Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation’s largest refiners to do more to boost supplies and lower prices. In a letter to the companies on Wednesday, Biden said refiners are taking advantage of the crisis, seeing record-high profit margins at a time when inflation has […]
Category: Business
Stocks enter bear market on worries of drastic rate hikes
US stocks plunged into bear market territory Monday morning as Wall Street investors grew increasingly nervous about the prospect of even more harsh medicine from the Fed to take the sting out of inflation. The Dow (INDU) sank 750 points, or 2.4%, and the Nasdaq fell 3.7%. Friday’s miserable Consumer Price Index report showed US […]
Gulp! Gas prices hit $5 nationwide
The national average retail price for regular gasoline hit $5 per gallon on Saturday for the first time in over two decades, according to data from AAA. It’s the highest the group has seen gas prices rise since it started tracking the data in 2000, and it’s likely to get worse as oil demand continues […]
Global metals shortage sabotages the electric car revolution
Metals are quickly becoming the new oil as fossil fuels are phased out and replaced with clean energy and electric cars. The green energy transition relies on mining to produce enough lithium, cobalt, and nickel for the expected boom in solar panels, wind turbines, and electric car batteries over the next decade. The only problem […]
Inflation Hits 40-Year Record Again
resident Joe Biden’s inflation problem is not going away, with the annualized rate of U.S. inflation hitting 8.6 percent in May, according to new figures released by the Bureau of Labor Statistics on Friday after months of high inflation and a rising cost of living. The Bureau reported that May’s inflation represents “the largest 12-month […]
1970’s style ‘Stagflation’ is looming
As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.” The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the […]
Crude Awakening! Gas prices climb 5 cents overnight
Gas prices are still on the rise and could soon reach $5 per gallon avg, a figure that has forced some Americans to rethink their leisure travel. The national average gas price climbed five cents Monday night into Tuesday and 10 cents since Saturday, now hitting a record $4.92 per gallon, according to the American […]
Gas prices surge 25 cents in a week, $6 a gallon by July
The gas price spike keeps getting worse. The national average jumped to $4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month.There are now 10 states where the average price of gasoline is $5 a gallon or higher, with the latest being […]
‘Retirement’ is being retired
Picture retirement in your head. It’s a laughing, grey-haired couple sipping piña coladas on a white sand beach; perhaps they’re getting some liquid courage for their sky dive later. Not a care in the world, their only responsibility is getting their grandchildren good gifts for their birthdays. It’s a beautiful fantasy – and for many […]
‘Not my fault’ says Biden as gas prices double since elected
Since Biden took office in January 2021, the price for a gallon of gas has doubled. On Jan. 20, 2021, the average price for a gallon of gas nationwide was approximately $2.39. As of Saturday, the price for a gallon of gas has skyrocketed to $4.81, up five cents from Friday, according to AAA. The […]
‘Brace yourself’ an economic ‘hurricane’ is coming
JPMorgan Chase CEO Jamie Dimon warned of a looming economic “hurricane” caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine. Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges […]
Despite high gas prices, More Memorial Day travel is expected
AAA estimates that 39.2 million people in the U.S. will travel 50 miles or more from home during the holiday weekend. To drive, or not to drive? This Memorial Day weekend, with surging gas prices that are redefining pain at the pump, that is the question for many Americans as a new COVID-19 surge also […]