Gas has reached its highest average price since late 2022, according to data from AAA, hitting a national average of $3.75 per gallon on Sunday for regular unleaded gasoline.
You might think that all the summer driving is behind higher prices, but compared to 2022 or 2021, demand is "tepid," said AAA spokesperson Andrew Gross.
Instead, it's lower supply that's driving prices upward. Last month, Saudi Arabia, the largest OPEC+ producer, said it will continue through August the 10% cut (1 million barrels per day) that it began in July. Russia said it will cut an additional 500,000 barrels per day in August, according to Russian news reports.
Extreme heat across the U.S. has also constrained supplies, said Gross, by lowering the amount of oil that refineries can turn into gasoline.
While gas prices are 20 cents higher than in June, they are still well below the $4.23 per gallon paid a year ago, or the all-time high of $5.01 in mid-June 2022.
As gas prices climbed higher Friday, the National Highway Traffic Safety Administration proposed an 18% increase in the fuel economy of new vehicles. If adopted, automakers would need their fleets to average 43.5 miles per gallon by 2032, compared to the existing standard of 36.75 miles per gallon that fleets must average by 2026.
Reaching even the lower standards will be a big climb from current fuel economy of new vehicles, which was 25.4 miles per gallon for the 2021 model year, according to the EPA.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
Taylor Swift grossed nearly $2 billion this year, according to Billboard.
