Prices at the pump are beginning to cool

  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why gas prices are beginning to fall just in time for summer.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04There was an air of fickleness to the stock market Tuesday.
00:08After fluctuating between gains and losses, the Dow, the S&P 500, and the Nasdaq finished
00:14the day higher.
00:16Anxiety was amped up after the latest Jolt survey showed help-wanted postings shrank
00:21more than expected.
00:23As a result, there is even more anticipation for Friday's all-important jobs report.
00:27Wall Street will be looking for signs of labor market resilience as other parts of the economy
00:32buckle from higher interest rates put in place by the Federal Reserve.
00:36In other business headlines, consumers are yelling, ouch, when it comes to elevated prices
00:41for just about everything.
00:43But there is some relief when filling up at the pump.
00:45According to AAA, the national average for a gallon of regular gasoline was $3.53 on
00:52June 2nd.
00:53That's a near 4% drop from $3.67 the same time last year.
00:59Paying at the pump has been easing since April, and that's likely to continue throughout most
01:04of the summer.
01:05A cooling economy means demand for oil and gasoline are cooling as well, and when demand
01:11is down, prices typically follow suit.
01:14This could change, however, with the start of hurricane season.
01:18If energy production is disrupted by a storm, gas prices are sure to go back up.
01:24And that'll do it for your daily briefing from the New York Stock Exchange.
01:26I'm Conway Gittens with the Street.

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