The Daily Money: Gas prices dip just in time for the July 4 holiday

Gas prices are falling just in time for the long July 4 weekend.

Advertisement Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Fri Jun 30 2023 Charisse Jones |  Economic Opportunity Reporter And so it begins. It's Friday, the unofficial start of a long holiday weekend, and I'm Charisse Jones with your Daily Money headlines. Air travel has been plagued by delays and cancellations this week, making driving look a lot more appealing. And a road trip may be even sweeter now that gas is more than a dollar cheaper than it was a year ago, and less expensive than even last week. As of midday Thursday, the average price nationally for a gallon of unleaded gas – roughly $3.52 – had dropped about six cents from the same time a week ago, according to GasBuddy, an app that gauges gas prices in real time . An average gallon was also 3 or 4 cents cheaper than last month. On average, prices at the pump are forecast to be about $1.30 per gallon less on July 4 than they were on the last holiday when gas prices had reached record highs in prior weeks, according to GasBuddy's head of petroleum analysis Patrick De Haan. Earlier this week, he projected that on July 4,  the national average for a gallon of unleaded would be $3.49. "We could continue to see that national average slowly slipping," De Haan told USA TODAY. But, he said, "it may stall out just shy of the $3.49 mark because the price of oil and the wholesale price of gasoline did take a big bounce" Wednesday. Person pumping gas into car. Getty Images Supreme Court rejects student loan debt relief The Supreme Court killed President Joe Biden's proposal to cancel student loan debt for 26 million Americans with a decision issued Friday. The ruling strikes down a plan meant to give financial relief to many Americans who advocates say have often been unable to more forward financially because of that debt burden. In a 6-3 decision, the majority said the Biden administration exceeded its power in its bid to forgive $400 billion in student loans. Chief Justice John Roberts wrote the majority decision. Inflation slows but core price gains remain high The outlook on inflation remains mixed. A key gauge used by the Federal Reserve to measure inflation slowed in May, but an underlying index that takes account of price gains stayed high. Consumer prices , rose 3.8% last month as compared to last May, slower than the 4.3% pace in April and the four-decade peak of 7% seen last June, the Commerce Department said Friday. That's the smallest annual uptick since April 2021, largely due to plunging energy prices. However, on a monthly basis, prices experienced a 0.1% bump following a 0.4% increase the previous month, according to the personal consumption expenditures price (PCE) index.. Energy prices, including gasoline, dropped 3.9% while food prices rose slightly, by 0.1%. 📰 More stories you shouldn't miss 📰 How the student loan payment pause changed lives: As the Supreme Court rejects Biden's debt relief plan, here's a look at how a payment pause impacted some Americans Walmart, Kroger and other grocers collect your data: Here's what our USA TODAY reporter found when she requested hers Who benefits most from affirmative action? White women are the biggest beneficiaries. So why do they oppose it? Venmo, PayPal and taxes: If you received cash through one of those popular apps, the IRS may try to tax your money 🍔 Today's Menu 🍔 It's baaaack. The great Sriracha shortage which made it hard to find that rich, peppery sauce last year has returned as one of its biggest manufacturers says the condiment continues to be in short supply. Huy Fong Foods , the California-based company which makes the most recognized brand of Sriracha in the U.S., said last year that it looked forward to a stronger harvest in the fall. But the output didn't turn out to be enough. In a statement, the company said "Unfortunately, we are still experiencing a shortage of raw material. Although some production did resume this past fall season, we continue to have a limited supply that continues to affect our production. At this time, we have no estimations of when supply will increase." And speaking of red sauces: does ketchup belong in the refrigerator? Ketchup manufacturer Heinz says, yep. Heinz made its opinion known via tweet: "FYI: Ketchup. goes. in. the. Fridge!" It then surveyed the public to see what others thought, and as of Thursday morning, almost 60% of those polled said they make sure the condiment stays chilled. A vigorous discussion on social media ensued, with some questioning why restaurants seem to not refrigerate their bottles while others noted ketchup packages typically say to stash it in the fridge after opening. So, what do you think? Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies imp Supreme Court strikes down Biden plan to forgive student loan debt The Supreme Court blocked Biden's plan to wipe out student loan debt for 26 million Americans. READ MORE Advertisement Gas prices are down, compared to Fourth of July last year This July Fourth holiday, a gallon of unleaded gas costs, on average, about $3.50, more than $1 less than a year ago, according to AAA and GasBuddy. READ MORE How the student loan payment pause changed people's lives Since 2020, 41 million Americans have had reprieves from student loan payments. For these seven borrowers, that meant a chance to imagine forgiveness. READ MORE Inflation slowed again in May. Will the Fed raise rates next month? An inflation measure that's closely watched by the Fed eased in May but a core price gauge stayed high, according to PCE inflation index READ MORE Who benefits from affirmative action? The answer may surprise you. People associate affirmative action with ending discrimination against people of color. But women are the greatest beneficiaries, scholars say. READ MORE Your grocery store is collecting your shopping data. What I found when I requested mine Companies can track your activity in stores and online. It may seem invasive, but every social media post, Google search, or move around town is tracked, too. READ MORE These prices are spicy! Sriracha shortage drives up cost of sauce Huy Fong Foods' popular Sriracha hot chili sauce is still in short supply. Here's why it's so hard to find. READ MORE Do you put ketchup in the fridge? Heinz sparks debate on social media The company started a poll asking people where they keep their ketchup. Nearly 60% of respondents said they keep the condiment in the fridge. READ MORE Annoyed on a plane? Stop touching the seat in front of you. Seat kickers and tray table drummers are a major annoyance. But the discussion about these bothersome in-flight behaviors has always ended too soon. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? 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