(NEW YORK) — Drivers have enjoyed a sharp decline in gasoline prices over recent weeks — and the good times are expected to continue.
Gas prices have plummeted about 13% from a 2024 peak in April, which amounts to a decline of nearly 50 cents per gallon, according to AAA data shared with ABC News.
The national average price of a gallon of gas stands at $3.20, AAA data shows. In 16 states, an average gallon of gas costs less than $3, including Texas Georgia, North Carolina, Wisconsin, Kansas and Iowa.
Speaking to ABC News, some experts forecasted that the national average price would likely follow suit, dropping below $3 per gallon for the first time since May 2021.
The drop in prices owes in part to sluggish demand for gas as the busy summer traveling season has given way to an autumn slowdown, experts said. Meanwhile, they added, a sharp decline in the price of crude oil has propelled an even larger drop-off in gas prices than typically seen at this time of year.
“Gas prices continue to crumble across the entire nation,” Patrick de Haan, the head of petroleum analysis at GasBuddy, told ABC News. “The outlook is bright.”
Relief for consumers stems to a large degree from seasonal fluctuations that take hold every fall, experts said.
A slowdown in travel has eased demand for gas as families have returned from summer vacation and resumed routine driving associated with work and school commutes.
Alongside that softening of demand, refineries have begun shifting toward a less-expensive blend of winter fuel. Refineries contend with fewer regulations from the Environmental Protection Agency in the cooler fall and winter months, allowing for a cheaper blend of fuel.
“This is something we see every year,” Andrew Gross, a spokesperson at AAA, told ABC News.
The decline in prices also owes to a steep drop in the cost of crude oil, the underlying commodity that refineries turn into gas. The price of Brent crude oil has fallen 21% over the past year, and more than 7% over the last month.
A surge in oil production has coincided with a global economic slowdown, which in turn has eased demand for crude as consumers soften spending and companies downshift production. The resulting imbalance between supply and demand has sent prices plummeting, experts said.
“There’s pretty good supply and not much demand,” Timothy Fitzgerald, a professor of business economics at Texas Tech University who studies the petroleum industry, told ABC News.
The decline of gas prices is expected to continue. Gas prices typically drop over the course of the fall as demand wanes and the cheaper blend of winter fuel takes hold.
“Nearly every state east of the Rockies now has some retail outlets selling gas below $3 a gallon and the national average may very well follow suit in October,” said Gross.
Still, the anticipated price relief could be undone by a host of possible disruptions, experts said. Hurricane season could send a storm hurtling toward major refineries in the Gulf of Mexico, taking production offline and pinching gas supply. While an economic surge, perhaps triggered by widely expected interest rate cuts, could prompt an uptick in demand for oil and gas, said de Haan.
“There are some wild cards that we’re watching,” he added. “Outside those factors, there’s not much that could cause a big jump in the price of gasoline.”
By the early part of next year, however, seasonal fluctuations will turn against consumers as demand for gasoline begins to swell, he added.
(NEW YORK) — Scammers don’t need a special occasion to try to steal your money or your identity. Whether it be holidays or big events, they are always on the prowl — the back-to-school shopping season is no different. Students and parents are particularly vulnerable right now as they shop for everything from textbooks to clothes and even jobs.
The rush to find the best deals has some consumers visiting unfamiliar websites and sometimes hastily clicking on links. All of the excitement can make for a less vigilant consumer — the perfect opportunity for bad actors to pounce. People aged 18 to 24 were more likely to report being targeted by text message or internet messaging than any other age group, according to the Better Business Bureau.
Shoppers need to be careful of fake websites appearing to sell popular supplies and textbooks at deeply discounted prices, as noted by Wells Fargo fraud and claims executive Dan Cusick. They may send fraudulent emails pretending to be a school asking you to update your personal information. The scammers also create fake social media ads that link to the fake websites. Consumers enter their payment information, giving scammers the chance to collect their credit card and bank details.
Fraudsters also set up fake rental sites offering discounted textbooks; they collect the rental fee but never send the books. You should always type the store’s website into your browser and shop from the store’s legitimate site, Cusick suggested. Log into a school’s online portal or app directly to update any student information, ignoring unsolicited or online offers and emails.
Fake scholarship and job offers
The FCC recently issued a warning to college students and their parents about a rise in fraudulent scholarships and fake job offers.Scammers post fake job postings that promise good pay and flexible hours on popular job sites and social media. They may even send emails that look like they’re coming from a business or college promising “guaranteed” scholarships that require you to pay a fee to be eligible.
After you apply, the FCC noted that one common tactic is for them to send you a check to deposit at your bank. They then ask you to send some of the money to another account. However, the check is fake and by the time it bounces, the scammer will have walked away with the money you sent them.
Bottom line is that your boss should be paying you, not the other way around. If they tell you to deposit a check and use some of the money for any reason, experts say it’s a scam.
Federal authorities recommend looking up the name of the company or the person who’s hiring you, plus the words “scam,” “review,” or “complaint” to see what others are saying about them.
If the email looks like it came from a professor or an office at your college, call them directly to confirm they’re really looking to fill a position. Beware of email addresses coming from non-company email addresses including Gmail, Yahoo and Hotmail. Ask the employer to send you details of the job duties, the pay and the hours. If they refuse, that could be another red flag.
Student Rental Scams
As the cost of college rises to record highs, experts say scammers are finding creative ways to dupe vulnerable and unsuspecting students. That’s especially true when it comes to fake apartment rentals.
The fraudsters rip off legitimate rental listings, including photos and descriptions, from reputable organizations. They then post the fake listing on their site at a deep discount. Once you show interest, they ask for your personal information like your bank account. They also create urgency, telling you to “act immediately” or “send money right away” and suggest you will lose the listing otherwise.
When it comes to rental scams, experts say beware of these major red flags: you can’t meet the person or see the rental property before you pay or they ask for payment upfront via wire transfer, gift card or directly into an account. Experts remind us to never send money or share personal information with unverified people or companies and to be guided by the old adage: if it seems too good to be true, it probably is.
(NEW YORK) — More than 9,500 cases of 100% apple juice that were sold at Walmart have been recalled due to high levels of arsenic.
The U.S. Food and Drug Administration upgraded the level of the apple juice recall, originally issued on Aug. 15, from unclassified to class 2, which indicates “a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences,” but is unlikely to cause “serious adverse health consequences.”
“Product contains inorganic arsenic above action level set in industry guidance (13.2ppb),” meaning parts per billion, the FDA said of the juice.
The agency’s enforcement report stated that 9,535 cases of Great Value brand apple juice sold at Walmart in 25 states, Puerto Rico and the District of Columbia had been voluntarily recalled by the manufacturer Refresco Beverages US Inc.
A representative for Refresco told ABC News in a statement, “We are aware that certain lots of the 100% apple juice we previously manufactured contains inorganic arsenic slightly above the FDA’s 10 ppb (parts per billion) action level in the FDA Final Guidance to Industry on Action Level for Inorganic Arsenic in Apple Juice, which aims at reducing the dietary exposure of contaminants to as low as possible. As a result, impacted products are being voluntarily recalled.”
The statement continued, “At this time there are no reported complaints or incidents of illness caused by the product. Per the FDA, it is not possible to completely prevent arsenic from entering the food supply, yet exposure to high levels of inorganic arsenic can have adverse health effects.”
The representative added that “the safety of consumers and the satisfaction of our customers are our top priorities” and that the company is “working diligently to address the situation.”
Product details of recalled apple juice
The contaminated Great Value beverages in question were sold in six-packs of 8-ounce plastic bottles with the UPC code 0-78742-29655-5.
The recalled apple juice has a “Best if used by” date code of DEC2824 CT89-6.
(WASHINGTON) — On the road to the 2024 presidential election, Vice President Kamala Harris and former President Donald Trump’s views on electric vehicles (EVs) have offered two different visions of America’s automotive future.
Harris has been vocally supportive of the administration’s push to expand access and manufacturing of EVs in the U.S., while Trump has pledged to undo those policies.
Earlier this week, however, Trump appeared to soften his staunch anti-EV views when he spoke to Tesla CEO Elon Musk on X.
“You do make a great product,” Trump said to Musk, referring to Tesla vehicles. “That doesn’t mean everybody should have an electric car, but these are minor details … your product is incredible.”
Before his conversation with Musk, the former president had maintained that electric vehicle production and sustainable energy sources are bad for the economy. He has vowed on “day one” to repeal the Biden-Harris administration’s sustainable energy policies in favor of domestic oil production.
“I will end the electric-vehicle mandate on day one, thereby saving the U.S. auto industry from complete obliteration,” Trump told the audience at the Republican National Convention in July.
Biden-Harris pro-EV policies
While there is no federal electric vehicle mandate, the Biden-Harris administration has issued regulations calling on automakers to reduce emissions produced by their fleets, including by producing more electric and hybrid vehicles.
The administration’s 2022 Inflation Reduction Act – which Harris cast the tie-breaking vote to pass in Congress – marks the largest climate investment in United States history.
