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“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”

The sudden switch promises a new era of fat profits for the companies. Long term, it risks sending American automakers off a cliff.

According to data from motor club AAA, the national average for unleaded gasoline has stayed below the $3 mark since Dec. 2, falling to its lowest level of about $2.85 a gallon on Dec. 22.

U.S. federal and state officials are lining up with the oil industry to support a plan by Phillips 66 and Kinder Morgan to deliver gasoline to California.

Gasoline prices across the U.S. on Dec. 1 averaged $3 a gallon, according to American Automobile Association data. That's well above President Donald Trump’s pledge to bring the price below $2.

The producer price index rose 0.3% from a month earlier after a 0.1% decline in August, according to the BLS. The increase matched the median projection in a Bloomberg survey of economists.

Lukoil gasoline stations in the U.S. are experiencing major issues with card payments, forcing some franchise owners to consider asking more customers to use cash.

Mexico has recovered as much as $10.9 billion in tax revenue this year due to the government’s efforts to stop illegal fuel imports, the head of Mexico’s customs agency said Oct. 20.

California legislators are considering giving Valero hundreds of millions of dollars to cover refinery maintenance costs in a bid to prevent the closure of a San Francisco-area fuel plant.

An outage at the largest inland U.S. refinery has raised gasoline prices in the Midwest ahead of the Labor Day holiday, the final major travel weekend of the country’s peak driving season.