Fed Chair Warns of Fuel Price Impact on Economy
WASHINGTON, D.C. --- Federal Reserve Chairman Ben Bernanke this week told a House Financial Services Committee that high energy prices are hurting the economy "in terms of real activity and in terms of inflation."
WASHINGTON, D.C. --- Federal Reserve Chairman Ben Bernanke this week told a House Financial Services Committee that high energy prices are hurting the economy "in terms of real activity and in terms of inflation." Bernanke said he plans to moderate economic activity to control inflation. But if oil prices rise another $10 or $15 a barrell, there would be "significant consequences," he told committee members, according to an Associated Press account. Bernanke added that the prices have already spurred oil demand reductions but "perhaps less than we would like." Following Bernanke's comments, crude oil prices fell Friday. Light, sweet crude for September delivery dropped 19 cents to $74.08 a barrel in Asian electronic trading on the New York Mercantile Exchange by mid-morning in Singapore. Fighting between Israel and militants in Lebanon led crude futures to reach a record of $78.40 last Friday.
More Fuel
Fuel Prices Surge in September | September Fuel Update
September brought major fuel price swings, including diesel crossing $6 a gallon. Here’s how gas and diesel prices changed throughout the month, and where they stood heading into October.
Read More →
Turning Fleet Payment Data into Executive Insights
Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.
Read More →
Why the IRS Raised Its Mileage Rate in the Middle of 2026
Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.
Read More →
July Fuel Update: Prices Keep Rising in Light of More Conflict
Gas prices continue to rise as more and more conflicts do, too.
Read More →
Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."
When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”
Read More →
How Fleets Can Gain Control of Non-Fuel Spend
Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.
Read More →
Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs
The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.
Read More →
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →