The International Monetary Fund warned the United States that government spending and increasing national debt are not sustainable and could hurt the global economy.
The Washington, D.C.-based group that represents 190 member countries also called the U.S. economy “overheated.” The debt warning follows several other high-profile calls to address growing U.S. debt.
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The national average cost of a gallon of gas at the pump jumped by 20 cents over the past month, according to AAA.
Currently, Americans are paying about $3.55 per gallon on average, up from about $3.35 a month ago, according to AAA’s data. Goldman Sachs, one of the largest financial institutions in the U.S., has recently cautioned that prices could surge above $4 per gallon by May, according to Yahoo Finance.
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AAA’s latest autonomous vehicle survey shows most U.S. drivers express either fear (66%) or uncertainty (25%) about fully-self-driving vehicles.
However, semi-autonomous technologies such as reverse automatic emergency braking and lane keeping assistance continue to drive consumer interest.
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Diesel fuel prices continue to rise, hiking the cost of transporting goods to market as American consumers pay the price.
According to the latest data from AAA, the current national average price for a gallon of diesel is $4.56, up from $4.53 a week ago and $4.35 a month ago. As those prices rise, the costs are passed on to consumers.
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Last week, gas prices reached an 8-month high in the U.S. at $3.714 per gallon, following a high volume of production cuts from OPEC. That number has since increased, which an analyst pinned directly on the ongoing heat wave taking place throughout the country.
On Monday, gas averaged $3.757 per gallon, up more than 16 cents from a week ago, according to AAA. Patrick De Haan, the lead petroleum analyst at the fuel savings site GasBuddy, explained how the heat wave contributed to this uptick.
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Gas prices continue to rise this week in the U.S., hitting the highest level in months.
Now, the concerns and political ramifications for the Biden administration are starting to rise as well.
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Following nearly 100 days of declines, gas prices rose slightly Wednesday, and are forecasted to change little in the near future.
The national average price rose by about a cent to $3.68, snapping a 98-day streak of declines since prices peaked at $5.02 in mid-June, according to data from the American Automobile Association (AAA). A slight increase was expected to occur soon after prices fell only four cents last week, the smallest decrease in months, which the AAA attributed to the impacts of “war, COVID, economic recession, and hurricane season,” in a statement Monday.
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Gas prices have continued a steady decline in recent weeks, coming down from record-high gas prices this summer, but the Congressional Budget Office says natural gas prices may see an increase from the recently passed Inflation Reduction Act.
According to AAA, the current national average price for a gallon of regular gasoline is $3.78, down from $4.08 a month ago and down significantly from earlier this summer when prices surpassed $5 per gallon. Prices have dropped about a nickel in the past week.
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The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
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Gas prices hit another record high Tuesday, the latest in more than a dozen record high days this month.
Gas prices had hit record highs every day for two weeks during May before dipping down slightly. Now, with two consecutive record days, another run of record highs may be on the way.
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Gas prices have soared to new heights this month with the price of unleaded regular gas hitting a record high every day for the past two weeks. With Memorial Day weekend approaching, motorists face steep costs if they plan to travel.
According to AAA, the national average regular unleaded gas price Tuesday came in at $4.60, a record high. Diesel gasoline is at $5.55 per gallon, just below the record set last week.
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Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
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As gas prices near record highs in Connecticut, the state’s Attorney General is warning gas distributors against price gouging.
“Gas prices fluctuate constantly, and price changes and price increases are normal. But what we have seen this past week is not typical, and we can expect even more volatility due to the unprovoked and unconscionable Russian invasion of Ukraine,” Attorney General William Tong (D) said in a Monday statement.
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Gas prices continue to rise throughout Connecticut, inflicting pain on residents throughout the state
According to data compiled by AAA, the state’s prices are above the national average, sitting at $3.75 per gallon. The number is an 8-cent increase from the previous week alone.
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