Gas costs in Massachusetts jumped seven cents a gallon increased over the previous week, in keeping with AAA.
The common gasoline value is $3.34 per gallon, which is 4 cents increased than a month in the past and 78 cents decrease than this time final 12 months.
“OPEC’s announcement that it will cut production by over a million barrels per day took the oil market by surprise,” AAA mentioned in an announcement. “In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark.”
High costs for gasoline and items and companies have been protecting strain on family and enterprise budgets, main the Federal Reserve to lift rates of interest in an try and gradual inflation. Efforts to scale back the Massachusetts gasoline tax faltered final 12 months on Beacon Hill, the place legislative leaders are considering a brand new run at tax reduction this spring.
Stocks finish combined after vacation
Stocks have been combined on Wall Street Monday of their first buying and selling after a report heightened hypothesis the Federal Reserve could faucet the brakes once more on monetary markets and the financial system.
The S&P 500 gained 0.1%. Big tech shares have been the worst off as bets constructed for the Fed to lift rates of interest at its subsequent assembly. That compelled the Nasdaq down barely, however hope nonetheless stays that the financial system could skirt a recession.
Traders are betting on a roughly 70% chance the Fed will elevate its key in a single day rate of interest in May by 0.25 proportion factors to a variety of 5% to five.25%, in keeping with knowledge from CME Group. A day earlier than Friday’s jobs report, they noticed a roughly coin flip’s probability that the Fed would stand pat at its subsequent assembly.
That helped the Dow rise modestly. Stocks have been catching as much as the bond market, the place yields rose Friday with expectations for a price hike.
Source: www.bostonherald.com”