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Finance

June 10, 2022

3 Easy Ways to Save at the Gas Pump

As gas prices approach a national average of $5 a gallon, many Americans are looking for ways to save money at the pump.

Here are some methods that might help:

Find cheaper gas with apps like GasBuddy, AAA

Using apps like GasBuddy and AAA allows you to check nearby gas prices, so you can find the cheapest rate before fueling up.

“Drivers can save in the range of 30 cents per gallon just by comparing prices and driving a few extra blocks,” GasBuddy spokesperson Nicole Petersen told Axios.

Wholesale clubs like Costco and Sam’s Club

Wholesale clubs such as Costco and Sam’s Club have some of the lowest gas prices available.

“If you fill up at the wholesale club the majority of the time, you do get an advantage, and the more often you do it, (the membership) can pay for itself,” GasBuddy’s De Haan told the outlet.

Loyalty and rewards programs

Many gas station chains, including BP, Exxon, and Shell, have loyalty programs.

Also, consider utilizing grocery stores like Kroger and Albertsons, which offer cheaper fuel prices with their loyalty programs.

At Kroger, for instance, shoppers earn Fuel Points with the loyalty program and get between 10 cents and $1 off a gallon, depending on how many points they redeem.

June 8, 2022

Treasury Secretary Says Inflation Levels Are ‘Unacceptable’

Treasury Secretary Janet Yellen called the current inflation levels in the U.S. “unacceptable.”

“We currently face macroeconomic challenges, including unacceptable levels of inflation as well as the headwinds associated with the disruptions caused by the pandemic’s effect on supply chains and the effects of supply-side disturbances to oil and food markets resulting from Russia’s war in Ukraine,” Yellen told the Senate Finance Committee on Tuesday.

While Yellen touted some of President Joe Biden’s proposed legislation, she offered few ways to mitigate rising inflation.

“To dampen inflationary pressures without undermining the strength of the labor market an appropriate budgetary stance is needed to complement monetary policy actions by the Federal Reserve,” Yellen said.

“Moving forward, elements of the president’s proposed legislation – including the clean energy initiatives and plans to reform the prescription drug market – can help lower the costs paid by American consumers.”

June 7, 2022

Californians Air Grievances Over ‘Terrible’ Gas Prices

Some Californians are now paying triple-digits to fill up their tanks.

California’s average for regular gas currently sits at $6.34 per gallon, meaning that anyone filling 16 gallons or more is spending more than $100.

“It’s terrible,” a Californian named Lisa told Yahoo Finance. “I can’t go visit my grandkids in Ventura County because of the gas prices, and then I work far away.”

“Since I’m on a budget, I do drive a little bit less,” college student Alberto Bertrand told the outlet. “My tank doesn’t get filled up as much as it used to. So now when I would go cruising either down the beach or anything like that, I stay away from that now.”

The surging gas prices are impacting Americans nationwide. According to economist Ed Yardeni, the average U.S. household spends more than $4,800 on gas annually — a 70% jump from last year.

“Our minimum wage isn’t meeting what the prices are for gas,” Instacart driver Andy Garcia told the outlet.

“So… say you work minimum wage somewhere, you work 6-hour shifts maybe part-time, or you work full time 8 hours, and you’re making minimum wage. What you’re making in one day is what you’re going to end up spending for gas to fill up your tank.”

June 6, 2022

Biden Administration Cancels $5.8B of Debt

The Biden administration announced that it’s canceling $5.8 billion in federal student loan debt for borrowers who attended the now-defunct for-profit Corinthian Colleges chain.

“As of today, every student deceived, defrauded and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris Administration has their back and will discharge their federal student loans,” Education Secretary Miguel Cardona said.

“For far too long, Corinthian engaged in the wholesale financial exploitation of students, misleading them into taking on more and more debt to pay for promises they would never keep.”

According to a report, the former Corinthian students were already eligible for debt cancellation, but the process was confusing and not widely known.

June 4, 2022

Elon Musk Has ‘Super Bad Feeling’ About US Economy

Tesla CEO Elon Musk told executives he had a “super bad feeling” about the U.S. economy and that the company needed to cut 10 percent of its staff, Reuters reported.

Musk relayed his concerns in an email on Thursday to Tesla executives titled “pause all hiring worldwide.” After Reuters published the report, the company’s shares fell nine percent.

