The Federal Reserve chairman spoke on the likelihood of a recession, whether interest rates will rise again and how unemployment factors in.
President Joe Biden called on Congress to impose a three-month federal gas tax holiday amid skyrocketing prices across the U.S.
A White House fact sheet estimated that a three-month suspension of the federal gas tax will cost about $10 billion.
House Speaker Nancy Pelosi, House Majority Leader Steny Hoyer and Senator Tom Carper doubt whether a federal gas tax holiday is the best way to ease prices.
Federal Reserve Chair Jerome Powell said a recession is a 'possibly' during his testimony before Congress.
In less than four months, Russia has inflicted damage to all aspects of Ukraine's agricultural infrastructure, including farms, roads, railroads, bridges, warehouses, silos, and ports. Ukraine has some of the most fertile land in Europe, was once called the breadbasket of the Soviet Union, and since the USSR's collapse, has been a top global exporter of wheat, maize, and sunflower oil.
The state of California is set to raise its gas tax from 51 cents per gallon to 53.9 cents per gallon from July 1.
A gas tax cut won't do much to fix high prices driven by a supply shock. Experts warn it could actually make inflation worse.
"We are not trying to induce a recession now," Fed Chair Jerome Powell said last Wednesday after raising interest rates. "Let's be clear about that."
The ride-share giant claims that the program is designed to add no more than eight minutes to a user's ride.
The national average of gas is $4.968 per gallon, according to the American Automobile Association.
Even though the average rent in the U.S. is becoming higher, mortgage rates are increasing at a greater pace.
Overall, 64 percent of the poll's respondents said that they believed Biden's policies were either "responsible" or "very responsible" for the rising prices.
Drivers pulling in to C K Food Mart on Osborn Road and 20th Street in Phoenix can get a gallon of gas for a dollar less than elsewhere.
Governors in some states are pushing for additional direct payments to help ease the burden on residents struggling with the rising cost of gas and other goods.
"We have a chance here to make a fundamental turn toward renewable energy, electric vehicles, and not just electric vehicles but across the board," Biden said.
Biden told reporters that gas rebate cards are "part of what we're considering."
Raising interest rates will only "punish the American economy," the publishing executive said in an interview.
The treasury secretary, however, said that she doesn't believe that a recession is "inevitable" on Sunday.
A spokesperson for Arizona Iced Tea told Newsweek: "not to worry our price here is still 99¢."
Recent reports claim the Biden administration has discussed sending American gas rebate cards.
Only 20 percent of Americans think the U.S. economy is not in a recession.
Political strategist Frank Luntz is warning about inflation rising even higher on Independence Day weekend.
Ron Baron likened the economic opportunity Friday to the one he had when he founded his investment management firm in 1982.
Some Biden administration officials are reportedly concerned that sanctions on Russia are exacerbating inflation.
After promising to treat Saudi Arabia like a "pariah state" during the 2020 presidential campaign, it looks like President Biden has been brought to heel, just like virtually all of his predecessors, by America's unending thirst for cheap oil.
Biden is looking for other paths to lower rising gas prices without sacrificing his promise to combat climate change.
A contentious back-and-forth between Bill Keating and Brian Mast occurred during a hearing this morning.
The "nowcast" of GDP shows the U.S. hitting a second successive quarter of slowdown.