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.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
