Price at the pump keeps rising
The nationwide price for a gallon of gasoline gained on Wednesday to $3.481, according to AAA.
The average price of a gallon of gasoline on Tuesday was $3.446.
A year ago, the price for a gallon of regular gasoline was $3.335.
One week ago, a gallon of gasoline cost $3.359. A month ago, that same gallon of gasoline cost $3.102.
Gas hit an all-time high of $5.016 on June 14.
Diesel gained, but remained below $5.00 per gallon to $4.662, but that is still a far from the $3.678 of a year ago.
Oil little changed following Tuesday drop
Crude oil prices inched lower on Wednesday adding to recent declines due to economic concerns.
U.S. West Texas Intermediate (WTI) crude traded around $80.00, after a 1.8% drop on Tuesday.
Brent crude traded around $86.00 per barrel after falling 2.3% in the prior session.
Analysts from the Bank of America Securities said the reopening of the Chinese economy after years of tough COVID restrictions could unleash a large wave of pent-up demand over the next 18 months, according to Reuters.
An OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.
U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures. That was triple the forecast in a preliminary Reuters poll on Monday.
Official data from the U.S. Energy Information Administration will be released later on Wednesday.
Goldman Sachs on home prices
Goldman Sachs sees home prices decline this year and says four cities are of a particular concern.
San Jose, California; San Diego, California; Austin, Texas; and Phoenix, Arizona, will likely see noticeable increases before drastic decreases of more than 25%.
These declines would be similar to those witnessed during the Great Recession in 2008.
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin traded mixed Wednesday morning
Bitcoin was trading around $22,000, after trading down in two of the last three days.
For the week, Bitcoin has gained more than 6%.
For the month, the cryptocurrency is up more than 38%, but remains down more than 37% in the last 52 weeks.
Ethereum was trading
around $1,500, after losing less than 1% in the past week.
Dogecoin was trading at 8 cents, after gaining 0.8% in the past week.