• The average cost of a gallon of gasoline reached $3.82 on Tuesday at a national level, marking an increase of 60 cents since the commencement of 2023. This figure represents the highest value registered this year, according to The Wall Street Journal.
• Earlier in the year, the persistence of oil and gas prices below $3.60 can be attributed largely to China’s subdued economic recovery. However, the strategic curtailment of oil production by Russia and Saudi Arabia has enabled a resurgence in oil prices, resulting in them climbing back to $80 per barrel.
• These elevated energy costs are projected to further complicate the Federal Reserve’s efforts to counter the challenge of reinstating inflation to its standard 2% benchmark.

Tagged: Economy