The legislation aims to reduce U.S. carbon emissions by 40% by 2030 and channels $370 billion into wind, solar, battery and electric vehicle production over the next 10 years.
Through the Inflation Reduction Act, candidate Harris has advocated for substantial investments in domestic electric vehicle car manufacturing, including funding for charging stations, and offering consumer incentives to buy EVs.
In May, Harris traveled to Detroit, Michigan, where she announced $100 million for small- and medium-sized auto manufacturers to upgrade their facilities for EV production.
“This investment will help to keep our auto supply chains here in America,” Harris said then, “which strengthens America’s economy overall and will keep those jobs here in Detroit.”
If elected, Harris is expected to continue advocating for eco-friendly fuel and emissions standards, increase funding for research and development for EV technology, and focus on leveraging EV industry growth to create more jobs.
An ABC News request to the Harris campaign for comment about their EV plans was not immediately returned.
EV sales impact on economy, climate
More Americans are starting to embrace EVs. Sales of electric cars and trucks last year totaled 1.4 million in 2023, up from 1 million in 2022, U.S. Energy Secretary Jennifer Granholm announced in January.
“The progress that’s been made is phenomenal,” Albert Gore III, executive director of the nonprofit coalition Zero Emission Transportation Association, told ABC News. “The United States has been a leader in electric vehicle manufacturing and also has really been a leader in a lot of good policymaking with regard to investment in every part of the EV and battery supply chain.”
Gore also noted that electric vehicles can have a significant impact on the economy, saying, “There’s a huge amount of opportunity.”
The industrial Midwest, Southwest and Southeast already have seen investment and job opportunities in the production of minerals and battery components for EVs. Georgia, Nevada, Texas, Ohio and Kansas have grown as domestic hubs for battery manufacturing, while Georgia, Tennessee, Ohio and Arizona have risen as leaders in EV manufacturing.
“So a lot of really exciting economic opportunity in these places, and oftentimes it’s multiple parts of the supply chain,” Gore added.
Last month, the Biden administration awarded nearly $2 billion in grants to General Motors, Stellantis and other automakers to expand electric vehicle manufacturing in eight states, including key election swing states Michigan, Pennsylvania and Georgia.
“It’s really important that we create a transportation system where our cars are made by union workers with good jobs, which we’re starting to do courtesy of the Biden-Harris Inflation Reduction Act,” Craig Segall, former deputy executive officer of the California Air Resources Board and current vice president of Evergreen Action, a nonprofit climate change advocacy group, told ABC News.
“We must stabilize the climate and America should lead that effort,” Segall added.
Segall believes a Harris-Walz White House promises a continuation of the Biden administration’s push for EV manufacturing, and a chance to further those goals.
“When I think about what we could have at the end of her first term, I think we’re talking about much clearer skies and much healthier communities,” Segall said.
Because they have zero emissions, electric vehicles typically have a smaller carbon footprint than gasoline cars, even when accounting for the electricity used for charging, according to the Environmental Protection Agency.
Obstacles to EV sales in the U.S.
Despite the push by carmakers and government officials, the EV market in the U.S. is still small compared to sales of gas-powered vehicles. Of the roughly 286 million cars on the road in 2023, just 9.3% were electric vehicles, according to Experian Automotive’s Market Trends report.
“The EV market is currently going through a bit of a rough patch,” Jessica Caldwell, head of insights at Edmunds, told ABC News.
Caldwell explained that consumers’ hesitancy to buy electric vehicles largely surrounds the charging infrastructure, range, prices, and battery longevity.
“In order for its buyer base to evolve from early adopters to mainstream consumers, EVs will likely rely on continued government support to hit volume sales targets across all brands,” Caldwell said. “Even with the enthusiastic backing of a fresh presidential administration, enacting such a dramatic shift in the vehicle market is a massive undertaking and the politically charged rhetoric surrounding EVs will likely place extra pressure on any new policy decisions.”
In order to combat consumer hesitancy, electric vehicles need to be offered at every price range, according to Alan Jenn, an assistant professor at the UC Davis Institute of Transportation Studies.
“In order to see EVs get even more mainstream than they are now, we want to see a larger release of vehicles in segments that are more affordable,” Jenn told ABC News.
The average transaction price for electric cars in June 2024 was $56,371 versus gas-powered vehicles at $48,644, according to Kelley Blue Book.
Segall believes a Harris presidency could bring federal investments and further tax credits to lower the costs of EVs.
Currently, the government offers tax credits up to $7,500 for eligible new electric vehicles and up to $4,000 for eligible used electric vehicles, according to the Department of Energy.
“They’re really well placed to stop paying for gas forever right now, and that’s only going to be a better story,” Segall said.