On Friday, Musk sent another email to employees announcing that Tesla would be cutting its salaried staff by 10% because it had become “overstaffed in many areas.”

According to the outlet, Musk ordering a hiring freeze and staff cuts marks the most direct and high-profile message of warning about an impending recession.

“Elon Musk has a uniquely informed insight into the global economy,” said Adam Jonas, an analyst at Morgan Stanley. “We believe that a message from him would carry high credibility.” 

June 2, 2022

JPMorgan Chase CEO: ‘Brace Yourself’ for Economic Hurricane

Jamie Dimon, the chief executive at JPMorgan Chase, warned of an impending economic “hurricane,” telling listeners that “you better brace yourself.”

“It’s a hurricane. Right now, it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said during a recent financial conference.

“That hurricane is right out there down the road, coming our way. We just don’t know if it’s a minor one or Superstorm Sandy or Andrew or something like that, and you better brace yourself,” he said.

Dimon pointed to two specific issues driving his concern: Russia’s ongoing invasion of Ukraine and its impact on rising food and gas prices, and the Federal Reserve’s efforts to mitigate inflation by raising interest rates.

Watch Dimon’s comments below:


Source:

JPMorgan Chase CEO warns of economic hurricane: ‘You better brace yourself’

June 1, 2022

Staggering Data on Student Loans Released

The Federal Reserve Board of Governors recently published an article showing that nearly 60 percent — roughly 11.5 million — of individuals with federal student loans have not made any payments during the pandemic-era freeze.

Former President Donald Trump implemented the federal student loan payment freeze in March 2020. President Joe Biden has extended it until August 31 of this year.

But the board warned that some of those 11.5 million borrowers might not be able to make any payments after the pause ends.

“These borrowers hold almost $400 billion in outstanding student loan debt and, prior to the pandemic, were required to pay about $2.8 billion a month toward their student loan debt,” they wrote.


Source:

60 percent of student loan borrowers made no payments during the pandemic freeze

May 31, 2022

Brace Yourself for Rising Interest Rates

Federal Reserve Governor Christopher Waller said he would support increasing interest rates past the “neutral” level in order to combat rising inflation.

“Over a longer period, we will learn more about how monetary policy is affecting demand and how supply constraints are evolving,” Waller said Monday.

“If the data suggest that inflation is stubbornly high, I am prepared to do more.”

The central bank official said he is “not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target.”

“And, by the end of this year, I support having the policy rate at a level above neutral so that it is reducing demand for products and labor, bringing it more in line with supply and thus helping rein in inflation.”


Source:

Fed Governor Christopher Waller says he’s prepared to take rates past ‘neutral’ to fight inflation

May 28, 2022

Biden Nears Final Decision on Student Loan Forgiveness

President Joe Biden is approaching a final decision on student loan debt cancellation.

“No decisions have been made yet — but as a reminder no one has been required to pay a single dime of student loans since the president took office,” said Vedant Patel, deputy press secretary.

A Washington Post report published on Friday said that the plan’s latest version would limit student loan debt forgiveness to individuals who earned less than $150,000 in 2021, or $300,000 for married couples.

Several sources previously told The Hill that Biden was considering canceling $10,000, as he supported during his 2020 campaign. Other Democratic lawmakers, including Senate Majority Leader Charles Schumer (D-N.Y.), have called for $50,000 in student loan forgiveness.

“I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness and I’ll have an answer on that in the next couple of weeks,” Biden said on April 28.


Source:

Biden zeroes in on plan to cancel $10,000 in student loans per borrower

May 27, 2022

Gas Could Soon Hit $6, Experts Say

Experts say that gas could reach $6 per gallon nationwide before this summer is over.

“There is a real risk the price could reach $6+ a gallon by August,” said Natasha Kaneva, JPMorgan’s head of global oil and commodities research.

Kaneva’s statement comes after JPMorgan’s report, titled Cruel Summer, which said: “With expectations of strong driving demand…US retail price could surge another 37% by August.”

AAA data shows that the national average for gas hit a record high of $4.52 per gallon — up 44 cents in one month.

However, some industry experts say the average may not hit $6.

“It’s hard to get to $6,” said Andy Lipow, president of Lipow Oil Associates. “Before we get there, we would have significant demand destruction, not only here, but around the world.”


Source:

California’s $6 gas could spread nationwide, JPMorgan warns

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