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| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our news-inspired Spotify playlist a listen. It features every song quoted here. |
| Happy Wednesday Daily Money readers. Jayme Deerwester back with you. |
Prepare for more pain at the pump |
| Crude oil prices jumped to a more-than two-month high after the European Union approved a plan to ban most Russian oil imports for its invasion of Ukraine, and China showed signs of easing its COVID-19 lockdowns – meaning even less oil will be available on the world market. |
| The latest round of sanctions will immediately affect 75% of Russian oil imports, and by year end, 90% of the Russian oil imported to Europe will be banned, Charles Michel, president of the European Council, tweeted on Monday. |
| Because oil makes up more than half the price of gasoline, consumers are likely to see gas prices set record highs in the coming weeks. |
| Consumers should prepare for a "cruel summer," with gas inventories at the lowest seasonal levels since 2019 as the summer driving season heats up, Natasha Kaneva, JPMorgan head of global commodities strategy, said last week. She predicted the national average for regular unleaded would climb to $6.20 per gallon by Labor Day. |
📰 More stories you shouldn't miss 📰 |
| 'I exhausted my savings': Many Americans max out credit as inflation soars. |
| Texas Twitter law on hold: Supreme Court blocks ban on social media content control. |
| Get your kids to eat their vegetables: Take 'em to the farmers market this weekend. |
| Adios, Mexican Pizza: Taco Bell pulls dish from menu due to high demand. |
| Amazon driver injuries rise: Contractors suffered more on-the-job incidents in 2021. |
LBGTQ inclusion at work goes beyond a rainbow flag at your desk |
| As several states pass laws that target the LGBTQ community, business leaders and advocates say it's critical for companies to continue striving for inclusion, not only to represent their customers' values, but to stay relevant and succeed. |
| Businesses that ranked in the top quartile for ethnic and cultural diversity among their executives in 2019 were 36% more likely to have higher-than-average profits than companies that were the least inclusive, according to a global report by McKinsey. |
| "Expectations have changed,'' said Lanaya Irvin, CEO of Coqual, a global think tank focused on corporate diversity, equity and inclusion efforts. "It's not just the employees. It's customers and investors (and) corporate boards. Their expectations are that companies are going to be committed to inclusion. They're going to be committed to equity. Lip service will no longer do.'' |
| But LGBTQ workers say they still struggle for acceptance and recognition. |
| A 2016 Coqual study found that 42% of LGBT respondents in the U.S. had experienced discrimination on the job because of their identity in the previous five years. |
| Among LGBTQ professionals, 23% say they've been regularly asked to do administrative tasks that are not officially part of their responsibilities, compared with 17% of their non-LGBTQ peers, Coqual found. Many LGBTQ workers also say that they are routinely interrupted in meetings (17% versus 10% of their non-LGBTQ colleagues), and that co-workers have believed they held a lower-level job than they actually had (14% vs. 7%). |
| Just a little bit of action from co-workers can help change those numbers. |
| "It doesn't mean you have to have all the answers and totally understand LGBTQ people and experiences of underrepresented groups,'' Irvin says. "But allyship does mean you have to be willing to intervene, willing to disrupt bias, willing to use your privilege to lift up and amplify the experiences of others, honoring their perspectives.'' |
🎧 Mood music 🎧 |
| When economists are quoting "Cruel Summer," you know I gotta bring the Bananarama. |
| "The city is crowded, my friends are away and I'm on my own. It's too hot to handle so I got to get up and go. It's a cruel, cruel summer, leaving me here on my own. It's a cruel, cruel summer. Now you're gone." |
| LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. |
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