Christine Romans breaks down the financial relationship between the United States and Venezuela in the wake of President Hugo Chavez's death. "It is the fourth largest supplier of gas to the U.S. Energy after - you've got Canada, Mexico, Saudi Arabia and then Venezuela," Romans reports.
Romans explains that Chavez was simultaneously a sworn enemy and a major business partner of the United States, for really blunting American efforts in many places across Latin America for years now, by giving subsidized oil to people who agreed with him and disagreed with the United States.
“And this really gives the U.S. and its Latin American policy a great, unbelievable opening,” Romans says. “So how the U.S. treads here is really important diplomatically but also right down to what goes into your gas tank.”
Christine Romans on claims by Mitt Romney and President Obama as to whether government can and should control gas prices.
Pain at the pump this morning in California with gas stations reporting they are running short on gas. Refinery and supply chain problems have led to an extreme gas shortage, driving up process and causing some California stations to shut down. Companies including Valero, Exxon and Coctco have so far been affected. According to the AAA, the average price for a gallon of gas in California is $4.48, and higher than $5 in some places. CNN’s Paul Vercammen is live at a gas station in Burbank, California with details.
Vercammen names “a myriad of factors contributing” to the disruption in the supply chain. If refineries could convert to winter grade fuel sooner, which costs a lot less to produce than the environmentally friendly summer-grade fuel, the prices could be a lot cheaper. But a waiver from the Air Quality Control Board is required. Until then, tough times here in California,” Vercammen says.
Christine Romans on a report claiming that gas prices should ease soon after largest one-day jump since 2011.
As Isaac approaches the Gulf Coast of the United States, oil and gas production is being cut down sharply. How widespread are the shutdowns and how will it affect gas and oil prices?
Christine Romans explains on "Early Start" this morning the extent of temporary shutdowns for oil and gas producers in the Gulf of Mexico as Isaac approaches.
Alison Kosik looks at the factors pushing gas prices higher in the United States.
A massive fire ravaged over Richmond, California on Monday. The toxic blaze partially shut down Chevron’s oil refinery, one of the region’s largest gas suppliers, raising concerns over rising gasoline prices. Analysts say that while prices are expected to level off in the fall season, for now, the prices are going to get higher and higher.
Residents of the Richmond area are more concerned about their health. Fumes from the fire sent hundreds to area hospitals. During Tuesday’s Richmond town hall meeting, furious residents addressed Chevron’s executives. “You’re putting this poison out here. It’s killing us.” “Do I have to look forward to having cancer?”
– Ed Lavandera reports
Christine Romans looks at the factors pulling gas prices down and why we could see $3 gas by the fall.
Gas prices in an election cycle couldn't be more political. President Obama made a huge push yesterday to limit speculation in the oil markets to help bring gas prices down. That's not something that can happen overnight, and he's been making that clear over the past few weeks. You may have heard that phrase about how there's no 'silver bullet' for gas prices a few times now from the President. Will this move work?
Christine Romans is Minding Your Business this morning, and explains how much gas prices are driven by speculation in the oil market.
GasBuddy.com's Gregg Laskoski explains the factors that may lead to lower prices at the pump.