Gas prices officially hit 2023 high

  • last year
TheStreet’s J.D. Durkin brings you the biggest news of the day, including investor reactions to the Fed’s rate hike decision and why you’ll be paying more at the pump.

Category

🥇
Sports
Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:02 Here's a look at what we are watching on the street today.
00:04 Investors are continuing to react to yesterday's interest
00:07 rate decision, the US Federal Reserve leaving interest rates
00:10 unchanged at 5.25% to 5.5%.
00:14 While Wednesday's decision went just about as expected,
00:16 investors are perhaps a bit spooked
00:18 after the central bank indicated that rate hikes are not yet
00:22 over, with at least another hike planned before the end of 2023.
00:26 It also said it expects to make fewer rate cuts next year,
00:29 implying the central bank would need to keep rates higher
00:32 in order to tackle inflation.
00:34 Meanwhile, oil prices have skyrocketed to over $92 a barrel,
00:38 meaning you will soon be likely paying a bit more at the pump.
00:41 Gas prices have officially hit their 2023 highs,
00:45 as the average cost of a gallon of gas in the US
00:47 now stands at $3.88.
00:51 And that's the highest it's been since October of 2022,
00:53 according to AAA.
00:55 However, it's still nowhere near the record high of $5.02
00:59 a gallon set back in June of 2022.
01:02 There are now 10 states with an average of $4 a gallon
01:05 or higher, with California having the highest gas
01:08 prices in the nation, averaging $5.69 a gallon, up $0.49
01:14 in the last month alone.
01:16 Gas prices normally drop after the very busy summer travel
01:20 season, but ongoing supply cuts from Russia and Saudi Arabia
01:23 have caused the opposite to happen this year.
01:26 That'll do it for your daily briefing from the New York
01:29 Stock Exchange.
01:29 I'm JD Durkin with The Street.
01:32 [BLANK_AUDIO]

Recommended

0:55
I
Up next
US Inflation Falls As Expected In April, Bolsters Fed Rate Cut Bets
Benzinga
2:21
Why the Fed Should Drop Its 2% Inflation Target
The Street
0:58
US Inflation Eases More Than Expected In May, Boosts 2024 Rate Cut Prospects Ahead Of Wednesday's Fed Meeting
Benzinga
1:34
Prices at the pump are beginning to cool
The Street
1:59
33,000 Boeing workers hit the picket lines
The Street
1:58
McDonald’s to keep $5 meal deal through the end of 2024
The Street
0:39
Surprise Dip In May Inflation Raises Hopes For Pause In Fed Rate Hikes
Benzinga
1:53
The USPS is raising stamp prices again
The Street
1:47
If you’re a bad tipper, DoorDash plans to call you on it
The Street
1:31
August CPI Inflation Report & The Big Misconception About Economists
Benzinga
0:38
Gold Prices Soar Past $2,500 as Fed Rate Cuts Loom. How Long Will the Gold Rally Last?
Benzinga
1:52
Prices tipped to fall further putting downward pressure on inflation
ABC NEWS (Australia)
1:06
US Pays $2M Interest Per Minute On National Debt: 'Funny, Peculiar Chicken-And-The-Egg Type Situation'
Benzinga
1:28
U.S. Stock Market dips in 2024 amid rate-cut speculations and profit-Taking
AWANI
1:53
Trader Joe’s raises banana prices for first time in 20 years
The Street
1:46
U.S. home sales far to 13-year low in September
The Street
1:42
US Federal Reserve raises rates to 22-year-high as it continues fight against inflation
euronews (in English)
0:33
Gold Prices Surge Above $2,440 on Rate Cut Speculations
Benzinga
0:48
Inflation Slows More Expected To 3% In June, Heightens Expectations For Rate Cuts: Treasury Yields Tumble
Benzinga
0:41
Wall Street Strategists Raise S&P 500 Price Targets Amid Positive Inflation Numbers. Here's Why the Fed's One Cut Forecast May Alredy Be Outdated
Benzinga
0:34
US Federal Reserve Hints at End to Interest Rate Hikes
Benzinga
1:14
Fed Raises Interest Rates To 5.5%, The Highest Since Early 2001
Benzinga
0:30
The Number Of Interest Rate Cuts Expected By The End Of 2024
Benzinga
6:27
Jerome Powell's Speaks TWICE This Week: Here's How It Will Impact Your Money and the Stock Market
Bullish Studio
1:51
Netflix to hike prices in 2024
The Street