Tuesday, January 31, 2023

The Daily Money: Gas prices are on the rise again

Gas prices are ticking up after dipping during the summer and may reach $4 a gallon on average later this year. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Tuesday, January 31

Is it Friday yet? Nah, it's Tuesday. But we're getting closer! It's Charisse Jones with the Daily Money headlines. 

The Federal Reserve is meeting this week and you may be wondering whether you should worry about a coming recession or breathe a sigh of relief that we dodged a downturn.

We can't be sure, but with the Fed's policymaking committee expected to raise interest rates again, we can look at how similar hikes impacted the economy in the past. 

Depending on the decade, the Fed's actions have tamed inflation without too much turbulence while at other times the rate spikes tilted the economy into recession. 

"I don't think anyone knows whether we're going to have a recession or not,'' Fed Chairman Jerome Powell said in December, "and if we do, whether it's going to be a deep one or not."  

Gas prices are on the rise again 

Gas prices are displayed at a Mobil gas station in Prospect Heights, Ill., Sunday, Jan. 29, 2023.
Gas prices are displayed at a Mobil gas station in Prospect Heights, Ill., Sunday, Jan. 29, 2023.
Nam Y. Huh, AP

Gas prices began to slide in the fall, but they've been on the rise for each of the last five weeks and are expected to continue to increase, experts say. 

Drivers are paying $3.50 on average for a regular gallon of gas, according to AAA. That's up from $3.36 a gallon at the same time last year. And experts predict the average price might tick up to $4 in the coming months.  

📰 More stories you shouldn't miss 📰

Insurers won't cover some Hyundai and Kia vehicles. Progressive and State Farm are not insuring some older Kia and Hyundai vehicles because they don't have certain features that can prevent theft. 

Calculating when you might die. As you plan for retirement, estimating how long you might live is key.  

Families struggle to pay soaring energy bills. Households getting energy assistance this winter increased to 6.2 million as compared to 4.9 million last year, the largest one-year spike in 14 years, according to the National Energy Assistance Directors' Association.

🍔 Today's Menu 🍔

Amazon's grocery delivery will cost more for some orders. Amazon Prime customers whose grocery orders through Amazon Fresh total less than $150 will no longer get free delivery beginning February 28. 

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.

Follow Charisse Jones on Twitter: @charissejones.

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