Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders will resign amid furor over the Trump administration's treatment of migrant children.Politicsread more
Investors are piling into gold, sending the precious metal to a six-year high, and analysts think the commodity has established a base to go even higher.Marketsread more
Apple's iOS 13 is coming this fall, but you can already try it on your iPhone with the new public beta. Here are some of the best hidden features.Technologyread more
The Conference Board, a business research group, on Tuesday released the June update for its consumer confidence index.Economyread more
Massachusetts Institute of Technology President L. Rafael Reif warned the MIT community of "serious long-term costs" to in an email to the school community Tuesday.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The yield on the benchmark 10-year Treasury note falls below 2% as investors look for safety following the release of much weaker-than-expected confidence data.Bondsread more
Trump slams Iran on Twitter for issuing a "very ignorant and insulting statement" after the U.S. slapped fresh sanctions on Tehran.Politicsread more
Gasoline prices have clocked a 7 percent jump over the past six weeks but chin up drivers: The national average is expected to start hitting the brakes in the next few weeks and stay low even during summer driving season.
Driven in part by a surge in ethanol prices, the average price of gasoline, currently at $3.54 per gallon, is expected to reach its peak between $3.55 and $3.75 per gallon by early April, according to AAA spokesman Michael Green.
Green said gas prices have inched higher since early February. At their current rate of increase, the national average may stop rising at $3.65 per gallon—less than last year's $3.79 record.
Some experts have attributed this year's gas price hike in part to the recent surge in ethanol prices, caused by a tight supply of the corn-based fuel because of railroad delays. U.S. gasoline is blended with ethanol, which accounts for about 10 percent of the mixture that drivers pump at the gas station.
"The rail is pretty much the predominant way ethanol is delivered," said Jordan Godwin, biofuels editor at energy and commodity data firm Platts. He noted that this winter's extreme weather—coupled with the growing cargo competition with oil and petroleum—caused holdups in ethanol delivery throughout January and February.
As a result, ethanol producers were forced to slow down production or shut down plants. In fact, stocks are down by more than 10 percent compared with this time last year.
Godwin added that the fuel's supply picture has started to look up, and he expects ethanol stocks to replenish themselves in the next few weeks. It will also benefit from this year's strong corn production as margins of corn-based ethanol enjoy a boost.
The rise in ethanol has added about 7 to 15 cents a gallon to gasoline this week, said Patrick DeHaan, a senior petroleum analyst at GasBuddy.com.
DeHaan said that refinery maintenance and the seasonal switch from winter blend to summer blend also have pushed up gas prices.
Gas prices generally head north in spring as refiners enter maintenance season and switch from winter blend to summer blend. The upward trend typically lasts until late April or early May.
In fact, production has started to pick up as refineries complete their maintenance process. Green pointed out that this spring's price hike has been relatively flat compared with previous years due to increased refinery capacity. Quiet geopolitical fronts, specifically in the Middle East, also have played a role in tempering energy markets so far this year.
For those reasons, drivers probably can expect gasoline to remain cheaper than last year for the rest of 2014, according to AAA, with prices reaching their lowest in late June at $3.30 to $3.40 per gallon and dropping again in autumn.
Summer, a driving season when gas demand and consumption jump, may be somewhat of a mixed bag, however.
"If prices remain muted like they have been, we probably won't see a significant decline. But we likely will see prices ease for the month of June," DeHaan said.