The national average for a gallon of gasoline is now $3.46, a full dime over its price a week ago, according to AAA. The association said the jump could be "short-lived," given that global oil costs have declined recently, and overall demand is falling as well. “Less expensive oil and fewer people fueling usually combine to lower pump prices,” said Andrew Gross, AAA spokesperson, “However, there is some upward pricing pressure at the moment due to the switch to summer blend gasoline, which may add about five to ten cents per gallon. But if demand and oil costs remain low, this recent price bounce may fade.”The Energy Information Administration (EIA) said gas demand declined from 9.11 million to 8.56 million b/d last week.
MORTGAGE RATES CONTINUE RISE
Mortgage rates rose for the fifth consecutive week, inching closer to an eye-watering 7 percent, according to the latest data from Freddie Mac. The average 30-year fixed-rate mortgage rate is now 6.73 percent, up from 6.65 percent the week before. The rate in 2022 hit a high of 7.08 percent, but then began to decline as expectations the Federal Reserve would moderate increased. More recent comments from the Fed suggest more rate hikes are coming. “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist.
PILOT PAY
The Allied Pilots Association is planning to vote in April on whether to give the green light to a strike by its members. The group is in the middle of tense negotiations over a new labor contract, and come days after American Airlines CEO Robert Isom said the company was prepared to match compensation with rival Delta Air Lines. Delta pilots, notably, are getting 34 percent raises in a new four-year deal, after approving a strike authorization in the fall.
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
Jeff Benedict, author of 'The Dynasty,' weighs in on the Kansas City Chiefs being the next big dynasty, who he thinks will win Super Bowl LIX and more. Watch!
