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.
Markets are emerging from a turbulent Q3. Horizon’s Mike Dickson shares insights on interest rates, small caps, and where investors should look in Q4 and beyond
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
