S. is India's top export destination, importing over $86 billion in goods last year. "India is one of our ten largest goods‑trading partners and a key supplier of offshore IT‑enabled services," said Rossow. "And to India, the U.S. is easily the most significant economic partner—the largest destination for its goods and services exports, and the largest source of inbound foreign investment." Calls for diplomacy have grown louder. "The U.S. and Indian governments need to talk to each other in private and resolve their differences," Ambassador Atul Keshap, president of the U.S.–India Business Council, told Newsweek. "Washington and Delhi have proven they can have difficult conversations that address problems and keep 25 years of partnership on track. Business needs predictability and clear signals of continued technology and supply chain collaboration. Substantial investments in both directions create jobs and shared prosperity in both America and India—and are worth sustaining." Sengupta warned the standoff may already be taking a toll, with tariffs and uncertainty already slowing investment and economic activity in both countries. Indian firms have invested more than $40 billion in the U.S., supporting nearly 425,000 American jobs—a sharp increase from $22 billion and 125,000 jobs in 2020, according to industry data. "If ties continue to sour, you could see a plateauing or even decline in trade and investment—the kind of flows needed not just to fuel India's development, but also the U.S. strategy to reduce dependence on China." Former U.N. Ambassador Nikki Haley reinforced the warning in a Newsweek opinion column published Wednesday, urging the administration not to lose sight of the larger picture. "Scuttling 25 years of momentum with the only country that can serve as a counterweight to Chinese dominance in Asia would be a strategic disaster," she wrote. Haley called for direct talks between Trump and Modi and said India should be treated "like the prized free and democratic partner that it is—not an adversary like China."
