What was hidden among the green in the stock market was the fact that U.S. consumer confidence tanked to an 11-year low in May.
The news comes after this week’s inflation prints cooled ever-so-slightly, but still remain near 40-year highs. 🥵
With concerns about inflation and the overall economy top of mind ahead of the mid-term elections this November, the White House is looking to take drastic action to bring people relief. 😮💨
The U.S. has already tapped its strategic oil reserves at various points over the last year, but oil remains firmly above $100 a barrel on the back of strong demand, supply constraints, and global conflict. As a result, we’ve seen the national average for a regular gallon of gas hit an all-time high of $4.374/gal this week. 🔥
Democrats have introduced legislation that would suspend the 18.5-cents-per-gallon federal tax for the rest of the year, which would be on top of several states’ actions to lower prices for their residents.
Meanwhile, some politicians are looking at ways to incentivize oil companies to increase production. The industry is reluctant as they’re just now seeing strong financial performance after years of weakness.
How to best address this issue is hotly debated on capital hill. Nevertheless, the White House has made it clear that it is a top priority for the Biden Administration in the days/weeks ahead.